Much of the spoils have been concentrated on the high end. A study by Weiss Analytics, a housing-data firm, found homes in ZIP Codes where the median value is $500,000 to $1 million are now worth 103% more than they were 16 years ago, before a boom in the mid-2000s was followed by the worst housing crash since the Great Depression. Home prices in those areas have shot up 39% since the bust.
Yet many places around the U.S. missed out on the recent boom, with prices remaining essentially flat during the same period. In ZIP Codes where the median home was worth $100,000 to $150,000, prices have risen 16% since the trough of the market and are now worth 24% more than they were in 2000.
The contrast offers one explanation for the frustration building in the mostly rural, middle-American areas that helped propel Donald Trump to victory in the presidential election. In counties that voted for Mr. Trump, home prices have been largely flat for the past 15 years, according to a county-by-county analysis of home values and voting patterns by real-estate tracker Zillow.
In areas that went for Hillary Clinton—mostly coastal urban areas such as California’s major markets—home values plunged from 2006-2012 but have roared back since.