Why are so many buildings in Arizona so expensive?

The average Arizona home is worth $1,846,000, according to a recent U.S. Census Bureau report.

The state’s average home value has soared from $900,000 in 2000 to $2.6 million in 2016.

But the state’s cost of housing is still lower than many of the other states.

Residents of Arizona have the highest median household income in the nation at $74,200.

The median home price in Arizona is $1.7 million.

And in 2017, homeowners in Arizona paid more than $4,000 more in property taxes than they paid for the same amount of housing.

“The housing market is extremely expensive,” said Tom Bien, a Phoenix-based real estate agent.

“We don’t have many other places in the country that are that high.”

The average home price across the nation in 2016 was $2,621,000.

At least 15 percent of the states housing stock is located in Arizona.

Here are the 10 states with the most expensive homes.

1.

Washington, D.C. The average cost of a home in Washington, the nation’s capital, was $1 million in 2017.

A third of the homes are located in the District.

The cost of living in Washington has been among the highest in the United States in recent years, according a 2016 report from the real estate website Zillow.

The city has a median household wealth of $110,000 and the median household age is 33.8 years old.

2.

California The cost to own a home there was $5,542, and the average cost to rent was $6,000 per month.

A home in Los Angeles is listed for $1 in San Francisco, but is currently for sale for $2 in Oakland, according for Zillows.

The same home in San Jose is for sale in Oakland for $4.2 million.

The home is listed in San Diego for $5.5 million.

3.

Texas The median house price in Texas is $2 million and rents range from $1 to $6 per month, according Zillower.

The Houston metro area has the second-highest median home prices in the U. S. behind New York City.

The area has a combined median household annual income of $84,000 while the average rent for a single-family home is $3,890.

4.

Florida A home is available for $3.6M in the Jacksonville area.

In Broward County, the median house is for $831,000 but is now for sale.

5.

Pennsylvania A home with a $2M mortgage is listed at $2m in Philadelphia.

6.

New Jersey A home valued at $1m in Jersey City is listed with a 5-year mortgage.

7.

Virginia A home listed for more than twice its asking price in Fairfax County is for the low price of $1 for a one-bedroom apartment.

The current home price for a two-bedroom unit is $547,000 for a three-bedroom.

8.

Michigan A home worth $3M is listed on eBay for $950,000 with an appraised value of $2MM.

9.

Ohio A $1M home in the rural area of Lima is for auction in Akron.

10.

Kentucky A $2 Million home is on the market in Louisville.

Source NBC News article Home prices in most states have soared over the past decade.

The latest U.C., NBER, and Census Bureau estimates show the median home value in the 20 U.s. states is now $2 MILLION or more, and some states have seen increases that exceed 5,000 percent.

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