How Much It Costs to Buy a House in the Hottest Housing Markets of 2018

Most areas of the country are in a seller’s market, meaning there’s not enough inventory for all the interested homebuyers. About half of all the homes in the country are worth as much or more than they were in April 2007 — the height of America’s housing boom.

This is all good news if you’re planning to sell your home. It’s less good news if you’re trying to find one. But as with most things when it comes to buying a house, like what kind of hidden fees you can expect during the process, where you live matters. Certain areas of the country are exploding in popularity, which is driving up the cost of homes.

Ahead, check out how much it costs to buy a home in the hottest real estate markets of 2018 according to Zillow’s latest housing report.

10. Dallas, Texas

The real estate market in Dallas is expected to grow by 4.7% in 2018. | Ronald Martinez/Getty Images

  • Median household income: $63,812
  • Median home value: $218,300
  • Median rent: $1,621
  • Real estate market growth forecast: 4.7%

Everything’s bigger in Texas, including the demand for houses. The market is expected to grow by 4.7% this year alone as more people flock to Dallas’ booming market.

Next: Portland, Oregon

9. Portland, Oregon

The median home value in Portland is $370,700. | peterscode/Getty Images

  • Median household income: $68,676
  • Median home value: $370,700
  • Median rent: $1,902
  • Real estate market growth forecast: 3.7%

There’s something about the West C oast that’s attracting buyers. In Portland, the market keeps steadily growing thanks to the high number of job openings and low unemployment percentages.

Next: Nashville, Tennessee

8. Nashville, Tennessee

Unemployment is low in Nashville. | Sean Pavone/iStock/Getty Images

  • Median household income: $60,030
  • Median home value: $228,900
  • Median rent:$1,498
  • Real estate market growth forecast: 3.8%

Like a few other cities on the list, unemployment is low in Nashville. People have been moving to this musically inclined city for years now and the housing market reflects that.

Next: Denver, Colorado

7. Denver, Colorado

Incomes are relatively high in Denver. | F11photo/iStock/Getty Images

  • Median household income: $71,926
  • Median home value: $376,500
  • Median rent: $2,056
  • Real estate market growth forecast: 3%

You’re likely to find a good-paying job in Denver. This popular city has extremely low unemployment rates and a healthy median household income.

Next: Austin, Texas

6. Austin, Texas

The median rent in Austin is $1,713. | RoschetzkyIstockPhoto/Getty Images

  • Median household income: $71,000
  • Median home value: $277,600
  • Median rent: $1,713
  • Real estate market growth forecast: 3.3%

Austin has one of the lowest unemployment rates in the nation, and the population here has grown faster than any other major metropolitan area in recent years.

Next: San Francisco, California

5. San Francisco, California

Housing is in high demand in San Francisco. | Sean Pavone/iStock/Getty Images

  • Median household income:$96,677
  • Median home value: $893,100
  • Median rent: $3,413
  • Real estate market growth forecast: 3.8%

The stories coming out of San Francisco in regard to real estate are shocking. People are selling condemned properties for seven figures. Others are building plywood houses in their friends’ living rooms. With houses in high demand and practically no inventory, it’s no wonder San Fran was named one of the fastest growing markets for 2018.

Next: Charlotte, North Carolina

4. Charlotte, North Carolina

Steady population growth helps put Charlotte on this list. | Sean Pavone/iStock/Getty Images

  • Median household income: $59,979
  • Median home value: $181,600
  • Median rent: $1,300
  • Real estate market growth forecast: 4%

Bank of America headquarters helps to make Charlotte such a popular place to buy a home. Steady population growth and income potential make this one of two North Carolina cities on the list.

Next: Seattle, Washington

3. Seattle, Washington

The Seattle market is expected to grow another 5.4% in 2018. | Peter Muller/Getty Images

  • Median household income: $78,612
  • Median home value: $463,800
  • Median rent: $2,243
  • Real estate market growth forecast: 5.4%

A bona fide tech hub like Seattle is bound to be popular, which the median home value and rents show. With a projected growth of 5.4%, this is one of the top three most popular housing markets in the country right now.

Next: Raleigh, North Carolina

2. Raleigh, North Carolina

The median income in Raleigh is $71,685. | Lance King/Getty Images

  • Median household income: $71,685
  • Median home value: $233,900
  • Median rent: $1,441
  • Real estate market growth forecast: 3.7%

Surprised to see North Carolina so high on the list? Don’t be. Like Charlotte, this city boasts high income and population growth, which drives up the cost of housing as more people move to the area for work.

Next: And the winner is…

1. San Jose, California

The real estate market in San Jose is expected to grow another 9% in 2018. | GerardoBrucker/iStock/Getty Images

  • Median household income: $110,040
  • Median home value: $1,128,300
  • Median rent:$3,514
  • Real estate market growth forecast: 8.9%

Welcome to the tech capital of the world, where the salaries are astronomical and so are the home prices. With a jaw-dropping median home value over $1 million, it’s hard to believe that so many people are planning to purchase in San Jose. But according to Zillow, the market is expected to explode 8.9% in 2018.

Read more: This Is the No. 1 Worst State to Buy a Home

Check out The Cheat Sheet on Facebook!

Source: Read Full Article