Press Releases

U.S. Home Values Gained $1.1 Trillion, Renters Paid Record $535 Billion in 2015

Despite slowing home value growth, several markets are more valuable than ever

- The cumulative value of all homes in the United States is $28.5 trillion at the end of 2015, up 4.1 percent from 2014.

- U.S. renters paid $535 billion in rent as the number of renter households rose by 1.8 million over the past year.

- In November, home values rose 3.9 percent to a Zillow Home Value Index of $183,000.

Dec 30, 2015

SEATTLE, Dec. 30, 2015 /PRNewswire/ -- The value of all homes nationwide grew $1.1 trillion in 2015, and is expected to end the year at $28.5 trillion total. The value of the entire housing stock grew 4.1 percent over the past year, slower than the 6 percent growth in 2014.

The total value of all homes has regained $5.3 trillion since hitting its lowest point during the housing bust in December 2011, but is still $782 billion below the bubble peak value of $29.2 trillion, reached in October 2006.

The dollar amount itself underscores the significance of housing to the U.S. economy. In the third quarter of 2015, the U.S. gross domestic product was $18.1 trillioni, $10 trillion less than the total value of the housing stock.

"This reminds us of the large role housing plays in the overall economy," said Zillow® Chief Economist Dr. Svenja Gudell. "Total home value growth slowed this year, but there was still a significant increase in overall value, and many markets are more valuable than they've ever been. At the same time, more renter households and rising rents combined to set new records in rental spending in 2015. Americans are spending a lot of money on housing, and that will make affordability an important issue next year."

Housing value isn't distributed equally across the country. California is home to about 12 percent of the U.S. populationii, but the state accounts for nearly a quarter of the country's total home value, driven by highly valued markets like Los Angeles and San Francisco.

Total Rent Paid

Americans shelled out nearly $20 billion more in rent in 2015 than in 2014 as people around the country set up 1.8 million new renter households and median monthly rents rose at a record paceiii.  In all, renters spent $535 billion on rent in 2015 – nearly as much as the total budget of the Department of Defense ($575 billion)iv,according to a new Zillow rentals analysis. In 2014, they spent $516 billion.

Renters of single-family homes and apartments spent about the same amount on rent this year, with apartment renters paying $239 billion and single-family home renters paying $245 billion.

Renters in the New York/Northern New Jersey metro area spent the most on rent in 2015 – about $56 billion. Los Angeles-area renters spent nearly $35 billion, and San-Francisco renters spent $17 billion. About two-thirds of the total rent paid in 2015 was spent in the 50 largest metros.

November Real Estate Market Report

Home values rose 3.9 percent annually in November to a Zillow Home Value Indexv of $183,000, according to Zillow's November Real Estate Market Reportsvi. Denver home values grew fastest for the tenth consecutive month at 15.5 percent annual appreciation. Miami joined Dallas, San Francisco, San Jose, and Portland as other metros seeing double-digit growth.

Rents also continued their steady climb, growing 3.8 percent annually to a Zillow Rent Index of $1,382vii. The pace of rental appreciation has slowed over the past four months. Only San Francisco and Portland saw rents grow at a double-digit pace, as Denver and San Jose slipped back into single-digit growth.

Metropolitan Area

Total Home Value, Year-End 2015

 Total Rent Paid, Year-End 2015

 November Zillow Home Value Index

 November Zillow Rent Index

United States

 $28.5 trillion

 $535.2 billion



New York/Northern New Jersey

 $2.3 trillion

 $55.9 billion



Los Angeles-Long Beach-Anaheim, CA

 $2.4 trillion

 $34.5 billion



Chicago, IL

 $741 billion

 $16.5 billion



Dallas-Fort Worth, TX

 $411 billion

 $12.8 billion



Philadelphia, PA

 $567 billion

 $9.8 billion



Houston, TX

 $381 billion

 $13.1 billion



Washington, DC

 $939 billion

 $14.0 billion



Miami-Fort Lauderdale, FL

 $773 billion

 $11.2 billion



Atlanta, GA

 $383 billion

 $8.8 billion



Boston, MA

 $634 billion

 $13.4 billion



San Francisco, CA

 $1.2 trillion

 $16.7 billion



Detroit, MI

 $271 billion

 $6.9 billion



Riverside, CA

 $417 billion

 $8.0 billion



Phoenix, AZ

 $421 billion

 $7.9 billion



Seattle, WA

 $506 billion

 $10.2 billion



Minneapolis-St Paul, MN

 $307 billion

 $2.7 billion



San Diego, CA

 $574 billion

 $9.4 billion



St. Louis, MO

 $181 billion

 $3.0 billion



Tampa, FL

 $232 billion

 $5.2 billion



Baltimore, MD

 $274 billion

 $5.8 billion



Denver, CO

 $347 billion

 $5.8 billion



Pittsburgh, PA

 $141 billion

 $2.8 billion



Portland, OR

 $252 billion

 $4.2 billion



Charlotte, NC

 $176 billion

 $3.3 billion



Sacramento, CA

 $253 billion

 $4.9 billion



San Antonio, TX

 $113 billion

 $3.3 billion



Orlando, FL

 $173 billion

 $3.2 billion



Cincinnati, OH

 $124 billion

 $2.3 billion



Cleveland, OH

 $113 billion

 $2.7 billion



Kansas City, MO

 $126 billion

 $2.7 billion



Las Vegas, NV

 $168 billion

 $4.5 billion



Columbus, OH

 $125 billion

 $3.0 billion



Indianapolis, IN

 $110 billion

 $2.6 billion



San Jose, CA

 $614 billion

 $6.7 billion



Austin, TX

 $155 billion

 $5.0 billion




Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow and Zestimate are registered trademarks of Zillow, Inc.

i U.S. Bureau of Economic Analysis
ii According to 2014 U.S. Census estimates
iii To calculate the total rent paid, we estimated the number of renter households in each metro area based on the U.S. Census Bureau's 2005 through 2014 American Community Surveys (ACS), and households counts and metro-level homeownership rates from the Current Population Survey/Housing Vacancy Survey (CPS/HVS). ACS microdata files were downloaded from the University of Minnesota, IPUMS-USA. We then summed the monthly Zillow Rental Indexes (ZRI) for each year, including a forecast for December 2015 ZRI (Actual December 2015 data were unavailable at the time of publication). Finally, we took the product of the estimated number of renter households and the summed ZRIs for each metro, and scaled the results by a rental stock adjustment factor, which controls for differences in the footprint of the rental stock and the total housing stock. The rental stock adjustment factor was derived from the relationship between ZRI and monthly contract rents reported in the 2014 ACS for each geography.
v The Zillow Home Value Index (ZHVI) is the median estimated home value for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. It is expressed in dollars, and seasonally adjusted.
vi The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit The data in Zillow's Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder's office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at and
vii The Zillow Rent Index (ZRI) is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow's database, regardless of whether they are currently listed for rent. It is expressed in dollars.



For further information: Lauren Braun, Zillow,