We already spend 25 to 40 percent of our income on starter and trade up home. Trulia Experts say we should not spend more than 30 percent.
Per the latest data reported by Trulia 51.1 percent of its inventory suggest that It’s a buyer’s market for Luxury housing. Although, there is a strong supply of inventory the average value in luxury homes has increased to 5.6 in the nation’s top 100 metros in 2016. Only two cites saw a decline Houston (-1.5 percent) and San Francisco (-0.5 percent).
In fact, during the last five-years home value in the U.S have doubled from 2 percent to 4 percent or 500,000 from 1 million in metro areas. Data shows that West Palm Beach, Florida, has the most luxury homes in the country, with nearly 70 percent of the value in the housing market coming from luxury homes. The city that makes up 50 percent of the largest starter and trade in luxury housing in America is Tacoma, Washington.
Trulia also reported that other hot market for luxury homes, such as Aspen Colorado, have seen their luxury market grow 1 percent to 5.5 million, year-over-year from January 2016 to January 2017.
Comparatively, the luxury housing market in the Hampton has spiked from 11.8 percent to 2,1 million during that same period. However, Colorado Springs have been proven to the largest inventory of premium homes on the market. On average, each property is 3,056 square ft. compared to Detroit’s median of almost half that with 1,645 square feet.
Finally, the most expensive property in the United State currently is located in Bel-Air, California valued at 250 million and consist of 12 bedrooms and 6,898 square feet.
To view the full luxury homes info-graphic, click here.