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By Susanne Dwyer

Want to buy the White House? Well, you can’t. But if you could, it would go for just under $400 million, says new hypothetical Zillow data.

According to the data, the White House has appreciated 15 percent since Barack Obama’s inauguration in 2009, and is currently valued at $397.9 million. Were it to actually be listed on Zillow, it would be the most valuable home on the site—and rightfully so.

Zillow first calculated the value of the White House in 2009 using their Zestimate® algorithm, which provides a starting point for a home’s worth based on public data and recent sales. According to Zillow, the value of the 55,000-square-foot “residence” is currently at its peak. If it continues in line with the projected value growth rate of homes in Washington, D.C., the estate will appreciate another 3 percent in 2017.

“[President] Trump is moving into one of the most famous homes in the country and, according to Zillow, it’s also the most valuable home in the country,” says Zillow Chief Marketing Officer Jeremy Wacksman. “President Obama’s term coincided with a massive recovery of the U.S. housing market, and that’s reflected in the updated value of the White House. Home values across the country are growing at their fastest pace since 2006, with many markets setting new records—one of the reasons why the White House is worth more now than it has ever been.”

So what can you get for just under $400 mill? Built in the 1800s, the estate offers over 130 rooms, 35 bathrooms and 18 acres. The grounds include basketball and tennis courts, and the residence includes a gym, a sun room and a library. The President and his family will reside on the top two floors of the six-story Executive Residence. Also located in the house are a doctor’s office, flower shop and a bowling alley.

What if a hypothetical buyer wished to take out a hypothetical mortgage on the palatial presidential domicile? If they were to lock in a standard 30-year fixed mortgage on the White House today, the monthly payment would be about $1.6 million. If they wanted to rent the spot, their monthly payment would be over $2 million per month.

Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com.

This was originally published on RISMedia’s blog, Housecall. Visit the blog daily for housing and real estate tips and trends. Like Housecall on Facebook and follow @HousecallBlog on Twitter.

The post What Is the White House Worth? Nearly $400 Million, Says Zillow appeared first on RISMedia.

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From:: Real Estate News

By Susanne Dwyer

Five million veterans live in rural areas, with the majority living in rural areas in the South and Midwest, according to new data from the U.S. Census Bureau’s American Community Survey. Residing in a rural area as a veteran, the survey’s results reveal, is not unlike residing in an urban area as a veteran, with the exception of employment and income—factors aligning more with those also in rural areas who are not veterans.

“In general, rural veterans were different from rural nonveterans in the ways veterans are typically different from nonveterans, and rural veterans were different from urban veterans in the ways all rural residents are different from their urban counterparts,” said Kelly Holder, a demographer, in a statement on the survey. “The two exceptions were employment rates and median household income, where rural veterans were more like their rural neighbors.”

Employment among veterans in rural areas is 66.0 percent, according to the results of the survey, below employment among non-veterans in rural areas (67.7 percent) and veterans in urban areas (70.7 percent). Employment is correlated with the “level of rurality,” or the share of the rural population per county, falling as rurality rises.

Income among veterans in rural areas is a median $53,554, above the median $52,161 of nonveterans in rural areas, but below the median $59,674 of veterans in urban areas. Poverty is also correlated with rurality, rising in tandem.

Approximately half (45.9 percent) of veterans in rural areas live in the South, while approximately one-quarter (26.4 percent) live in rural areas in the Midwest. The Northeast has the lowest share of veterans living in rural areas, at 13.7 percent, while the West has 14.1 percent.

The rural population overall has grown 3 percent to urban areas’ 11 percent—a rate expected to slow to 1 percent between 2020 and 2030, according to a report by the Urban Institute. The stunted growth pattern is in contrast to the vast amount of acreage available to develop; 85 percent of Americans live in urban areas, but rural areas comprise 75 percent of land in the U.S. With lot shortages bearing down on the home-building industry—and, subsequently, housing supply—continued migration of both veterans and nonveterans away from rural areas will put pressure on housing affordability and inventory in urban areas.

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Real Estate News

By Susanne Dwyer

Five million veterans live in rural areas, with the majority living in rural areas in the South and Midwest, according to new data from the U.S. Census Bureau’s American Community Survey. Residing in a rural area as a veteran, the survey’s results reveal, is not unlike residing in an urban area as a veteran, with the exception of employment and income—factors aligning more with those also in rural areas who are not veterans.

“In general, rural veterans were different from rural nonveterans in the ways veterans are typically different from nonveterans, and rural veterans were different from urban veterans in the ways all rural residents are different from their urban counterparts,” said Kelly Holder, a demographer, in a statement on the survey. “The two exceptions were employment rates and median household income, where rural veterans were more like their rural neighbors.”

Employment among veterans in rural areas is 66.0 percent, according to the results of the survey, below employment among non-veterans in rural areas (67.7 percent) and veterans in urban areas (70.7 percent). Employment is correlated with the “level of rurality,” or the share of the rural population per county, falling as rurality rises.

