10 Housing Markets Where Wages Are Up

Posted on Oct 27 2017 - 4:36pm by Suzanne De Vita
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housing upOne of the biggest hurdles to homeownership is the discrepancy between how much a house costs and how much homebuyers earn. The median home price nationally has climbed 4.2 percent in the last year, according to the National Association of REALTORS® (NAR); wages have risen just 2.9 percent over the same period, the Labor Department reports.

The inconsistency is holding many Americans back from changing their housing situation—a homeowner financially insecure with trading up, for example, or a renter unable to save for a down payment. In housing, inactivity equals inadequate inventory.

Related: Infographic: 5 Down Payment Savings Tips

Some housing markets, however, have had earnings roar to life since the recession. Recently, GOBankingRates researchers identified markets where incomes are on the upswing. The researchers analyzed income growth over a five-year period, applying data from the U.S. Bureau of Labor Statistics and Census Bureau.

  1. Tulsa, Okla.

Income Growth (2010-2015): 35.71 percent

Income (2015): $36,453

  1. Fayetteville-Springdale-Rogers, Ark.-Mo.

Income Growth (2010-2015): 29.72 percent

Income (2015): $36,863

  1. Provo-Orem, Utah

Income Growth (2010-2015): 23.12 percent

Income (2015): $45,741

  1. San Jose-Sunnyvale-Santa Clara, Calif.

Income Growth (2010-2015): 22.59 percent

Income (2015): $59,603

  1. Greeley, Colo.

Income Growth (2010-2015): 20.34 percent

Income (2015): $41,078

  1. San Francisco-Oakland-Hayward, Calif.

Income Growth (2010-2015): 20.15 percent

Income (2015): $41,931

  1. Denver-Aurora-Lakewood, Colo.

Income Growth (2010-2015): 18.83 percent

Income (2015): $48,435

  1. Wichita, Kan.

Income Growth (2010-2015): 17.75 percent

Income (2015): $43,142

  1. Dallas-Ft. Worth-Arlington, Texas

Income Growth (2010-2015): 17.68 percent

Income (2015): $46,858

  1. Detroit-Warren-Dearborn, Mich.

Income Growth (2010-2015): 17.35 percent

Income (2015): $44,547

In No. 1 Tulsa, incomes have gone up 35.71 percent—roughly double the rate of incomes in No. 10 Detroit. The highest income of the top 10 is in the San Jose metropolitan area, at $59,603, while the lowest is in Tulsa, at $36,453. All of the cities in the top 10, markedly, are in the Midwest and West, two regions with heightening home values.

View more from the GOBankingRates report.

 

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