2015 Report Card: Where Housing Was Worth the Most
By Jordyn Lee
In 2015, the value of all homes across the U.S. increased $1.1 trillion, growing 4.1 percent over the past year. At year end, the entire housing stock is expected to be valued at $28.5 trillion -- $10 trillion more than 2015's third quarter U.S. gross domestic product.
The most valuable market going into 2016 is the Los Angeles metropolitan area, with a total value of $2.4 trillion. California as a whole accounts for almost a quarter of the country's cumulative home value, which isn't surprising considering it's home to such high-valued markets as Los Angeles, San Francisco, and San Jose.
Renters spent $535 billion nationally on housing in 2015 -- nearly as much as the total budget of the Department of Defense ($575 billion). That's almost $20 billion more than in 2014, due to 1.8 million new renter households and rental prices rising at record pace.
Renters in the New York/Northern New Jersey market spent the most on rent in 2015 -- about $56 billion.
Here are the 10 most valuable housing markets and the 10 markets that paid the most rent in 2015.
Total Home Value at Year End
- Los Angeles-Long Beach-Anaheim, Calif. – $2.4 trillion
- New York/Northern New Jersey – $2.3 trillion
- San Francisco – $1.2 trillion
- Washington – $939 billion
- Miami-Fort Lauderdale, Fla. – $773 billion
- Chicago – $741 billion
- Boston – $634 billion
- San Jose, Calif. – $614 billion
- San Diego – $574 billion
- Philadelphia – $567 billion
Total Rent Paid at Year End
- New York/Northern New Jersey – $55.9 billion
- Los, Angeles-Long Beach-Anaheim – $34.5 billion
- San Francisco– $16.7 billion
- Chicago – $16.5 billion
- Washington – $14.0 billion
- Boston – $13.4 billion
- Houston – $13.1 billion
- Dallas-Fort Worth – $12.8 billion
- Miami-Fort Lauderdale – $11.2 billion
- Seattle – $10.2 billion