According to a recent report released by Zillow, the growth of home values throughout the U.S. brought several markets to be at their highest value ever. Nationwide home values grew $1.1 trillion in 2015. Since the lowest point of home values reported in December 2011, homes have regained $5.3 trillion.
- 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
- Home values rose in November 3.9 percent to a Zillow Home Value Index of $183,000
For the 10th consecutive month, Denver home values grew by 15.5 percent annually. Other metros that saw double-digit gains include San Francisco, Portland, San Jose, Dallas and Miami.
“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,” said Zillow Chief Economist Dr. Svenja Gudell.
“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.”
Zillow’s November Real Estate Market Reports, which is calculated based on information from the U.S. Bureau of Economic Analysis and 2014 U.S. Census estimates, found the Los Angeles November Zillow Home Value Index to be $552,000.
- The total home value year-end total in 2015 was $2.4 trillion.
- The total rent paid at the end of 2015 $34.5 billion.
- The November Zillow Rent Index was $2,488.