The total value of all homes in the U.S. is roughly $31.8 trillion, almost three times the Gross Domestic Product of China, and has grown $1.95 trillion over the past year, more than Canada’s GDP.
In the 35 largest U.S. markets, the greatest total home value growth happened in Columbus, Ohio, which gained 15.1 percent to $152.3 billion, per Zillow. Homes in the Los Angeles and New York metros are worth between $2.7 trillion and $2.6 trillion, the size of the U.K. and French economies. Renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016.
Renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016. Renters in New York and Los Angeles spent the most on rent over the past year. These markets are also home to the largest number of renter households. San Francisco rents are so high that renters collectively paid $616 million more in rent than Chicago renters did, despite there being 467,000 fewer renters in San Francisco than in Chicago.
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