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WHERE HAVE HOMEOWNERS BUILT THE MOST WEALTH?

Real Estate
Advertiser Disclosure


ADVERTISER DISCLOSURE

We are an independent, advertising-supported comparison service. Our goal is to
help you make smarter financial decisions by providing you with interactive
tools and financial calculators, publishing original and objective content, by
enabling you to conduct research and compare information for free - so that you
can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American
Express, Bank of America, Capital One, Chase, Citi and Discover.


HOW WE MAKE MONEY

The offers that appear on this site are from companies that compensate us. This
compensation may impact how and where products appear on this site, including,
for example, the order in which they may appear within the listing categories.
But this compensation does not influence the information we publish, or the
reviews that you see on this site. We do not include the universe of companies
or financial offers that may be available to you.

SHARE:
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ON THIS PAGE

 * The 5 priciest metro areas in the U.S.
 * What’s driving the gap in home prices
 * Do pricey markets appreciate more?

On This Page Jump to Menu List


ON THIS PAGE

 * The 5 priciest metro areas in the U.S.
 * What’s driving the gap in home prices
 * Do pricey markets appreciate more?

Prev Next
NicolasMcComber/Getty Images
3 minute read Published September 30, 2022

Written by
Jeff Ostrowski
Written by Jeff OstrowskiArrow Right Senior mortgage reporter
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate
in 2020, he wrote about real estate and the economy for the Palm Beach Post and
the South Florida Business Journal.
 * Connect with Jeff Ostrowski on Twitter Twitter
 * Connect with Jeff Ostrowski on LinkedIn Linkedin

Jeff Ostrowski

Edited by
Troy Segal
Edited by Troy SegalArrow Right Senior homeownership editor
Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything
from upkeep and maintenance to building equity and enhancing value.
Troy Segal
Bankrate logo


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Info More info

At Bankrate we strive to help you make smarter financial decisions. While we
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products from our partners. Here's an explanation for how we make money .

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Founded in 1976, Bankrate has a long track record of helping people make smart
financial choices. We’ve maintained this reputation for over four decades by
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in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that we’re putting
your interests first. All of our content is authored by highly qualified
professionals and edited by subject matter experts, who ensure everything we
publish is objective, accurate and trustworthy.

Buying or selling a home is one of the biggest financial decisions an individual
will ever make. Our real estate reporters and editors focus on educating
consumers about this life-changing transaction and how to navigate the complex
and ever-changing housing market. From finding an agent to closing and beyond,
our goal is to help you feel confident that you're making the best, and
smartest, real estate deal possible.

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Bankrate follows a strict editorial policy, so you can trust that we’re putting
your interests first. Our award-winning editors and reporters create honest and
accurate content to help you make the right financial decisions.

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unbiased information, and we have editorial standards in place to ensure that
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receive direct compensation from our advertisers.

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Bankrate.com is an independent, advertising-supported publisher and comparison
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The U.S. housing market finally is cooling, but longtime homeowners have reaped
the rewards of robust price gains since the Great Recession. In some of the
nation’s most expensive housing markets, even average homeowners are sitting on
million-dollar properties.

These fortunate homeowners don’t possess vast estates or multi-storied mansions.
They’re just owners of otherwise-ordinary homes that happen to be located in
places with scarce land and high wages.

The most dramatic run-ups in real estate prices have come – not surprisingly –
in Northern California. That region has experienced a combination of strong wage
growth and a limited supply of new homes. Median home prices in Silicon Valley
and San Francisco rose by $1 million from mid-2012 to mid-2022, according to a
Bankrate analysis of National Association of Realtors  (NAR) data. Homeowners in
Southern California and Hawaii also have experienced hefty appreciation.





THE 5 PRICIEST METRO AREAS IN THE U.S.

Here’s a look at the nation’s most expensive housing markets and the way they’ve
appreciated in the last decade, based on current and historic data compiled by
NAR. The median price of an existing single-family home sold during the second
quarter of 2022 eclipsed $1 million in four of those five markets.


