U.S. home prices have skyrocketed over the past decade, far outpacing wage growth and inflation, according to a new report from Construction Coverage. The report breaks down 10-year home price growth across America’s major cities and all 50 states, identifying the locations where housing affordability has taken the biggest hit — and where existing homeowners have seen substantial gains in their real estate wealth.
Home values have grown by more than 95%, while average hourly earnings saw a modest 44% increase, and the Consumer Price Index rose by just 33%. Other key findings include:
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After surging an unprecedented 40% in two years during the 2020 recession, home price growth has since stabilized, but high mortgage rates and persistent inflation have left would-be homebuyers struggling with affordability and limited purchasing power;
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Recent home price increases reflect a broader trend of above-average growth following economic recessions;
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Western and select Southeastern states led in home price growth over the past decade, while states in the Midwest, along with certain pockets of the South and Northeast, reported the slowest growth, barely outpacing inflation; and
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In 2014, the median home price in Wisconsin was $158,669, but by 2024, it had grown to $306,566 — about $148,000 higher and a 10-year increase of 93.2%.
