The White House is currently valued at $294.9 million, up 7 per cent since president Obama took office in January 2009, according to Zillow.Prices of homes in Washington D.C. have been up 13.6 per cent for the same period.
The White House was worth $275.6 million when the president first moved in. It’s value peaked at $299.9 million in July 2006.
In August 2012, it reached its “most recent low” of $271.1 million.
Zillow determines the value of the White House using its proprietary Zestimate algorithm which considers a home’s worth through public data and recent sales.
In using this algorithm they looked at the size (55,000 square feet of indoor space, 132 rooms, 35 bathrooms, 16 bedrooms, three kitchens, and 18 acres of premium, downtown Washington, D.C. land). “They then considered the most expensive home sales in Washington, D.C., as well as other historic homes in the D.C. area recently for sale, and calculated the amount historic homes typically fetch over similar homes with no historical significance.”
From the press release:
“Were a potential buyer to take out a standard 30-year, fixed-rate mortgage on the White House today (assuming 20 per cent down and a 3.276 per cent interest rate), the monthly payment (including taxes, insurance, principal and interest) would be $1,130,832, according to Zillow.
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.”
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