Housing

US Housing Market Hits $36 Trillion

Auseklis / iStock via Getty Images

According to LendingTree, the value of owner-occupied homes in the United States reached $36.6 trillion in 2022. The figure was based on the U.S. Census Bureau American Community Survey data.

Across the top 50 metros at the end of 2022, the total value was $23.48 trillion, up 38% from 2019. Of these, the value of homes with mortgages was $15.82 trillion. This is $8.18 trillion higher than the total value of homes without a mortgage. The researchers wrote, “There are various reasons why this is the case — chief among them is that there are more than 13 million more owner-occupied homes with a mortgage in these metros than owner-occupied homes without one.”

New York City topped the list at $2.75 trillion for all owner-occupied homes. The median home price in the metro was $578,800. Los Angeles was next at $2.31 trillion for all owner-occupied houses. The median value of a home in L.A. was $847,400. The total market value between the two cities is so close to one another because the median home value number in L.A. is 46% higher than in New York, although New York City’s population is so much larger. (This is the hottest housing market in America.)

San Francisco, much smaller than L.A. or New York, was third on the list with a total value of $1.39 trillion. A modest-sized city can rank third because the median home value in San Francisco is $1,135,500, double that of New York.

Home prices rose nationwide between 2019 and 2022 primarily due to supply chain issues and low mortgages. Low home loan availability pushed demand up, and supply chains pushed inventory down.

Sponsored: Want to Retire Early? Here’s a Great First Step

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.