Just like the price of gas and milk, home values have skyrocketed in recent years. And nowhere is the price hike more pronounced than in the country’s major metropolitan areas, where home prices surged since the turn of the century. (These are the 20 most expensive suburbs for home buyers.)
According to Zillow’s Home Value Index, a typical, mid-tier home in the U.S. rose in value by 20.6% from March 2021 to March 2022, but even before that home prices have been steadily climbing. Mortgage data company Anytime Estimate notes that home prices have outpaced inflation over the past 50 years.
Since 1970, the inflation rate has climbed 644% as home values surged by 1,608%. In 2021 alone, home prices rose 20%, well above the inflation rate of 7.5%. In fact, Anytime Estimate calculated that if home values rose at the same rate as the inflation rate since 1970, the median home price would be a relatively affordable $177,788 instead of the current median of $408,100 as of the fourth quarter of 2021, according to the Federal Reserve Bank of St. Louis.
Anytime Estimate also considered housing price increases in the 50 largest metro areas since 2000. To determine the 50 metro areas where home values increased the most from 2000 to 2022, 24/7 Wall St. reviewed data from Anytime Estimate’s report Home Prices vs. Inflation: Why Millennials Can’t Afford Homes (2022 Data). The largest U.S. metro areas are ranked by the change in median home value from 2000 to 2022, from the smallest increase to the largest.
California metropolitan areas took the top five spots for the highest percentage increase in home values. San Jose, San Diego, Riverside, Los Angeles, and No. 1 San Francisco all saw home values soar by more than 260%. Tech hubs San Jose and San Francisco both sport median home values above $1 million, with San Jose topping out at $1.6 million and San Francisco coming in second at $1.4 million.
Two Midwestern cities recorded the lowest increase in home values among the metros on this list. Notably, home values in Cleveland and Detroit still rose by a significant 59.7% and 62.2%, respectively. So even in cities where home values rose by the lowest percentage, home prices have risen substantially. But it is not just home values that are rising. See the cities where rents take the highest share of income.
Click here to see how home values changed in America’s biggest cities between 2000 and 2022
50. Cleveland, OH
> Change in median home value, 2000-2022: +59.7% (+$75,540)
> Median home value, 2022: $202,044
> Median home value, 2000: $126,504
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49. Detroit, MI
> Change in median home value, 2000-2022: +62.2% (+$87,882)
> Median home value, 2022: $229,141
> Median home value, 2000: $141,259
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48. Memphis, TN
> Change in median home value, 2000-2022: +72.7% (+$89,557)
> Median home value, 2022: $212,725
> Median home value, 2000: $123,168
Source: Gian Lorenzo Ferretti Photography / E+ via Getty Images
47. Chicago, IL
> Change in median home value, 2000-2022: +73.0% (+$123,430)
> Median home value, 2022: $292,436
> Median home value, 2000: $169,006
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46. Hartford, CT
> Change in median home value, 2000-2022: +87.8% (+$140,260)
> Median home value, 2022: $299,964
> Median home value, 2000: $159,704
Source: benedek / iStock via Getty Images
45. Cincinnati, OH
> Change in median home value, 2000-2022: +88.1% (+$113,778)
> Median home value, 2022: $242,958
> Median home value, 2000: $129,180
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44. Birmingham, AL
> Change in median home value, 2000-2022: +89.6% (+$105,332)
> Median home value, 2022: $222,928
> Median home value, 2000: $117,596
43. St. Louis, MO
> Change in median home value, 2000-2022: +98.0% (+$112,210)
> Median home value, 2022: $226,743
> Median home value, 2000: $114,533
Source: Sean Pavone / iStock via Getty Images
42. Louisville, KY
> Change in median home value, 2000-2022: +101.5% (+$114,423)
> Median home value, 2022: $227,188
> Median home value, 2000: $112,765
