New York home value priced in SPY
The New York typical home value rose from $240,707 to $822,517. In SPY terms, it moved from 1,686 units to 1,069 units—a 37% decline.
- Typical home value (ZHVI)
- New York city
- monthly
- 13 assets
- SPY units per typical home
- 1,069SPY
- Through 2026-08
- Since 2000
- -36.6%
- Cost in SPY
- Home value
- +241.7%
- Full history
- SPY price
- +438.7%
- Full history
| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| SPY units per typical home | 1,686 | 1,069 | 1,069 | 6,269 |
How this is calculated
Home value in USD ÷ SPY month average in USDHousing value as published for the calendar month; asset and FX prices are arithmetic means of their available daily closes in the same calendar month.
Use split-adjusted close for literal share counts; exclude cash-distribution adjustments.
Measure definition
Frequently asked questions
12 answersWhat does New York home value priced in SPY mean?
It is the published home-value measure for New York city divided by the aligned SPY price. The result is the number of SPY units equal to that home value.
Why can the SPY units required fall while the home value rises?
The unit count falls when SPY appreciates faster than the local home-value measure. The two local-currency values can both rise while their ratio declines.
How are the housing and asset observations aligned?
Both inputs use the same calendar month. A page includes only periods with both a housing observation and a valid asset price.
Does the SPY series include reinvested income?
No. The calculation uses the documented price series for literal asset units and excludes dividend-reinvested total returns.
Where do the New York housing and SPY data come from?
Zillow Home Value Index supplies the housing series for New York city. The SPY series uses SPY from the asset source linked beside the chart. Both inputs are converted to USD where required before the ratio is calculated.
How many observations are included?
320 aligned observations are shown from 2000-01-31 through 2026-08-31. All are marked complete.
Can the latest reading change after publication?
Yes. Zillow may revise the full historical ZHVI series when its model or source data changes. The page was derived from housing data fetched on 2026-09-18, and later source revisions can change the result.
What should I conclude from a falling asset-unit cost?
It means SPY appreciated faster than the published New York home-value measure over that interval. It is a relative-price observation, not a claim about affordability, transaction costs, causality, or future performance.
How do currency moves affect the SPY comparison?
The housing measure and SPY are already quoted in USD, so no cross-currency conversion is needed for this page.
Why might the housing observation lag or look smoother than the market price?
Zillow Home Value Index publishes a monthly housing measure based on its own collection and revision process. SPY market prices update more frequently, so the aligned chart can still show a smoother or slower-moving housing series.
Can this ratio be used as a portfolio performance benchmark?
Not on its own. It is a descriptive relative-price series, not a total-return or risk-adjusted benchmark. It excludes income, costs, financing, liquidity, volatility, and investability constraints.
How should I cite this observation?
Cite the PIER20 page and access date, then identify Zillow Home Value Index as the housing source and SPY as the asset series. State that the comparison runs through 2026-08-31 and uses monthly aligned observations.