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Where Are Homes Gaining the Most Value?

CNBC reports that Miami Beach, Florida, ranks as the best city in the nation for gains in home values, with values rising more than 400% over the last 20 years, according to a study by GoBankingRates.

Homes in Miami Beach, Florida, in 1999 had an average value of $315,700. That number has increased to $1.62 million, which is a 414.6% increase.

The median home value nationally is about 90% higher than it was in 1999—$226,800 compared to $119,000—and some markets have jumped more than that.

Cities on both the west and east coasts dominated the top spots. Washington, D.C., saw home values rise 403.9% over the last 20 years to $563,000, Somerville, Massachusetts, has an average home value of $901,400, Santa Monica, California, has seen home values rise by more than $2 million, and Mountain View, California, has home values averaging more than $2.2 million.

Other markets included in the top-10 are Oakland, California (No. 6), Hoboken, New Jersey (No. 7), Sunnyvale, California (No. 8), Santa Clara, California (No. 9), and Fremont, California (No. 10).

The report states that of the 50 cities with the best percentage gains, just one—Gulfport, Mississippi—is not on the east or west coasts. Home values in Gulfport average $213,200, which is a 256% increase from 1999.

Homeowners in certain markets, such as Flint, Michigan, are sitting homes with falling values over the past two decades. The average home value in Flint has dropped 57% to $19,300 from $45,300 in 1999. Dayton, Ohio, has seen average home values fall 10.8% to $45,300.

Although most areas have recovered from the housing crisis, Zillow is reporting that 8.2% of homeowners owe more on their mortgage than what their home is worth.

Rising home values in California, however, is not a good sign for affordability, as Trulia reported that the west coast was home to five of the seven priciest metros—San Francisco; San Jose, California; Los Angeles; San Diego, California; and Portland, Oregon. Florida metros Miami and Tampa Bay were also included.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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