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A major part of this is due to rising housing prices purchases and rentals alike.
As of August 2024, the average home value was$361,282.
The cost of renting an 899-square-foot apartment is just over$1,700on average.
Some states, like Hawaii and Alaska, are much more expensive to live in than others.
These are the big ones.
Also here is the cost of living in every state.
Theres also been a surge ofreal estate buyers, which has driven up property prices.
But another key consideration is the threat of climate change, he said.
The average home value in Miami is $580,297.
This is an 7.5% increase over the past year.
Limited housing supply against increasing demand results in higher costs of living overall, he said.
Ive watched this play out in Northwest Arkansas where I operate.
Id keep an eye on cities lining up public-private partnerships to accelerate growth, he said.
Real estate remains deeply cyclical, but in general, follow the jobs.
The typical home value in Atlanta is $395,201.
In Minneapolis, its $324,256.
Austin, Texas
The typical home value in Austin is $527,213.
This is actually a 4.9% dip over the past year.
Other costs like apartment rentals are still high, though.
The citysbooming tech industry…has attracted a significant influx of new residents.
More people means more demand and competition for housing and other local resources.
This, in turn, gives businesses and homeowners the opportunity to increase their prices.
Even if youre overprepared or if prices dont skyrocket as these experts predict youll be better off.
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