Zillow: White House Is Better Off Than 4 Years Ago
The mansion at 1600 Pennsylvania Ave. in Washington is better off than it was four years ago.
To be precise, it's valued at 1.4 percent higher than the estimated 2008 value of $280.8 million. According to the real estate website Zillow, the 220-year-old White House is worth $284.9 million.
"The White House has seen its home value increase … largely because home values in D.C. weathered the housing recession much better than most of the country," said Stan Humphries, chief economist of Zillow.
"Home values in the District fell only 0.5 percent from their peak in December 2005. Comparatively, home values nationwide fell by 20 percent."
He explained that places that weren't as hard hit during the recession tended to have four prevalent industries: health care, government, education and military, all categories that the area has locked down.
The estimate takes into account such factors as the location, with home values up nearly 3 percent in the D.C. metro area and 9 percent in the District, as well as the home's 16 bedrooms and 35 baths, and its 55,000 square feet of space. However, it doesn't quite account for the most important factor about the White House. Zillow estimated the home's value as if it weren't invaluable with its centuries of history and presidential occupants.
The White House's improved value is a far cry from the 2006 boom peak of $299.9 million. But regardless of whether the current first family stays, Zillow forecasts that home values will rise 1.1 percent in the D.C. metro over the next year, so the White House should expect to see another increase in its home value.