It’s no surprise that the White House is one of the most valuable properties in the United States.
But have you ever wondered how much, exactly, it’s worth?
Well, wonder no longer because, according to the real-estate listings firm Zillow, the White House is worth $397.9 million.
Zillow used their Zestimate tool, which uses public data and recent sales to predict a home’s worth, to determine the White House’s current value. According to their estimates, the White House increased in value by 15 percent during President Barack Obama’s two terms in office.
“President Obama’s term coincided with a massive recovery of the US housing market, and that’s reflected in the updated value of the White House,” Zillow Chief Marketing Officer Jeremy Wacksman said in a press release. “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.”
According to their calculations, home values around the U.S. have appreciated 6.5 percent over the past year and 9 percent overall since Obama’s inauguration in 2009. Zillow figures the historic building will appreciate 3 percent in the next year, which would make the White House worth almost $410 million.
Of course, it should be noted that Zestimates have a “median error rate” of 4.5 percent, so their estimates don’t always accurately reflect actual market values (a point of frustration for many of those in the real estate industry).
Not to mention, Zillow is only looking at the hard facts of the White House like square footage and pricing of comparable properties in the vicinity. When you add the sentimentality factor, no doubt the actual going price of the White House—were it ever to go on the market—would be much higher because, hello, it’s the White House.
What About Renting?
If you were to take out a standard 30-year fixed mortgage (with a monthly payment of 20 percent down, a 4.2 percent interest rate and include taxes, insurance, principal and interest), you would have to pay $1.6 million per month.
So, according to Zillow, you could expect to score about $2 million a month in rent.
And in case you’re wondering: Yes, there’s an official listing for the White House, which highlights its 16 bedrooms, 35 bathrooms and 55,000-square feet as well as its nickname of “The People’s House.” My favorite part: “The impressive kitchen is equipped to serve dinner for up to 140 guests and hors d’oeuvres to over 1,000.”
Zillow also makes sure to include the basketball court, library, a doctor’s office, flower and carpenter shops and the bowling alley in the listing—just to sweeten the deal, were it ever to happen. In the meantime, there’s always this 38,000-square-foot Bel-Air mansion that’s currently on the market for a cool $250 million.