According to Lending Tree‘s Chief Economist, Tendayi Kapfidze, Miami ranks as 7th most valuable city in America.
This new study by Lending Tree ranks cities by total value of residential housing. They looked at total value of residential real estate in American cities and arrived at these values from their property value database, a collection of real estate data of more than 155 million US properties, with information from public tax, deed, mortgage, foreclosure, as well a proprietary local data used to power home financing recommendations for My Lending Tree users.
The top cities were New York, Los Angeles, San Francisco, Chicago, Washington, and Boston.
American households own $28.4 trillion of residential real estate, a significant part of the $100 trillion in household net worth. Financial assets add $81.7 trillion, consumer durable goods add $5.7 trillion while debts, including mortgage, subtract $15.6 trillion. The real estate wealth is not evenly distributed across the country and is largely concentrated in metropolitan areas.
Miami’s total value came in at $697 billion with median value of $267,000.