American Dream of Homeownership More Expensive Than Ever

A new study published by PropertyClub shows that homeownership is getting more expensive nationwide, with real estate prices in most major US cities surpassing those seen during the 2007-2008 housing bubble.

PropertyClub's 20 Year Analysis of Real Estate Prices in 50 Largest US Cities (1999-2019)

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. 

About PropertyClub

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. 

Press Contact: Andrew Weinberger, andrew@propertyclub.io

Source: PropertyClub, Inc.


Categories: Real Estate

Tags: Housing Prices, Real Estate, Real Estate Trends, Residential Real Estate


Additional Images

About PropertyClub

View Website

PropertyClub is a blockchain-powered real estate marketplace. Users can earn cash and crypto rewards when renting or purchasing properties, including buyer rebates of up to 2% of purchase price.

PropertyClub
25 Broadway (9th Floor)
New York, NY 10004
United States