Already weighed down with student debt, millennials also struggle when it comes to buying a house. In some markets, the rise in home prices over the past two decades has made homeownership considerably more unaffordable for many young people. In some markets, housing prices rose far faster than wages. (And with mortgage rate climbing, housing affordability is even harder to reach. These are the mortgage rate in America every year since 1972.)
To determine the cities where home values went up the most since 2000, 24/7 Wall St. reviewed housing values for mid-2000 (or the earliest year possible) and mid-2022, using data from real-estate marketplace company Zillow. We used the seasonally-adjusted Zillow Home Value Index for all single-family residences, condos, and co-ops.
To compare affordability in 2000 and today, we looked at personal income per capita for 2000 and 2021 in each urban area from the Bureau of Economic Analysis. These figures are not inflation adjusted. 2021 population figures also came from the BEA. We then used housing values and incomes to calculate the affordability ratio of housing value-to-income and show how it has changed over the two decades.
It is no surprise where the cities with skyrocketing housing values are found. Twelve are in California, but none of the big three of Los Angeles, San Diego, and San Francisco cracked the top 10. Instead, they ranked 11, 13, and 14, respectively. Today, the current value of a home in those cities hovers around $1 million. (Also see, states where home values increased the most during COVID.)
The market where home values leaped nearly the highest over the past two decades is the small, Northern California town of Redding, which came in at No 2. There, home values rose 383%, pushing housing values from $79,489 to $383,588. Meanwhile, personal income per capita edged up only 115%, from just under $26,000 to $54,972 in the past two decades. So if just over three incomes were enough to buy a typical home 20 years ago, today seven incomes would be required.
The northern Arizona town of Payson takes the top spot. Between 2000 and 2022, home values soared 400%, from $80,129 to $400,933. Yet per capita incomes rose only 149%, from $19,607 to $48,752. That calculates to a housing value-to-income ratio of 8.2.
With housing prices climbing 378% between 2000 and 2022, Kapaa, Hawaii, lands the No. 3 spot. Kapaa also had the widest gap between housing prices and per capita income increases. The value of homes in this community on the island of Kauai is $906,955. To afford the typical house, a resident would need more than 16 times the current per capita income per capita of $56,103.
To put these cities’ home values in context, Zillow estimates the value of a typical home in the U.S. was $357,589 as of October, 13.5% more than a year ago. The housing value in only three cities on this list is below that number.
Click here to see cities where home values went up the most since 2000.
Source: Shunyu Fan / E+ via Getty Images
50. Fresno, CA
> Two-decade housing value chg.: 232%
> Housing values 2000, 2022: $117,366, $389,543
> Personal income per capita 2000, 2021: $23,048, $51,422 – 123% (#92 highest increase)
> Housing value-to-income ratio: 2000: 5.1, 2022: 7.6
> Population, 2021: 1,013,581
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Source: seanfboggs / iStock via Getty Images
49. Edwards, CO
> Two-decade housing value chg.: 232%
> Housing values 2000, 2022: $368,661, $1,224,016
> Personal income per capita 2000, 2021: $40,102, $97,255 – 143% (#27 highest increase)
> Housing value-to-income ratio: 2000: 9.2, 2022: 12.6
> Population, 2021: 55,727
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Source: krblokhin / iStock Editorial via Getty Images
48. Glenwood Springs, CO
> Two-decade housing value chg.: 234%
> Housing values 2000, 2022: $239,649, $800,859
> Personal income per capita 2000, 2021: $43,707, $95,884 – 119% (#127 highest increase)
> Housing value-to-income ratio: 2000: 5.5, 2022: 8.4
