(WASHINGTON) — Michelle Obama has called the White House the “people’s house,” and similar to many American homes, it is seeing an increase in its value with the recovery of the housing market.
Since President Barack Obama, his wife, and their daughters, Sasha and Malia, moved into the White House in January 2009, the home’s value has increased about 7 percent to an estimated $294.9 million, according to housing marketplace Zillow.
Zillow calculated the value of the White House as if it were a home that could be bought and sold, using its proprietary Zestimate algorithm, which determines a home’s estimated worth based in part on public data and recent sales.
When the first family moved into 1600 Pennsylvania Ave., it was worth an estimated $275.6 million.
In Washington, D.C., Zillow said its Zillow Home Value Index rose almost 13.6 percent between January 2009 and November 2012, the most recent data available, to $397,000 from $349,600.
The monthly mortgage payment on the historic home, including taxes, insurance, principle and interest, would be $1,130,832. The monthly rent is estimated at $1.75 million.
Copyright 2013 ABC News Radio
Tana Bolinger, FamilyShare
Millie Behra, FamilyShare
Wayne Drash, CNN