SAN JOSE, CALIFORNIA

Median price mid-2012 $660,000 Median price mid-2022 $1.9 million Ten-year gain
$1.24 million Percentage gain 188 percent


SAN FRANCISCO

Median price mid-2012 $552,600 Median price mid-2022 $1.55 million Ten-year gain
$997,400 Percentage gain 180 percent


ANAHEIM, CALIFORNIA

Median price mid-2012 $542,000 Median price mid-2022 $1.3 million Ten-year gain
$758,000 Percentage gain 140 percent


HONOLULU

Median price mid-2012 $629,700 Median price mid-2022 $1.1 million Ten-year gain
$515,300 Percentage gain 82 percent


SAN DIEGO

Median price mid-2012 $379,100 Median price mid-2022 $965,900 Ten-year gain
$586,800 Percentage gain 155 percent

The median price is the statistical midpoint – half of homes sold for more, half
sold for less. So in these markets, even owners of modest homes possess
properties worth $1 million.


BUT HOW MUCH DO YOU ACTUALLY MAKE?

Of course, owning a $1 million home doesn’t necessarily mean you can sell and
walk away with $1 million. Most homeowners need mortgages to buy, and repayment
of those loans is the first thing that comes out of any proceeds of a home sale.
And if they refinanced or took cash out of their homes in recent years, their
actual equity in the home could be much less than the magical seven-figure mark.


WHAT’S DRIVING THE GAP IN HOME PRICES

The home prices in the most expensive markets are eye-popping precisely because
they’re so high compared to other parts of the country. Median home prices are
less than $280,000 in such major metropolitan areas as Buffalo, Cincinnati,
Cleveland, Detroit and St. Louis.

That huge gap is partly a function of a quirk of housing economics — the fact
that real estate markets are localized and self-contained. “Housing is an
immovable good. A house in San Francisco can’t be moved to somewhere else,” says
Mark Fleming, chief economist for title insurer First American. In contrast,
“there’s a national price for an iPhone, because it’s a movable good.”

The supply of land available for development also plays into local home prices.
So do local wages. “The value or the price is in large part a function of
incomes in the area,” Fleming says. “Prices are different because incomes are
very different.”

For example, median family income in Silicon Valley for 2022 is $168,500,
according to Department of Housing and Urban Development data. In San Francisco,
it’s $163,800. The typical family in Buffalo, by contrast, makes $87,700. In
Cleveland, the figure is $85,400.





DO PRICEY MARKETS APPRECIATE MORE?

The markets that have been minting millionaire homeowners carry a major caveat:
All are jaw-droppingly unaffordable. Anaheim, San Diego, San Francisco and San
Jose rank as four of the five least affordable housing markets in the nation,
according to the National Association of Home Builders/Wells Fargo Housing
Opportunity Index.

But the huge price gains in those places over the past decade illustrate that
perhaps it makes sense to stretch the budget to buy a house in an expensive
area.

By contrast, some of the most affordable housing markets offer homeowners less
in the way of wealth-building. In the Cleveland metro area, for example, the
median home price of $103,900 looked quite reasonable back in mid-2012. A decade
later, Cleveland’s median home price is $225,000. The 117 percent increase is
respectable, but dollar-wise, the $121,000 gain is just a fraction of the
appreciation experienced in the priciest markets.

However, it’s possible that the outsized price appreciation in coastal housing
markets is slowing. The rise of remote work means those toiling in the tech
industry can keep their Silicon Valley paychecks while living in more affordable
areas. Fleming points to an exodus of homeowners from Northern California to
places such as Boise, Idaho, and Austin, Texas.

The emigration of the Californians has caused intense inflation in those housing
markets. In Boise, for example, median prices soared 278 percent in the past
decade. In Austin, prices have risen 185 percent.

“You might get faster price appreciation in the less expensive markets,” Fleming
says, “because demand is leaving the expensive markets.”



