LendingTree Reveals the Most Valuable Cities in America

Released  August 28, 2018
By Megan Greuling

CHARLOTTE, N.C., August 27, 2018 – LendingTree®, the nation’s leading online loan marketplace, today released its study on the most valuable cities in America.

LendingTree researchers analyzed the total value of residential real estate in American cities. The real estate values are from the My LendingTree property value database, which is a collection of real estate data of more than 155 million U.S. properties. The total value of real estate in metropolitan areas in the database was $26.2 trillion, close to the Federal Reserve’s estimate of total residential real estate value of $28.4 trillion.

The study also compared the total value to the GDP of countries around the world, pairing cities with their equivalent country GDP values. Of course, the comparison is not apples to apples: GDP represents a single year’s output, while the value of homes persists year after year (mostly upward and a few times declining).

“American households own $28.4 trillion of residential real estate, a significant part of the $100 trillion in household net worth,” said Tendayi Kapfidze, Chief Economist at LendingTree. “Financial assets add $81.7 trillion, consumer durable goods add $5.7 trillion while debts, including mortgage, subtract $15.6 trillion. The real estate wealth is not evenly distributed across the country and is largely concentrated in metropolitan areas.”
 
Key findings:

  • New York has the most valuable real estate in the U.S. at $2.6 trillion — just about on par with the entire GDP of France for 2017. In fact, this is greater than the GDP of all but just six countries — India, United Kingdom, Germany, Japan, China and the United States itself.
  • Los Angeles is second at $2.2 trillion, equivalent to the GDP of Brazil, and San Francisco is third at $1.2 trillion, equivalent to Mexico’s GDP.
  • The top three are the only cities above a trillion dollars and things drop off pretty rapidly from there. Cities after eleventh-ranked San Diego are all valued under $500 billion; after 25th-ranked Charlotte, under $200 billion and after 46th-ranked Hartford, under $100 billion.
  • The Federal Reserve values total residential real estate owned by households at $28.4 trillion. We found that the top 10 cities account for almost 40 percent of that value. The top 50 add up to about 70 percent of the total.
  • Our top 50 is rounded out by Boulder, Colo., Milwaukee, and Naples, Fla., with real estate values equivalent to the GDPs of Sri Lanka, Kenya and Ethiopia, respectively. 
  • Although our list here shows the top 50 cities, we calculated the value of every metro area in the U.S. The least valuable metro was Beckley, W. Va., with real estate valued at $189 million. This is slightly more than the price on one of the most expensive houses available for sale today: 924 Bel Air Rd in Los Angeles is listed at $188 million.


 
To view the full report, visit: https://www.lendingtree.com/home/most-valuable-cities/. 

 

Top 50 Cities Ranked by Total Value
Rank  City Total Value (in
billions)
Median 
Value
Closest Country 
Equivalent
1 New York $2,549 $454,000 France
2 Los Angeles $2,176 $622,000 Brazil
3 San Francisco $1,249 $891,000 Mexico
4 Chicago $813 $223,000 Saudi Arabia
5 Washington $795 $395,000 Saudi Arabia
6 Boston $697 $459,000 Saudi Arabia
7 Miami $648 $267,000 Argentina
8 Seattle $641 $461,000 Argentina
9 Dallas $549 $213,000 Sweden
10 San Jose, Calif. $535 $1,069,000 Poland
11 San Diego $522 $563,000 Belgium
12 Philadelphia $494 $220,000 Thailand
13 Houston $450 $192,000 Iran
14 Phoenix $444 $242,000 Iran
15 Atlanta $420 $191,000 Austria
16 Riverside, Calif. $413 $332,000 Norway
17 Denver $374 $391,000 Israel
18 Minneapolis $331 $260,000 Denmark
19 Portland, Ore. $304 $378,000 Chile
20 Sacramento, Calif. $301 $386,000 Chile
21 Baltimore $289 $270,000 Chile
22 Detroit $262 $149,000 Bangladesh
23 Tampa, Fla. $248 $190,000 Egypt
24 Austin, Texas $222 $282,000 Vietnam
25 Charlotte, N.C. $216 $187,000 Peru
26 Honolulu $198 $677,000 Iraq
27 St. Louis $193 $154,000 Algeria
28 Las Vegas $181 $239,000 Algeria
29 Orlando, Fla. $176 $216,000 Qatar
30 Bridgeport, Conn. $163 $390,000 Kazakhstan
31 Nashville, Tenn. $162 $235,000 Kazakhstan
32 San Antonio $159 $191,000 Hungary
33 Pittsburgh $150 $149,000 Angola
34 Providence, R.I. $147 $266,000 Angola
35 Cincinnati $146 $158,000 Angola
36 Kansas City, Mo. $144 $169,000 Angola
37 Cape Coral, Fla. $144 $204,000 Angola
38 Virginia Beach, Va. $141 $221,000 Angola
39 Columbus, Ohio $141 $174,000 Angola
40 North Port, Fla. $125 $229,000 Angola
41 Richmond, Va. $120 $218,000 Morocco
42 Oxnard, Calif. $119 $557,000 Morocco
43 Jacksonville, Fla. $115 $179,000 Morocco
44 Cleveland $112 $131,000 Morocco
45 Indianapolis $107 $127,000 Ecuador
46 Hartford, Conn. $103 $223,000 Ecuador
47 New Orleans $93 $181,000 Sri Lanka
48 Boulder, Colo. $88 $459,000 Sri Lanka
49 Milwaukee $86 $206,000 Kenya
50 Naples, Fla. $83 $333,000 Ethiopia

 
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.