With the presidential inauguration just around the corner, President Obama might be happy to know that the value of the White House is on the rise.
Research by the online real estate site Zillow estimates that the historic home at 1600 Pennsylvania Avenue is now valued at $294.9 million, up 7 percent from when President Barack Obama first took office in 2009.
While better than the national average, which saw home prices drop roughly 5.3 percent over the same period to $156,200, the rise in value was lower than the other homes in the White House's Washington, D.C. neighborhood.
The study found that overall, homes in the nation's capital increased in value by 13.6 percent over the last four years.
Zillow chief economist Stan Humphries said the White House, whose value peaked at $299.9 million in July 2006, is more than just a home, it is a symbol of America.
"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," Humphries said. "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."
The research calculates that if a potential buyer were to take out a standard 30-year, fixed-rate mortgage on the White House, the monthly payment — including taxes, insurance, principal and interest — would be $1,130,832.
Renting the house, which boasts 55,000 square feet of indoor space, 132 total rooms, 35 bathrooms, 16 bedrooms, three kitchens and 18 acres of premium, downtown, comes at an even steeper price. The study projects it would cost $1.75 million to rent the president's home for a month.
To determine the projections, Zillow's team of data statisticians first looked at the home's physical characteristics and 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. They then 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 country and applied a maximum historical premium to their models to determine its final value.
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