The value of US housing stock increased by $2 trillion in 2017 to a total value of $31.8 trillion
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The value of US housing stock increased by $2 trillion in 2017 to a total value of $31.8 trillion.
The gain resulted from a 6.8% rise in prices during the year, the fastest pace in four years according to an analysis from Zillow. The previous peak in annual increases was 8% in 2013 and since the low of the recession the cumulative value of US housing stock has increased $9 trillion.
Three metros were worth $1 trillion in 2017; Los Angeles ($2.7 trillion), New York ($2.6 trillion) and San Francisco ($1.4 trillion).
"Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation's booming coastal markets,” said Zillow’s chief economist Aaron Terrazas.
Among the 35 largest U.S. markets, Columbus grew the most in 2017, gaining 15.1% with gains of 10% or more for San Jose, Dallas, Seattle, Tampa, Las Vegas and Charlotte, N.C.
Renters under pressure
The analysis also reveals that America’s renters faced higher costs in 2017, exacerbating their barrier to homeownership.
Renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016. Those in New York and Los Angeles spent the most as the markets with the largest number of renter households.
Las Vegas, Minneapolis and Charlotte, N.C. saw the largest gains in rent paid, each increasing by at least 7% in 2017.
The gain resulted from a 6.8% rise in prices during the year, the fastest pace in four years according to an analysis from Zillow. The previous peak in annual increases was 8% in 2013 and since the low of the recession the cumulative value of US housing stock has increased $9 trillion.
Three metros were worth $1 trillion in 2017; Los Angeles ($2.7 trillion), New York ($2.6 trillion) and San Francisco ($1.4 trillion).
"Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation's booming coastal markets,” said Zillow’s chief economist Aaron Terrazas.
Among the 35 largest U.S. markets, Columbus grew the most in 2017, gaining 15.1% with gains of 10% or more for San Jose, Dallas, Seattle, Tampa, Las Vegas and Charlotte, N.C.
Renters under pressure
The analysis also reveals that America’s renters faced higher costs in 2017, exacerbating their barrier to homeownership.
Renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016. Those in New York and Los Angeles spent the most as the markets with the largest number of renter households.
Las Vegas, Minneapolis and Charlotte, N.C. saw the largest gains in rent paid, each increasing by at least 7% in 2017.
