If You Had Invested in Property in These 35 Cities 20 Years Ago, You Would Be a Millionaire

• Population: 2,211
• Number of households: 800
• Monthly total cost of living: $10,195
• Percentage of households earning $200,000+ annually: 17.6

Generally, investing in real estate can be financially savvy, but you must be strategic, informed and calculated. It’s all too easy to buy a property that will, unfortunately, depreciate in value over time, leaving you in a lurch should you later sell it.

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And then there’s the other side of the tracks: the property that amasses value as time goes on. Which cities are these in and how much profit can they render you over a matter of years?

In a new study, GOBankingRates looked at every city with an August 2004 home value below $400,000 that also had an August 2024 home value above $1 million. GOBankingRates then was able to find the 20-year monetary and percent change in home value.

Had you invested in properties in these 35 cities 20 years ago, you’d be a millionaire today.

Earning passive income doesn't need to be difficult. You can start this week.

35. Highlands, North Carolina

• August 2004 home value:$382,607
• August 2024 home value: $1,004,192
• 20-year ($) change in home value: $621,585
• 20-year (%) change in home value: 162.46%

34. Mililani, Hawaii

• August 2004 home value: $384,080
• August 2024 home value: $1,016,616
• 20-year ($) change in home value: $632,537
• 20-year (%) change in home value: 164.69%

33. Lake Forest Park, Washington

• August 2004 home value: $385,086
• August 2024 home value: $1,032,197
• 20-year ($) change in home value: $647,111
• 20-year (%) change in home value: 168.04%

32. Mount Olympus, Utah

• August 2004 home value: $378,806
• August 2024 home value: $1,019,141
• 20-year ($) change in home value: $640,334
• 20-year (%) change in home value: 169.04%

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31. Parker, Texas

• August 2004 home value: $385,515
• August 2024 home value: $1,063,034
• 20-year ($) change in home value: $677,519
• 20-year (%) change in home value: 175.74%

30. Volente, Texas

• August 2004 home value: $361,410
• August 2024 home value: $1,003,795
• 20-year ($) change in home value: $642,385
• 20-year (%) change in home value: 177.74%

29. Alpine, Utah

• August 2004 home value: $376,666
• August 2024 home value: $1,051,109
• 20-year ($) change in home value: $674,443
• 20-year (%) change in home value: 179.06%

28. Sunset Valley, Texas

• August 2004 home value: $354,330
• August 2024 home value: $1,011,237
• 20-year ($) change in home value: $656,907
• 20-year (%) change in home value: 185.39%

27. Waialua, Hawaii

• August 2004 home value: $381,247
• August 2024 home value: $1,089,245
• 20-year ($) change in home value: $707,998
• 20-year (%) change in home value: 185.71%

26. Fox Island, Washington

• August 2004 home value:$368,806
• August 2024 home value: $1,060,684
• 20-year ($) change in home value: $691,878
• 20-year (%) change in home value: 187.60%

25. Snoqualmie, Washington

• August 2004 home value: $385,483
• August 2024 home value: $1,114,805
• 20-year ($) change in home value: $729,322
• 20-year (%) change in home value: 189.20%

24. Kahuku, Hawaii

• August 2004 home value: $347,816
• August 2024 home value: $1,009,169
• 20-year ($) change in home value: $661,353
• 20-year (%) change in home value: 190.14%

23. Stowe, Vermont

• August 2004 home value:$378,064
• August 2024 home value: $1,110,230
• 20-year ($) change in home value: $732,166
• 20-year (%) change in home value: 193.66%

22. Makawao, Hawaii

• August 2004 home value: $377,835
• August 2024 home value: $1,109,729
• 20-year ($) change in home value: $731,893
• 20-year (%) change in home value: 193.71%

21. Mill Creek, Washington

• August 2004 home value:$351,906
• August 2024 home value: $1,039,345
• 20-year ($) change in home value:$687,439
• 20-year (%) change in home value:195.35%

20. North Bay Village, Florida

• August 2004 home value: $364,906
• August 2024 home value: $1,081,608
• 20-year ($) change in home value: $716,702
• 20-year (%) change in home value: 196.41%

