While the U.S. real estate market appears to finally be cooling down, home price growth has been a defining economic trend in recent years. Over the past decade, U.S. home values grew by more than 81%, compared to average hourly earnings which saw a modest 47% increase. Consequently, housing affordability has taken a hit, while homeowners have seen substantial gains in their real estate wealth.
To examine trends in home price growth, including which U.S. locations have seen the most growth and where this price growth has most outpaced household income, Construction Coverage—a company that provides construction industry resources, guides, and research—analyzed the latest data from Zillow, the U.S. Census Bureau, and the U.S. Department of Housing and Urban Development.
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