SHARE:
 * Share this article on Facebook Facebook
 * Share this article on Twitter Twitter
 * Share this article on LinkedIn Linkedin
 * Share this article via email Email

Written by Jeff OstrowskiArrow Right Senior mortgage reporter
 * Connect with Jeff Ostrowski on Twitter Twitter
 * Connect with Jeff Ostrowski on LinkedIn Linkedin

Read more from Jeff
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate
in 2020, he wrote about real estate and the economy for the Palm Beach Post and
the South Florida Business Journal.
Edited by
Troy Segal
Edited by Troy SegalArrow Right Senior homeownership editor
Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything
from upkeep and maintenance to building equity and enhancing value.
Troy Segal
Senior homeownership editor


RELATED ARTICLES


IS THE HOUSING MARKET ABOUT TO CRASH? HERE’S WHAT EXPERTS ARE SAYING


THE MOST EXPENSIVE PLACES TO BUY A HOME


WHERE ARE HOME PRICES DROPPING THE FASTEST?


TOP 10 U.S. HOUSING MARKETS THAT COULD BE HARDEST HIT BY CORONAVIRUS


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ADVERTISER DISCLOSURE

We are an independent, advertising-supported comparison service. Our goal is to
help you make smarter financial decisions by providing you with interactive
tools and financial calculators, publishing original and objective content, by
enabling you to conduct research and compare information for free - so that you
can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American
Express, Bank of America, Capital One, Chase, Citi and Discover.


HOW WE MAKE MONEY

The offers that appear on this site are from companies that compensate us. This
compensation may impact how and where products appear on this site, including,
for example, the order in which they may appear within the listing categories.
But this compensation does not influence the information we publish, or the
reviews that you see on this site. We do not include the universe of companies
or financial offers that may be available to you.


ON THIS PAGE

 * The 5 priciest metro areas in the U.S.
 * What’s driving the gap in home prices
 * Do pricey markets appreciate more?

Prev Next
Bankrate logo


THE BANKRATE PROMISE

Founded in 1976, Bankrate has a long track record of helping people make smart
financial choices. We’ve maintained this reputation for over four decades by
demystifying the financial decision-making process and giving people confidence
in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that we’re putting
your interests first. All of our content is authored by highly qualified
professionals and edited by subject matter experts, who ensure everything we
publish is objective, accurate and trustworthy.

Buying or selling a home is one of the biggest financial decisions an individual
will ever make. Our real estate reporters and editors focus on educating
consumers about this life-changing transaction and how to navigate the complex
and ever-changing housing market. From finding an agent to closing and beyond,
our goal is to help you feel confident that you're making the best, and
smartest, real estate deal possible.

Bankrate logo


EDITORIAL INTEGRITY

Bankrate follows a strict editorial policy, so you can trust that we’re putting
your interests first. Our award-winning editors and reporters create honest and
accurate content to help you make the right financial decisions.

KEY PRINCIPLES

We value your trust. Our mission is to provide readers with accurate and
unbiased information, and we have editorial standards in place to ensure that
happens. Our editors and reporters thoroughly fact-check editorial content to
ensure the information you’re reading is accurate. We maintain a firewall
between our advertisers and our editorial team. Our editorial team does not
receive direct compensation from our advertisers.

EDITORIAL INDEPENDENCE

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to
give you the best advice to help you make smart personal finance decisions. We
follow strict guidelines to ensure that our editorial content is not influenced
by advertisers. Our editorial team receives no direct compensation from
advertisers, and our content is thoroughly fact-checked to ensure accuracy. So,
whether you’re reading an article or a review, you can trust that you’re getting
credible and dependable information.

Bankrate logo


HOW WE MAKE MONEY

You have money questions. Bankrate has answers. Our experts have been helping
you master your money for over four decades. We continually strive to provide
consumers with the expert advice and tools needed to succeed throughout life’s
financial journey.

Bankrate follows a strict editorial policy, so you can trust that our content is
honest and accurate. Our award-winning editors and reporters create honest and
accurate content to help you make the right financial decisions. The content
created by our editorial staff is objective, factual, and not influenced by our
advertisers.

We’re transparent about how we are able to bring quality content, competitive
rates, and useful tools to you by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison
service. We are compensated in exchange for placement of sponsored products and,
services, or by you clicking on certain links posted on our site. Therefore,
this compensation may impact how, where and in what order products appear within
listing categories. Other factors, such as our own proprietary website rules and
whether a product is offered in your area or at your self-selected credit score
range can also impact how and where products appear on this site. While we
strive to provide a wide range offers, Bankrate does not include information
about every financial or credit product or service.