Can you put a price tag on the White House? Of course, 1600 Pennsylvania Avenue will never be put to the market, but the online real estate site Zillow.com decides to make some timely noise now that the new First Family only needs to wait for another 10 days to move in. The estimate: $308,058,000.
Yes, if Uncle Sam is in a fire sale, the "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" will slightly help our budget deficit.
And more fun facts if we think alone this line:
- Were someone to take out a standard 30-year, fixed-rate mortgage on the White House today (assuming 20 percent down and a 6 percent rate), their monthly payment (including principal and interest) would be $1.48 million. Even with the Treasury Department's proposed 4.5% rate on 30-year mortgages, a monthly payment would still top $1.25 million.
- If President-elect Obama were to spend 30 percent of his gross income as U.S. president on housing, that would total $133,333 per year, or $11,111 per month(1), falling short by more than $1 million on a monthly payment for this home.
- One would need to make $53.3 million in gross income a year to afford a standard 30-year fixed-rate mortgage on the White House, and have $62 million saved up for a down payment of 20%.
- The White House's estimated value has decreased by 7.2% percent, or more than $23 million dollars, in the past year. However, the home's value has nearly doubled from the $167,861,500 Zillow estimates it was worth in January 2001 when George W. Bush was sworn in as president.
Obama's family: have a good stay in this magnificent McMansion!