The three best housing markets for property owners seeking appreciation are Milwaukee, Memphis, Tenn., and Detroit, according to a study done by a tech-enabled property management and real estate investment company.
Mynd Investor Services analyzed home-price appreciation (HPA) trends from 2019 to 2020 in hundreds of metro areas across the country.
According to the study, HPA jumped 17.9 percent in Milwaukee; 16.6 percent in Memphis; and 15.4 percent in Detroit.
“While 2020 was an incredibly challenging year for many industries, the real estate sector remained resilient,” Mynd Senior Vice President Don Ganguly said in a release. “Historically low-interest rates, a shortage of new housing inventory and limited new construction have contributed to rising home prices nationwide.”
Ganguly said the significant increase in remote work spurred by COVID-19 has enabled many U.S. employees to live wherever they want.
“The coronavirus has prompted families and businesses alike to leave high-priced cities like San Francisco, New York and Los Angeles,” he said. “As a result, they’re acquiring properties in more affordable locations, such as the ones in our study.”
Other cities on top of Mynd’s HPA list were Columbus, Ohio (13.8 percent increase; Phoenix (13.6 percent); Tacoma, Wash. (12.7 percent); Indianapolis, Ind. (12.7 percent); Kansas City, Mo. (12.4 percent); Miami (12.3 percent); Seattle (12 percent); and Cleveland, Ohio (11.9 percent).
Rounding out Mynd’s list were Tampa, Fla. (11.7 percent); Palm Beach, Fla. (11.3 percent); Tucson, Ariz. (11.2 percent); Atlanta (11.1 percent); Chicago (10.4 percent); Cincinnati (10.3 percent); New Orleans (10.2 percent); Riverside, Calif. (10 percent); and Washington, D.C. (10 percent).