White House Value Rose in Past Four Years

November 2, 2012 by Paul Ausick

When the White House was first occupied, by John and Abigail Adams, in November of 1800, the U.S. government had spent about $232,000 to build the president’s residence. That building, burned during the War of 1812, is worth about $284.9 million today, according to real-estate website Zillow. That’s up 1.5% since 2008, but below the the 2006 valuation of $299.9 million.

That’s some serious appreciation, considering that on an inflation-adjusted basis, the building’s cost in 2011 would have been just over $3 million. Now the rebuilding, remodeling, and expansion costs after the White House burned (twice, 1812 and again in 1929) and following renovations and expansions by a number of presidents is very likely to be much higher. The GSA, for example, is currently in the midst of a four-year renovation project that has been budgeted at $376 million.

But the true value of the White House comes from its historic significance and its famous residence. The Wall Street Journal cites a historic-homes marketing specialist who valued the White House at $1.5 billion.

Of course no resident lives there for more than eight years now, and frequent turnover could have a negative effect on that estimate.

Paul Ausick

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