If You’d Bought a $200K Home During the 2008 Crash, Here’s How Much Equity You’d Have Now
Written by
John Csiszar
Edited by
Amber Barkley
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The housing crash of 2008 wiped out a lot of equity for existing homeowners, but for those looking to buy, it proved to be a great opportunity in many cases. Of course, real estate is a very regional phenomenon, and in some cases, there were greater opportunities available than in others.
But here’s a look at how much equity you could have now if you bought a $200,000 home during the 2008 crash in various cities across America. Also, find out where you can buy a house for less than $200,000 today.
New York
- Median home price at end of 2008: $440,000
- Median home price as of Jan. 20, 2025: $1,600,000, per Realtor.com
- Median percentage gain: 264%
- Equity on a $200,000 house: $728,000
Miami
- Median home price at end of 2008: $323,784
- Median home price as of Jan. 20, 2025: $584,695
- Median percentage gain: 81%
- Equity on a $200,000 house: $362,000
San Francisco
- Median home price at end of 2008: $600,000
- Median home price as of Jan. 20, 2025: $1,242,637
- Median percentage gain: 107%
- Equity on a $200,000 house: $414,000
Boston
- Median home price at end of 2008: $317,352
- Median home price as of Jan. 20, 2025: $745,827
- Median percentage gain: 135%
- Equity on a $200,000 house: $470,000
Honolulu
- Median home price at end of 2008: $325,000
- Median home price as of Jan. 20, 2025: $773,409
- Median percentage gain: 138%
- Equity on a $200,000 house: $476,000
San Jose, California
- Median home price at end of 2008: $457,000
- Median home price as of Jan. 20, 2025: $1,426,853
- Median percentage gain: 212%
- Equity on a $200,000 house: $642,400
Washington
- Median home price at end of 2008: $400,000
- Median home price as of Jan. 20, 2025: $603,762
- Median percentage gain: 51%
- Equity on a $200,000 house: $302,000
The Bottom Line
Just like with the stock market, when the housing market crashes, it’s often a good time to jump in. As the above data shows, however, location has a major effect on both absolute prices and potential for gain. While you would have profited handsomely with a $200,000 investment in any of the above cities in 2008, some markets did much better over the last 16-plus years than others.
Even within cities, there are regions that performed much better or worse than average. Nevertheless, the data above, while using a broad brush, supports the contention that buying real estate during a downturn can often return a nice profit.
Editor’s note: Current median home prices were sourced from Zillow unless otherwise stated.
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