There’s a lot of housing price inequality in markets across the U.S. And that may be a good thing.
New York, Michigan and Connecticut are the top three states where home price inequality is highest, according to a recent LendingTree report. But a larger range between the highest priced homes and the lowest priced homes on the market may be a good thing, as it gives buyers a range of options.
“Cities with more home value inequality have a wider distribution of home values, which means that families earning lower incomes may still have the opportunity to access home ownership in these cities,” the report states.
In fact, because home values have finally recovered from the 2008 housing crisis, affordability is now a concern, says report author and chief economist Tendayi Kapfidze. “In many large cities, the median-priced home is now out of reach of median income households,” he adds.