In July, home values across the country rose 5.1 percent year-over-year to a median $187,300, while rents increased 2.2 percent to a median monthly $1,408. Zillow reported that this was the forty-eighth straight month that national home values have appreciated.
In Detroit, the median home value over the course of July was $128,300, a 6.2 percent growth from last year. The median monthly rent totaled $1,175, 2.8 percent higher year-over-year.
Across the nation, the highest year-over-year rent appreciation was found in Seattle, Portland, and San Francisco. In July, the highest year-over-year home value appreciation was found in Portland, Denver, Seattle, and Dallas.
For more details on each analyzed metro area, check out the graph below or head over to Zillow’s study here.