Nationwide home values are expected to end the year at $28.5trillion, an increase of $1.1 trillion from 2014, according to aDec . 30 release from the Seattle-based real estate data firmZillow.

While the value of the entire housing stock grew 4.1% this year,this was slower than the 6% growth in 2014.

The total value of all homes has regained $5.3 trillion sincehitting its lowest point during the housing bust in December 2011;however, that is still $782 billion below the bubble's peak valueof $29.2 trillion, which was reached in October 2006.

According to Zillow, the dollar amount itself underscored thesignificance of housing to the U.S. economy. In the Q3 of 2015, thepress release noted, U.S. GDP was $18.1 trillion, $10 trillion lessthan the total value of the housing stock.

“This reminds us of the large role housing plays in the overalleconomy,” Zillow Chief Economist Dr. Svenja Gudell said. “Totalhome value slowed this year, but there was still a significantincrease in overall value, and many markets are more valuable thanthey've ever been.”

According to Zillow's November Real Estate Market Report, homevalues rose 3.9% annually, to a Zillow Home Value Index of$183,000.

Rental Trends

Rental payments are also increasing, according to Dr. Gudell.In fact, more renter households and rising rents combined to setnew records in rental spending in 2015.

“Americans are spending a lot of money on housing, and that willmake affordability an important issue next year,” he said.

Americans shelled out nearly $20 billion more in rent in 2015than in 2014, as people around the country set up 1.8 million newrenter households, and median monthly rents rose at a record pace.In all, according to Zillow, renters spent $535 billion on rent in2015, nearly as much as the total budget of the U.S. Department ofDefense (which was $575 billion). In 2014, renters spent $516billion.

Renters of single-family homes and apartments spent about thesame amount on rent this year, with single-family home renterspaying $245 billion, and apartment renters paying $239 billion.

Rents continued their steady climb in November, growing 3.8%annually to a Zillow Rent Index of $1,382, although the pace ofrental appreciation has slowed over the past four months.