Here's how much Vice President Mike Pence's DC residence is worth

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While many have said that the White House is a step down in luxury for President Donald Trump and First Lady Melania, Vice President Mike Pence and his wife, Karen, made more of a lateral move in austerity.

Prior to moving to Washington, the couple sold their home in Columbus and uprooted their family to reside at the Indiana Governor's Residence in Indianapolis for Vice President Pence's tenure as governor. The historic mansion, situated on 6.5 acres, boasts 23 rooms and a whopping 10,500-square-feet.

SEE ALSO: How much it would cost to buy the White House

Now, the Pences reside at the Number One Observatory Circle, which was designated the official residence of the vice president in 1974 beginning with Gerald Ford.

Check out the impressive state-owned property:

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The vice president's residence at One Observatory Circle
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The vice president's residence at One Observatory Circle
The US Vice President's Residence is seen at the Naval Observatory in Washington, DC, October 15, 2015. AFP PHOTO / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
WASHINGTON, DC -- CIRCA 1983: Vice President George H.W. Bush answers a phone call in the Vice President's Residence circa 1983 in Washington, DC. (Photo by David Hume Kennerly/Getty Images).
Democratic presidential nominee Vice President Al Gore makes a statement to the media from outside his residence at the Naval Observatory November 17, 2000 in Washington. Gore responded to the Florida Supreme Court's ruling that vote recounting may continue and election results should not yet be certified in Florida in the still undecided U.S. presidential race against Texas Governor George W. Bush. JRB/JP
WASHINGTON, DC -- CIRCA 1983: U.S. Vice President George H.W. Bush and the Bush's Golden Cocker Spaniel, C. Fred, at the Vice President's residence circa 1983 in Washington, DC. (Photo by David Hume Kennerly/Getty Images)
US Vice President Joe Biden greets Afghan President Hamid Karzai as he arrive at the US Naval Observatory May 12, 2010 in Washington, DC. Karzai is attending a dinner hosted by Biden at his official residence. AFP PHOTO/Mandel NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
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The two-bedroom single-family home was built in 1893 in a classic Queen Anne style, and comes in at just over 9,000 square feet, which includes a reception hall for hosting heads of state and other leaders. The home was appraised at $7,539,000 in 2014, but may be worth a bit more today, as the median home value in Washington, D.C., has grown by 1.6 percent since then.

Where it "lacks" in square footage, the Pences' new home does have its perks. Ultra-private, the structure rests on 13 acres of land in a desirable residential neighborhood. Plus, it's not open to the public, so the Pences can enjoy the space to themselves, unlike the Governor's Residence in Indianapolis, which sees approximately 10,000 visitors annually who tour the ground floor.

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