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Accordng to Curbed Boston, the Boston housing market is now worth $845 billion, a 53.3% jump that happened during the 2010s. The increase in wealth represents a gain of $294 billion. The big numbers come from Zillow as the report crunched the value of every residential home in the nation, including appreciation over the decade. The report backs up data from appraiser Miller Samuel and brokerage Douglas Elliman, that documented a record high for Boston condo prices in 2019.

As valuable and expensive as Boston-area housing became during the decade, though, it’s got nothing on regions such as New York—the total value was $3.179 trillion by 2020, with a decade increase of $656 billion—and Los Angeles, where the total value hit $2.539 trillion after a decade rise of $1.065 trillion.

California by itself accounts for more than 21 percent of the nation’s total housing value, with L.A. and San Francisco two of only three cities with a value of more than $1 trillion, according to Zillow.

And that national value of $33.6 trillion, by the way, is nearly equal to the combined GDPs of the U.S. and China, the world’s two largest economies. While the sum is something to behold, it’s not necessarily something to celebrate—nor is the Boston region’s contribution to it.

“More and more of the nation’s wealth is now tied up in our homes,” Zillow economist Jeff Tucker said in an email, “as workers in some of the world’s most economically productive cities, such as San Francisco, San Jose and Seattle, have raced to get a foothold in homeownership there, driving up prices with their fierce competition. Most of this growth has come from rising prices for the same homes, not from actually building more homes, a troubling trend when it comes to affordability.”

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