Developing wealth is a hot topic in today’s economy. Some individuals have come to realize one efficient means of developing wealth is through home ownership and real estate. One way to determine this would be looking at the property values over time and monitoring the trend. Let us look at property values from the American Community Survey (ACS) starting in 2005 and compare them to estimated values of 2016. We can apply the Federal Housing Finance Agency (FHFA) House Price Index (HPI) growth rate and look at some of the states that have strong price growth versus those who are either struggling to gain or losing value.

  • In the Northeast, Pennsylvania leads all states with a 38 percent price growth from 2005 to 2016, while average annual growth was 3 percent. Rhode Island had a negative 9 percent price change over this time and experienced negative 1 percent annual price change.
  • In the Midwest, North Dakota led all states with 103 percent price growth from 2005 to 2016 while having 6 percent average annual growth. Illinois had no price growth over this time and experienced no annual growth, on average.
  • In the South, Louisiana led all states with 56 percent price growth from 2005 to 2016 while having 4 percent average annual price growth. Florida experienced 2 percent price growth over this time and no growth annually, on average.
  • In the West, Montana led all states with 79 percent price growth from 2005 to 2016 while having a 5 percent average annual growth in price. Nevada shows a negative 16 percent price change over this time and shows a negative 1 percent average annual price change. [1]

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[1] Price growth was estimated by applying the 2005-2016 growth rate based on the FHFA House Price Index.

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Source: Economy

Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.


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This Article Appears Courtesy of Steven Diadoo

Steven Diadoo, Licensed Realtor in MN with BRIDGE REALTY and best-selling author of 'Road to Success' with Jack Canfield (Chicken Soup for the Soul), Board Member at Bowling for Brains Non-Profit 501(c)3 (Event to benefit the American Brain Tumor Association), licensed Realtor with Bridge Realty, Seen on DIY TV, Create Channel and PBS. For help buying and/or selling a house, please call (952) 270-6141 or Click here.

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