Sun Belt cities have become attractive alternatives for those priced out of traditional coastal markets like Los Angeles and New York City. However, rising home prices in these areas are now challenging the notion of them being affordable. Median home prices have surged dramatically in cities such as Phoenix, Miami, Atlanta, and Dallas, surpassing growth rates in coastal cities. This trend indicates that housing market dynamics are beginning to mirror those in historically expensive markets, questioning previous assumptions about regional affordability and development potential.
"Over the past decade, the median home price has increased by 134 percent in Phoenix, 133 percent in Miami, 129 percent in Atlanta, and 99 percent in Dallas—a trend that outpaces New York, Los Angeles, and San Francisco."
"The way that experts think about the U.S. housing market is really a tale of two housing markets, with the coasts being hard to develop due to excessive regulations and the Sun Belt seeming to promise growth."
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