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41. Milwaukee, WI
> Change in median home value, 2000-2022: +102.5% (+$127,708)
> Median home value, 2022: $252,346
> Median home value, 2000: $124,638
Source: pawel.gaul / E+ via Getty Images
40. Columbus, OH
> Change in median home value, 2000-2022: +106.3% (+$141,801)
> Median home value, 2022: $275,240
> Median home value, 2000: $133,439
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39. New Orleans, LA
> Change in median home value, 2000-2022: +108.4% (+$133,114)
> Median home value, 2022: $255,960
> Median home value, 2000: $122,846
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38. Oklahoma City, OK
> Change in median home value, 2000-2022: +121.9% (+$110,433)
> Median home value, 2022: $201,016
> Median home value, 2000: $90,583
Source: novikat / iStock via Getty Images
37. Atlanta, GA
> Change in median home value, 2000-2022: +125.0% (+$191,366)
> Median home value, 2022: $344,420
> Median home value, 2000: $153,054
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36. Houston, TX
> Change in median home value, 2000-2022: +125.1% (+$156,715)
> Median home value, 2022: $282,014
> Median home value, 2000: $125,299
35. Baltimore, MD
> Change in median home value, 2000-2022: +129.7% (+$201,173)
> Median home value, 2022: $356,266
> Median home value, 2000: $155,093
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34. Kansas City, MO
> Change in median home value, 2000-2022: +130.5% (+$151,539)
> Median home value, 2022: $267,621
> Median home value, 2000: $116,082
Source: Kruck20 / iStock via Getty Images
33. Raleigh, NC
> Change in median home value, 2000-2022: +130.6% (+$232,271)
> Median home value, 2022: $410,121
> Median home value, 2000: $177,850
32. Pittsburgh, PA
> Change in median home value, 2000-2022: +131.0% (+$115,331)
> Median home value, 2022: $203,384
> Median home value, 2000: $88,053
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31. Charlotte, NC
> Change in median home value, 2000-2022: +131.3% (+$195,401)
> Median home value, 2022: $344,238
> Median home value, 2000: $148,837
30. Minneapolis, MN
> Change in median home value, 2000-2022: +132.4% (+$203,663)
> Median home value, 2022: $357,512
> Median home value, 2000: $153,849
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29. San Antonio, TX
> Change in median home value, 2000-2022: +136.6% (+$178,654)
> Median home value, 2022: $309,475
> Median home value, 2000: $130,821
Source: SeanPavonePhoto / iStock via Getty Images
28. Richmond, VA
> Change in median home value, 2000-2022: +137.8% (+$179,249)
> Median home value, 2022: $309,300
> Median home value, 2000: $130,051
Source: f11photo / iStock via Getty Images
27. Las Vegas, NV
> Change in median home value, 2000-2022: +143.8% (+$239,212)
> Median home value, 2022: $405,542
> Median home value, 2000: $166,330
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26. Philadelphia, PA
> Change in median home value, 2000-2022: +144.1% (+$186,232)
> Median home value, 2022: $315,442
> Median home value, 2000: $129,210
Source: Andy Rosenblum / iStock via Getty Images
25. Buffalo, NY
> Change in median home value, 2000-2022: +145.2% (+$134,667)
> Median home value, 2022: $227,420
> Median home value, 2000: $92,753
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24. Indianapolis, IN
> Change in median home value, 2000-2022: +149.2% (+$149,123)
> Median home value, 2022: $249,065
> Median home value, 2000: $99,942
Source: bfg1118 / iStock via Getty Images
23. Virginia Beach, VA
> Change in median home value, 2000-2022: +151.8% (+$183,892)
> Median home value, 2022: $305,036
> Median home value, 2000: $121,144
Source: OlegAlbinsky / E+ via Getty Images
22. New York, NY
> Change in median home value, 2000-2022: +158.5% (+$354,193)
> Median home value, 2022: $577,647
> Median home value, 2000: $223,454
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21. Boston, MA
> Change in median home value, 2000-2022: +166.7% (+$385,795)
> Median home value, 2022: $617,198
> Median home value, 2000: $231,403
Source: f11photo / iStock via Getty Images
20. Dallas, TX
