City of Oxnard makes LendingTree’s List of “Most Valuable Cities in America”

Oxnard's total residential real estate value is likened to the entire value of real estate in the country of Moracco

Lendingtree Top 50 most valuable markets

(Oxnard, Ca) The results are in and LendingTree researchers have tallied the numbers: the Oxnard metropolitan area is ranked in the Top 50 Most Valuable Cities in America with $119 Billion in total residential real estate value.

Los Angeles and San Diego were the only other cities named in southern California.

The report analyzed values from the My LendingTree property value database, which is a collection of real estate data of more than 155 million U.S. properties. The total value of real estate in metropolitan areas in the database was $26.2 trillion, close to the Federal Reserve’s estimate of total residential real estate value of $28.4 trillion.

The study also compared the total value to the GDP of countries around the world, pairing cities with their equivalent country GDP values. Of course, the comparison is not apples to apples: GDP represents a single year’s output, while the value of homes persists year after year (mostly upward and a few times declining).

“American households own $28.4 trillion of residential real estate, a significant part of the $100 trillion in household net worth,” said Tendayi Kapfidze, Chief Economist at LendingTree. “Financial assets add $81.7 trillion, consumer durable goods add $5.7 trillion, while debts, including mortgage, subtract $15.6 trillion. The real estate wealth is not evenly distributed across the country and is largely concentrated in metropolitan areas.”

Key findings:

  • New York has the most valuable real estate in the U.S. at $2.6 trillion — just about on par with the entire GDP of France for 2017. In fact, this is greater than the GDP of all but just six countries — India, United Kingdom, Germany, Japan, China and the United States itself.
  • Los Angeles is second at $2.2 trillion, equivalent to the GDP of Brazil, and San Francisco is third at $1.2 trillion, equivalent to Mexico’s GDP.
  • The top three are the only cities above a trillion dollars, and things drop off pretty rapidly from there. Cities after eleventh-ranked San Diego are all valued under $500 billion; after 25th-ranked Charlotte, under $200 billion and after 46th-ranked Hartford, under $100 billion.
  • The Federal Reserve values total residential real estate owned by households at $28.4 trillion. We found that the top 10 cities account for almost 40 percent of that value. The top 50 add up to about 70 percent of the total.
  • Our top 50 is rounded out by Boulder, Colo., Milwaukee, and Naples, Fla., with real estate values equivalent to the GDPs of Sri Lanka, Kenya and Ethiopia, respectively.
  • Although our list here shows the top 50 cities, we calculated the value of every metro area in the U.S. The least valuable metro was Beckley, W. Va., with real estate valued at $189 million. This is slightly more than the price on one of the most expensive houses available for sale today: 924 Bel Air Rd in Los Angeles is listed at $188 million.

 

Top 50 Cities Ranked by Total Value

Rank 

City

Total Value (in
billions)

Median
Value

Closest Country
Equivalent

1

New York

$2,549

$454,000

France

2

Los Angeles

$2,176

$622,000

Brazil

3

San Francisco

$1,249

$891,000

Mexico

4

Chicago

$813

$223,000

Saudi Arabia

5

Washington

$795

$395,000

Saudi Arabia

6

Boston

$697

$459,000

Saudi Arabia

7

Miami

$648

$267,000

Argentina

8

Seattle

$641

$461,000

Argentina

9

Dallas

$549

$213,000

Sweden

10

San Jose, Calif.

$535

$1,069,000

Poland

11

San Diego

$522

$563,000

Belgium

12

Philadelphia

$494

$220,000

Thailand

13

Houston

$450

$192,000

Iran

14

Phoenix

$444

$242,000

Iran

15

Atlanta

$420

$191,000

Austria

16

Riverside, Calif.

$413

$332,000

Norway

17

Denver

$374

$391,000

Israel

18

Minneapolis

$331

$260,000

Denmark

19

Portland, Ore.

$304

$378,000

Chile

20

Sacramento, Calif.

$301

$386,000

Chile

21

Baltimore

$289

$270,000

Chile

22

Detroit

$262

$149,000

Bangladesh

23

Tampa, Fla.

$248

$190,000

Egypt

24

Austin, Texas

$222

$282,000

Vietnam

25

Charlotte, N.C.

$216

$187,000

Peru

26

Honolulu

$198

$677,000

Iraq

27

St. Louis

$193

$154,000

Algeria

28

Las Vegas

$181

$239,000

Algeria

29

Orlando, Fla.

$176

$216,000

Qatar

30

Bridgeport, Conn.

$163

$390,000

Kazakhstan

31

Nashville, Tenn.

$162

$235,000

Kazakhstan

32

San Antonio

$159

$191,000

Hungary

33

Pittsburgh

$150

$149,000

Angola

34

Providence, R.I.

$147

$266,000

Angola

35

Cincinnati

$146

$158,000

Angola

36

Kansas City, Mo.

$144

$169,000

Angola

37

Cape Coral, Fla.

$144

$204,000

Angola

38

Virginia Beach, Va.

$141

$221,000

Angola

39

Columbus, Ohio

$141

$174,000

Angola

40

North Port, Fla.

$125

$229,000

Angola

41

Richmond, Va.

$120

$218,000

Morocco

42

Oxnard, Calif.

$119

$557,000

Morocco

43

Jacksonville, Fla.

$115

$179,000

Morocco

44

Cleveland

$112

$131,000

Morocco

45

Indianapolis

$107

$127,000

Ecuador

46

Hartford, Conn.

$103

$223,000

Ecuador

47

New Orleans

$93

$181,000

Sri Lanka

48

Boulder, Colo.

$88

$459,000

Sri Lanka

49

Milwaukee

$86

$206,000

Kenya

50

Naples, Fla.

$83

$333,000

Ethiopia

 

Ventura County Local News. Oxnard, Thousand Oaks, Simi Valley, Ventura, Santa Paula, Moorpark. Visit us for the latest local news information for Ventura County at www.thevoicecalifornia.com

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