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Thinking of buying in the US? Here’s where a dollar goes furthest

 

by Steve Randall03 Sep 2018

If you’re thinking of buying a home south of the border a new comparison of the disparate range of prices across the largest markets may be useful.

A new analysis by Zillow Research has looked at median home prices across the US to work out how much home a dollar would buy and how that has changed over time.

"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.

Zillow says one dollar will buy you 1.07 square inches of the typical US home (about the size of a postage stamp), but ten years ago, it would have bought 1.23 square inches, and in 1998, it would have stretched to 2.09 square inches.

But this varies across the country, from San Francisco (0.14 square inches) to Memphis (2.5 square inches).

Home values across the country rose 8% over the past year, and Zillow is forecasting them to appreciate another 6.8% 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. The median US home price is $220,000.

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


The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.