# Presentation: 673708

## Home Values: 2000

**Home Values: 2000**

**Notes:**
The median value of a home in the United States in 2000 was $119,600, according to findings in Census 2000. This value represented an increase of 18 percent over the 1990 value of $101,100, after adjusting for inflation.
This is a presentation of data on median home values in the United States, as well as for regions, states, counties, and places with populations of 100,000 or more. It also includes data on home values for householders by age, race, and Hispanic origin.

SPEAKER NOTES: Median value means that one-half of all homes were worth more and one-half were worth less.
This presentation is based on the Census 2000 Brief, Home Values: 2000, issued May 2003, and was developed by A. Emmy Warwick of the Census Bureau’s Marketing Services Office <amparo.emmy.warwick@census.gov>.
12-12-03

## The value of home and property is an important measure of neighborhood quality, housing affordability and wealth.

**Notes:**
Census 2000 questions about the value of home and property provided an important measure of neighborhood quality, housing affordability and wealth. These data provide socioeconomic information not captured by household income and comparative information on the state of local housing markets.

## In 2000, 55.2 million of the country’s 115.9 million housing units were owner-occupied, single family homes on less than 10 acres.

**Notes:**
In 2000, more than 55 million of the country’s 115.9 million housing unites were owner-occupied single family homes on less than 10 acres without a business or medical office on the property.

## Census 2000 Question on Housing Value

**Notes:**
The Census 2000 question “What is the value of this property; that is how much do you think this house and lot, apartment, or mobile home and lot would sell for if it were for sale?”  was asked at owner-occupied housing units and units that were being bought or were vacant and for sale at the time of enumeration. 
The value of a home is the owner’s estimate of what the house and lot would sell for if it were on the market. 
In Census 2000, only a sample of households were asked the home value question, whereas all households were asked that question in 1990. The wording was changed to replace “condominium unit” with “apartment” and to  include “mobile home.” Some of the value categories were collapsed while others were added, allowing respondents to indicate homes valued for $1 million or more. The highest value category in 1990 was $500,000 or more.

## Median home values more than doubled between 1950 and 2000.

**Notes:**
Median home values more than doubled between 1950 and 2000.

**Notes:**
The median value of single-family homes in the United States rose from $44,600 in 1950 to $119,600 in 2000, after adjusting for inflation. Median home value increased in each decade of this 50-year period, rising fastest (43 percent) in the 1970s and slowest (8.2 percent) in the 1980s.

## Homeowners aged 45 to 54 lived in the highest-priced homes.

**Notes:**
Homeowners aged 45 to 54 lived in the highest-priced homes.

**Notes:**
Median values rose with the age of homeowners, peaking for homeowners 45 to 54 at $131,100. After that, median home values fell to $124,000 at 55 to 64, $108,300 at 65 to 74, and $95,500 at 75 and over.
The median value for single-family homes was lowest ($84,700) for homeowners under the age of 25.

## The median value of homes owned by Asian householders was more than 50 percent higher than the national median.

**Notes:**
The median value of homes owned by Asian householders was more than 50 percent higher than the national median.

**Notes:**
The median value of single-family homes for householders who identified their race as Asian was $199,300—more than 50 percent higher than the national median home value. A large proportion of these households (45 percent) were located in Hawaii or California, states that recorded the highest median home values. Householders who were Native Hawaiian and Other Pacific Islander had a median home value of $160,500, also considerably higher than the national estimate. 
In contrast, homeowners who were Black or African American or who were American Indian and Alaska Native had a median value of about $81,000—one-third below the national median. Among homeowners who were non-Hispanic White the median value for a single-family home was $123,400—higher than the national estimate—while among Hispanic or Latino homeowners it was $105,600 —below the national estimate. The median home value for people who reported two or more races was $124,400.

SPEAKER NOTES: Census 2000 allowed respondents to choose more than one race. With the exception of the Two or more races group, all race groups discussed in this presentation refer to people who indicated only one racial identity among the six major categories: White, Black or African American, American Indian and Alaska Native, Asian, Native Hawaiian and Other Pacific Islander, and Some other race.

