When it comes to the value of all the real estate in America’s biggest cities, New York and L.A. are usually first and second on the list, often switching places, depending on what analysis you read.
A year-end market-value report from home listings site Zillow concludes that Greater Los Angeles is the U.S. champion. "The total value of all homes is $2.5 trillion, a 6.4 percent change from last year, or [a gain of] $154 billion," according to a statement from Zillow spokeswoman Lauren Braun.
"Homes in the glitzy Los Angeles metro, America’s most valuable housing market and home to ultra-wealthy enclaves including Beverly Hills and Malibu, have ... more than double the combined wealth of America’s 50 richest citizens," according to the Zillow report.
For Los Angeles, the analysis included Orange County. Greater New York’s real estate value is pegged at slightly less than $2.4 trillion, according to the report.
Nearly one-tenth of America's real estate value, or 8.6 percent, can be found in Greater L.A., according to the analysis. For New York, that figure is 8 percent. Next up is San Francisco, with 4.2 percent of the nation’s housing value, Zillow found.
Nationwide, residential real estate was worth $29.6 trillion in 2016, a 5.7 percent increase compared with 2015, according to the report. That's an extra $1.6 trillion.
Read full article here: http://www.laweekly.com/news/la-is-america-s-most-valuable-housing-market-7771430
Related article: http://urbanize.la/post/fresh-renderings-promenade-howard-hughes-center
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