According to an end-of-the-year report from the popular home listing site Zillow, Los Angeles is America’s most valuable housing market by a significant margin which means Los Angeles is a great place to start your real estate business.
“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.
According to LA Weekly, “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.”
The Zillow research found that 8.6 percent of America’s real estate value can be found in Greater L.A. In New York it’s 8 percent and in third is San Francisco with 4.2 percent.
According to Zillow chief economist Dr. Svenja Gudell, “The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery. As buying a home gets more expensive, affordability remains a concern for many, and these numbers highlight just how much people are spending on housing. The total value of the housing stock grew nearly 6 percent this year, a pace that will likely mean some American families are priced out of homeownership.”
Zillow states there are 635,000 more renter households in Los Angeles this year than last year. However, New York citizens paid the most in rent last year, $54.6 billion while Los Angeles came in second with $38.6 billion. Zillow also confirms that rent across America has gone up by $17.7 billion since last year. That’s a lot of rent!
Now is as a great time to start and grow your real estate business. Contact the specialists at HML Investments today for more information about Hard Money Loans.