Purchasing a home is one of the most important investments there is. More than a place to live, homeownership is an asset with the potential to tremendously rise in value. But with home prices reaching record heights, affordability plays a huge role for buyers. High mortgage rates are also making monthly payments more expensive; as of May 4, the 30-year fixed mortgage rate sits at 6.39%. The typical home value in the United States increased over the last year by 3% to $334,994.
Although home prices have inflated all across the U.S., there are some cities that command a higher price tag than others. Location, size, age, and condition are all contributing factors to home value.
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