U.S. Home Values Double in Decade to $23 Trillion, Widening Inequality for Renters
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The total value of U.S. owner-occupied housing has nearly doubled over the past decade to a record $23 trillion, exacerbating inequality between homeowners and renters.
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Much of the housing value appreciation has occurred in just the last few years. According to LendingTree, values grew tremendously from the year before the pandemic through 2022.
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Baby boomers are dominating the housing market, holding $18 trillion in home equity compared to $6 trillion for millennials, even though millennials make up a bigger share of recent home buyers.
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Areas with higher total home values like NYC, LA, and San Francisco tend to have pricier individual homes as well as more amenities, jobs, and entertainment, but also lower inventory and more competition.
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While outcomes vary, understanding the overall housing market can help consumers make informed decisions about buying, according to LendingTree's economist.