Where has the housing market thrived and where has it struggled since 2009? LendingTree, an online marketplace for loans, took a look at income and unemployment rates to see how things have changed in the last decade.
On average, LendingTree found that median home values have increased by $50,000 across the country’s 50 largest metros since 2009. Hartford CT, Chicago, Virginia Beach and Baltimore are the only metros where home prices have fallen. The average home price decrease in these four cities is $6,700.
Home prices in San Jose, San Francisco and Los Angeles have increased the most since 2009. This six-digit increase averages out to $243,600.
The median household income has increased an average of $11,344 nation-wide. Only San Antonio has seen household income drop.
The nation’s 500 largest metros have seen unemployment rates drop by an average of 4.7 percentage points. Detroit has seen the largest drop in unemployment of nearly 10%; Houston has seen the smallest unemployment rate drop of 1.7%.
Metros Where Home Prices Recovered Least Since 2009
Hartford CT
- median home value in 2009 – $259,700
- median home value in 2017 – $247,900
- median home value change – -$11,800
- median unemployment rate change – -2.8%
- median household income change – $5,716
Chicago IL
- median home value in 2009 – $249,600
- median home value in 2017 – $240,300
- median home value change – $9,300
- median unemployment rate change – -5.1%
- median household income change – $9,674
Virginia Beach VA
- median home value in 2009 – $249,600
- median home value in 2017 – $245,900
- median home value change – $3,700
- median unemployment rate change – -2.5%
- median household income change – $9,046
Metros Where Home Prices Recovered Most Since 2009
San Jose CA
- median home value in 2009 – $638,300
- median home value in 2017 – $957,700
- median home value change – $319,400
- median unemployment rate change – -6.4%
- median household income change – $32,991
San Francisco CA
- median home value in 2009 – $591,600
- median home value in 2017 – $849,500
- median home value change – $257,900
- median unemployment rate change – -5.4%
- median household income change – $27,889
Los Angeles CA
- median home value in 2009 – $463,600
- median home value in 2017 – $617,100
- median home value change – $153,500
- median unemployment rate change – -5.0%
- median household income change – $11,467
All data sourced from LendingTree.
