The U.S. Census Bureau released data on Tuesday that revealed where the nations hottest markets were during the past five years.
According to the report, median home values increased 32% from 2000 to 2005 on a national level. The survey looked at 7,000 markets with a population of 65,000 or more.
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San Diego saw the highest price gains. The median home value after being adjusted for inflation increased by 127% from $249,000 to $567,000 in five years.
Of the 15 largest cities surveyed, Los Angeles came in second, with a median home-value increase of 110%. New York City came in third, with an increase of 79%.
Boynton Beach, Florida, was the top market among the 15 smallest cities surveyed. After inflation adjustments, the median home-value increased by 120%. Folsom, California, came in second where the home value increased by 100%, while Redondo Beach, California, saw a 92% gain and a third place ranking.
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Just about anyone who owns a home or has been in the market for one in the past few years knows first-hand how home values jumped from 2000 to 2005, said Census Bureau Director Louis Kincannon in a written statement.
In addition to the value of the home rising, the monthly cost of owning a home also increased during the first half of this decade, according to the survey. The median monthly cost, which includes mortgage payment and other costs, saw a 5% increase after adjustments for inflation.
In Detroit, the cost increased by 24%. Chicago experienced a 22% increase, while San Francisco came in third among the largest cities with an increase of 20%.
Among the smallest cities, Bryan, Texas, and Greenville, N.C., saw cost decreases of 10%.
The cost of renting a home has also increased over the past five years. Nationally, the cost to rent has increased by 6.7%. San Diego saw the largest increase of 27%.
Real median rent cost decreased in a few large cities. San Jose saw a decrease of 9%, while Dallas saw a decrease of 3%.
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How High Did Home Prices Really Go