Real estate wealth tends to be largely concentrated in the largest cities in the U.S. LendingTree recently analyzed the total value of residential real estate in American cities, culling property value data of more than 155 million U.S. properties.
American households own $29.2 trillion of residential real estate—that makes up a big part of the $107 trillion in total household net worth in the U.S., LendingTree notes.
New York has the most valuable real estate in the U.S., totaling $2.8 trillion. That is more than the entire GDP of the United Kingdom for 2019, according to LendingTree notes. Los Angeles follows in second at $2.3 trillion, which is close to the GDP of Italy.
The top 10 cities alone account for nearly 36% of the total value of residential real estate owned by households in the U.S.
The most valuable cities in America, according to LendingTree’s analysis, are:
1. New York
- Total residential real estate value: $2.8 trillion
- Median home value: $501,000
- Country equivalent, GDP: United Kingdom, $2.7 trillion
2. Los Angeles
- Total residential real estate value: $2.3 trillion
- Median home value: $668,000
- Country equivalent, GDP: Italy, $2.1 trillion
3. San Francisco
- Total residential real estate value: $1.3 trillion
- Median home value: $959,000
- Country equivalent, GDP: Mexico, $1.3 trillion
4. Chicago
- Total residential real estate value: $906 billion
- Median home value: $245,000
- Country equivalent, GDP: Netherlands, $902 billion
5. Washington, D.C.
- Total residential real estate value: $826 billion
- Median home value: $455,000
- Country equivalent, GDP: Saudi Arabia, $779 billion
Source: “LendingTree Reveals the Most Valuable Cities in America,” LendingTree (June 30, 2020)
