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This report investigates home price appreciation in three tiers (low, moderate and high price) from 2000 to 2019, nationally and in 285 metropolitan statistical areas (MSAs) in an attempt to identify which factors influence the different appreciation rates. We find that, nationally, from January 2000 to December 2019, prices for the lower-priced homes increased 126.2 percent, compared to 99.8 percent for medium-priced and 86.4 percent for higher-priced homes. Although lower-priced homes appreciate more quickly than higher-priced homes throughout the country, in MSAs with higher employment growth, stronger zoning and land-use regulation, and less land available for development, the lower-priced homes are even more significantly outpacing the appreciation rate of the higher-priced homes. We also find that the relatively greater increase in housing costs for low-income households has caused residual income inequality (household income minus housing costs) to increase more than income inequality.