BUBBLE TROUBLE
The frothiest housing markets — predominantly clustered in Florida and California — have posted 20-percent compounded annual growth rates in the past five years, meaning housing prices in the hottest MSAs have more than doubled in some places. Other states with high appreciation include Hawaii, Nevada and Rhode Island.
| MSA | Median Home Price Compounded Annual Growth Rate (00-05) | Mortgage Debt Service % | Median Household Income |
|---|---|---|---|
| Riverside-San Bernandino, Calif. | 22.0% | 37.0% | $46,897.00 |
| San Diego-Carlsbad-San Marcos, Calif. | 17.5 | 42.0 | $51,700.00 |
| Los Angeles-Long Beach-Santa Ana, Calif. | 19.6 | 35.0 | $50,399.00 |
| Honolulu | 14.9 | 44.0 | $55,624.00 |
| Sacramento-Roseville, Calif. | 21.0 | 29.0 | $51,409.00 |
| Miami-Ft. Lauderdale-Miami Beach | 21.1 | 28.0 | $43,942.00 |
| Sarasota-Bradenton-Venice, Fla. | 20.1 | 24.0 | $44,444.00 |
| Washington, D.C./Arlington/Alexandria, Va. | 18.9 | 24.0 | $70,368.00 |
| Cape Coral-Ft. Myers, Fla. | 22.5 | 20.0 | $44,476.00 |
| Las Vegas-Paradise, Nev. | 17.3 | 25.0 | $51,038.00 |
| Top 10 MSAs | 19.5 | 30.8 | $50,719.00 |
| Top 10 Calif. MSAs | 20.0 | 35.8 | $50,904.00 |
| Top 10 Fla. MSAs | 21.3 | 24.0 | $44,444.00 |
| U.S. | 8.3 | 16.0 | $44,684.00 |
| State | Median Home Price Compounded Annual Growth Rate (00-05) | Mortgage Debt Service % | Median Household Income |
|---|---|---|---|
| California | 17.8% | 37.5% | $51,185.00 |
| Hawaii | 14.9 | 44.0 | $53,554.00 |
| Washington, D.C. | 18.9 | 24.0 | $46,574.00 |
| Nevada | 17.3 | 24.0 | $44,646.00 |
| Rhode Island | 15.1 | 23.0 | $48,722.00 |
| Arizona | 13.4 | 21.5 | $41,995.00 |
| Florida | 15.0 | 18.4 | $41,236.00 |
| Maryland | 14.8 | 18.0 | $57,424.00 |
| Massachusetts | 11.8 | 20.4 | $55,658.00 |
| Maine | 12.6 | 19.0 | $42,163.00 |
| Top 10 States | 15.2 | 25.0 | $47,648.00 |
| U.S. | 8.3 | 16.0 | $44,684.00 |
Sources: National Association of Realtors, U.S. Census Bureau, 2004 American Community Survey, Scan/US, Morgan Stanley Research
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