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New York City
Affordability is a challenge throughout.
According to Zillow, the average home value in New York City is $766,160.
However, the housing supply is limited and home prices can easily go well beyond that.
Thats because people who cant afford a car cant find housing where they would have access to public transportation.
The Hudson Valley and Catskills regions are quickly becoming more expensive, too.
First, the notable influx of buyers from urban centers, she said.
And they are able to work remotely now.
But its not just that.
According to VonDrak, the supply of available homes simply hasnt kept up with the surge in demand.
This, of course, has led to higher prices.
This dynamic often prices out local residents and average-income households.
The competition is fierce, with multiple buyers often bidding on the same property, driving prices even higher.
Charlotte and Wilmington, North Carolina, are performing very well, whileAtlanta and Tampaare showing signs of slowing.
Austin is notably decelerating, and Tampa has recently exemplified a high-supply market.
The average cost of a home in Charlotte is $393,552, up 2% for a one-year increase.
In Wilmington, homes go for around $406,210 on average, up 3.1% over the past year.
Rockford, Illinois
The cost of homes in Rockford isnt exactly jaw-dropping.
According to Zillow, the average home there costs just $159,868.
But housing prices have risen dramatically up 11.6% in just one year.
Someone who commutesthree or fewer daysper week has a new set of options.
They cannot locate anywhere but can choose to tolerate alonger but less frequent commute.
This has strengthened the market in a range ofexurban and older communities, eventually making them less affordable.
Angela Maecontributed to the reporting for this article.
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