(Bloomberg) -- Your home may not have made the same gains as stocks or bitcoin, but it still was a robust year for the U.S. housing market.
The of the entire U.S. housing stock increased by 6.5 percent -- or $2 trillion -- in 2017, according to a report from Zillow. All homes in the country are now worth a cumulative $31.8 trillion.
The gain in home s was the fastest since 2013, when real estate was in the early stages of its recovery from the recession. Yet it still trails the surge in other assets, with the S&P 500 Index up about 19 percent, and bitcoin increasing exponentially.
Los Angeles is the most valuable U.S. housing market at $2.7 trillion, according to Zillow’s estimate of owner-occupied and rental homes, with New York second, at $2.6 trillion. The 10 most valuable metropolitan areas are worth $11.3 trillion combined, or 36 percent of the total of the U.S. housing stock.
A home might be a worse investment next year, as the new federal tax law reduces key benefits to ownership. That includes a lower limit on the amount of debt eligible for the mortgage-interest deduction and a cap on state and local tax deductions. Those changes will land hardest on homeowners in coastal markets with high property s -- and taxes -- and could lead to price declines, according to the National Association of Realtors.
©2017 Bloomberg L.P.
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