According to a spokeswoman, Lauren Braun, from Zillow, “The total value of all homes is $2.5 trillion, a 6.4 percent change from last year, or [a gain of] $154 billion.” “Homes in the glitzy Los Angeles Metro, America’s most valuable housing market and home to ultra-wealthy enclaves including Beverly Hills and Malibu have more than double the combined wealth of America’s 50 richest citizens.”
Los Angeles carries 8.6 percent of America’s real estate value, with New York at 8 percent, and San Francisco at 4.2 percent, according to Zillow. Residential real estate rose 5.7% in 2016, worth $29.6 trillion. This is $1.6 trillion more than in 2015.
“The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery,” according to Zillow Chief Economist Dr. Svenja Gudell. “As buying a home gets more expensive, affordability remains a concern for many, and their numbers highlight just how much people are spending on housing. 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.”
The percentage of renters nationwide has also increased. Last year, New Yorkers totaled $54.6 billion in rent, and Los Angelenos paid $38.6 billion in rent. Americans paid $478.5 billion for rent in 2016, which is $17.7 billion more than in 2015.