Investing in real estate: where to buy a house in the USA, so that later you can make the most money on selling or renting it
In most places in the US, home values have risen steadily over the past few decades. However, some cities are faring much better than others, especially Austin, Texas. CNBC.
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According to a recent study SmartAsset, of 400 cities ranked by average house price growth since 1998, Austin ranks first. Across all urban areas, housing costs increased by an average of 154% from the first quarter of 1998 to the fourth quarter of 2022.
However, in Austin, home values have risen 354% over the past 25 years. This is one of eight cities where the cost of houses during this time has grown by 300% or more.
The other 15 largest markets by price increase are mostly the large coastal cities of California and Florida.
- Austin, Texas, 354%.
- Bend, Oregon, 336%.
- Los Angeles, California, 325%.
- San Diego, California, 317%.
- Oakland-Berkeley, California 312%.
- Boise, Idaho, 306%.
- Anaheim, California 302%.
- Coeur d'Alene, Idaho, 301%.
- Seattle, Washington, 295%.
- Napa, California 294%.
- Miami, Florida, 292%.
- Marco Island, Florida, 291%.
- Riverside, California 290%.
- San Francisco, California 284%.
- Paso Robles, Texas, 281%.
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A thriving tech hub, Austin was a migration hotspot at the height of the pandemic, but the cost of housing in the city has been rising steadily for more than a decade.
It is followed by Bend, Oregon, a small mountain town known for its outdoor activities such as skiing and hiking. The growth of the city's population exacerbated a pre-existing housing shortage, leading to rising housing prices.
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Boise, Idaho, was another popular migration destination at the height of the pandemic, but like Austin, prices have been on the rise for years — long before it became known as "Zoomtown." Although housing prices in this market have recently fallen, they are still up 306% over 25 years.
Overall, California dominated the rankings, ranking eight of the 15 cities with the highest house price increases. Considering the state has the largest housing shortage in the country, it's no surprise that pent-up demand has driven up existing property prices, especially in Los Angeles and the San Francisco Bay Area.
Florida home prices have also risen steadily over the years, with Miami and Naples in the top 15 for rising prices.
However, some cities in Michigan, Illinois, Indiana, and Ohio have seen home prices increase by an average of 80% or less since 1998.
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Montgomery, Alabama, came last on the list, with home values up about 60% on average.
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