Value of Obama White House Up 7% Over 4 Years, Beats National Average

Value of Obama White House Up 7% Over 4 Years, Beats National AverageIt may not be your typical single-family residence and it can’t be bought or sold but the White House has been tagged with an estimated $294.9 million value, representing about a 7 percent increase since President Obama took office.
Value growth of 7 percent since early 2009 far exceeds the national average over the same period. When the Obamas moved into their home at 1600 Pennsylvania Ave., it was worth an estimated $275.6 million.
The real estate twist on the home to the Oval office comes courtesy of Zillow,  which used its proprietary algorithm of estimating worth based in part on public data and recent sales.
In Washington, D.C., as a whole, the Zillow Home Value Index rose almost 13.6 percent – to $397,000, from $349,600 – between January 2009 and November 2012.
Nationally, home values fell roughly 5.3 percent over the same period, to $156,200 in November 2012 from $164,900 in January 2009.  But over the past year, national home values increased 5.2 percent between November 2011 and November 2012, Zillow said.
The White House’s value peaked at $299.9 million in July 2006. Its most recent low came in August, when it fell to an estimated value of $271.1 million.
“The White House is more than just a home; it’s a symbol of America. And just like the American housing market, its value has had its share of ups and downs over the past few years,” said Zillow Chief Economist Stan Humphries.
The White House’s appreciation has not kept up with that of the city of Washington, D.C., overall. That’s because the city of Washington as a whole outperformed the immediate neighborhood surrounding the White House, Humphries said.
By the way, if the Obamas decided to rent out the White House to another family, tenants could expect to pay more than $1.75 million per month in rent, according to Zillow.

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