When it comes to the value of all the real estate in America’s biggest cities, New York and L.A. are usually first and second on the list, often switching places, depending on what analysis you read.
A year-end market-value report from home listings site Zillow concludes that Greater Los Angeles is the U.S. champion. “The total value of all homes is $2.5 trillion, a 6.4 percent change from last year, or [a gain of] $154 billion,” according to a statement from Zillow spokeswoman Lauren Braun.
“Homes in the glitzy Los Angeles metro, America’s most valuable housing market and home to ultra-wealthy enclaves including Beverly Hills and Malibu, have … more than double the combined wealth of America’s 50 richest citizens,” according to the Zillow report.
For Los Angeles, the analysis included Orange County. Greater New York’s real estate value is pegged at slightly less than $2.4 trillion, according to the report.
Nearly one-tenth of America's real estate value, or 8.6 percent, can be found in Greater L.A., according to the analysis. For New York, that figure is 8 percent. Next up is San Francisco, with 4.2 percent of the nation’s housing value, Zillow found.
Nationwide, residential real estate was worth $29.6 trillion in 2016, a 5.7 percent increase compared with 2015, according to the report. That's an extra $1.6 trillion.
“The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery,” according to Zillow chief economist Dr. Svenja Gudell. “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.”
Indeed, the proportion of renters nationwide has been on the rise, with Zillow stating that 635,000 new renter households joined the party this year. In Los Angeles, slightly more than half of households are in rented digs. New Yorkers paid the most in rent last year, $54.6 billion, according to the site’s data. Angelenos came in second place, having doled out $38.6 billion for rent, Zillow found.
Rent across America was worth $478.5 billion this year, which is a $17.7 billion increase compared with 2015.