Income among veterans in rural areas is a median $53,554, above the median $52,161 of nonveterans in rural areas, but below the median $59,674 of veterans in urban areas. Poverty is also correlated with rurality, rising in tandem.

Approximately half (45.9 percent) of veterans in rural areas live in the South, while approximately one-quarter (26.4 percent) live in rural areas in the Midwest. The Northeast has the lowest share of veterans living in rural areas, at 13.7 percent, while the West has 14.1 percent.

The rural population overall has grown 3 percent to urban areas’ 11 percent—a rate expected to slow to 1 percent between 2020 and 2030, according to a report by the Urban Institute. The stunted growth pattern is in contrast to the vast amount of acreage available to develop; 85 percent of Americans live in urban areas, but rural areas comprise 75 percent of land in the U.S. With lot shortages bearing down on the home-building industry—and, subsequently, housing supply—continued migration of both veterans and nonveterans away from rural areas will put pressure on housing affordability and inventory in urban areas.

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Finance and Economy

By Susanne Dwyer

Homeowners are planning to spend more to improve their homes this year, up 6.7 percent to a total $317 billion, according to the Joint Center for Housing Studies at Harvard University. More remodeling activity generally indicates fit financials at the household level, as well as confidence and strength in the housing market.

“Growth in home prices is continuing at a healthy pace and encouraging homeowners to make remodeling investments,” says Chris Herbert, managing director of the Joint Center. “Home sales are remaining on an upward trajectory, as well, and this, coupled with continued growth in remodeling permit activity, suggests another strong year for home improvements.”

The National Association of Home Builders (NAHB) Remodeling Market Index (RMI) read 53 in the fourth quarter of 2016. (An above-50 reading signals more remodeling activity than less.)

“Many remodelers are seeing consumers commit to larger, long-term home improvement projects,” said 2017 NAHB Remodelers Chair Dan Bawden in a statement on the RMI. “As Americans are seeing wages and home values rise overall, it gives them greater confidence to go ahead and invest in their homes.”

“At 53, the Remodeling Market Index is consistent with NAHB’s forecast that remodeling market activity will continue to grow over the next two years, but at a more moderate annual rate of 1 to 2 percent,” said NAHB Chief Economist Robert Dietz.

In the fourth quarter of 2016, demand for “major alterations/additions,” according to the RMI, fell to a reading of 53, while demand for “smaller remodeling projects” rose to 52. Demand for “home maintenance/repair” fell to 54.

Sources: Joint Center for Housing Studies at Harvard University, National Association of Home Builders (NAHB)

The post Remodeling Activity to Pick Up in 2017 appeared first on RISMedia.

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From:: Real Estate News

By Susanne Dwyer

Homeowners are planning to spend more to improve their homes this year, up 6.7 percent to a total $317 billion, according to the Joint Center for Housing Studies at Harvard University. More remodeling activity generally indicates fit financials at the household level, as well as confidence and strength in the housing market.

“Growth in home prices is continuing at a healthy pace and encouraging homeowners to make remodeling investments,” says Chris Herbert, managing director of the Joint Center. “Home sales are remaining on an upward trajectory, as well, and this, coupled with continued growth in remodeling permit activity, suggests another strong year for home improvements.”

The National Association of Home Builders (NAHB) Remodeling Market Index (RMI) read 53 in the fourth quarter of 2016. (An above-50 reading signals more remodeling activity than less.)

“Many remodelers are seeing consumers commit to larger, long-term home improvement projects,” said 2017 NAHB Remodelers Chair Dan Bawden in a statement on the RMI. “As Americans are seeing wages and home values rise overall, it gives them greater confidence to go ahead and invest in their homes.”

“At 53, the Remodeling Market Index is consistent with NAHB’s forecast that remodeling market activity will continue to grow over the next two years, but at a more moderate annual rate of 1 to 2 percent,” said NAHB Chief Economist Robert Dietz.

In the fourth quarter of 2016, demand for “major alterations/additions,” according to the RMI, fell to a reading of 53, while demand for “smaller remodeling projects” rose to 52. Demand for “home maintenance/repair” fell to 54.

Sources: Joint Center for Housing Studies at Harvard University, National Association of Home Builders (NAHB)

The post Remodeling Activity to Pick Up in 2017 appeared first on RISMedia.

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From:: Finance and Economy

The housing market in Texas continues to expand, reaching new highs in some of its cities. One expert explains why Dallas is the new hotbed for housing. Many local businesses are even beginning expansion plans for the city, including Movement Mortgage. …read more

From:: Real Estate Wire

By jgaffney@housingwire.com At the age of 22, Matt Martin co-founded Matt Martin Real Estate Management, which was named to Inc. magazine’s 2012 list of America’s 500 fastest-growing companies. In 2015, the company rebranded as Chronos Solutions to help reflect its expanded offerings, which include HOA solutions, accelerated asset liquidation, REO asset management among other services. Now, he is stepping aside. …read more

From:: Real Estate Wire