Top 10 States With the Largest 10-Year Home Equity Increase
According to a recent analysis at Clever Real Estate, home prices have risen 2.4 times faster than the rate of inflation. Over the last ten years, some states have enjoyed bigger increases in value than others.
Experts at Architecture Lab used data from Zillow to compare the average home value of 2013 and 2023 in every state to see where the most significant percentage increases in value were. Anton Giuroiu, CEO of Architecture Lab, said: “Overall, nearly half of all US states have seen their home values double across the past few years, and the biggest increases are shown here. While some states have seen a lot smaller increases, many of them had higher-end values to begin with, showing that lower-value states are just catching up. With how high some values are reaching on average in each state, even simple modifications to your home can make these numbers fluctuate a lot.”
1. Idaho
Idaho saw the biggest value increase. Home prices saw an average 171.03% increase from 2013 to 2023. In 2013, residents bought homes at an average price of $159,567, compared to $432,476 in 2023. However, residents should be mindful that the number of homes on the market and the number of homes sold in the state are decreasing.
2. Florida
Florida comes in second on the list, with a 164.37% increase in home value over the last ten years. The average value was $144,464 in 2013, which increased to $381,922 in 2023.
Home prices aren’t deterring people from buying homes in the Sunshine State. Redfin shows an increase in the number of homes on the market and the number of homes sold.
3. Nevada
Taking Spot number three is Nevada, with a nearly 10% increase in home prices over the last year. However, the average home value of $411,316 in 2023 represents a 157.94% increase over the last ten years. In 2013, homeowners were looking at just $159,459 for that same house.
4. Georgia
Georgia is in fourth place on the list. The state had the lowest average home price in 2023, $126,844, a 145.42% increase in value across the last ten years. High demand and limited supply will likely keep home prices going up in George. Average home prices increased to $311,301 in 2023.
5. Arizona
Rounding out the top five is Arizona. The state saw an average increase in value of 142.15% over the past decade. Since 2013, average home prices of $171,299 have increased to $414,801 in 2023. Redfin also reports that home values and sales numbers are up for 2023.
6. Utah
Making the list at number six is Utah. Here, residents still enjoyed a large 140.66% increase. Average home prices in 2013 were $206,783 compared to $497,643 in 2023.
7. Washington
Beautiful Washington comes in at number 7. The state had the highest average home price on the list in 2013, $231,979. They continue to have the highest average home price in 2023, $555,460–a notable 139.44% increase in home equity over the last ten years.
8. Colorado
Colorado is home to beautiful outdoors and homes. Coming in at number eight, Colorado saw a 128.02% increase in home values over the past 10 years. Home enjoyed seeing prices rise from $229,732 in 2013 to $523,830 in 2023.
9. Montana
Montana, with its open fields, makes the list at number 9. Home values increased from $191,731 in 2013 to $433,297 in 2023 – a 125.99% increase over the past decade.
10. Tennessee
Finishing the list at number ten is Tennessee. The state still saw an impressive increase of over 125%, with the average home price increasing from $132,804 in 2013 to $299,910 in 2023. The nearly $300K price range made it the lowest average-priced home on the list.
Top 10 Largest Us Cities Where $100K Goes Furthest in 2024
Historically, earning a six-figure salary has symbolized professional achievement and financial security for many American employees. However, the landscape is shifting, and today, $100,000 doesn’t stretch as far as it once did.
Coupled with ongoing inflation and elevated living expenses, $100,000 can leave many people still living paycheck-to-paycheck. Researchers from SmartAsset compared the after-tax income in 72 of the largest U.S. cities and then adjusted those figures for the cost of living in each place to see how much $100,000 is actually worth in different parts of the country.
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