What is the White House Worth?
By: Diane Tuman, Zillow Content Manager | January 8, 2009
(Photo of North Portico of White House courtesy Kathleen Andersen)
Singularly, spectacularly, the White House is like no other residence in America. It can even be considered the world’s most famous home since it houses the U.S. president — leader of the free world and arguably, the most powerful nation in the world. And, come Jan. 20, 2009, the White House will become home to the 44th president of the United States, Barack Obama and his family. With Obama’s induction, the first African-American family will reside in the White House – ironically, 216 years after slaves helped build it between 1792 and 1800.
With this historic turn, we got to brainstorming how we at Zillow can help usher in a new chapter in American history. What better way than to give the White House a Zestimate value? Obviously, the White House will never be for sale, there are no true comparables for this historic structure, and to ascertain its value is an enormous undertaking. But we decided to try, anyway.
After gathering the White House facts and figures — 132 rooms, 55,000 sq ft, 18 acres, 16 family-guest rooms, an underground bunker, 3 kitchens, 3 elevators, and 28 fireplaces — just to name just a few, we worked with our data team that produces Zestimates to figure out its value. And this is what we determined:
Today’s White House Zestimate is $308,058,000
(Value range of $144,787,280 to $409,717,128)
Holy George Washington! How did we come up with this figure?
- We considered the most expensive home sales in Washington, D.C. in 2008 and built models relating the sales prices of these homes to their tax assessments and a variety of physical home facts about the homes.
- We then applied these models to several large homes in DC with historical value that have been on the market in the past year and did some additional computations that I’ve sworn to secrecy – basically calculating the premium a historical home has over a comparable home with similar attributes.
- We then took the White House attributes (# of bedrooms, baths, etc.) and the land it’s on and predicted its value today based on these physical characteristics (using the models developed from Step 1 above).
- Finally, we did a lot of multiplying, in order to apply the highest premiums seen in the historical homes to the basic valuation provided by the models in Step 3 above – assuming this is the most historic home in America.
We also calculated how the White House Zestimate would have changed over time. Not surprisingly, the home’s value has dropped over the past year — down 7.2%, or more than $23 million dollars since January 2008. However, had George W. Bush bought the home around his inauguration in January 2001, he would have made a pretty penny, as the home’s value has nearly doubled since its value then of $167,861,500.
(Photo of steel-frame renovation courtesy Truman Library)
Obviously, the White House Zestimate is debatable. The home at 1600 Pennsylvania Ave NW, Washington, DC, 20006, is truly one-of-a-kind and to place a value on its historic significance is next to impossible. How can you value an underground bunker that is said to withstand a nuclear blast? How can you value the one-lane bowling alley that President Nixon installed in 1969? How can you value the extensive redecoration undertaken by Jackie Kennedy, or massive steel-frame restoration commissioned by President Truman? Or the tennis court, basketball court, horseshoe pit, putting green, doctor’s office, multiple gardens, offices, and specialty rooms that make the White House a mini-city that hums and moans with the twists and turns of the day?
According to J.B. West, who wrote “Upstairs at the White House,” “the Executive Mansion of the United States is far more than a temporary home for the family who lives there for four or eight years. It is now a museum containing priceless works of art and furnishings, a national monument open to 2 million tourists a year, a guest hotel for entertaining visitors of state and, 
in recent years, an impregnable fortress for protecting the life of the commander-in-chief.”
President Gerald Ford called it “the best public housing I’ve ever seen.” President Harry S. Truman called it a “glamorous prison,” the “great white sepulcher of ambitions,” or the “taxpayers’ house.” It will be interesting to see what the Obama’s call it, as they will be the youngest family to live in it since the Kennedys.
Just think: the White House was completed in 1800 at a total cost of $232,372. Now, who was it that said real estate doesn’t hold its value?
- Stumble it!
- Categories: Zestimate
Comments
27 Comments so far
Enjoy this post? Subscribe to the Zillow Blog feed or get updates via e-mail
Brian Block on January 8, 2009 8:52 am
Another way of completing this Zestimate could have been to look at the rent (i.e. political donations) that various celebrities paid during the Clinton years for overnight stays in the Lincoln Bedroom.
Mike on January 8, 2009 9:02 am
Perhaps a comparable house would be the Biltmore House in
Asheville, TN. …which is considered the largest home in the United States. I would say it is the 2nd most famous home in the US behind the White House. It would be interesting to compare the two homes.
Mike on January 8, 2009 9:13 am
Any idea what the Biltmore House would appraise for??
Amy B (from Zillow) on January 8, 2009 12:24 pm
Hi Mike, we haven’t run a Zestimate for the Biltmore House, but that’s a great idea. We’re trying to think of some other famous historic homes to estimate in the future. Any other ideas anyone?
Ditech Home Loans on January 8, 2009 1:41 pm
A cash out refinance would be challenging.
