If you wanted to buy all the homes in Los Angeles, you'd have to pay more than you would to buy all the residences in any other American market, including New York.
That's our conclusion after looking at real estate website Zillow's annual “Total Value” report for major U.S. cities. L.A.'s $2.3 trillion in residential property value edged out New York's $2.1 trillion.
The site calculated “the value of all single-family residences, condominiums and cooperatives” in major cities, it states.
The total value of L.A.'s real estate increased 5.2 percent between 2014 and 2013, Zillow says.
The site's own “Home Value Index” says the average home in our market will fetched about about $532,200. (Depressingly, that number for the entire nation is $177,600). L.A. inventory increased nearly 20 percent this year, Zillow says.
The average rent—Zillow leans toward single-family homes—was $2,437, according to the site's analysis.
As you well know, with an individual, per capita income of $27,749 in L.A. County, none of those figures comes close to being affordable for the average Angeleno.
The next most valuable housing market, by the way, was San Francisco, worth $1.1 trillion, up 8.5 percent versus 2013. That city usually beats us when it comes to impossible-to-afford real estate and rents, but this time L.A. was on top.
Perhaps it's because L.A. County's whopping 4,057.88 square miles has room for a lot more places to live.
The value of “all the homes in the United States,” Zillow says, is $27.5 trillion, an increase of 6.7 percent compared to last year.
While the housing market in L.A. continues to be a bummer for most of this city's residents, Zillow chief economist Stan Humphries says the numbers nationwide point to better times ahead:
As the job market improves and more households form, more people will search for homes to buy and rent, which will translate into more people buying appliances and home goods and lead to more jobs for home builders and contractors. Housing is well positioned to continue the great strides already made this year.