Total Value of All U.S. Homes: $31.8 Trillion

The total value of all U.S. homes in 2017 is $31.8 trillion.
Homes in the Los Angeles and New York metro areas are worth $2.7 trillion and $2.6 trillion, respectively, the size of the U.K. and French economies.
Renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016.

If you add the value of all the homes in the United States together, you get a sum that’s a lot to get your mind around: $31.8 trillion.

How big is that? It’s more than 1.5 times the Gross Domestic Product of the United States and approaching three times that of China. Total U.S. home values have grown $1.95 trillion over the past year — more than all of Canada’s GDP or two companies the size of Apple.

Altogether, homes in the Los Angeles metro area are worth $2.7 trillion, more than the United Kingdom’s GDP. That’s before this luxury home on steroids hits the market.

In the New York City metro, total home values equal $2.6 trillion, more than the French economy — and enough money to buy 8,494 Boeing 787-10 Dreamliners.

Among the 35 largest U.S. markets, the greatest total home value growth happened in Columbus, Ohio, which gained 15.1 percent to $152.3 billion — enough to buy 634 million club seats at Friday’s Cotton Bowl game between Ohio State and USC (which, you know, don’t exist).

Renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016. Renters in New York and Los Angeles spent the most on rent over the past year. These markets are also home to the largest number of renter households.

San Francisco rents are so high that renters collectively paid $616 million more in rent than Chicago renters did, despite there being 467,000 fewer renters in San Francisco than in Chicago.