Miami ranks as one of the most valuable cities in the country
Miamiagentmagazine.com | By Morgan Mereday
Real estate wealth is dispersed unequally throughout the United States with revenue concentrated heavily in metropolitan areas, valued at $26.2 trillion in total.
Lending Tree ranked the top 50 most valuable cities in America from its collection of real estate data covering more than 155 million U.S. properties.
While competing against many other high-ranking coastal cities, Miami made into the top 10 most valuable cities with a ranking at No. 7. Miami’s total residential real estate value was estimated at $648 billion with a median value of $267,000.
In order to calculate the total property values of metropolitan areas, Lending Tree looked at previous home value figures based on public tax, deed, mortgage and foreclosure data, and proprietary local data. The My Lending Tree property database also used GDP data from the IMF’s April 2018 World Economic Outlook to provide a comparison between the value of the top 50 American cities and financially similar countries. Miami was given the “closest country equivalent” of Argentina.
The Federal Reserve estimated the total values of residential real estate to be $28.4 trillion. Considering the Lending Tree property value database in relation, the top 10 most valuable cities contribute to 40 percent of the Federal Reserve’s figure. Even further, the full list of 50 cities constitutes 70 percent of all residential real estate value in the U.S.