The total value of all homes in the United States is now $31.8 trillion after gaining $2 trillion in 2017.
The cumulative value of the U.S. housing market grew at its fastest annual pace 6.5% in four years. The value of all U.S. homes rose 8% annually in the early stages of the housing recovery in 2013.
For many households, a home is the single largest source of wealth, but the collapse of the housing market and the ensuing Great Recession demonstrated the importance of housing to the U.S. economy as well. The housing market has gained $9 trillion since the lowest levels of the recession.
Many people’s home may not have made the same gains as stocks or bitcoin, but it still was a robust year for the U.S. housing market.
The value of the entire U.S. housing stock increased by 6.5% or $2 trillion in 2017, according to a report from Zillow. All homes in the country are now worth a cumulative $31.8 trillion.
The worth gained in 2017 alone is equivalent to more than the valuation of two companies the size of Apple. Over the past year, the U.S. housing market has gained $1.95 trillion, while Apple recently hit a market value of $900 billion, the first U.S. Company to do so.
The Los Angeles and New York markets each account for more than 8% of the value of all U.S. housing, and are worth $2.7 trillion and $2.6 trillion, respectively. San Francisco is the only other housing market worth more than $1 trillion.