The value of residential real estate in New York is greater than the GDP of all but six countries, according to a new study from online lender LendingTree, which ranks the most valuable cities in the U.S. based on real estate values.
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The Big Apple ranked highest among the cities with the most valuable residential housing, at $2.6 trillion, which is about equivalent to the GDP of France, per 2017 statistics. It is also larger than the gross domestic product of every country aside from the U.S., India, the U.K., Germany, Japan and China.
Following New York, Los Angeles had the second most valuable real estate in the U.S., with total property values of $2.6 trillion. The median home value in Los Angeles was $622,000, more than New York City – where the median home value was about $454,000.
Along with New York and Los Angeles, San Francisco was the only other city with residential real estate values in excess of $1 trillion. In the northern California metropolitan area, the value of real estate was about $1.2 trillion, roughly equivalent to the GDP of Mexico, while the average home value was $891,000.
Following the top three, the city with the next highest residential property value is Chicago, at a much lower $813 billion. Washington, D.C., trailed slightly at $795 billion.
The top 10 cities accounted for about 40 percent of the total $28.4 trillion worth of residential real estate owned by citizens in the U.S., according to LendingTree.
Out of the 50 cities with the highest residential real estate values, San Jose, California – which ranked 10 on the list – had the largest median home price at more than $1 million.
On the other hand, Beckley, West Virginia, had the least valuable real estate, at $189 million.
Here’s LendingTree’s complete list of the top 10 cities ranked by total residential real estate value:
1. New York, $2.54 trillion
2. Los Angeles, $2.17 trillion
3. San Francisco, $1.25 trillion
4. Chicago, $813 billion
5. Washington, $795 billion
6. Boston, $697 billion
7. Miami, $648 billion
8. Seattle, $641 billion
9. Dallas, $549 billion
10, San Jose, Calif., $535 billion
LendingTree ranked each city based on the total value of residential housing.