All articles tagged with #major cities
People worldwide celebrated the arrival of 2026 with fireworks, cultural festivals, and events in iconic locations from New York City to Sydney, marking the start of the new year with vibrant displays and traditions.
According to a new study by Redfin, there are only four major metro areas in the US where it's cheaper to buy a home than to rent: Detroit, Philadelphia, Cleveland, and Houston. The pandemic caused a run-up in housing prices in most major cities, making renting a more financially viable option. The gap in cost between owning a home versus renting an apartment is now at its widest in more than 15 years. The surge in mortgage rates is another hit to homebuyers' wallets, with rates topping 7% this week. Redfin predicts that mortgage rates will decline to about 6% by year-end, but it is "unlikely" that rates could return to 3% in the near future.
Home prices in most major U.S. cities that saw values triple since 2000 have been staying flat or going down, except for Miami and Tampa, which saw increases of 16% and 12%, respectively, in just one year. San Francisco, for example, had a typical home value of $356,800 in 2000, which shot up to $1.4 million in 2022, but from 2022 to 2023, prices dropped by just 1.6%. Mid-sized cities like Jacksonville and Orlando, Florida; Oklahoma City; Hartford, Connecticut; Richmond, Virginia; Columbus, Ohio; and Nashville, Tennessee all had increases topping 10% in just one year. The national average has gone up by 8.7% between 2022 and 2023.