> Population, 2021: 79,509
Source: John Callery / iStock via Getty Images
47. Olympia, WA
> Two-decade housing value chg.: 239%
> Housing values 2000, 2022: $156,406, $529,927
> Personal income per capita 2000, 2021: $30,675, $61,062 – 99% (#353 highest increase)
> Housing value-to-income ratio: 2000: 5.1, 2022: 8.7
> Population, 2021: 297,977
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Source: Bill_Dally / iStock via Getty Images
46. Stockton, CA
> Two-decade housing value chg.: 239%
> Housing values 2000, 2022: $165,823, $562,628
> Personal income per capita 2000, 2021: $25,103, $57,783 – 130% (#52 highest increase)
> Housing value-to-income ratio: 2000: 6.6, 2022: 9.7
> Population, 2021: 789,410
45. Hudson, NY
> Two-decade housing value chg.: 240%
> Housing values 2000, 2022: $111,705, $380,003
> Personal income per capita 2000, 2021: $29,772, $65,426 – 120% (#123 highest increase)
> Housing value-to-income ratio: 2000: 3.8, 2022: 5.8
> Population, 2021: 61,778
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Source: thinkreaction / iStock via Getty Images
44. North Port, FL
> Two-decade housing value chg.: 241%
> Housing values 2000, 2022: $144,902, $494,207
> Personal income per capita 2000, 2021: $36,288, $69,376 – 91% (#444 highest increase)
> Housing value-to-income ratio: 2000: 4.0, 2022: 7.1
> Population, 2021: 859,760
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Source: Bill_Dally / iStock via Getty Images
43. Carson City, NV
> Two-decade housing value chg.: 241%
> Housing values 2000, 2022: $145,493, $496,270
> Personal income per capita 2000, 2021: $33,282, $60,445 – 82% (#495 highest increase)
> Housing value-to-income ratio: 2000: 4.4, 2022: 8.2
> Population, 2021: 58,993
Source: Michael Vi / iStock via Getty Images
42. Gardnerville Ranchos, NV
> Two-decade housing value chg.: 243%
> Housing values 2000, 2022: $210,130, $720,988
> Personal income per capita 2000, 2021: $41,794, $87,214 – 109% (#239 highest increase)
> Housing value-to-income ratio: 2000: 5.0, 2022: 8.3
> Population, 2021: 49,870
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41. Oneonta, NY
> Two-decade housing value chg.: 246%
> Housing values 2000, 2022: $57,256, $197,875
> Personal income per capita 2000, 2021: $22,575, $53,431 – 137% (#40 highest increase)
> Housing value-to-income ratio: 2000: 2.5, 2022: 3.7
> Population, 2021: 58,123
Source: slobo / iStock via Getty Images
40. Sacramento, CA
> Two-decade housing value chg.: 248%
> Housing values 2000, 2022: $176,768, $614,307
> Personal income per capita 2000, 2021: $31,521, $65,972 – 109% (#232 highest increase)
> Housing value-to-income ratio: 2000: 5.6, 2022: 9.3
> Population, 2021: 2,411,428
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Source: Althom / iStock Editorial via Getty Images
39. Prescott Valley, AZ
> Two-decade housing value chg.: 248%
> Housing values 2000, 2022: $146,354, $508,622
> Personal income per capita 2000, 2021: $21,867, $49,060 – 124% (#86 highest increase)
> Housing value-to-income ratio: 2000: 6.7, 2022: 10.4
> Population, 2021: 242,253
Source: PhilAugustavo / iStock via Getty Images
38. Seattle, WA
> Two-decade housing value chg.: 251%
> Housing values 2000, 2022: $222,342, $779,634
> Personal income per capita 2000, 2021: $38,917, $89,274 – 129% (#54 highest increase)
> Housing value-to-income ratio: 2000: 5.7, 2022: 8.7
> Population, 2021: 4,011,553
Source: Solidago / E+ via Getty Images
37. Spokane, WA
> Two-decade housing value chg.: 251%
> Housing values 2000, 2022: $127,408, $447,082
> Personal income per capita 2000, 2021: $26,061, $53,278 – 104% (#282 highest increase)
> Housing value-to-income ratio: 2000: 4.9, 2022: 8.4
> Population, 2021: 593,466
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Source: negaprion / iStock via Getty Images
36. Naples, FL
> Two-decade housing value chg.: 252%
> Housing values 2000, 2022: $179,435, $631,287
> Personal income per capita 2000, 2021: $42,953, $117,984 – 175% (#6 highest increase)
> Housing value-to-income ratio: 2000: 4.2, 2022: 5.4
