A new analysis reveals America’s 50 most valuable cities
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The total value of real estate in New York City is higher than the entire GDP of all but six of the world’s economies.
The city’s real estate is worth an eyewatering $2.6 trillion putting at the top of the list of America’s most valuable cities according to an analysis by LendingTree. It’s equivalent to the GDP of France (although GDP is of course an annual output!)
Second is Los Angeles, valued at $2.2 trillion (equivalent to Brazil’s GDP), while third is San Francisco at $1.2 trillion (equivalent to the GDP of Mexico).
No other US city exceeds the $1 trillion mark but several are getting close including Chicago and Washington.
"American households own $28.4 trillion of residential real estate, a significant part of the $100 trillion in household net worth," said Tendayi Kapfidze, Chief Economist at LendingTree. "Financial assets add $81.7 trillion, consumer durable goods add $5.7 trillion, while debts, including mortgage, subtract $15.6 trillion. The real estate wealth is not evenly distributed across the country and is largely concentrated in metropolitan areas."
The $28.4 trillion is the Federal Reserve’s figure and LendingTree’s valuations are based on its own database which covers 155 million US homes with a combined value of $26.2 trillion.
It calculates that the top 10 cities account for almost 40% of the Fed’s figure.
|
Top 50 Cities Ranked by Total Value |
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|
Rank |
City |
Total Value (in |
Median |
Closest Country |
|
1 |
New York |
$2,549 |
$454,000 |
France |
|
2 |
Los Angeles |
$2,176 |
$622,000 |
Brazil |
|
3 |
San Francisco |
$1,249 |
$891,000 |
Mexico |
|
4 |
Chicago |
$813 |
$223,000 |
Saudi Arabia |
|
5 |
Washington |
$795 |
$395,000 |
Saudi Arabia |
|
6 |
Boston |
$697 |
$459,000 |
Saudi Arabia |
|
7 |
Miami |
$648 |
$267,000 |
Argentina |
|
8 |
Seattle |
$641 |
$461,000 |
Argentina |
|
9 |
Dallas |
$549 |
$213,000 |
Sweden |
|
10 |
San Jose, Calif. |
$535 |
$1,069,000 |
Poland |
|
11 |
San Diego |
$522 |
$563,000 |
Belgium |
|
12 |
Philadelphia |
$494 |
$220,000 |
Thailand |
|
13 |
Houston |
$450 |
$192,000 |
Iran |
|
14 |
Phoenix |
$444 |
$242,000 |
Iran |
|
15 |
Atlanta |
$420 |
$191,000 |
Austria |
|
16 |
Riverside, Calif. |
$413 |
$332,000 |
Norway |
|
17 |
Denver |
$374 |
$391,000 |
Israel |
|
18 |
Minneapolis |
$331 |
$260,000 |
Denmark |
|
19 |
Portland, Ore. |
$304 |
$378,000 |
Chile |
|
20 |
Sacramento, Calif. |
$301 |
$386,000 |
Chile |
|
21 |
Baltimore |
$289 |
$270,000 |
Chile |
|
22 |
Detroit |
$262 |
$149,000 |
Bangladesh |
|
23 |
Tampa, Fla. |
$248 |
$190,000 |
Egypt |
|
24 |
Austin, Texas |
$222 |
$282,000 |
Vietnam |
|
25 |
Charlotte, N.C. |
$216 |
$187,000 |
Peru |
|
26 |
Honolulu |
$198 |
$677,000 |
Iraq |
|
27 |
St. Louis |
$193 |
$154,000 |
Algeria |
|
28 |
Las Vegas |
$181 |
$239,000 |
Algeria |
|
29 |
Orlando, Fla. |
$176 |
$216,000 |
Qatar |
|
30 |
Bridgeport, Conn. |
$163 |
$390,000 |
Kazakhstan |
|
31 |
Nashville, Tenn. |
$162 |
$235,000 |
Kazakhstan |
|
32 |
San Antonio |
$159 |
$191,000 |
Hungary |
|
33 |
Pittsburgh |
$150 |
$149,000 |
Angola |
|
34 |
Providence, R.I. |
$147 |
$266,000 |
Angola |
|
35 |
Cincinnati |
$146 |
$158,000 |
Angola |
|
36 |
Kansas City, Mo. |
$144 |
$169,000 |
Angola |
|
37 |
Cape Coral, Fla. |
$144 |
$204,000 |
Angola |
|
38 |
Virginia Beach, Va. |
$141 |
$221,000 |
Angola |
|
39 |
Columbus, Ohio |
$141 |
$174,000 |
Angola |
|
40 |
North Port, Fla. |
$125 |
$229,000 |
Angola |
|
41 |
Richmond, Va. |
$120 |
$218,000 |
Morocco |
|
42 |
Oxnard, Calif. |
$119 |
$557,000 |
Morocco |
|
43 |
Jacksonville, Fla. |
$115 |
$179,000 |
Morocco |
|
44 |
Cleveland |
$112 |
$131,000 |
Morocco |
|
45 |
Indianapolis |
$107 |
$127,000 |
Ecuador |
|
46 |
Hartford, Conn. |
$103 |
$223,000 |
Ecuador |
|
47 |
New Orleans |
$93 |
$181,000 |
Sri Lanka |
|
48 |
Boulder, Colo. |
$88 |
$459,000 |
Sri Lanka |
|
49 |
Milwaukee |
$86 |
$206,000 |
Kenya |
|
50 |
Naples, Fla. |
$83 |
$333,000 |
Ethiopia |
