Home values in some of the hottest markets in the United States are appreciating at the equivalent of a six-figure salary, according to research by the real estate site Zillow. In the United States as a whole, the average equity gain fell just shy of minimum wage when measured against working hours.

Zillow determined that the median value of a U.S. home at the end of February 2018 was $210,200, a year-over-year increase of 7.6 percent. The site said this $14,800 increase over the course of the year was the equivalent of $7.09 an hour in equity gains for a 40-hour work week.

This equity gain was 16 cents short of the federal minimum wage of $7.25 an hour. It was also considerably lower than the median household income of $59,978 per year, or $28.74 per hour by the measure of 2,087 working hours per year. This figure was determined by the U.S. Census Bureau and Bureau of Labor Statistics.

However, equity gains in some markets were occurring so rapidly that they were outpacing both the minimum wage and the median household income in the United States. Zillow looked at 50 of the largest cities in the nation and found that equity gains were higher than the minimum wage in 24 markets. The typical equity gain was higher than the U.S. median household salary in six cities, and the equivalent of a six-figure salary in three cities.

San Jose, in Silicon Valley in California, had the fastest home appreciation by far. The median home value in this market was $1,078,300, a year-over-year increase of $208,300. This equity gain was the equivalent of a $99.81 per hour salary and more than seven times the local minimum wage of $13.50 per hour.

Homes in San Francisco gained a median of $125,500 in equity over the course of a year, equivalent to a salary of $60.13 an hour and more than four times the minimum wage of $14 an hour. In Seattle, equity gains were equivalent to a median salary of $54.24 an hour, or $113,200 a year – more than 3.5 times the local minimum wage of $15 an hour.

Zillow cautioned that homeowners shouldn't quit their day job, even if their property is rapidly appreciating in value. Aaron Terrazas, senior economist at Zillow, said equity can't be collected on a regular basis or spent on daily expenses.

"Equity is only available once a homeowner chooses to sell a home, and even then is often subject to various taxes and other expenses," said Terrazas. "Still, particularly for homeowners that have already or are very close to paying off a mortgage, this supplemental 'income'—especially if allowed to accumulate over several years—can essentially serve as a kind of second job that pays directly to a homeowner's bottom line, without nearly as much actual work involved in collecting it."

The site also noted that the rapid increase in home prices in several markets is making it more difficult for renters to transition to homeownership, especially as the year-over-year growth in values outpaces their ability to save up for a down payment.

In some cities, the minimum wage was considerably higher than the equivalent hourly increase in home equity. In Washington, D.C., the typical home gained only $1.53 per working hour while the local minimum wage was $12.50. The median Chicago home gained $1.01 per working hour against a minimum wage of $11 an hour, while the typical home in Portland, Ore., gained $1.29 per working hour in equity – more than eight times more slowly than the minimum wage of $11.25 per hour.

Homeowners experienced a median growth in equity in each of the 50 cities in the report, with the exception of Oklahoma City and New Orleans. In the former city, the typical home lost $2,700 in equity over the course of the year. In the latter, the typical homeowner lost $1,700 in equity.