> Population, 2021: 385,980
Source: july7th / iStock Unreleased via Getty Images
35. Mount Vernon, WA
> Two-decade housing value chg.: 252%
> Housing values 2000, 2022: $166,576, $586,553
> Personal income per capita 2000, 2021: $28,095, $64,093 – 128% (#60 highest increase)
> Housing value-to-income ratio: 2000: 5.9, 2022: 9.2
> Population, 2021: 130,696
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Source: ginton / iStock via Getty Images
34. Lake Havasu City, AZ
> Two-decade housing value chg.: 253%
> Housing values 2000, 2022: $106,898, $377,280
> Personal income per capita 2000, 2021: $19,042, $41,331 – 117% (#153 highest increase)
> Housing value-to-income ratio: 2000: 5.6, 2022: 9.1
> Population, 2021: 217,692
Source: RoschetzkyIstockPhoto / Getty Images
33. Santa Cruz, CA
> Two-decade housing value chg.: 253%
> Housing values 2000, 2022: $367,156, $1,296,093
> Personal income per capita 2000, 2021: $39,966, $85,554 – 114% (#184 highest increase)
> Housing value-to-income ratio: 2000: 9.2, 2022: 15.1
> Population, 2021: 267,792
Source: photoquest7 / iStock via Getty Images
32. Napa, CA
> Two-decade housing value chg.: 254%
> Housing values 2000, 2022: $264,344, $934,527
> Personal income per capita 2000, 2021: $38,503, $90,608 – 135% (#44 highest increase)
> Housing value-to-income ratio: 2000: 6.9, 2022: 10.3
> Population, 2021: 136,207
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31. Lake City, FL
> Two-decade housing value chg.: 254%
> Housing values 2000, 2022: $64,523, $228,236
> Personal income per capita 2000, 2021: $19,327, $43,184 – 123% (#90 highest increase)
> Housing value-to-income ratio: 2000: 3.3, 2022: 5.3
> Population, 2021: 70,385
Source: carterdayne / iStock via Getty Images
30. Walla Walla, WA
> Two-decade housing value chg.: 254%
> Housing values 2000, 2022: $115,445, $408,474
> Personal income per capita 2000, 2021: $24,006, $53,845 – 124% (#87 highest increase)
> Housing value-to-income ratio: 2000: 4.8, 2022: 7.6
> Population, 2021: 62,682
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Source: Keith Lance / E+ via Getty Images
29. San Jose, CA
> Two-decade housing value chg.: 255%
> Housing values 2000, 2022: $459,303, $1,628,712
> Personal income per capita 2000, 2021: $53,949, $136,338 – 153% (#11 highest increase)
> Housing value-to-income ratio: 2000: 8.5, 2022: 11.9
> Population, 2021: 1,952,185
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Source: ntzolov / E+ via Getty Images
28. Miami, FL
> Two-decade housing value chg.: 255%
> Housing values 2000, 2022: $127,013, $450,452
> Personal income per capita 2000, 2021: $32,476, $73,522 – 126% (#70 highest increase)
> Housing value-to-income ratio: 2000: 3.9, 2022: 6.1
> Population, 2021: 6,091,747
Source: Sundry Photography / iStock via Getty Images
27. San Luis Obispo, CA
> Two-decade housing value chg.: 256%
> Housing values 2000, 2022: $245,719, $873,898
> Personal income per capita 2000, 2021: $28,290, $66,617 – 135% (#43 highest increase)
> Housing value-to-income ratio: 2000: 8.9, 2022: 13.1
> Population, 2021: 283,159
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Source: Gusgraph / iStock via Getty Images
26. Tampa, FL
> Two-decade housing value chg.: 260%
> Housing values 2000, 2022: $106,390, $382,486
> Personal income per capita 2000, 2021: $29,233, $58,315 – 99% (#348 highest increase)
> Housing value-to-income ratio: 2000: 3.6, 2022: 6.6
> Population, 2021: 3,219,514
Source: Allison Tackette / iStock via Getty Images
25. Urban Honolulu, HI
> Two-decade housing value chg.: 263%
> Housing values 2000, 2022: $255,125, $926,389
> Personal income per capita 2000, 2021: $31,388, $63,912 – 104% (#293 highest increase)
> Housing value-to-income ratio: 2000: 8.1, 2022: 14.5
> Population, 2021: 1,000,890
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Source: Wirestock / iStock via Getty Images
24. Laconia, NH
> Two-decade housing value chg.: 263%
> Housing values 2000, 2022: $119,373, $433,506
