This table shows changes in prices for existing homes (single-family houses and condos) in 2020 for the 100 largest metro areas tracked by Clear Capital. Clear Capital tracks price changes based on a sample of existing homes and condos in each metro area that have been sold multiple times over various periods of time. That means the home values shown may differ from other measures that are based only on sales during a particular time period.
The table also shows the change in home prices since the peak of the national market in mid 2006. Prices in three-fourths of the cities in 2020 met or exceeded their previous peak. In addition, we show how far prices have risen since the bottom of the market in early 2012. Prices in one-fifth of the 100 cities have doubled since then.
The affordability index shows the relative affordability of cities (1 is the most affordable, 10 is the least affordable). It’s based on the percentage of annual income required to buy a median-priced home in each metro area in late 2020. The least affordable city is New York City, and the most affordable is Augusta, Ga.
At the end of 2020, home prices rose faster than rents in 83% of the 915 counties analyzed by ATTOM Data Solutions, and prices have risen more than wages in nearly two-thirds of the nation. Yet owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 63% of those markets. However, ATTOM’s analysis shows that renting is more affordable than buying a home in 18 of the nation’s 25 most populated counties. Cities with more than 1 million people where it’s more affordable to buy a home than rent include Phoenix and Las Vegas.
|Metro Area||Median Home Price||% Change|
|Baton Rouge, La.||189,900||5.2||10.6||27.3||5|
|Boise City, Idaho||290,450||8.8||40.0||147.3||9|
|Cape Coral, Fla.||214,930||-2.3||-26.6||65.9||8|
|Colorado Springs, Colo.||345,000||11.2||57.7||85.6||8|
|Des Moines, Iowa||207,000||2.7||26.1||43.0||4|
|El Paso, Texas||152,192||5.3||13.6||23.9||6|
|Grand Rapids, Mich.||210,000||11.7||50.0||116.1||5|
|Kansas City, Mo.||169,700||-0.7||5.4||82.7||2|
|Lansing-East. Lansing, Mich.||138,000||13.7||1.7||87.1||1|
|Las Vegas, Nev.||305,000||6.1||-13.3||122.6||7|
|Little Rock, Ark.||155,000||4.1||11.0||16.8||1|
|Los Angeles, Calif.||710,000||8.1||13.1||92.2||10|
|Minneapolis-St. Paul, Minn.||286,000||8.2||14.4||76.8||5|
|New Haven, Conn.||235,150||17.1||-13.9||52.6||7|
|New Orleans, La.||210,000||10.1||40.1||68.2||3|
|New York, N.Y.-N.J.||450,000||9.7||3.1||51.1||10|
|North Port-Sarasota, Fla.||284,900||7.1||-3.6||86.3||8|
|Oklahoma City, Okla.||170,000||6.6||34.9||35.6||2|
|Palm Bay, Fla.||210,000||10.0||1.5||112.9||5|
|Riverside-San Bernardino, Calif.||393,000||13.4||-3.1||111.1||10|
|Salt Lake City, Utah||335,000||-17.9||27.1||58.3||8|
|San Antonio, Texas||175,000||-1.7||44.3||55.6||7|
|San Diego, Calif.||620,000||11.5||22.3||91.2||10|
|San Francisco, Calif.||930,000||9.5||31.7||110.3||10|
|San Jose, Calif.||1,160,000||16.2||58.2||117.5||10|
|St. Louis, Mo.||166,000||8.9||-3.3||58.1||3|
|Virginia Beach, Va.||250,000||9.7||-5.3||34.9||9|
|Washington, D.C.-No. Va.||435,000||8.7||-1.2||45.5||8|
Home-price data as of December 31, 2020. Cities represent metropolitan statistical areas as defined by the U.S. Census.
*Since May 31, 2006, when the housing market peaked nationally.
†Since March 31, 2012, when the housing market hit bottom nationally.
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