LOS ANGELES 2

According to the zillow.com‘s author 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 metro, 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 high-valued markets like Los Angeles, San Francisco, and San Jose.

Meanwhile, renters spent $535 billion 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, CA – $2.4 trillion
New York/Northern New Jersey – $2.3 trillion
San Francisco, CA – $1.2 trillion
Washington, DC – $939 billion
Miami-Fort Lauderdale, FL – $773 billion
Chicago, IL – $741 billion
Boston, MA – $634 billion
San Jose, CA – $614 billion
San Diego, CA – $574 billion
Philadelphia, PA – $567 billion

Total rent paid at year end

New York/Northern New Jersey – $55.9 billion
Los, Angeles-Long Beach-Anaheim, CA – $34.5 billion
San Francisco, CA – $16.7 billion
Chicago, IL – $16.5 billion
Washington, DC – $14.0 billion
Boston, MA – $13.4 billion
Houston, TX – $13.1 billion
Dallas-Fort Worth, TX – $12.8 billion
Miami-Fort Lauderdale, FL – $11.2 billion
Seattle, WA – $10.2 billion

Source: http://www.zillow.com/blog/2016s-most-valuable-housing-markets-190114/

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