> Personal income per capita 2000, 2021: $31,604, $71,958 – 128% (#65 highest increase)
> Housing value-to-income ratio: 2000: 3.8, 2022: 6.0
> Population, 2021: 64,460
Source: felixmizioznikov / iStock via Getty Images
23. Port St. Lucie, FL
> Two-decade housing value chg.: 264%
> Housing values 2000, 2022: $110,579, $403,009
> Personal income per capita 2000, 2021: $31,017, $66,630 – 115% (#172 highest increase)
> Housing value-to-income ratio: 2000: 3.6, 2022: 6.0
> Population, 2021: 503,521
Source: Md Esharuzzaman Emu / iStock via Getty Images
22. Flagstaff, AZ
> Two-decade housing value chg.: 265%
> Housing values 2000, 2022: $172,600, $629,288
> Personal income per capita 2000, 2021: $23,821, $56,914 – 139% (#33 highest increase)
> Housing value-to-income ratio: 2000: 7.2, 2022: 11.1
> Population, 2021: 145,052
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Source: voshadhi / Getty Images
21. Hood River, OR
> Two-decade housing value chg.: 266%
> Housing values 2000, 2022: $178,692, $653,466
> Personal income per capita 2000, 2021: $22,895, $65,127 – 184% (#4 highest increase)
> Housing value-to-income ratio: 2000: 7.8, 2022: 10.0
> Population, 2021: 24,057
Source: Aneese / iStock via Getty Images
20. Ocean City, NJ
> Two-decade housing value chg.: 266%
> Housing values 2000, 2022: $171,502, $627,658
> Personal income per capita 2000, 2021: $32,929, $72,010 – 119% (#135 highest increase)
> Housing value-to-income ratio: 2000: 5.2, 2022: 8.7
> Population, 2021: 95,661
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Source: stockphoto52 / iStock via Getty Images
19. Nogales, AZ
> Two-decade housing value chg.: 269%
> Housing values 2000, 2022: $71,448, $263,660
> Personal income per capita 2000, 2021: $17,234, $46,828 – 172% (#7 highest increase)
> Housing value-to-income ratio: 2000: 4.1, 2022: 5.6
> Population, 2021: 47,883
Source: Jaskaran Kooner / iStock via Getty Images
18. Wenatchee, WA
> Two-decade housing value chg.: 270%
> Housing values 2001, 2022: $, $544,726
> Personal income per capita 2000, 2021: $24,337, $58,009 – 138% (#34 highest increase)
> Housing value-to-income ratio: 2001: 6.1, 2022: 9.4
> Population, 2021: 123,342
Source: Ceri Breeze / iStock Editorial via Getty Images
17. Bremerton, WA
> Two-decade housing value chg.: 271%
> Housing values 2000, 2022: $157,481, $584,248
> Personal income per capita 2000, 2021: $30,338, $67,845 – 124% (#89 highest increase)
> Housing value-to-income ratio: 2000: 5.2, 2022: 8.6
> Population, 2021: 274,314
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Source: Strekoza2 / iStock Editorial via Getty Images
16. Idaho Falls, ID
> Two-decade housing value chg.: 278%
> Housing values 2000, 2022: $110,368, $417,129
> Personal income per capita 2000, 2021: $24,126, $55,084 – 128% (#58 highest increase)
> Housing value-to-income ratio: 2000: 4.6, 2022: 7.6
> Population, 2021: 162,786
Source: tupungato / iStock Editorial via Getty Images
15. Steamboat Springs, CO
> Two-decade housing value chg.: 282%
> Housing values 2000, 2022: $248,131, $947,489
> Personal income per capita 2000, 2021: $34,286, $98,371 – 187% (#3 highest increase)
> Housing value-to-income ratio: 2000: 7.2, 2022: 9.6
> Population, 2021: 25,091
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Source: ibsky / iStock via Getty Images
14. San Francisco, CA
> Two-decade housing value chg.: 283%
> Housing values 2000, 2022: $379,252, $1,452,619
> Personal income per capita 2000, 2021: $49,630, $123,711 – 149% (#17 highest increase)
> Housing value-to-income ratio: 2000: 7.6, 2022: 11.7
> Population, 2021: 4,623,264
Source: DogoraSun / iStock via Getty Images
13. San Diego, CA
> Two-decade housing value chg.: 287%
> Housing values 2000, 2022: $236,473, $916,285
> Personal income per capita 2000, 2021: $33,869, $72,637 – 114% (#177 highest increase)
> Housing value-to-income ratio: 2000: 7.0, 2022: 12.6
> Population, 2021: 3,286,069
Source: Wirestock / iStock via Getty Images
12. Breckenridge, CO
> Two-decade housing value chg.: 291%
> Housing values 2003, 2022: $275,883, $1,078,850
