According to a new report from Zillow, in 2016 the total value of all U.S. housing stock grew to a record-setting $29.6 trillion – which is 5.7% ($1.6 trillion) higher than 2015. Not surprising, Los Angeles and New York metro areas hold the highest shares of the country’s overall housing value, at 8.6% and 8%, respectively. The next most valuable metro is San Francisco, worth 4.2% of the overall housing value.
Interesting takeaways:
- Los Angeles is the most valuable metro, worth a cumulative $2.5 trillion
- Portland, Ore. had the biggest increase in value – growing 13.4% in 2016
- Renters paid a cumulative $478.5 billion in 2016, a 3.8% increase from 2015
- About 635k new renter households formed in 2016
- Renters in the New York/Northern New Jersey metro paid the most in 2016 – spending nearly $55 billion on rent
“The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery…The total value of the housing stock grew nearly 6 percent this year, a pace that will likely mean some American families are priced out of homeownership.” Said Zillow Chief Economist Dr. Svenja Gudell
