How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets were during the past five years.
According to the report, median home values increased 32% from 2000 to 2005 on a national level. The survey looked at 7,000 markets with a population of 65,000 or more.
San Diego saw the highest price gains. The median home value after being adjusted for inflation increased by 127% from $249,000 to $567,000 in five years.
Of the 15 largest cities surveyed, Los Angeles came in second, with a median home-value increase of 110%. New York City came in third, with an increase of 79%.
Boynton Beach, Florida, was the top market among the 15 smallest cities surveyed. After inflation adjustments, the median home-value increased by 120%. Folsom, California, came in second where the home value increased by 100%, while Redondo Beach, California, saw a 92% gain and a third place ranking.
"Just about anyone who owns a home or has been in the market for one in the past few years knows first-hand how home values jumped from 2000 to 2005," said Census Bureau Director Louis Kincannon in a written statement.
In addition to the value of the home rising, the monthly cost of owning a home also increased during the first half of this decade, according to the survey. The median monthly cost, which includes mortgage payment and other costs, saw a 5% increase after adjustments for inflation.
In Detroit, the cost increased by 24%. Chicago experienced a 22% increase, while San Francisco came in third among the largest cities with an increase of 20%.
Among the smallest cities, Bryan, Texas, and Greenville, N.C., saw cost decreases of 10%.
The cost of renting a home has also increased over the past five years. Nationally, the cost to rent has increased by 6.7%. San Diego saw the largest increase of 27%.
Real median rent cost decreased in a few large cities. San Jose saw a decrease of 9%, while Dallas saw a decrease of 3%.
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