> Personal income per capita 2000, 2021: $35,904, $86,390 – 141% (#29 highest increase)
> Housing value-to-income ratio: 2003: 7.7, 2022: 12.5
> Population, 2021: 30,941
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Source: Jennifer_Sharp / iStock via Getty Images
11. Los Angeles, CA
> Two-decade housing value chg.: 293%
> Housing values 2000, 2022: $238,967, $939,761
> Personal income per capita 2000, 2021: $31,952, $75,821 – 137% (#37 highest increase)
> Housing value-to-income ratio: 2000: 7.5, 2022: 12.4
> Population, 2021: 12,997,353
Source: raywhittemore / Getty Images
10. Newport, OR
> Two-decade housing value chg.: 295%
> Housing values 2000, 2022: $127,317, $503,526
> Personal income per capita 2000, 2021: $24,919, $52,482 – 111% (#221 highest increase)
> Housing value-to-income ratio: 2000: 5.1, 2022: 9.6
> Population, 2021: 50,862
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Source: MattGush / iStock via Getty Images
9. Riverside, CA
> Two-decade housing value chg.: 296%
> Housing values 2000, 2022: $146,911, $582,153
> Personal income per capita 2000, 2021: $23,534, $50,384 – 114% (#183 highest increase)
> Housing value-to-income ratio: 2000: 6.2, 2022: 11.6
> Population, 2021: 4,653,105
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Source: unclegene / iStock via Getty Images
8. Kahului, HI
> Two-decade housing value chg.: 304%
> Housing values 2000, 2022: $259,219, $1,046,346
> Personal income per capita 2000, 2021: $25,552, $58,520 – 129% (#56 highest increase)
> Housing value-to-income ratio: 2000: 10.1, 2022: 17.9
> Population, 2021: 164,303
Source: DawnDamico / iStock Editorial via Getty Images
7. Punta Gorda, FL
> Two-decade housing value chg.: 307%
> Housing values 2000, 2022: $99,206, $404,262
> Personal income per capita 2000, 2021: $26,311, $51,677 – 96% (#385 highest increase)
> Housing value-to-income ratio: 2000: 3.8, 2022: 7.8
> Population, 2021: 194,843
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Source: SEASTOCK / iStock via Getty Images
6. Bellingham, WA
> Two-decade housing value chg.: 311%
> Housing values 2001, 2022: $155,254, $638,475
> Personal income per capita 2000, 2021: $24,748, $58,137 – 135% (#47 highest increase)
> Housing value-to-income ratio: 2001: 6.3, 2022: 11.0
> Population, 2021: 228,831
Source: Jacob Boomsma / iStock via Getty Images
5. Show Low, AZ
> Two-decade housing value chg.: 315%
> Housing values 2000, 2022: $92,435, $383,489
> Personal income per capita 2000, 2021: $15,043, $41,680 – 177% (#5 highest increase)
> Housing value-to-income ratio: 2000: 6.1, 2022: 9.2
> Population, 2021: 108,147
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Source: benedek / iStock Unreleased via Getty Images
4. Bend, OR
> Two-decade housing value chg.: 339%
> Housing values 2000, 2022: $159,441, $700,017
> Personal income per capita 2000, 2021: $27,645, $67,743 – 145% (#22 highest increase)
> Housing value-to-income ratio: 2000: 5.8, 2022: 10.3
> Population, 2021: 204,801
Source: Wildroze / iStock Unreleased via Getty Images
3. Kapaa, HI
> Two-decade housing value chg.: 378%
> Housing values 2000, 2022: $189,868, $906,955
> Personal income per capita 2000, 2021: $24,951, $56,103 – 125% (#79 highest increase)
> Housing value-to-income ratio: 2000: 7.6, 2022: 16.2
> Population, 2021: 73,454
Source: ChrisBoswell / iStock via Getty Images
2. Redding, CA
> Two-decade housing value chg.: 383%
> Housing values 2000, 2022: $79,489, $383,588
> Personal income per capita 2000, 2021: $25,580, $54,972 – 115% (#170 highest increase)
> Housing value-to-income ratio: 2000: 3.1, 2022: 7.0
> Population, 2021: 182,139
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1. Payson, AZ
> Two-decade housing value chg.: 400%
> Housing values 2000, 2022: $80,129, $400,933
> Personal income per capita 2000, 2021: $19,607, $48,752 – 149% (#19 highest increase)
> Housing value-to-income ratio: 2000: 4.1, 2022: 8.2
> Population, 2021: 53,589
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