SEATTLE, Jan. 17, 2017 /PRNewswire/ -- The White House,
valued at $397.9 million according to
the Zillow® home valuation, has appreciated 15 percent since the
Obamas moved in eight years ago. The White House is the most
valuable home on Zillow.
Zillow first calculated the estimated value of the White House
in 2009 using the proprietary Zestimate® algorithm, which provides
a starting point for a home's worth based on public data and recent
sales. Zillow has Zestimate home valuesi on over 100
million homes -- almost every home in the country.
President-elect Donald Trump will
be the 44th president to move into the 55,000
square-foot homeii. Unlike some past presidents, luxury
living is not new to Trump, who is moving from his three-story
penthouse in The Trump Tower to one of the most famous homes in
America.
The value of the White House, currently at its peak, is expected
to appreciate 3 percent over the next year, in line with home value
growth expected throughout Washington,
D.C. Home values across the country have appreciated 6.5
percent over the past year and 9 percent since Barack Obama's inauguration in 2009.
"President-elect Trump is moving into one of the most famous
homes in the country -- and, according to Zillow, it's also the
most valuable home in the country," said Zillow Chief Marketing
Officer Jeremy Wacksman. "President
Obama's term coincided with a massive recovery of the U.S. housing
market, and that's reflected in the updated value of the White
House. Home values across the country are growing at their fastest
pace since 2006, with many markets setting new records -- one of
the reasons why the White House is worth more now than it has ever
been."
The White House has 132 rooms, 32 bathrooms and sits on 18
acres. Notable features include basketball and tennis courts, a sun
room and a library, all of which influence the home's Zestimate.
Were a potential buyer to take out a standard 30-year fixed
mortgage on the White House today, the monthly payment would be
about $1.6 millioniii,
according to Zillow. The monthly rental payment would be just over
$2 million per month.
Zillow
Zillow® is the leading real estate and rental
marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with the best local professionals who can help. In
addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of
economists and data analysts produce extensive housing data and
research covering more than 450 markets at Zillow Real Estate
Research. Zillow also sponsors the quarterly Zillow Home Price
Expectations Survey, which asks more than 100 leading economists,
real estate experts and investment and market strategists to
predict the path of the Zillow Home Value Index over the next five
years. Zillow also sponsors the bi-annual Zillow Housing Confidence
Index (ZHCI) which measures consumer confidence in local housing
markets, both currently and over time. Launched in 2006, Zillow is
owned and operated by Zillow Group (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow and Zestimate are registered trademarks of Zillow,
Inc.
i The Zestimate home value is Zillow's estimated
market value for an individual home and is calculated for about 100
million homes nationwide. It is a starting point in determining a
home's value and is not an official appraisal. The Zestimate value
is automatically computed daily based on millions of public and
user-submitted data points taking into account special features,
location, and market conditions. Read more here for more
information on how Zillow calculates the Zestimate value.
ii President George
Washington oversaw construction, but never lived in the
White House.
iii The monthly mortgage payment assumes 20 percent
down, a 4.2 percent interest rate and includes taxes, insurance,
principal and interest.
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SOURCE Zillow