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    Miami housing stock country’s No. 5 most valuable

    Miami-housing-stock-zillow-valuable-gains-2016-2015-affordability

    Miami’s housing stock is the No. 5 most valuable in the entire country, according to a year-end analysis from Zillow.

    Altogether in 2016, Miami’s residential properties tallied a worth of just over $818 billion, topping other major markets like Dallas, Phoenix and Seattle – which all have much bigger populations. Last year’s value represents a $45.8 billion gain over the city’s 2015 housing stock, the sixth highest increase in the nation.

    The strengthening of property values in South Florida reflects a larger trend of recovery that spanned the country in 2016. Nationwide, housing stock value improved by $1.6 trillion from 2015 to $29.6 trillion.

    Recovery threatens affordability

    “The U.S. housing stock is worth much more than ever, which is a sign of the ongoing housing recovery,” said Zillow Chief Economist Svenja Gudell.

    Unfortunately, as Gudell caveated, the improvements to value also signal diminished affordability, something already proving a problem for a huge block of Americans (particularly in Miami).

    Gudell added: “The total value of the housing stock grew nearly 6 percent this year, a pace that will likely mean some American families are priced out of homeownership.”

    As we’ve recently reported, even an increase of $1,000 to Miami’s median home price would effectively price out over 9,000 buyers.

    See our below table to compare the value of Miami’s housing stock to other major markets’.

    City Total Home Value, Year-End 2016 Total Home Value Year-End 2015 Y-o-Y Change
    Los Angeles $2.5 trillion $2.4 trillion $100 billion
    New York $2.4 trillion $2.3 trillion $100 billion
    San Francisco $1.3 trillion $1.2 trillion $100 billion
    Washington, D.C. $975.1 billion $939 billion $36.1 billion
    Miami $818.8 billion $773 billion $45.8 billion
    Chicago $772.7 billion $741 billion $31.7 billion
    Boston $672.7 billion $634 billion $38.7 billion
    San Jose $636.2 billion $614 billion $22.2 billion
    San Diego $596 billion $574 billion $22 billion
    Philadelphia $589.2 billion $567 billion $22.2 billion
    Seattle $571.4 billion $506 billion $65.4 billion
    Dallas $456.9 billion $411 billion $45.9 billion
    Phoenix $441.5 billion $421 billion $20.5 billion
    Riverside, Calif. $440 billion $417 billion $23 billion
    Atlanta $413.6 billion $383 billion $30.6 billion
    Denver $377.5 billion $347 billion $30.5 billion
    Houston $373.2 billion $381 billion -$7.8 billion
    Minneapolis $332.5 billion $307 billion $25.5 billion
    Detroit $288.7 billion $271 billion $17.7 billion
    Baltimore $287.9 billion $274 billion $13.9 billion
    Portland $286.6 billion $252 billion $34.6 billion
    Sacramento $269.4 billion $253 billion $16.4 billion
    Tampa $254.7 billion $232 billion $22.7 billion
    St. Louis $192 billion $181 billion $11 billion
    Orlando $187.5 billion $173 billion $14.5 billion
    Charoltte, N.C. $186.1 billion $176 billion $10.1 billion
    Las Vegas $175.9 billion $168 billion $7.9 billion
    Austin $161.4 billion $155 billion $6.4 billion
    Pittsburgh $148 billion $141 billion $7 billion
    Columbus $132.9 billion $125 billion $7.9 billion
    Kansas City $129.7 billion $126 billion $3.7 billion
    Cincinati $128.6 billion $124 billion $4.6 billion
    Cleveland $116.8 billion $113 billion $3.8 billion
    San Antonio $116.4 billion $113 billion $3.4 billion
    Indianapolis $111.7 billion $110 billion $1.7 billion

     

     

     

    Source: miamiagentmagazine.com

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