Sharon Hollas on January 8, 2009 4:49 pm
That is quite the range, I bet you’d get more for it though.
Sharon Hollas - Langley Real Estate
doug on January 8, 2009 11:58 pm
It would be cool to have a Zestimate on all the various residences of the world leaders.
Obamas Are Making Room for Michelle’s Mom | Zillow® Blog on January 9, 2009 1:53 pm
[...] just added a Zestimate value to the White House and after researching what the big mansion has to offer, we are sure Mrs. Robinson will be busy [...]
Debra Drummond on January 10, 2009 2:49 pm
Very interesting. I’d love to see a zestimate of the Hearst Castle!
Links Back to the Week That Was 1/11 on January 11, 2009 2:02 pm
[...] This absolutely fascinates me. What if the USA had to buy a house? What’s our credit score? Could we even afford the White House? [...]
myrtle beach condos on January 12, 2009 6:55 pm
this is an awesome tool
Obama’s $1.5 Million Monthly Mortgage Payment | Zillow® Blog on January 13, 2009 5:31 am
[...] week, the real estate junkies at Zillow calculated a Zestimate value for the White House, were it actually a home that could be bought and sold. That number? A mind [...]
White House for Sale « MRod says: on January 13, 2009 9:34 am
[...] This person estimates the actual White House (132 rooms, 55,000 sq ft, 18 acres, 16 family-guest rooms, an underground bunker, 3 kitchens, 3 elevators, and 28 fireplaces) is worth today $308,058,000. It was originally built at a cost of $232,372. Slaves weren’t unionized back then. [...]
¿cuánto valdría la casa blanca si se pusiera a la venta? — idealista news on January 19, 2009 7:33 am
[...] famosa del mundo, que mañana tendrá un nuevo inquilino artículo visto en zillow.comWhat is the White House Worth?añadir tu comentario ver comentarios ¿te ha parecido [...]
Historic House Blog » Inauguration Special - Historic Home for $300,000,000 on January 19, 2009 7:01 pm
[...] We’ll see if that changes any after tomorrow. Check out Zillow’s rationale for the White House Zestimate, and if you’d like more information about the house President Ford called “the best [...]
Little-Known Facts About the White House | Zillow® Blog on January 20, 2009 5:01 am
[...] the first African-American president of the U.S. today, we decided to help celebrate by creating a Zestimate for the White House. It was a fun exercise and it refreshed our knowledge of U.S. history. In the process, it [...]
Zestimate on White House Falls Below $300 Million | Living Twin Cities on January 21, 2009 10:46 pm
[...] January 8th, the White House Zestimate was over $308 million, 12 days and over $11 million depreciation! I think I would be worried Mr. President. Share and [...]
What’s The White House Worth? « Seattle Real Estate Blog on January 22, 2009 10:16 am
[...] people over at Zillow decided to tackle a huge challenge and come up with a Zestimate of how much the White House is worth. Since there is nothing to compare it to (I mean how many [...]
Brad McCall on January 25, 2009 3:41 pm
Thanks for giving me the answer for my inquisitive nephew!
How Much is the White House Worth? - Housing Complex - Washington City Paper on January 29, 2009 9:24 am
[...] Zillow, which estimates home values, has analyzed the White House and decided a price tag. There are a couple of factors to examine: [...]
Roland The Realtor on February 4, 2009 12:35 pm
The White House Zesimate is too high, I would would bring it down just based on the maintenance and upkeep. Also, what, if any, are the HOA fee’s?
Also,
Zillow could do a series of Zestimates for cool spaces located through out the US. Maybe pick the top 20 Cites and do a “Top Ten” countdown
I can get you started for Seattle Smith Tower Residence
amol wankhade on March 19, 2009 9:25 pm
White house is a more beautiful residential building
of america’s president
JOHN K. WILLIAMS JR on May 6, 2009 9:04 am
I am so glad to express myself how I love the
white house of the American government, for that hard work, may God richly bless them forever in Jesus
name I man.
Hopefully yours
John k. Williams Jr.
Minneapolis Realtor on August 3, 2009 12:51 pm
Pretty cool estimate and proof of the value of real estate. Just so everyone knows if they sell the White House we each get $1 (based on the estimate.
The White House: A Presidential Palace on October 7, 2009 1:20 pm
[...] Much is the White House Worth? I’m sure it’s priceless, but Zillow valued the property at just over $308 million in January. The home’s value decreased more [...]
St Paul Apartment Guy on October 23, 2009 8:44 am
Really interesting perspective on the value. Thanks for the post.
Το Ακριβότερο Σπίτι Των ΗΠΑ on November 13, 2009 12:21 am
[...] του Μπαράκ Ομπάμα του Ευθυτενούς είναι αυτή τη στιγμή το ακριβότερο σπίτι στη χτυπημένη από τη real estate κρίση Α…, αξίζει κάτι ψιλά πάνω από 308 εκατομμύρια ευρώ, δηλαδή [...]