REAL ESTATE NEWS...Home Values Gained $1.1 Trillion

U.S. Home Values Gained $1.1 Trillion, Renters Paid Record $535 Billion in 2015

Despite slowing home value growth, several markets are more valuable than ever

- The cumulative value of all homes in the United States is $28.5 trillion at the end of 2015, up 4.1 percent from 2014.

- U.S. renters paid $535 billion in rent as the number of renter households rose by 1.8 million over the past year.

- In November, home values rose 3.9 percent to a Zillow Home Value Index of $183,000.

Dec 30, 2015

SEATTLE, Dec. 30, 2015 /PRNewswire/ -- The value of all homes nationwide grew $1.1 trillion in 2015, and is expected to end the year at $28.5 trillion total. The value of the entire housing stock grew 4.1 percent over the past year, slower than the 6 percent growth in 2014.

The total value of all homes has regained $5.3 trillion since hitting its lowest point during the housing bust inDecember 2011, but is still $782 billion below the bubble peak value of $29.2 trillion, reached in October 2006.

The dollar amount itself underscores the significance of housing to the U.S. economy. In the third quarter of 2015, the U.S. gross domestic product was $18.1 trillioni, $10 trillion less than the total value of the housing stock.

"This reminds us of the large role housing plays in the overall economy," said Zillow® Chief Economist Dr. Svenja Gudell. "Total home value growth slowed this year, but there was still a significant increase in overall value, and many markets are more valuable than they've ever been. At the same time, more renter households and rising rents combined to set new records in rental spending in 2015. Americans are spending a lot of money on housing, and that will make affordability an important issue next year."

Housing value isn't distributed equally across the country. California is home to about 12 percent of the U.S. populationii, but the state accounts for nearly a quarter of the country's total home value, driven by highly valued markets like Los Angeles and San Francisco.

Total Rent Paid

Americans shelled out nearly $20 billion more in rent in 2015 than in 2014 as people around the country set up 1.8 million new renter households and median monthly rents rose at a record paceiii.  In all, renters spent $535 billion on rent in 2015 – nearly as much as the total budget of the Department of Defense ($575 billion)iv,according to a new Zillow rentals analysis. In 2014, they spent $516 billion.

Renters of single-family homes and apartments spent about the same amount on rent this year, with apartment renters paying $239 billion and single-family home renters paying $245 billion.

Renters in the New York/Northern New Jersey metro area spent the most on rent in 2015 – about $56 billion.Los Angeles-area renters spent nearly $35 billion, and San-Francisco renters spent $17 billion. About two-thirds of the total rent paid in 2015 was spent in the 50 largest metros.

November Real Estate Market Report

Home values rose 3.9 percent annually in November to a Zillow Home Value Indexv of $183,000, according to Zillow's November Real Estate Market Reportsvi. Denver home values grew fastest for the tenth consecutive month at 15.5 percent annual appreciation. Miami joined Dallas, San Francisco, San Jose, and Portland as other metros seeing double-digit growth.

Rents also continued their steady climb, growing 3.8 percent annually to a Zillow Rent Index of $1,382vii. The pace of rental appreciation has slowed over the past four months. Only San Francisco and Portland saw rents grow at a double-digit pace, as Denver and San Jose slipped back into single-digit growth.

Metropolitan Area	Total Home Value, Year-End 2015	Total Rent Paid, Year-End 2015	November Zillow Home Value Index	November Zillow Rent Index
United States	$28.5 trillion	$535.2 billion	$183,000	$1,382
New York/Northern New Jersey	$2.3 trillion	$55.9 billion	$380,600	$2,371
Los Angeles-Long Beach-Anaheim, CA	$2.4 trillion	$34.5 billion	$552,000	$2,488
Chicago, IL	$741 billion	$16.5 billion	$192,200	$1,637
Dallas-Fort Worth, TX	$411 billion	$12.8 billion	$175,600	$1,496
Philadelphia, PA	$567 billion	$9.8 billion	$202,700	$1,558
Houston, TX	$381 billion	$13.1 billion	$169,100	$1,578
Washington, DC	$939 billion	$14.0 billion	$357,200	$2,110
Miami-Fort Lauderdale, FL	$773 billion	$11.2 billion	$224,900	$1,817
Atlanta, GA	$383 billion	$8.8 billion	$159,600	$1,275
Boston, MA	$634 billion	$13.4 billion	$381,700	$2,245
San Francisco, CA	$1.2 trillion	$16.7 billion	$781,900	$3,325
Detroit, MI	$271 billion	$6.9 billion	$121,300	$1,131
Riverside, CA	$417 billion	$8.0 billion	$296,500	$1,689
Phoenix, AZ	$421 billion	$7.9 billion	$214,000	$1,248
Seattle, WA	$506 billion	$10.2 billion	$366,000	$1,922
Minneapolis-St Paul, MN	$307 billion	$2.7 billion	$214,000	$1,503
San Diego, CA	$574 billion	$9.4 billion	$496,600	$2,313
St. Louis, MO	$181 billion	$3.0 billion	$140,400	$1,121
Tampa, FL	$232 billion	$5.2 billion	$159,100	$1,293
Baltimore, MD	$274 billion	$5.8 billion	$241,800	$1,716
Denver, CO	$347 billion	$5.8 billion	$318,000	$1,952
Pittsburgh, PA	$141 billion	$2.8 billion	$126,200	$1,092
Portland, OR	$252 billion	$4.2 billion	$306,800	$1,683
Charlotte, NC	$176 billion	$3.3 billion	$156,900	$1,222
Sacramento, CA	$253 billion	$4.9 billion	$328,500	$1,599
San Antonio, TX	$113 billion	$3.3 billion	$147,600	$1,305
Orlando, FL	$173 billion	$3.2 billion	$179,800	$1,341
Cincinnati, OH	$124 billion	$2.3 billion	$141,600	$1,228
Cleveland, OH	$113 billion	$2.7 billion	$124,000	$1,127
Kansas City, MO	$126 billion	$2.7 billion	$146,000	$1,194
Las Vegas, NV	$168 billion	$4.5 billion	$198,900	$1,213
Columbus, OH	$125 billion	$3.0 billion	$150,400	$1,272
Indianapolis, IN	$110 billion	$2.6 billion	$129,800	$1,185
San Jose, CA	$614 billion	$6.7 billion	$924,000	$3,416
Austin, TX	$155 billion	$5.0 billion	$241,200	$1,683

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