The Kansas City and U.S. housing markets both saw an increase in value in 2017.
The value of all homes in the U.S. market increased by $2 trillion in 2017, bringing the total value up to $31.8 trillion, according to resent data collected.
This year, all the homes in the Kansas City metro are valued at a combined $140.3 billion, an annual increase of 7.8 percent. That’s a $10.2 billion increase from the 2016 value of $130.1 billion.
In 2017, the nationwide housing market grew at its fastest pace — 6.5 percent — in the last four years, according to Zillow. In 2013, the overall value of U.S. homes increased 8 percent.
Since the lowest levels of the recession and housing bubble, the U.S. housing market has gained about $9 trillion in value.
Local renters paid a total of $2.7 billion in Kansas City, an increase of 3.2 percent. Nationwide, renters paid $485.6 billion, an $4.9 billion increase from the previous year.
For comparison, the St. Louis metro includes homes valued at $195.7 billion, an increase of 1.3 percent. St. Louis renters paid $3.1 billion in 2017, an increase of 2.7 percent from 2016.
The nation’s top housing markets are New York, Los Angeles and San Francisco, which are each include homes worth more than $1 trillion.
By Miranda DavisSpecials Editor, Kansas City Business Journal