19. Somerville, Massachusetts

• August 2004 home value: $386,315
• August 2024 home value: $1,145,620
• 20-year ($) change in home value: $759,305
• 20-year (%) change in home value: 196.55%

18. Copper Canyon, Texas

• August 2004 home value: $337,231
• August 2024 home value: $1,000,498
• 20-year ($) change in home value: $663,267
• 20-year (%) change in home value: 196.68%

17. Lucas, Texas

• August 2004 home value: $333,588
• August 2024 home value: $1,049,834
• 20-year ($) change in home value: $716,246
• 20-year (%) change in home value: 214.71%

16. Kenmore, Washington

• August 2004 home value: $338,914
• August 2024 home value: $1,079,702
• 20-year ($) change in home value: $740,788
• 20-year (%) change in home value: 218.58%

15. Kalaheo, Hawaii

• August 2004 home value: $326,909
• August 2024 home value: $1,050,482
• 20-year ($) change in home value: $723,573
• 20-year (%) change in home value: 221.34%

14. Bothell, Washington

• August 2004 home value: $335,593
• August 2024 home value: $1,081,926
• 20-year ($) change in home value: $746,333
• 20-year (%) change in home value: 222.39%

13. Silverthorne, Colorado

• August 2004 home value: $358,629
• August 2024 home value: $1,161,912
• 20-year ($) change in home value: $803,283
• 20-year (%) change in home value: 223.99%

12. Wailuku, Hawaii

• August 2004 home value: $316,225
• August 2024 home value: $1,028,542
• 20-year ($) change in home value: $712,318
• 20-year (%) change in home value: 225.26%

11. Lake Hart, Florida

• August 2004 home value: $365,657
• August 2024 home value: $1,190,095
• 20-year ($) change in home value: $824,438
• 20-year (%) change in home value: 225.47%

10. Koloa, Hawaii

• August 2004 home value: $392,961
• August 2024 home value: $1,298,548
• 20-year ($) change in home value: $905,587
• 20-year (%) change in home value: 230.45%

9. Paia, Hawaii

• August 2004 home value: $368,261
• August 2024 home value: $1,266,413
• 20-year ($) change in home value: $898,153
• 20-year (%) change in home value: 243.89%

8. Silver Bay, New York

• August 2004 home value:$363,916
• August 2024 home value: $1,285,080
• 20-year ($) change in home value: $921,164
• 20-year (%) change in home value: 253.13%

7. Kirkland, Washington

• August 2004 home value: $388,676
• August 2024 home value: $1,378,746
• 20-year ($) change in home value: $990,070
• 20-year (%) change in home value: 254.73%

6. Kahului, Hawaii

• August 2004 home value: $296,362
• August 2024 home value: $1,051,687
• 20-year ($) change in home value: $755,325
• 20-year (%) change in home value: 254.87%

5. Powell Butte, Oregon

• August 2004 home value: $288,446
• August 2024 home value: $1,024,888
• 20-year ($) change in home value: $736,442
• 20-year (%) change in home value: 255.31%

4. Eagle, Colorado

• August 2004 home value: $304,916
• August 2024 home value: $1,103,337
• 20-year ($) change in home value: $798,421
• 20-year (%) change in home value: 261.85%

3. Arrington, Tennessee

• August 2004 home value: $284,764
• August 2024 home value: $1,138,921
• 20-year ($) change in home value: $854,157
• 20-year (%) change in home value: 299.95%

2. College Grove, Tennessee

• August 2004 home value: $288,887
• August 2024 home value: $1,182,321
• 20-year ($) change in home value: $893,433
• 20-year (%) change in home value: 309.27%

1. Carbondale, Colorado

• August 2004 home value:$256,998
• August 2024 home value: $1,440,404
• 20-year ($) change in home value: $1,183,406
• 20-year (%) change in home value: 460.47%

Methodology: For this study, GOBankingRates looked at every city with an August 2004 Home Value below $400,000 and an August 2024 home value above $1 million. GOBankingRates then was able to find the 20-year monetary and percent change in home value. All data was collected and is up to date as of September 24, 2024.

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This article originally appeared on GOBankingRates.com: If You Had Invested in Property in These 35 Cities 20 Years Ago, You Would Be a Millionaire