At the national level, the national workforce grew by 12.5% from January 2010 to January 2017, while the U.S. median home value rose 19.6% over the same period of time, from $163,000 in 2010 to $195,000 in 2017. However, according to a recent Zillow study, these growth rates can vary widely at the regional level based on how individual metros regulate residential land use.
Home values in the most restrictive metropolitan areas grew an average of 23.4 percent, more than double the home value appreciation in the least restrictive metros (9.4 percent) and about one third faster than metros in the middle (17.9 percent). This occurred despite the most restrictive metros only seeing slightly higher job growth: 11.5 percent, compared to 7.5 percent in the least restrictive metros and 11.3 percent in moderately restrictive markets.
While job growth is positively associated with growth in home values in general, this relationship is amplified in more restrictive metropolitan areas.
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