0
0
0

Boston housing stock country’s No. 7 most valuable

by Alonzo Turner

boston-housing-stock-zillow-valuable-gains-2016-2015-affordability

Boston’s housing stock is the No. 7 most valuable in the entire country, according to a year-end analysis from Zillow.

Altogether in 2016, Boston’s residential properties tallied a worth of just over $672 billion, topping other major markets like Dallas, Phoenix and Seattle – all of which have higher overall populations. Last year’s value represents a $38.7 billion gain over the city’s 2015 housing stock, the seventh highest increase in the nation.

The strengthening of property values in Boston reflects a larger trend of recovery that spanned the country in 2016. Nationwide, housing stock value improved by $1.6 trillion from 2015 to $29.6 trillion.

Recovery threatens affordability

“The U.S. housing stock is worth much more than ever, which is a sign of the ongoing housing recovery,” said Zillow Chief Economist Svenja Gudell.

Unfortunately, as Gudell caveated, the improvements to value also signal diminished affordability, something already proving a problem for a huge block of Americans.

Gudell added: “The total value of the housing stock grew nearly 6 percent this year, a pace that will likely mean some American families are priced out of homeownership.”

As we’ve recently reported, even an increase of $1,000 to Boston’s median home price would effectively price out over 2,100 buyers.

See our below table to compare the value of Boston’s housing stock to other major markets’.

City Total Home Value, Year-End 2016 Total Home Value Year-End 2015 Y-o-Y Change
Los Angeles $2.5 trillion $2.4 trillion $100 billion
New York $2.4 trillion $2.3 trillion $100 billion
San Francisco $1.3 trillion $1.2 trillion $100 billion
Washington, D.C. $975.1 billion $939 billion $36.1 billion
Miami $818.8 billion $773 billion $45.8 billion
Chicago $772.7 billion $741 billion $31.7 billion
Boston $672.7 billion $634 billion $38.7 billion
San Jose $636.2 billion $614 billion $22.2 billion
San Diego $596 billion $574 billion $22 billion
Philadelphia $589.2 billion $567 billion $22.2 billion
Seattle $571.4 billion $506 billion $65.4 billion
Dallas $456.9 billion $411 billion $45.9 billion
Phoenix $441.5 billion $421 billion $20.5 billion
Riverside, Calif. $440 billion $417 billion $23 billion
Atlanta $413.6 billion $383 billion $30.6 billion
Denver $377.5 billion $347 billion $30.5 billion
Houston $373.2 billion $381 billion -$7.8 billion
Minneapolis $332.5 billion $307 billion $25.5 billion
Detroit $288.7 billion $271 billion $17.7 billion
Baltimore $287.9 billion $274 billion $13.9 billion
Portland $286.6 billion $252 billion $34.6 billion
Sacramento $269.4 billion $253 billion $16.4 billion
Tampa $254.7 billion $232 billion $22.7 billion
St. Louis $192 billion $181 billion $11 billion
Orlando $187.5 billion $173 billion $14.5 billion
Charoltte, N.C. $186.1 billion $176 billion $10.1 billion
Las Vegas $175.9 billion $168 billion $7.9 billion
Austin $161.4 billion $155 billion $6.4 billion
Pittsburgh $148 billion $141 billion $7 billion
Columbus $132.9 billion $125 billion $7.9 billion
Kansas City $129.7 billion $126 billion $3.7 billion
Cincinati $128.6 billion $124 billion $4.6 billion
Cleveland $116.8 billion $113 billion $3.8 billion
San Antonio $116.4 billion $113 billion $3.4 billion
Indianapolis $111.7 billion $110 billion $1.7 billion

Read More Related to This Post

Join the conversation

Oops! We could not locate your form.