Since U.S. President Joe Biden took office, his real estate in Delaware has risen in price significantly - almost twice. This was reported by Newsmaker, according to UNN.
Details
According to media reports, the significant increase in the value of Biden's real estate is in line with national trends. Over the past few years, the US housing market has seen a sharp jump in housing prices, in part due to high demand. In addition, Delaware's real estate market is attractive in terms of tax-friendly conditions and, in fact, due to the demand for locations such as Rehoboth Beach.
According to Redfin, since January 2021, Delaware home prices have risen by about 35.1 percent, with an average increase from $259,000 to $350,000. This is slightly more than the 29.2 percent increase in the overall US housing market over the same period.
Biden currently owns two homes in Delaware: his primary residence in the Wilmington suburb of Greenville and a vacation home in Rehoboth Beach. Zillow estimates that in January 2021, when Biden took office, the total assessed value of both homes was $3.1 million. Today, both homes are valued at $6,170,100, nearly doubling since his presidency began.
Biden and his wife, Jill, bought the land where the president's main house is located in Greenville, a suburb of Wilmington, for $350,000 in 1996. According to CNN, they built their home there after 23 years of Biden's tenure as a U.S. senator representing Delaware. The house has three bedrooms and 4.5 bathrooms.
According to Zillow, in January 2021, the home's value was $1.1 million, and its current assessed value is $1,742,700. This reflects a appreciation of approximately $642,700.
Biden's beach house, located at 32 Far View Road in Rehoboth Beach, was purchased in 2017 for $2.7 million. The residence has six bedrooms and five bathrooms.
In January 2021, the house was worth only $2 million. However, Zillow now estimates its value at about $4,427,400. This represents an increase of about $2,427,400 - more than double the value when Biden took office.
Recall
Joe Biden plans to write a book after his presidential term. The publication will reveal his view of the presidency and decisions about the 2024 elections.