Thanks to a study from LendingTree, we now have a better idea of how large cities have faired in the 10 years since U.S. home values dropped about 26 percent between June 2006 and November 2010.
In 2008, many homeowners were devastated by a financial crisis spurred on by the collapse of the U.S. real estate market, otherwise known as the Great Recession.
Of course, much has changed in the decade since the United States’ subprime mortgage crisis and real estate values have skyrocketed around the nation. While the real estate market has, in general, drastically improved, the recovery has taken shape in different forms across the United States.
But thanks to a study from LendingTree, we now have a better idea of how large cities have fared in the 10 years since U.S. home values dropped about 26 percent between June 2006 and November 2010. LendingTree recently analyzed the 50 largest metro areas in the U.S. to see where housing prices have recovered the most since the peak of the Great Recession and where they’re still suffering.
Home values are up
On average, median home values have increased by nearly $50,000 across the 50 largest U.S. metros since 2009, according to LendingTree. The online loan provider says that Americans’ increasing incomes and the nation’s falling unemployment rates have likely driven this increase.
Unemployment is down considerably
On average, unemployment has fallen 4.7 percentage points in the nation’s 50 largest metros, according to LendingTree. Detriot posted the biggest improvement in the U.S., with a drop of almost 10 percentage points. Houston reported the smallest bump, with a 1.7 percentage point decrease in unemployment.
California markets enjoy the biggest improvements
Three red-hot markets in California have realized the biggest recoveries since 2009. San Jose, San Francisco, and Los Angeles have watched their average housing price skyrocket by a staggering average increase of $243,600, according to LendingTree. A strong U.S. job market and booming Silicon Valley has fueled the recovery in these California markets, the company said.
A trio of big cities are still struggling
Hartford, Conn., Chicago, Virginia Beach, Va., and Baltimore are the only large U.S. metros in which median housing prices have fallen since 2009. On average, these three metros’ home prices have dropped about $6,700, LendingTree said. Struggling job markets might be the main culprit here, the company speculated.
Household income has improved
The median household income has increased by an average of $11,344 since 2009 in the largest U.S. metros, the report found. San Antonio is the only metro in which median household income fell.
To see more on how the largest 50 U.S. metros have recovered since 2009, check out the table below.