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Earlier this year, the Movoto Real Estate bloggers set about to calculate the cost of the White House in current market conditions. Soon after, we couldn’t help but ask ourselves how the price might differ in a number of the nation’s largest metro areas.
A few computations later, we had our results.
We found that back in May the 55,000-square-foot estate would have had a price tag of $147 million in San Francisco, and a price of $110 million in its hometown of Washington, D.C. Not surprisingly, the most expensive locale for the White House was New York City at a cost of $387 million.
The White House Goes Campaigning
With the fate of who will take over our country just around the corner and dependent upon a few states, we thought it fitting to amend our original article. Movoto looked at what the White House would cost in the six states that Romney and Obama are currently battling for.
Using the state capitals for reference, we discovered just how much the president’s home would cost in this election’s swing states.
- Colorado: $50,000,000
- Florida: $15,000,000
- Iowa: 23,000,000
- New Hampshire: 28,000,000
- Ohio: $21,000,000
- Virginia: $26,000,000
- Wisconsin: $29,000,000
Calculating the Battleground States
In order to find out how much the White House costs, we needed to first find out the average price per square foot for each city.
Once we had these numbers, we divided each by the price per square foot for Washington, D.C., which happens to be $430. Then we multiplied the resulting number–which represents the percentage of each city’s price per square foot to that of D.C.–by our estimated cost of the White House: $110 million.
Rewind to the Presidential Election of 2008
All these calculations of what the White House would cost in the battleground states got us thinking about the last election. And, being known for our inability to pass up random calculation opportunities, we of course felt compelled to see it through.
In addition to looking at the current markets in the swing states, we decided to look at what the iconic home would have cost during the most recent battle for the coveted position.
To do this, we had to figure out the price per square foot of each capital during the 2008 election. Then we plugged it into our mathematician’s handy equation:
(Current price ／ Current price per square foot) x Price per square foot in 2008
This led us to estimations of what the White House would have cost in the swing states just four years ago.
In Denver, the median price per square foot in 2008 was $171, making it the only swing state where prices are higher now than they were in 2008.
This means the White House would have cost about $44,000,000 in The Mile-High City when President Obama was elected. Now the home is priced at $6 million more.
In Tallahassee the market averaged $113 per square foot in 2008.
Using that information, the White House would have cost $29,000,000 in this swing state during the previous presidential election. That’s $14 million higher than what the property is estimated to cost in Tally today.
The price per square foot in 2008 in Des Moines was $100.
In November of 2008 the White House would have cost $2 million more than today, with a price tag of $25,000,000.
With the price per square foot in Concord at $133, in 2008 the hefty presidents’ mansion would have cost $34,000,000.
That’s $6 million more than what current market conditions suggest it would be priced at today.
Columbus had a median price per square foot of $85 in 2008, only a single dollar higher than today’s market.
This puts the price of the White House at $21,000,000, if it were on market in 2008 in the Buckeye State capitol.
In 2008, homes in Richmond cost $108 per square foot on average.
With this price, we determined that the White House would have cost $28,000,000 back in 2008.
With one square foot priced at $121 in 2008, the presidential home would have cost $31,000,000 at the time of the last race for commander-in-chief.
This means that today’s price in Madison is a $2 million decrease from four years ago.
Apparently the elected President will be able to relate to the American people after all. Turns out the alabaster mansion is suffering from the collapsed housing bubble just like the rest of us.
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Who is Movoto Real Estate, you might ask? Movoto is an online real estate brokerage based in San Mateo, CA. Our blog has been recognized for its unique approach to city-based research by major news organizations around the world such as Forbes and CBS News.