A new Zillow study examines the trajectory of home prices nationwide by showing how far a dollar goes in a variety of metro areas. The report finds that, in 2018, $1 will buy 1.07 square inches of home nationwide. In 1998, $1 went about twice as far, buying 2.09 square inches of home.
In the DC area, which has a median home price of $561,000 according to study data, one dollar will buy a mere 0.27 square inches of home in 2018 vs. 1.33 square inches in 1998, a 5 percent increase year-over-year.
The study examines the 35 most populous metro areas and calculates median home value based on the Zillow Home Value Index, which determines the median based on a typical day of sales.
Despite the fact that a dollar doesn't go very far in the DC region, it goes much farther than several west coast cities, including San Jose (0.2) and San Francisco (0.14).
This article originally published at https://dc.urbanturf.com/articles/blog/from-1998-to-2018-how-far-a-buck-goes-in-the-dc-area/14383.
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