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Home prices in the U.S. surged over eighty-one percent in the last decade, outpacing average hourly earnings by nearly thirty-four percent. The COVID-19 pandemic accelerated this growth, but it has since slowed. The Mountain West and New England saw the biggest increases, with Idaho leading at over one hundred thirty percent. However, states like Louisiana and North Dakota experienced slower growth. At the city level, some places saw home prices more than double, while pricier coastal cities had more modest gains. Despite recent cooling, affordability remains a significant challenge due to the overall trend of home prices outpacing income growth.

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