While most housing prices have doubled in the past 25 years, in some cities realtors have struggled to gain value — especially in Illinois.
Of the 400 U.S. metropolitan areas ranked by home price growth since 1998, six Illinois cities were in the bottom 15, according to Recent SmartAsset study.
On average, home values in the United States grew 154% from the first quarter of 1998 through the fourth quarter of 2022, according to the study. However, price growth in the 15 lowest-ranked cities averaged just 66% over the quarter century.
Montgomery, Alabama, is the worst city in terms of growth, with prices up just 59.6% since 1998. The city has a shrinking population with nearly a quarter of its residents living in poverty, According to US Census data.
Cities in Illinois hold the next five spots in the ranking, with average price growth of just 61.8%. was to the state Constant influx of residents over the past nine years, which led to lower prices. The reasons for emigration include the desire to be closer to the family, change of job, retirement, According to the United Van Lines National Motor Company 2023 study.
In contrast, the city with the largest growth in home prices was the booming tech hub of Austin, Texas, where home values rose 354% in that time period.
Cities across California also ranked highly. The state has The largest housing shortage in the countryWhich drove up prices, especially in big cities like Los Angeles and San Francisco. Housing prices there increased by 324.8% and 283.8%, respectively.
Values in Florida have also grown steadily over the years, with both Miami and Naples reporting price growth of just over 290% since 1998.
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paying off: This city is the number one place to buy a home if you want to increase its value – and it’s not in California or New York
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