In some places around the U.S., house prices have gone up so much in just a couple of decades that the profits off of a home, whether from selling or from renting it out, could make you feel rich.
That’s what personal finance site GOBankingRates found after looking at the median home value 20 years ago and the median home price today, among other data, for its latest report. Here are 16 cities where GBR saw incredible appreciation over the past two decades. (Read GBR’s full methodology here.)
Home value in 1998: $188,300
Median home price in 2018: $703,600
Profit from selling in 2018: $515,300
Profit from renting it out for five years: $145,086
Home value in 1998: $199,900
Median home price in 2018: $719,000
Profit from selling in 2018: $557,100
Profit from renting it out for five years: $156,537
Home value in 1998: $157,900
Median home price in 2018: $819,900
Profit from selling in 2018: $662,000
Profit from renting it out for five years: $164,997
Home value in 1998: $235,900
Median home price in 2018: $912,000
Profit from selling in 2018: $676,100
Profit from renting it out for five years: $222,027
Home value in 1998: $239,300
Median home price in 2018: $924,900
Profit from selling in 2018: $685,600
Profit from renting it out for five years: $168,382
Home value in 1998: $272,800
Median home price in 2018: $980,300
Profit from selling in 2018: $707,500
Profit from renting it out for five years: $189,890
Home value in 1998: $274,700
Median home price in 2018: $995,000
Profit from selling in 2018: $720,300
Profit from renting it out for five years: $204,662
Home value in 1998: $264,500
Median home price in 2018: $1,012,300
Profit from selling in 2018: $747,800
Profit from renting it out for five years: $185,746
Home value in 1998: $179,700
Median home price in 2018: $950,000
Profit from selling in 2018: $770,300
Profit from renting it out for five years: $186,432
Home value in 1998: $309,100
Median home price in 2018: $1,095,000
Profit from selling in 2018: $785,900
Profit from renting it out for five years: $184,539
Home value in 1998: $293,100
Median home price in 2018: $1,098,000
Profit from selling in 2018: $804,900
Profit from renting it out for five years: $198,744
Home value in 1998: $232,200
Median home price in 2018: $1,099,000
Profit from selling in 2018: $866,800
Profit from renting it out for five years: $284,807
Home value in 1998: $311,000
Median home price in 2018: $1,195,000
Profit from selling in 2018: $884,000
Profit from renting it out for five years: $236,408
Home value in 1998: $173,200
Median home price in 2018: $1,095,000
Profit from selling in 2018: $921,800
Profit from renting it out for five years: $240,742
Home value in 1998: $281,200
Median home price in 2018: $1,248,300
Profit from selling in 2018: $967,100
Profit from renting it out for five years: $237,422
Home value in 1998: $277,400
Median home price in 2018: $1,399,000
Profit from selling in 2018: $1,121,600
Profit from renting it out for five years: $219,246
Remember, real estate investments don’t always yield returns like these and, depending on your individual situation, you may even be better off renting than buying. But if buying makes sense for you financially and especially if you’re in the right place at the right time, data shows it can be an effective way to grow your money.
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