Where not to buy a home: the nation’s most expensive housing markets

Aly J. Yale
The Mortgage Reports contributor

Breaking the bank

It’s no secret that home prices have risen in recent months, but in some housing markets, they’ve gone off the charts. Where are the most expensive places to buy a home? A new study has the answers.

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Costliest counties in America

Financial website 24/7 Wall St. recently used median home values data to hone in on the most expensive housing markets in every state.

The costliest counties hailed from New York, California, Virginia and Massachusetts. In fact, in California’s San Francisco County, buyers pay $1.08 million for their homes and have a median mortgage payment of $4,395 per month.

Massachusetts’ Nantucket County and New York’s New York County came in just below the $1 million mark, with median home prices of $977K and $932K, respectively.

“The counties with the most expensive housing markets are frequently within large metropolitan areas,” 24/7 Wall St.’s Michael B. Sauter reported. “In fact, 38 of the counties on this list are near urban centers. Large cities are often home to specialized jobs in some of the nation’s highest paying industries.”

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In more rural states, even the costliest markets clocked in at a fairly affordable price point – at least compared to the nation’s median price of $210K.

In Arkansas for example, the state’s most expensive county – Benton – has a median home price of just $187,490. Residents in Benton County have a median mortgage payment of $759 per month.

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McClain County – Oklahoma’s costliest market – also comes in below the national average, with a median home price of $174,667. Its residents pay just over $700 per month in mortgage payments. Nebraska’s Washington County was also below the national median home price at $206K.

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Get today’s mortgage rates

Not all housing markets come with sky-high costs. In fact, there are plenty of hot neighborhoods that won’t break the bank. Want to see what you can afford? Shop around and get today’s mortgage rates now.