CHARLOTTE, N.C., July 1, 2020 /PRNewswire/ -- Real estate wealth
is not evenly distributed across the country and is largely
concentrated in large cities. But it begs the question: What are
the most valuable cities in America? To find out, LendingTree
analyzed the total value of residential real estate in American
cities. The real estate values come 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
residential real estate in the database was $32.6 trillion, close to the Federal Reserve's
estimate of total residential real estate value of $32.9 trillion.
Key findings
- New York has the most
valuable real estate in the U.S. at $2.8
trillion — slightly more than the entire GDP of the
United Kingdom for 2019. In fact,
this is greater than the GDP of all but just five countries
— India, Germany,
Japan, China and the United
States. The value of New
York is comparable to the combined market value of tech
giants Apple and Microsoft.
- Los Angeles is second at
$2.3 trillion, close to the
GDP of Italy and the combined
value of Amazon and Alphabet (the parent company of Google).
- San
Francisco is third at $1.3 trillion, approximately the same as
Mexico's GDP and the value of
Microsoft.
- These three markets are the only cities above $1 trillion, and value falls rapidly from
there. Cities after 15th-ranked Riverside, Calif., are all valued under
$500 billion and under $200 billion after 29th-ranked St.
Louis.
- The Federal Reserve values total residential
real estate owned by households at $32.9
trillion. LendingTree found that the top 10 cities
account for nearly 36% of that value. The top 50 add up to about
66% (or two-thirds) of the total.
- Our top 50 is rounded out by New
Orleans, Naples, Fla. and
Salt Lake City, with real estate values comparable to the
GDPs of Ecuador for New Orleans and Slovakia for Naples and Salt Lake
City. Their company equivalents are General Electric,
Starbucks and Qualcomm.
Although LendingTree's list shows the top 50 cities, the value
of every metro area in the U.S. was calculated. The least
valuable metro was Battle Creek,
Mich., with real estate valued at $989 million.
Rank
|
City
|
Total Value
(in billions)
|
Median
Value
|
Closest Company
Equivalent
|
Closest Country
Equivalent
|
1
|
New York
|
$2,838
|
$501,000
|
Apple Inc + Microsoft
Corp
|
United
Kingdom
|
2
|
Los
Angeles
|
$2,289
|
$668,000
|
Amazon.com Inc +
Alphabet Inc
|
Italy
|
3
|
San
Francisco
|
$1,320
|
$959,000
|
Microsoft
Corp
|
Mexico
|
4
|
Chicago
|
$906
|
$245,000
|
Alphabet
Inc
|
Netherlands
|
5
|
Washington,
D.C.
|
$826
|
$455,000
|
Alphabet
Inc
|
Saudi
Arabia
|
6
|
Boston
|
$815
|
$498,000
|
Alphabet
Inc
|
Saudi
Arabia
|
7
|
Miami
|
$774
|
$297,000
|
Facebook
Inc
|
Saudi
Arabia
|
8
|
Seattle
|
$700
|
$498,000
|
Facebook
Inc
|
Switzerland
|
9
|
Dallas
|
$628
|
$243,000
|
Facebook
Inc
|
Taiwan
|
10
|
Philadelphia
|
$577
|
$246,000
|
Facebook
Inc
|
Taiwan
|
11
|
San Jose,
Calif.
|
$568
|
$1,100,000
|
Berkshire Hathaway
Inc
|
Poland
|
12
|
San Diego
|
$564
|
$594,000
|
Berkshire Hathaway
Inc
|
Poland
|
13
|
Houston
|
$535
|
$211,000
|
Berkshire Hathaway
Inc
|
Thailand
|
14
|
Atlanta
|
$531
|
$227,000
|
Berkshire Hathaway
Inc
|
Thailand
|
15
|
Riverside,
Calif.
|
$485
|
$365,000
|
JPMorgan Chase &
Co
|
Iran
|
16
|
Phoenix
|
$484
|
$276,000
|
JPMorgan Chase &
Co
|
Iran
|
17
|
Denver
|
$439
|
$430,000
|
JPMorgan Chase &
Co
|
Argentina
|
18
|
Minneapolis
|
$383
|
$294,000
|
Johnson &
Johnson
|
Ireland
|
19
|
Detroit
|
$348
|
$172,000
|
Mastercard
Inc
|
Denmark
|
20
|
Portland,
Ore.