## Home values were highest in the West.

**Notes:**
Home values were highest in the West.

## Median Values of Single-Family Homes: 2000

**SOUTH**
**$96,300**

**MIDWEST**
**$105,500**

**NORTHEAST**
**$139,400**

**Notes:**
The median value for a single-family home was higher in the West ($171,000) than in the Northeast ($139,400), the Midwest ($105,500), or the South ($96,300). In the Northeast, the median value dropped between 1990 and 2000 by 12 percent, but home values increased in the other regions. The increase was greatest in the Midwest (up 33 percent), followed by the South (up 15 percent) and the West (up 6 percent).

## In Census 2000, as in 1990, Hawaii recorded the highest median value for single-family homes among states - $272,700.

**Notes:**
Hawaii continued to have the highest median home value among the states. In Census 2000, as in 1990, Hawaii recorded the highest median value for single-family homes ($272,700)—more than twice the national median.

## Median Home Values: 2000

| State | 2000 |  |
| --- | --- | --- |
|  | Specified owner-occupied housing units | Median
(dollars) |
| Hawaii
California
Massachusetts 
New Jersey
Washington
Connecticut
Colorado
Oregon
District of Columbia | 173,861 
5,527,618 
1,187,871 
1,701,732 
1,157,462
728,244
903,259
653,869
76,289 | 272,700
211,500 
185,700 
170,800 
168,300
166,900
166,600
152,100
157,200 |

**Notes:**
California followed Hawaii with a median value of $211,500 for single-family homes. Six additional states had median home values above $150,000; Massachusetts ($185,700), New Jersey ($170,800), Washington ($168,300), Connecticut ($166,900), Colorado ($166,600), and Oregon ($152,100). The District of Columbia had a similar median value at $157,200. 

## Median Home Values: 2000

| State | 2000 |  |
| --- | --- | --- |
|  | Specified owner-occupied housing units | Median
(dollars) |
| Oklahoma
Mississippi
Arkansas
West Virginia
North Dakota | 699,452
532,291
513,483
392,928
122,078 | 70,700
71,400
72,800
72,800
74,400 |

**Notes:**
The lowest median home value among the states was $70,700, recorded in Oklahoma—more than one-third below the national estimate. Four additional states in the South and Midwest had median home values below $75,000: Mississippi ($71,400), Arkansas and West Virginia (both at $72,800), and North Dakota ($74,400.)
Colorado was the only noncoastal state with a median home value above $150,000. With the exception of Maine and South Carolina, all of the states with median home values below $100,000 were adjacent and located near the middle or interior of the country.

## Oregon had the sharpest rise in median home value, up 78 percent.

**Notes:**
Oregon had the sharpest rise in median home value, up 78 percent.

## Median Home Values: 1990 and 2000

| State | 1990 |  |  | 2000 |  | Median percent change. 1990 to 2000 |
| --- | --- | --- | --- | --- | --- | --- |
|  | Specified owner-occupied housing units | Median
(dollars) | Median*
(adjusted to 2000 dollars) | Specified owner-occupied housing units | Median (dollars) |  |
| Oregon
Utah
Colorado
Minnesota
Maine
Vermont | 511,829
303,724
637,629
894,345
214,663
89,157 | 67,100
68,900
82,700
74,000
87,400
95,500 | 85,700
88,000
105,700
94,500
111,700
122,000 | 653,869
427,244
903,259
1,117,489
254,866
105,962 | 152,100
146,100
166,600
122,400
98,700
111,500 | 77.5
66.0
57.6
29.5
-11.6
-8.6 |

**Notes:**
Other states in the West with more than a 50-percent increase in median home value were Utah (up 66 percent) and Colorado (up 58 percent). Oregon and Utah went from far under the national median in 1990 to well above it in 2000. Minnesota was the only other state to follow this path, although its gain was more modest.
Maine and Vermont went in the opposite direction, from above the national median in 1990 to under by 2000.
Between 1990 and 2000, median home values decreased in eleven states and the District of Columbia, with Connecticut showing the sharpest drop of 17 percent.

## Counties with more expensive homes were primarily located in major metropolitan areas.

**Notes:**
Counties with more expensive homes were primarily located in major metropolitan areas.

**Notes:**
A band of counties with median single-family home values in excess of $150,000 extended almost continuously from the District of Columbia and its suburbs up the East Coast to Boston, Massachusetts, and its suburbs.
Another band of homes in this price range extended along the California coast. Other counties where median single-family home values exceeded $150,000 clustered around Denver and in other Rocky Mountain areas of Colorado and in large metropolitan areas throughout the country. Counties with exceptionally high single-family median home values or those with values above $500,000 were New York County, New York ( the borough of Manhattan), with a median value in excess of $1 million; Pitkin County, Colorado ($750,000); Nantucket, Massachusetts ($577,500); and Marin County, California ($514,600). Counties where median home values exceeded $150,000 represented 6.2 percent of all counties. In nearly one-half of counties (49 percent) median single-family homes values fell below $75,000. 

