Friday, June 6, 2014
Slate captions the map above:
And yes, this is one of those stunt maps generated by a corporate PR department to get their name out on social media. But it’s a particularly fun one, and the methodology isn’t completely absurd. Redfin apparently added up MLS home sale prices for each city, then multiplied them for a total. So, as they put it, if 10 percent of homes sold for $1 billion total, then they decided the city’s housing stock was worth $10 billion. It's not exactly airtight, and of course it leaves out commercial real estate. (Also, if we wanted to be reallllly nitpicky, the mere act of buying up mass tracts of housing would probably drive up prices across a metro area.) But in you ever find yourself wondering which modern plutocrat could theoretically afford to turn your city into his own fiefdom (without running for mayor), now you have a rough guide.