|
$319
|
$401,000
|
Walmart
Inc
|
Bangladesh
|
21
|
Sacramento,
Calif.
|
$318
|
$410,000
|
Procter & Gamble
Co/The
|
Bangladesh
|
22
|
Baltimore
|
$301
|
$284,000
|
Bank of America
Corp
|
Egypt
|
23
|
Tampa,
Fla.
|
$286
|
$216,000
|
Intel Corp
|
Pakistan
|
24
|
Austin,
Texas
|
$248
|
$323,000
|
Coca-Cola
Co/The
|
Czech
Republic
|
25
|
Charlotte,
N.C
|
$248
|
$223,000
|
Coca-Cola
Co/The
|
Czech
Republic
|
26
|
Orlando,
Fla.
|
$233
|
$245,000
|
Merck & Co
Inc
|
Portugal
|
27
|
Honolulu
|
$219
|
$705,000
|
Merck & Co
Inc
|
Greece
|
28
|
Nashville,
Tenn.
|
$209
|
$265,000
|
Pfizer Inc
|
New
Zealand
|
29
|
St. Louis
|
$202
|
$162,000
|
Chevron
Corp
|
New
Zealand
|
30
|
Las Vegas
|
$191
|
$278,000
|
Wells Fargo &
Co
|
Qatar
|
31
|
San
Antonio
|
$187
|
$206,000
|
Boeing
Co/The
|
Qatar
|
32
|
Providence,
R.I.
|
$179
|
$300,000
|
Boeing
Co/The
|
Algeria
|
33
|
Pittsburgh
|
$172
|
$163,000
|
Oracle
Corp
|
Algeria
|
34
|
Cincinnati
|
$167
|
$179,000
|
salesforce.com
Inc
|
Kazakhstan
|
35
|
Kansas City,
Mo.
|
$164
|
$195,000
|
Netflix
Inc
|
Kazakhstan
|
36
|
Columbus,
Ohio
|
$163
|
$207,000
|
Netflix
Inc
|
Kazakhstan
|
37
|
Bridgeport,
Conn.
|
$159
|
$410,000
|
NIKE Inc
|
Ukraine
|
38
|
Virginia Beach,
Va.
|
$155
|
$238,000
|
Abbott
Laboratories
|
Ukraine
|
39
|
Oxnard,
Calif.
|
$148
|
$586,000
|
Bristol-Myers Squibb
Co
|
Ukraine
|
40
|
Jacksonville,
Fla.
|
$145
|
$213,000
|
PayPal Holdings
Inc
|
Ukraine
|
41
|
Cleveland
|
$141
|
$151,000
|
PayPal Holdings
Inc
|
Kuwait
|
42
|
North Port,
Fla.
|
$134
|
$244,000
|
Costco Wholesale
Corp
|
Kuwait
|
43
|
Milwaukee
|
$131
|
$238,000
|
Amgen Inc
|
Kuwait
|
44
|
Cape Coral,
Fla.
|
$128
|
$218,000
|
Charter
Communications Inc
|
Morocco
|
45
|
Raleigh,
N.C.
|
$127
|
$271,000
|
Union Pacific
Corp
|
Morocco
|
46
|
Richmond,
Va.
|
$124
|
$240,000
|
Broadcom
Inc
|
Morocco
|
47
|
Indianapolis
|
$122
|
$148,000
|
Lockheed Martin
Corp
|
Morocco
|
48
|
New
Orleans
|
$110
|
$201,000
|
General Electric
Co
|
Ecuador
|
49
|
Naples,
Fla.
|
$104
|
$329,000
|
Starbucks
Corp
|
Slovak
Republic
|
50
|
Salt Lake
City
|
$103
|
$312,000
|
QUALCOMM
Inc
|
Slovak
Republic
|
For the full report, please visit:
https://www.lendingtree.com/home/mortgage/lendingtree-reveals-the-most-valuable-cities-in-america/
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,
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,
customized recommendations to improve credit health, and
notification when there are opportunities 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
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Media Contact:
Stacia Mullaney
Stacia@lendingtreenews.com
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