COVID-19 had an unprecedented effect on the world economies, but perhaps the most profound change was in the housing market. Home prices soared between 2020 and 2024 as interest rates surged and homeowners either hunkered down amid uncertainty or chased new space and dreams after switching to remote work.
The rise in housing costs swept the country, but the team at Mortgage Calculator pinpointed the cities where the prices rose the highest.
These ten cities saw the most dramatic increases:
- Irvine, CA
- Detroit, MI
- Fayetteville, NC
- Miami, FL
- Tampa, FL
- Buffalo, NY
- Port St. Lucie, FL
- Newark, NJ
- San Bernardino, CA
- Petersburg, FL
The increase in Irvine was profound, with an astounding 82.99% price rise. Irvine has been an expensive place to live for years, with an average home price of $882,716. The surprising second-place slot went to Detroit, MI, where average homes leaped from $46,586 to $80,127. Fayetteville, NC, had a similar increase to Detroit at 71.66%.
Many people felt lost during the pandemic, unsure how to navigate the chaotic economy. Many people lost jobs, especially those in customer-facing fields. Unemployment rose to 14.8%, the highest rate in 80 years. On top of this, interest rates rose by 7%. Despite rising home prices, home ownership was still a dream for millions of people, and the competition for housing was fierce. As people financially recover from the pandemic, infographics like this one can help people stay informed before making big decisions like where to move.
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