For the last 40 years, the U.S. Census Bureau and HUD have conducted a special survey in an effort to capture the trends and influences of housing in America. The survey is so vast that they do it only every other year, on the odd numbered years. Today, July 11, 2013 was a big day for real estate, mortgage and house building companies because “today marked the release of the 2011 American Housing Survey.”
Any company connected with housing, as well as advocates for housing legislation and research can find information from this large and authoritative resource. Facts and statistics about the 132.4 million housing units of family homes illustrate the story of the American housing supply, glimpses of American family life, and trends in American family values.
Kurt Usowki, HUD’s Deputy Assistant Secretary for Economic Affairs praised the data collection, saying, “The last five years remind us how central housing is to each of us personally, to the fiscal health of our cities and counties, and the national economy.”
Palm State Mortgage Company believes it is very fitting that this information was released so near the recent July Fourth celebration because it proves how close housing and homemaking are to the American dream of “life, liberty, and the Pursuit of Happiness.”
According to these expert findings, proof of our esteem for home ownership can be broken down into these divisions:
1. 90 million of our homes are in single family houses.
2. 10.7 million, family units are situated in two to four family dwellings.
3. 10.3 million families live in condos or cooperatives.
4. Only Slightly more than 5 million home sites are in located in large (50 units or more) apartment buildings.
5. Finally, 9.05 million family units reside in manufactured homes or trailers.
Suppose you were interested in median prices for homes bought in 2011. This would be the report that would explain it was $110,000, and by the way, that is 2.3 percent larger than in the 2009 survey. What if you are searching for a new home? You might like to know that the median price for a new home, not more than four years old, was $235,000 in the year 2011.
Here is another bright and shining set of statistics:
1. 76 million owner -occupied units about are free and clear of their mortgages.
2. 43 million other homeowners are doing well because they have only one mortgage lien on the property
3. Sadly, 6.5 million homeowners are enduring payments on two mortgages.
Our favorite nugget of median information was the median monthly mortgage payment. It was $1,015 in 2011.
What else did they study? “The survey data includes information on building characteristics such as types of heating systems and accessibility features, characteristics of the borrowers, geographic data, housing costs, and hundreds of other variables.”
From the American Housing Survey, we can discover the answers to such questions as, “Why do people move?” Look up the details behind how often homes must be repaired. Look at the way the cost of a house is overwhelming the growth of family income. Experts say that this survey helps policymaking. This huge body of information also helps us get a picture of “our continued recovery in the U.S. and in metropolitan areas around the country.”
Palm State Mortgage advises you to begin your research adventure now, especially if you are house-hunting. To rephrase an old book title, go here for everything you ever wanted to know about housing, but were afraid to ask!
