SEATTLE, Aug. 30, 2018 /PRNewswire/ -- It's no secret
that housing prices have been quickly climbing over the past decade
-- the median home value in the U.S. is higher than ever before, at
almost $220,000, and some markets,
like San Jose, Las Vegas and Atlanta, are reporting double-digit annual
home value growth.
But understanding what buyers can get for their money, and how
homeowners' investments have grown over time, can be tough --
especially when the footprint of homes themselves haven't changed
much. To help with this, Zillow Research created a map, released
today, that allows users to see just how much a dollar gets you in
each market, and how this has changed over time.
To check out the analysis on Zillow® Research and compare
multiple markets, click here:
https://www.zillow.com/research/how-much-home-does-1-buy-21175/
For example, one dollar will buy
you 1.07 square inches of the typical U.S. home, but ten years ago,
one dollar bought you 1.23 square
inches. Back in 1998, one dollar
bought you 2.09 square inches. For reference, one square inch is
about twice the size of a postage stamp, and a dollar bill itself
is a little more than 13.25 square inchesi.
However, in the city of San
Jose, where the typical home is worth almost 84 percent more
than it was twenty years ago, one
dollar will buy you just 0.20 square inches of a home. In
2008 it bought you 0.37 square inches, and back in 1998,
one dollar bought you almost one full
square inch.
Your dollar will go the furthest in Memphis, Tenn., buying more than 2.5 square
inches of a home. Expect to get the smallest amount of space for
your dollar in San Francisco,
where one dollar will buy you just
0.14 square inches.
Fresno falls almost exactly in
the middle of Memphis and
San Francisco for the space you
can get for one dollar, where it will
buy you 0.97 square inches of a home.
"A dollar today isn't what it used to be, particularly when it
comes to real estate in light of the rapid pace of home-value
appreciation that the American economy has witnessed over the past
half-decade," said Zillow senior economist Aaron Terrazas. "A dollar gets you about 20
times more space in an affordable market like Memphis than in a pricey place like
San Francisco. Figuring out
exactly how much space a dollar does – or doesn't – buy you can be
sobering, but enlightening. The space we live in is a tangible
thing, with real value, and this shows how true that is."
Home values across the country rose 8 percent over the past
year, and Zillow is forecasting them to appreciate another 6.8
percent over the next 12 months. Over the past year, home values in
the cities of Baltimore,
San Jose, Las Vegas and Dallas appreciated the most.
City
|
Zillow Home Value
Indexii (ZHVI)
|
YoY ZHVI
Change
|
Square Inches for
$1 in 1998
|
Square Inches for
$1 in 2008
|
Square Inches for
$1 in 2018
|
United
States
|
$
218,000
|
8.0%
|
2.09
|
1.23
|
1.07
|
New York
|
$
672,200
|
6.4%
|
1.01
|
0.38
|
0.28
|
Los
Angeles
|
$
674,800
|
7.2%
|
1.18
|
0.43
|
0.31
|
Chicago
|
$
225,600
|
2.1%
|
1.58
|
0.74
|
0.85
|
Houston
|
$
179,400
|
7.0%
|
2.57
|
1.95
|
1.40
|
Philadelphia
|
$
150,300
|
11.4%
|
3.79
|
1.55
|
1.22
|
Phoenix
|
$
232,700
|
9.0%
|
2.25
|
1.12
|
0.95
|
Las Vegas
|
$
262,200
|
15.4%
|
1.82
|
1.08
|
0.94
|
San
Antonio
|
$
168,600
|
8.1%
|
2.62
|
1.89
|
1.37
|
San Diego
|
$
623,000
|
6.5%
|
1.13
|
0.50
|
0.34
|
Dallas
|
$
194,100
|
13.8%
|
2.48
|
1.80
|
1.04
|
San Jose
|
$
1,110,800
|
23.5%
|
0.76
|
0.37
|
0.20
|
Jacksonville
|
$
166,500
|
10.3%
|
2.67
|
1.44
|
1.35
|
San
Francisco
|
$
1,366,000
|
9.2%
|
0.56
|
0.24
|
0.14
|
Indianapolis
|
$
130,700
|
10.9%
|
2.18
|
1.85
|
1.67
|
Austin
|
$
350,200
|
7.9%
|
1.43
|
1.15
|
0.73
|
Fort Worth
|
$
185,200
|
10.4%
|
2.62
|
2.09
|
1.36
|
Columbus
|
$
147,000
|
9.0%
|
2.00
|
1.62
|
1.27
|
Memphis
|
$
83,300
|
8.3%
|
3.13
|
2.88
|
2.53
|
Charlotte
|
$
213,400
|
11.0%
|
2.03
|
1.58
|
1.21
|
El Paso
|
$
124,200
|
3.7%
|
2.72
|
1.78
|
1.69
|
Boston
|
$
588,000
|
6.3%
|
1.01
|
0.46
|
0.26
|
Seattle
|
$
753,600
|
8.1%
|
1.03
|
0.47
|
0.28
|
Baltimore
|
$
117,100
|
33.2%
|
2.88
|
1.21
|
1.33
|
Denver
|
$
416,100
|
7.6%
|
1.33
|
0.79
|
0.41
|
Washington
|
$
569,100
|
5.0%
|
1.33
|
0.41
|
0.28
|
Nashville
|
$
256,700
|
10.1%
|
2.12
|
1.47
|
0.92
|
Milwaukee
|
$
114,800
|
10.6%
|
2.40
|
1.33
|
1.50
|
Tucson
|
$
181,000
|
7.5%
|
2.18
|
1.16
|
1.19
|
Portland
|
$
424,700
|
0.9%
|
1.47
|
0.73
|
0.48
|
Oklahoma
City
|
$
126,400
|
2.3%
|
3.51
|
2.12
|
1.71
|
Omaha
|
$
167,900
|
7.6%
|
1.92
|
1.53
|
1.15
|
Albuquerque
|
$
194,300
|
6.2%
|
1.76
|
1.07
|
1.06
|
Fresno
|
$
231,700
|
7.1%
|
2.40
|
1.07
|
0.97
|
Sacramento
|
$
318,900
|
7.3%
|
1.97
|
0.97
|
0.65
|
Mesa
|
$
240,200
|
7.8%
|
2.09
|
1.19
|
0.96
|
Zillow
Zillow is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
great real estate professionals. In addition, Zillow operates an
industry-leading economics and analytics bureau led by Zillow
Group's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
i
http://www.bluebulbprojects.com/MeasureOfThings/results.php?comp=area&unit=in2&amt=1&sort=pr&p=1
ii The Zillow Home Value Index (ZHVI) is the median
estimated home value for a given geographic area on a given day and
includes the value of all single-family residences, condominiums
and cooperatives, regardless of whether they sold within a given
period. It is expressed in dollars, and seasonally adjusted.
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SOURCE Zillow, Inc.