Since every year the value of the house increase by 4%, the new value will be the previous value plus 4% of the previous value. To find 4% of a quantity, we just have have to multiply it by 4 and then divide by 100(or, written as a decimal, multiply the number by 0.04).
If we call the previous value of the house as P and the new value as N, the new value after one year will be

Every year that passes, to get the new value we multiply again by 1.04. The expression for the predicted value after t years is

Where P0 represents the initial value of the house. Evaluating t = 22 on this expression, we have

The predicted value of his home in 22 years is $487,966.