(CBS DETROIT) – 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, GermanyJapanChina 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 OrleansNaples, 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 information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

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SOURCE LendingTree.com


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