For those who purchased a home in Detroit or San Jose at the post-recession bottom, they would have reaped the highest home appreciation in the nation with a return on investment of more than 190 percent.
In early to mid-2009, the belly of the post-recession housing market, Detroit's average home cost $47,000 and San Jose's ran about $395,000. Today, Bloomberg reports that Detroit home prices average $137,900 while in San Jose, the average is about $1,150,000. Of the 20 housing markets studied, Florida and California had the most on the list. Too, Michigan had two metros in the top four, Detroit and Flint.
Home renovation and home-flipping TV shows continue to be all the rage and a viewers’ ultimate fantasy might be: what if I had optimally timed the real estate market to purchase investment property? Using figures from ATTOM Data Solutions, Bloomberg News found this "shoulda, coulda, woulda" proposition produced the biggest appreciation in two locales at opposite ends of the socioeconomic spectrum.
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