The cost of renting an empty home has never been higher.
The average cost of a house in the U.S. hit $2,000,000 in the fourth quarter of 2019, up $200,000 from the same quarter a year earlier, according to the real estate website Zillow.
The cost has gone up about 400% from where it was just a decade ago.
The median home in the country was valued at $1.9 million in 2017, according the realtor.
A year ago, that was $500,000.
Now, it is more than $5 million, according Zillower.
But the number of empty houses is getting out of hand.
In 2017, the average cost was $1,750 a month.
In 2019, that jumped to $2.8 million.
That’s a lot of money for someone who might be living in a rental home.
There are currently around 10 million empty homes in the United States, according a study from the Urban Land Institute.
There have been over 2 million empty houses in New York City alone.
There were more than 100,000 empty homes reported in San Francisco alone in 2017.
The number of vacant homes in Seattle jumped by more than 300% from 2016 to 2017, to over 5,000 and now stands at nearly 8,000 vacant homes.
The Washington Post has a list of the top 10 most expensive cities in the world for empty homes.
And the list has only gotten better.
According to Zillovision, the median price for an empty residence in Seattle rose by $9,000 to $1 million in 2018.
There was a 1,000% increase from the year before, to $3,500.
Thats a $1-million increase.
There is also a 3,000-percent jump from 2017 to 2018.
It’s up to $6,000 per month.
But that doesn’t include any taxes or maintenance fees.
The biggest barrier to buying an empty apartment is money.
The AP reports that the average price for a one-bedroom apartment in New Jersey went up to more than three times the average amount of that same property in the next-most expensive state, Florida.
But New York, with a median income of $60,000 a year, is the cheapest in the nation.
In New Jersey, you need to earn $80,000 or more a year to buy a one bedroom, and $130,000 for two bedrooms.
So a typical New Jersey family might need to pay $2 million for a single bedroom and $3 million for two.
The same family living in San Jose, California, would need to be paying about $1 billion for a two bedroom and about $2 billion for three bedrooms.
The city of New York has seen a massive surge in vacant apartments over the past two years.
The area has more than 50,000 apartments that have been vacant for more than a year.
That makes up about 5% of all occupied units.
According Zillows figures, more than 3 million apartments have been vacated in the state of New Jersey alone.
A full third of New Yorkers rent their homes to others.
The San Francisco Chronicle reports that one-quarter of the population lives in the city, making San Francisco the second-most-occupied city in the US.
San Jose has also seen a surge in luxury apartments.
The Chronicle reports the number was nearly 5,300 in 2017 alone.
It has now surpassed 4,000 as of last year.
The highest cost in the San Francisco area was $839,000 at the corner of Telegraph and Van Ness.
That was just over a month after the building in San Leandro went for $2-million in renovations.
San Leago, the neighborhood just west of San Francisco, is considered one of the most expensive neighborhoods in the entire Bay Area.
The top 10 priciest neighborhoods in San Fran are: 1.
Mission Viejo: $1M 2.
Mission District: $734,000 3.
Richmond Hill: $600,000 4.
Fairfield: $700,000 5.
Bayview: $900,000 6.
San Francisco: $919,000 7.
San Mateo: $995,000 8.
Palo Alto: $2M 9.
Alameda: $3M 10.
Mission Hills: $8.4M