I believe that their number is an mean of all properties weighted equally. So if you're only looking at single-family homes you could be paying much more, and i

I believe that their number is an mean of all properties weighted equally. So if you're only looking at single-family homes you could be paying much more, and if you're only looking at apartments you could be paying a lot less. They're also not considering factors like brokerage fees, property taxes, insurance, maintenance, or depreciation.