About this tool
This report looks at what explains differences in home price appreciation (HPA) across U.S. metro areas over various periods between 1980 and 2022. It finds that the best predictors of HPA are total wages, housing supply, loan leverage, and net migration. This helps readers understand why home prices have risen faster in some metros than in others.
- Shows
- Which factors best explain differences in metro-level home price appreciation over various periods from 1980 to 2022, including total wages, housing supply, loan leverage, and net migration.
- Places
- Metro areas
- Years
- 1980-2022
Questions it answers
- What factors best predict home price appreciation in a metro area?
- Do total wages help explain why home prices rose faster in some metros?
- How does housing supply relate to home price growth across metros?
- Does loan leverage or net migration play a role in metro-level home price appreciation?
- Why have home prices risen at different rates across metros between 1980 and 2022?
Limits
- Covers various periods within 1980 to 2022 rather than a single year.