NEW YORK,– The American dream of homeownership is becoming more expensive than ever according to a new study published by PropertyClub. The study, which examines real estate prices in the 50 largest US cities over the past 20 years as well as the income required to purchase a home in each city, found that real estate prices are soaring, and in many places passing those seen during the 2007-2008 housing bubble.
PropertyClub’s study found that cities on the west coast have quickly become more expensive than ever, with the San Francisco and Los Angeles metro areas leading the charge. Between 1999 and 2019, single-family homes in San Francisco and Los Angeles have seen price increases of 304 percent and 275 percent respectively while single-family homes in Oakland have seen an increase of 337 percent. Other major cities to see significant price increases in the segment include New York City, with a 225 percent increase, and Washington DC, which with a 412 percent increase has seen the highest jump nationwide.
When it comes to affordability, cities like Wichita, Oklahoma City, and Cleveland received high marks, with Cleveland being the only city where single-family home prices are lower today than they were 20 years ago. It would only take approximately three years of savings to purchase a single-family home in Cleveland or a one bedroom apartment in Wichita.
PropertyClub, Inc. is New York City’s premier blockchain-powered real estate marketplace and your number one source for NYC real estate. Users can earn cash and crypto rewards when they rent or buy their next home including buyer rebates of up to 2 percent of the purchase price.
PropertyClub’s 20 Year Analysis of Real Estate Prices in 50 Largest US Cities (1999-2019)
Cities with the Highest Real Estate Price Increases 1999-2019
Cities with the Lowest Real Estate Price Increases 1999-2019