It turns out that investment in real estate is still a great choice according to a new report by Zillow. According to the report the value of U.S. homes has increased $2 trillion dollars or 6.5% year over year. The total value of all homes in the United States is up to $31.8 trillion dollars. The gains are significant and are the fastest increase in value since 2013.
To put these numbers of the value of U.S. homes into perspective,according to the Federal Reserve U.S. real estate was valued at $24.25 trillion in 2006 which is considered the height of the real estate bubble. The total value levels presently would be higher than these pre-recession figures even if you accounted for inflation which 2006 value would be priced at $29.4 trillion today.
With respect to which cities have the highest value it appears that Los Angeles is the most valuable U.S. housing market. The value of total homes in the regions came in at $2.7 trillion. New York came in at second, at $2.6 trillion. The 10 most valuable metropolitan areas are worth $11.3 trillion combined, or 36 percent of the total value of the U.S. housing stock. Bloomberg lists the top 10 cities value along with their changes from the last years figures.
Renters remain considerable spenders in the real estate market. There was an increase in spending by renters by $4.9 billion dollars. Renters spent a record amount in the amount of $485.6 in 2017. It remains that Los Angeles and New York has the most renters as well as spend the most amount in the rental market.
With investors still being in the market or snapping up new properties there will be a need for experienced property management companies to assist with day to day operations and maintenance of these properties. If you are in the market for an investment property or looking for a NYC property management company to oversee and facilitate your objective on increasing your revenue choosing Blue Harbour Property Management may be a good choice. We are a full-service professional NYC property management company managing commercial and residential properties throughout the New York City region. We manage unit in Queens, Brooklyn, Manhattan and the Bronx.