U.S. Housing Market's Combined Value Hits $33.6 Trillion in 2020

According to new research by Zillow, the total value of every home in the U.S. is $33.6 trillion, nearly as much as the GDP of the two largest global economies combined -- the U.S. ($20.5 trillion) and China ($13.6 trillion). Since 2010, when the market was battling to regain its footing in the wake of one of the largest housing downturns on record, the national housing market added $11.3 trillion in value -- a more than 50% increase. About 14% of that gain was from new stock entering the market, with the remainder from increased values of the existing stock, underlining just how much home values rose during last decade's recovery and then explosion. California lives up to its Golden State nickname, making up a whopping 21.2% of the nation's housing value with 12% of the population. To put that into context, the next most populous state, Texas, makes up 8.8% of the U.S. population, but only 5.9% of the country's housing value. To exceed the $7.1 trillion worth of homes in California, you'd need to combine the next four states on the list -- New York ($2.7 trillion), Florida ($2 trillion), Texas ($2 trillion) and Washington ($1.1 trillion). With $66 billion each, North Dakota and Wyoming have the smallest shares of the U.S. housing market.