— The price of a $1 million home is skyrocketing, but it can be done for less than $5,000 a month, according to a new study.
The study released Wednesday by U.S. HomeAffairs and the Urban Land Institute found that a $100,000 home in the United States can be bought for $1,065 a month.
The study looked at homes sold in New York, Miami and New Orleans, as well as in California and Hawaii.
The study’s authors used data from the U.K.’s National Housing Federation, which analyzed data on a total of 9,200 homes from 2006 through 2012.
The data showed that the median price of homes sold was $1.4 million, with some homes sold for $3.9 million.
The median income for a home owner was $58,000, the study said.
The average price for a $2.5 million home was $7,715, while the median home price for buyers was $6,000.
When it comes to purchasing a home, the median sale price for the past two years was $2,967, according the study.
In 2016, the average sale price was $3,632.
The average sale value for homes sold rose 4.2 percent, to $1 trillion, and the median value rose 5.3 percent, from $3 million to $4.1 million.
In 2020, the number of sales rose to 2.3 million from 1.9 in 2017.
The number of homes in the market rose 3.6 percent, or $7.3 billion, to 2,814.
The home price index for homes rose 4 percent, up from $8,000 to $9,000 and the average price rose 4 cents to $632, the report said.
In 2021, the numbers rose to 1.5 in 2020, 2.2 in 2021 and 2.5 percent in 2021.
The index rose 3 percent, as buyers bought more homes.
The report said the average selling price in 2021 was $842, and for 2021, it was $840, a 3.5-percent increase.
“The average sale prices of new homes in 2020 and 2021 were higher than the average prices in the year prior, but the increase was still much less than the 3.4 percent increase in prices over the previous two years,” the report read.
In 2020 and 2110, there were 5.2 million new homes on the market, the largest year-over-year increase in new homes since 2007.
According to the UHFA report, the typical buyer of a home in 2021 had $55,000 in household income.
The median sale value of a new home in 2020 was $425,000; for 2021 it was only $320,000 compared to $525,000 last year.