The Houston housing market trades 25% below replacement cost — across a metro of 7.8M with one of the most supply-responsive land markets in the country.

The Columbus Ohio housing market trades 21% below replacement cost — backed by Ohio State, Intel's $28B campus, and a metro growing at nearly 1%/year.

Homes in Indianapolis trade 28% below what it would cost to build them new today — the widest discount of any growing metro in our 100-city dataset. Here's what that means for buyers, renters, and investors. −28% Discount to Replacement Cost +1.5% Annual Population Growth $136 Median Price per Sq Ft $79/mo Cheaper to Own Than Rent Indianapolis doesn't make the cover of real estate magazines. It doesn't trend on social media. When national commentators talk about housing m