America’s housing market is more valuable than ever.
The combined value of every home in the U.S. is expected to climb to a record high of $29.6 trillion this year, up 5.7 percent from last year, according to Zillow, an online real estate marketplace.
The nation’s housing stock has regained all the value lost since the market’s collapse, the company’s latest report found. The total value of homes fell by $6.4 trillion between 2006 and 2012.
The Miami and Fort Lauderdale region was the eighth most valuable this year with its homes totaling $819 billion, or 2.8 percent of the nation’s overall housing value. The region’s rental market was the seventh most valuable with an estimated $12.3 billion paid in rent as of Dec. 30.
Renters across the U.S. spent $478.5 billion on housing, a $17.7 billion increase from last year.
“The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery,” said Svenja Gudell, chief economist at Zillow. “As buying a home gets more expensive, affordability remains a concern for many, and these numbers highlight just how much people are spending on housing. The total value of the housing stock grew nearly 6 percent this year, a pace that will likely mean some American families are priced out of homeownership.”
Carla Vianna, Daily Business Review