> Change in median home value, 2000-2022: +169.8% (+$221,245)
> Median home value, 2022: $351,550
> Median home value, 2000: $130,305
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19. Providence, RI
> Change in median home value, 2000-2022: +174.6% (+$268,291)
> Median home value, 2022: $421,969
> Median home value, 2000: $153,678
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Source: SeanPavonePhoto / iStock via Getty Images
18. Jacksonville, FL
> Change in median home value, 2000-2022: +175.3% (+$208,642)
> Median home value, 2022: $327,636
> Median home value, 2000: $118,994
Source: Amy Sparwasser / iStock via Getty Images
17. Washington, DC
> Change in median home value, 2000-2022: +176.1% (+$337,983)
> Median home value, 2022: $529,871
> Median home value, 2000: $191,888
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16. Nashville, TN
> Change in median home value, 2000-2022: +179.6% (+$259,056)
> Median home value, 2022: $403,333
> Median home value, 2000: $144,277
Source: Javier_Art_Photography / iStock via Getty Images
15. Orlando, FL
> Change in median home value, 2000-2022: +180.0% (+$222,983)
> Median home value, 2022: $346,877
> Median home value, 2000: $123,894
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14. Salt Lake City, UT
> Change in median home value, 2000-2022: +199.6% (+$373,744)
> Median home value, 2022: $560,944
> Median home value, 2000: $187,200
13. Denver, CO
> Change in median home value, 2000-2022: +204.1% (+$401,530)
> Median home value, 2022: $598,233
> Median home value, 2000: $196,703
Source: dszc / E+ via Getty Images
12. Phoenix, AZ
> Change in median home value, 2000-2022: +205.7% (+$292,177)
> Median home value, 2022: $434,184
> Median home value, 2000: $142,007
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11. Portland, OR
> Change in median home value, 2000-2022: +206.5% (+$368,557)
> Median home value, 2022: $547,041
> Median home value, 2000: $178,484
Source: RoschetzkyIstockPhoto / iStock via Getty Images
10. Austin, TX
> Change in median home value, 2000-2022: +208.5% (+$377,604)
> Median home value, 2022: $558,699
> Median home value, 2000: $181,095
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9. Miami, FL
> Change in median home value, 2000-2022: +220.4% (+$278,316)
> Median home value, 2022: $404,601
> Median home value, 2000: $126,285
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Source: SeanPavonePhoto / iStock via Getty Images
8. Tampa, FL
> Change in median home value, 2000-2022: +222.9% (+$230,933)
> Median home value, 2022: $334,537
> Median home value, 2000: $103,604
Source: usnavy / Flickr
7. Seattle, WA
> Change in median home value, 2000-2022: +235.2% (+$514,761)
> Median home value, 2022: $733,604
> Median home value, 2000: $218,843
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Source: Manny Chavez / iStock via Getty Images
6. Sacramento, CA
> Change in median home value, 2000-2022: +236.7% (+$410,070)
> Median home value, 2022: $583,329
> Median home value, 2000: $173,259
Source: DenisTangneyJr / iStock via Getty Images
5. San Jose, CA
> Change in median home value, 2000-2022: +261.1% (+$1,141,227)
> Median home value, 2022: $1,578,375
> Median home value, 2000: $437,148
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Source: f11photo / iStock via Getty Images
4. San Diego, CA
> Change in median home value, 2000-2022: +274.9% (+$629,138)
> Median home value, 2022: $857,991
> Median home value, 2000: $228,853
Source: MattGush / iStock via Getty Images
3. Riverside, CA
> Change in median home value, 2000-2022: +278.0% (+$400,264)
> Median home value, 2022: $544,220
> Median home value, 2000: $143,956
Source: choness / iStock via Getty Images
2. Los Angeles, CA
> Change in median home value, 2000-2022: +280.0% (+$647,255)
> Median home value, 2022: $878,396
> Median home value, 2000: $231,141
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Source: ibsky / iStock via Getty Images
1. San Francisco, CA
> Change in median home value, 2000-2022: +290.0% (+$1,034,674)
> Median home value, 2022: $1,391,474
> Median home value, 2000: $356,800
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