The President of the United States lives at 1600 Pennsylvania Ave. The value of that house has gone up 7% in the past four years according to Zillow. The currently value the house at $294.9MM so in theory, the monthly rent would be $1.75MM.
There was an article Zillow released that included this information. I thought our readers would find it interesting.
Zillow calculates the value of the White House as if it were a home that could be bought and sold, using the proprietary Zestimate algorithm, which determines a home’s estimated worth based in part on public data and recent sales.
“The White House is more than just a home; it’s a symbol of America. And just like the American housing market, its value has had its share of ups and downs over the past few years,” said Zillow Chief Economist Stan Humphries. “The White House’s appreciation over the past four years failed to match that of the city of Washington, D.C., overall, but that’s because the city of Washington as a whole outperformed the immediate neighborhood surrounding the White House. Value growth of 7 percent since early 2009 far exceeds the national average over the same period, and most homeowners would be quite pleased with a 7 percent return on their investment since 2009.”
To determine the White House Zestimate, Zillow’s team of data statisticians first looked at the home’s physical characteristics, including 55,000 square feet of indoor space, 132 total 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. Zillow’s statisticians deemed the White House the most historic home in America and applied a maximum historical premium to their models to determine its Zestimate value.
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