|By PR Newswire||
|January 17, 2013 12:00 PM EST||
SEATTLE, Jan. 17, 2013 /PRNewswire/ -- Since President Barack Obama first moved into the White House in January 2009, its value has risen approximately 7 percent to an estimated $294.9 million, according to the Zestimate® home value provided by Zillow®. By comparison, home values for the city of Washington, D.C., rose 13.6 percent during the same period.
Zillow calculates the value of the White House as if it were a home that could be bought and sold, using the proprietary Zestimate algorithm, which determines a home's estimated worth based in part on public data and recent sales.
When the Obama family moved into the historic home at 1600 Pennsylvania Ave., it was worth an estimated $275.6 million. In Washington, D.C., as a whole, the Zillow Home Value Indexi (ZHVI) rose almost 13.6 percent – to $397,000, from $349,600 – between January 2009 and November 2012, the most recent month for which data is available.
Nationally, home values fell roughly 5.3 percent over the same period, to $156,200 in November 2012 from $164,900 in January 2009. But over the past year, national home values rose 5.2 percent between November 2011 and November 2012.
The White House's value peaked at $299.9 million in July 2006. Its most recent low came in August, when it fell to an estimated value of $271.1 million.
"The White House is more than just a home; it's a symbol of America. And just like the American housing market, its value has had its share of ups and downs over the past few years," said Zillow Chief Economist Stan Humphries. "The White House's appreciation over the past four years failed to match that of the city of Washington, D.C., overall, but that's because the city of Washington as a whole outperformed the immediate neighborhood surrounding the White House. Value growth of 7 percent since early 2009 far exceeds the national average over the same period, and most homeowners would be quite pleased with a 7 percent return on their investment since 2009."
Were a potential buyer to take out a standard 30-year, fixed-rate mortgage on the White House today (assuming 20 percent down and a 3.276 percent interest rate), the monthly payment (including taxes, insurance, principal and interest) would be $1,130,832, according to Zillow.
If the Obamas decided to rent out the White House to another family, tenants could expect to pay more than $1.75 million per month in rent, according to the home's Rent Zestimate.
To determine the White House Zestimate, Zillow's team of data statisticians first looked at the home's physical characteristics, including 55,000 square feet of indoor space, 132 total rooms, 35 bathrooms, 16 bedrooms, three kitchens and 18 acres of premium, downtown Washington, D.C., land. They then considered the most expensive home sales in Washington, D.C., as well as other historic homes in the D.C. area recently for sale, and calculated the amount historic homes typically fetch over similar homes with no historical significance. Zillow's statisticians deemed the White House the most historic home in America and applied a maximum historical premium to their models to determine its Zestimate value.
Zillow (NASDAQ: Z) is the leading real estate information marketplace, providing vital information about homes, real estate listings and mortgages through its website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 350 markets at Zillow Real Estate Research. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Mobile, Postlets®, Diverse Solutions®, Buyfolio™, Mortech™ and HotPads™. The company is headquartered in Seattle.
Zillow.com, Zillow, Postlets and Diverse Solutions are registered trademarks of Zillow, Inc. Buyfolio, Mortech and HotPads are trademarks of Zillow, Inc.
i The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. The Home Value Index at the national level is calculated using a weighted average of the median home value for each county. It is expressed in dollars and is for a particular geographic region.
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