## Among places with 100,000 people or more, Sunnyvale, California recorded the highest median single-family home value, $495,200—more than four times the national median.

**Notes:**
Among places with 100,000 people or more, Sunnyvale, California, recorded the highest median single-family home value, $495,200—more than four times the national median.

**Notes:**
The remaining nine places had median single-family home values in the $300,000 to $400,000 range: Cambridge, Massachusetts ($398,500); Santa Clara, California ($396,500); San Francisco, California ($396,400); San Jose, California ($394,000); Honolulu, Hawaii ($386,700); Berkeley, California ($380,200); Fremont, California ($363,400); Stamford, Connecticut ($362,300); and Daly City, California ($335,000). 
Seven of the ten places with the highest single-family home values were in the San Francisco Bay area and two were in the New England area.

SPEAKER NOTES: Because of sampling error, the estimates in this table may not be significantly different from one another or from estimates for other geographic areas not listed in this table. Source: U.S. Census 2000 Summary File 3.

## Flint, Michigan recorded the lowest median home value among places of 100,000 or more.

**Notes:**
Flint, Michigan recorded the lowest median home value among places of 100,00 or more.

## Slide 23

**Notes:**
The lowest median single-family home value among large cities (places with 100,000 people or more) was recorded in Flint, Michigan ($49,700)—more than 50 percent below the national median. The ten lowest median single-family home values ranged from about $50,000 to $60,000. 
The other nine places were Kansas City, Kansas ($52,500) Brownsville, Texas ($53,000); Waco, Texas ($53,300); Gary, Indiana ($53,400); Buffalo, New York ($59,300); Philadelphia and Pittsburgh, Pennsylvania (both at $59,700); Abilene, Texas ($61,100); and Rochester, New York ($61,300).

## Cambridge, Massachusetts, had the highest percentage of homes valued at $1 million or more.

**Notes:**
Cambridge, Massachusetts had the highest percentage of homes valued at $1 million or more.

## Slide 25

**Notes:**
The city with the highest percentage of single-family homes valued at $1 million or more was Cambridge, Massachusetts, with 12 percent. 
San Francisco, California, followed Cambridge with 7.0 percent and Pasadena, California, was next with 4.7 percent. Los Angeles, California, had 3.8 percent, while the remaining six cities—Fort Lauderdale, Florida; Berkeley, California; Stamford, Connecticut; Honolulu, Hawaii; Atlanta, Georgia; and Fremont, California—all had about 3 percent. Five of the ten places were in California and two were in the New England area. None of the ten places was in the Midwest.

## The median value of single-family homes with a mortgage was much higher than the median value of those without a mortgage.

**Notes:**
The median value of single-family homes with a mortgage was much higher than the median value of those without a mortgage.

## Slide 27

**Notes:**
Of all 55.2 million specified owner-occupied homes in the United States, 70 percent were mortgaged and 30 percent were nonmortgaged. The median value of single-family homes with a mortgage was $128,800. The median value of single-family homes without a mortgage was $96,900.

## The median value of homes varied by type of structure.

**Notes:**
The median value of homes varied by type of structure.

## Slide 29

**Notes:**
Among all owner-occupied housing (69.8 million), not just specified, the median home value was $111,800. 
For single-family detached homes (56.3 million) the median value was $121,100. This estimate was significantly higher than the $112,500 for single-family attached units, which numbered 3.8 million and included townhouses, row houses, or duplexes. The median value for owner-occupied homes in buildings of two or more units (3.8 million) was $116,600. Finally, for mobile homes (5.9 million) it was $31,200.

## The median value of new homes was higher than that of older homes.

**Notes:**
The median value of new homes was higher than that of older homes.

## Slide 31

**Notes:**
Of all owner-occupied homes, the 7.7 million new homes or those built between 1995 and March 2000 (median value $146,300) were much more expensive than the 24 million old homes or those built before 1960 (median value $95,600). 
The newer the home the higher the median value, except for the 12.3 million built in the 1970s ($106,800), which was lower than the 9.1 million homes built during the 1960s ($108,500).

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