Home Ownership

HOME OWNERSHIP RATES BY AGE OF HOUSEHOLDER, 2011

(Percent)

Source: U.S. Department of Commerce, Census Bureau, Housing Vacancy Survey.

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SNAPSHOT OF HOUSING IN AMERICA, 2010-2011 (1)

  2010 2011 Percent change, 2010-2011
Single-family home sales      
    New (thousands) 323 306 -5.3%
    Existing (millions) 3.7 3.8 2.1
Residential construction      
    Total starts (thousands) 587 609 3.7
          Single-family (thousands) 471 431 -8.6
          Multifamily (thousands) 116 178 54.0
    Completions (thousands) 652 585 -10.3
Median single-family sales price      
    New $228,800 $227,200 -0.7
    Existing (2) 172,900 166,100 -3.9
Construction spending      
     Residential fixed investment ($ billions) 348.8 337.5 -3.2
     Homeowner improvements ($ billions) 115.1 115.8 0.6

(1) Calculated from unrounded data. Dollar values adjusted for inflation using the consumer price index for all items.
(2) National Association of Realtors revised figures.

Source: The State of the Nation's Housing, 2012, Joint Center for Housing Studies, Harvard University; National Association of Realtors.

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Home Prices

In 2011 the national median existing single-family home price fell 3.9 percent to $166,100, after rising slightly in 2010. The median represents the market price where half of the homes sold for more and half sold for less, and is an indicator of typical prices.

MEDIAN SALES PRICE OF EXISTING SINGLE FAMILY HOMES, 1975-2011

Year  Median sales price Average annual
percent change (1)
Year Median sales price Average annual
percent change (1)
1975 $35,300 8.9% 2005 $219,600 1.0%
1980 62,200 12.0 2007 219,000 -1.3
1985 75,500 4.0 2008 198,100 -9.5
1990 96,400 4.9 2009 172,500 -12.9
1995 114,600 3.5 2010 172,900 0.2
2000 143,600 4.5 2011 166,100 -3.9

(1) From prior year shown.

Source: National Association of Realtors.

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U.S. HOME OWNERSHIP RATES BY RACE AND ETHNICITY, 2008-2012

  2008 2009 2010 2011 2012
All households 67.8% 67.4% 66.9% 66.1% 65.4%
     Whites 75.0 74.8 74.4 73.8 73.5
     Hispanics 49.1 48.4 47.5 46.9 46.1
     Blacks 47.4 46.2 45.4 44.9 43.9
     Asians/others 59.5 59.3 58.9 58.0 56.6

Source: U.S. Department of Commerce, Census Bureau.

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HOME OWNERSHIP RATES BY REGION, 1960-2011

Year United States Northeast Midwest South West
1960 62.1% 55.5% 66.4% 63.4% 62.2%
1970 64.2 58.1 69.5 66.0 60.0
1980 65.6 60.8 69.8 68.7 60.0
1990 63.9 62.6 67.5 65.7 58.0
2000 67.4 63.5 72.6 69.6 61.7
2001 67.8 63.7 73.1 69.8 62.6
2002 67.9 64.3 73.1 69.7 62.5
2003 68.3 64.4 73.2 70.1 63.4
2004 69.0 65.0 73.8 70.9 64.2
2005 68.9 65.2 73.1 70.8 64.4
2006 68.8 65.2 72.7 70.5 64.7
2007 68.1 65.0 71.9 70.1 63.5
2008 67.8 64.6 71.7 69.9 63.0
2009 67.4 64.0 71.0 69.6 62.6
2010 66.9 64.1 70.8 69.0 61.4
2011 66.1 63.6 70.2 68.3 60.5

Source: U.S. Department of Commerce, Census Bureau.

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HOMEOWNERSHIP RATES, 1900-2011

Source: 1900-1950: U.S. Department of Commerce, Census Bureau, Census of Housing. 1960-present: Census Bureau, Housing Vacancy Survey.

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HOMEOWNERSHIP RATES BY REGION, 2006 AND 2011

Source: U.S. Department of Commerce, Census Bureau.

  • Homeownership rates were lower in all regions of the United States in 2011 than they were in 2006 prior to the recession, with the West showing the greatest drop.

SELECTED CHARACTERISTICS OF HOMEOWNERS, 2010

Race/origin of householder As a percent of owner
occupied housing units
White alone, not Hispanic or Latino 78.2%
Hispanic or Latino origin 8.5
Black or African American 8.1
Asian 3.6
Total owner occupied units 74,264,435
Household income in the past 12 months
(in 2010 inflation-adjusted dollars)
 
Less than $5,000 1.8%
$5,000 to $9,999 2.0
$10,000 to $14,999 3.6
$15,000 to $19,999 4.0
$20,000 to $24,999 4.5
$25,000 to $34,999 9.0
$35,000 to $49,999 13.2
$50,000 to $74,999 19.7
$75,000 to $99,999 14.3
$100,000 to $149,999 15.8
$150,000 or more 12.0
Median household income $64,063

Source: U.S.Department of Commerce, Census Bureau, American Community Survey.

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