Zillow Estimates White House is Worth Over $300 Million
Real estate site Zillow.com has estimated the value for the White House were it actually a home that could be bought and sold. Zillow estimates that the White House would be worth $308,058,000 making it by far the most expensive residence in the United States. Even the White House apparently can't avoid the falling house prices - Zillow says the White House is worth $23 million less than its value one year ago. Zillow calculated the value using its proprietary Zestimate algorithm that determines a home's estimated worth.
To determine the White House's value, Zillow's team of data statisticians first looked at the home's physical characteristics, which includes 55,000 square feet of indoor space, 132 total rooms, 35 bathrooms, 16 bedrooms, three kitchens and 18 acres of premium downtown Washington, DC land. They then considered the most expensive home sales in Washington, DC in 2008, as well as other historic homes in the DC area recently for sale, and calculated the premium historic homes typically fetch over similar homes with no historical significance. Here's some other interesting findings provided by Zillow including a staggering monthly mortgage payment of $1.25 million that the Obamas won't have to pay.
Were someone to take out a standard 30-year, fixed-rate mortgage on
the White House today (assuming 20 percent down and a 6 percent rate),
their monthly payment (including principal and interest) would be
$1.48 million. Even with the Treasury Department's proposed 4.5% rate
on 30-year mortgages, a monthly payment would still top $1.25 million.
If President-elect Obama were to spend 30 percent of his gross income
as U.S. president on housing, that would total $133,333 per year, or
$11,111 per month(1), falling short by more than $1 million on a
monthly payment for this home.
One would need to make $53.3 million in gross income a year to afford
a standard 30-year fixed-rate mortgage on the White House, and have
$62 million saved up for a down payment of 20%.
The White House's estimated value has decreased by 7.2% percent, or
more than $23 million dollars, in the past year. However, the home's
value has nearly doubled from the $167,861,500 Zillow estimates it was
worth in January 2001 when George W. Bush was sworn in as president.
