US Home Values Gained $2-T Under President Trump in 2017
Your home value gains was robust this year in a good US housing market.
The value of the entire US housing stock increased by 6.5%, or $2-T in 2017, according to a report from Zillow. All homes in the country are now worth a cumulative $31.8-T.
The gain in home values was the fastest since Y 2013, when real estate was in the early stages of its recovery from the recession.
Home values trails the run in other assets, with the S&P 500 Index up 19.4% YTD.
Los Angeles is the most valuable US housing market at $2.7-T, according to Zillow’s estimate of owner-occupied and rental homes, with New York second, at $2.6-T.
The 10 most valuable Metro areas are worth $11.3-T combined, or 36% of the total value of the US housing stock.
A home might be a worse investment in Y 2018, as the new federal tax law reduces Key benefits to ownership. That includes a lower limit on the amount of debt eligible for the mortgage-interest deduction and a cap on state and local tax deductions.
Those changes will land hardest on homeowners in coastal markets with high property values, and taxes and could lead to price declines, according to the National Association of Realtors (NAR).
Have a Happy New Year’s Holiday weekend.