U.S. housing worth record-high $29.6 trillionStaff Writer | December 30, 2016
The total value of the U.S. housing stock grew to a record-high $29.6 trillion in 2016, according to a new Zillow analysis.
America The housing market saw a strong year
The housing market saw a strong year of appreciation, growing 5.7 percent in value, or $1.6 trillion.
The U.S. housing market has regained all the value lost during the housing crisis. The cumulative value of all homes in the U.S. declined by $6.4 trillion between 2006 and 2012 as the housing market collapsed.
A home is typically the biggest part of an individual or family's wealth, and the cumulative value of the U.S. residential housing stock is similarly significant to the national economy. The U.S. GDP is an estimated $18.7 trillioni, nearly $10 trillion less than the value of all homes in the country.
Los Angeles and New York metros hold the highest shares of the country's overall housing value, at 8.6 percent and 8 percent, respectively. The next most valuable metro is San Francisco, worth 4.2 percent of the overall housing value.
While several markets are now more valuable than they were at the height of the housing bubble, about 60 percent of the markets in the U.S. are still below the maximum values reached during the bubble years.
For example, Chicago is still about $134 billion below the highest value it reached in 2006. ■