How much can you spend on a new kitchen?
The cost of a new bathroom is rising quickly.
And with the economy faltering, the cost of living is rising even faster.
A new report by research firm Technomic finds that the average cost of buying a new home in the U.S. is up more than $100,000 in the last 12 months.
It also found that the cost to buy a new car jumped more than 50% over the same time frame.
And it finds that in the past year, the median price of a house in the nation’s largest metropolitan area has more than doubled from $550,000 to more than double that amount.
The report also found the average monthly rent for a two-bedroom in Los Angeles County is up by $10,000 over the last year.
As a result, the average household spent more than the national median of $250,000 last year on the purchase of a home, Technomic reported.
But not everyone is feeling the pain of high housing costs.
New York’s median home value rose to $1.07 million last year, up 5.4% from the year before.
But the median rent rose more than 20% over that time frame, to $876 a month.
And while many cities in the United States have seen housing prices increase, there are some places that are starting to come out ahead.
The median price for a house there in the Northeast rose by almost 25% over last year to $2.3 million.
In Los Angeles, median home values jumped by almost 20% to $7.6 million, up from $4.2 million in the year prior.
At the same point last year in San Francisco, median house prices were up 13.4%, or nearly $2 million, to nearly $6.3.
For comparison, the U, S. median price increased just 1.2% to more $6,200, while the median cost of renting in New York City rose 20.7%, or more than twice the national average.
According to Technomic, the typical household in the Los Angeles metro area spent $30,000 on a home last year — a 13% increase from the previous year.
But in New Orleans, the metro area’s median household spent just $3,600, a 1.3% decrease.
“For some people, it’s more of a luxury than a necessity,” said Jason Bales, director of Technomic’s housing finance division.
While the median house price in the metro areas of Chicago, Dallas and New York is up over 20% in the 12 months, they are down more than 10% in San Diego, which is up just over 6% to over $5 million.
In Philadelphia, median family home values are down about 14% from last year but up 16% in Las Vegas, up nearly 2% to just over $3 million a month after rising by more than 12% last year .
The median price in Boston was up 3.4%.
That’s a 2.9% increase, while Seattle’s median price is up 7.6%.
While some places are seeing price increases, the overall trend is the opposite.
According to Technomics, median prices in New England fell by nearly 4% from 2014 to 2015 and by more in New Jersey and Texas.
On the other hand, San Francisco’s median house value increased by more more than 15% to nearly 1.1 million.
And while the average price of rent in the Boston metro area increased by nearly 20% since 2014, the same is not true for San Jose or Santa Barbara.
There are also some cities that are bucking the trend.
In Seattle, the number of rental apartments has more or less doubled since 2014.
But average rents in the city are down 9.6% from 2015 to 2018, and are down almost 11% from 2017 to 2018.
Some cities are finding that rising prices aren’t just the norm.
The New York Times recently published an article that highlighted the city’s housing affordability crisis.
It found that between 2007 and 2014, rents in New Yorkers rose nearly 30%.
And in some cities, such as Seattle, rents have skyrocketed more than 80%.
“In cities where there is a real affordability crisis, they can see the effect that this is having on their economy,” said Tom Fazio, senior economist at Technomic.
“And they can feel the effects of it on their housing market.”