MyEListing.com, a completely free-to-use commercial real estate data and listing platform, recently published a report outlining the top 25 US cities that had the largest wealth gains from homeownership since 2017.
Due to climbing home valuations, the top 5 cities on the list were:
1. Boise, ID, with a 158% gain, or $301,200;
2. Phoenix, AZ, with a 118% gain, or $256,600;
3. Salt Lake City, UT, with a 114% gain, or $296,100;
4. Ocala, FL., with a 112% gain, or $141,100;
5. Spokane, WA, with a 110% gain, or $212,100.
In 2022, the median price for a home in the United States was $368,000, significantly higher than 2017’s, thanks to “low-interest rates, strong economic growth, and rising demand from homebuyers,” according to the report.
“The five-year housing wealth gains since 2017 in the United States were $155,400,” says the report, “representing a 73.1% increase. Rising home prices and cumulative principal payments have driven this increase.”
Other housing markets on the list with significant wealth appreciation since 2017 include:
6. Las Vegas-Henderson-Paradise, NV, with a 109% gain, or $241,000;
7. Atlanta-Sandy Springs-Marietta, GA, with a 109% gain, or $182,000;
8. Austin, TX, with a 108% gain, or $540,700;
9. Lakeland-Winter Haven, FL, with a 108% gain, or $166,100;
10. Punta Gorda, FL, with a 107% gain, or $194,700.
“This data suggests that the housing market continues to be a substantial investment opportunity for those looking to build wealth through homeownership,” says the report. “It also provides insight into the ranking of metropolitan areas based on housing wealth gains and the growth of home prices over the past 5 years.”
You can find the full report here: https://myelisting.com/commercial-real-estate-news/1411/cities-with-largest-wealth-gains-from-home-ownership/
MyEListing.com is a national commercial real estate marketplace and data platform connecting real estate professionals and others from all corners of the industry. Users can sign up for free and access accurate local market intelligence, comp software, and more. The platform also supports other players in the industry, including NAI Global, Colliers, and Cushman & Wakefield.
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