Los Angeles, San Fransicso, And NYC Acccount For Over $4 Trillion In Home Value
If you wanted to buy up all the homes in the country you would need to write a check for over $25 trillion dollars, according to a Zillow estimtae. It is estimated that the cumulative value of all homes in the U.S. at the end of 2013 is approximately $25.7 trillion, an increase of $1.9 trillion over 2012.
This represents the second yearly annual gain for U.S. housing stock. Duing the dark days between 2007 and 2011 the total value of the nation’s homes fell by almost $6.3 trillion – it is estimated that in 2008 alone home values fell by $2.67 trillion. With the gain in value this year homes have recouped $2.8 trillion in value. Future gains in value are predicted to be close to historical norms of 3% and 5% per annum.
U.S. housing stock is a huge asset. The $25.7 trillion in valuation exceeds the combined Gross Dosmestic Product (GDP) of both the United States and China for the year 2012.
New York City and Los Angeles alone account for over $4 triliion in combined housing value.
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