Millions of people dream of one day getting elected president of the United States and moving into the White House, perhaps the most glamorous and certainly the most historic home in America.
The vast majority of us will never realize that dream of the presidency and all the power and prestige it holds. But what if we could, at least hypothetically, buy our way into the White House? Well, if the White House were for sale, prospective buyers should be prepared to pony up close to $300 million.
Zillow calculates the value of the White House as if it were a home that could be bought and sold, using the proprietary Zestimate® algorithm, which determines a home’s estimated worth based in part on public data and recent sales. According to the latest Zestimate for the president’s home at 1600 Pennsylvania Ave. in Washington, DC, the White House has a current value of $294.9 million.
Since President Barack Obama and his family first moved into the home in January 2009, its value has risen approximately 7 percent, from $275.6 million. In Washington, DC, as a whole, the Zillow Home Value Index (ZHVI) rose almost 13.6 percent — to $397,000, from $349,600 — between January 2009 and November 2012, the most recent month for which data is available.
Nationally, home values fell roughly 5.3 percent over the same period, to $156,200 in November 2012 from $164,900 in January 2009. But over the past year, national home values rose 5.2 percent between November 2011 and November 2012.
The White House’s value peaked at $299.9 million in July 2006. Its most recent low came in August, when it fell to an estimated value of $271.1 million.
So, what does almost $300 million buy in a home? The White House, designed in the neoclassical style by architect James Hoban and completed in 1800, has undergone numerous additions and renovations over the past 200-plus years. It currently features 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.
It is unclear whether 24-hour Secret Service protection and the small army of servants and personal aides who keep the home running would be included in any potential sale.
Were a potential buyer to take out a standard 30-year, fixed-rate mortgage on the White House today (assuming 20 percent down and a 3.276 percent interest rate), the monthly payment (including taxes, insurance, principal and interest) would be $1,130,832, according to Zillow.
If the Obamas decided to rent out the White House to another family, tenants could expect to pay more than $1.75 million per month in rent, according to the home’s Rent Zestimate.