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® 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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