2015 Report Card: Where Housing Was Worth the Most

Venice Beach. Sunset. Summer concept
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By Jordyn Lee

In 2015, the value of all homes across the U.S. increased $ 1.1 trillion, growing 4.1 percent over the past year. At year end, the entire housing stock is expected to be valued at $ 28.5 trillion — $ 10 trillion more than 2015’s third quarter U.S. gross domestic product.

The most valuable market going into 2016 is the Los Angeles metropolitan area, with a total value of $ 2.4 trillion. California as a whole accounts for almost a quarter of the country’s cumulative home value, which isn’t surprising considering it’s home to such high-valued markets as Los Angeles, San Francisco, and San Jose.

Renters spent $ 535 billion nationally on housing in 2015 — nearly as much as the total budget of the Department of Defense ($ 575 billion). That’s almost $ 20 billion more than in 2014, due to 1.8 million new renter households and rental prices rising at record pace.

Renters in the New York/Northern New Jersey market spent the most on rent in 2015 — about $ 56 billion.

Here are the 10 most valuable housing markets and the 10 markets that paid the most rent in 2015.

Total Home Value at Year End

  1. Los Angeles-Long Beach-Anaheim, Calif. – $ 2.4 trillion
  2. New York/Northern New Jersey – $ 2.3 trillion
  3. San Francisco – $ 1.2 trillion
  4. Washington – $ 939 billion
  5. Miami-Fort Lauderdale, Fla. – $ 773 billion
  6. Chicago – $ 741 billion
  7. Boston – $ 634 billion
  8. San Jose, Calif. – $ 614 billion
  9. San Diego – $ 574 billion
  10. Philadelphia – $ 567 billion

Total Rent Paid at Year End

  1. New York/Northern New Jersey – $ 55.9 billion
  2. Los, Angeles-Long Beach-Anaheim – $ 34.5 billion
  3. San Francisco– $ 16.7 billion
  4. Chicago – $ 16.5 billion
  5. Washington – $ 14.0 billion
  6. Boston – $ 13.4 billion
  7. Houston – $ 13.1 billion
  8. Dallas-Fort Worth – $ 12.8 billion
  9. Miami-Fort Lauderdale – $ 11.2 billion
  10. Seattle – $ 10.2 billion

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