housing "Median Value of Housing Drops in NE" (4/11/95) EMBARGOED UNTIL: APRIL 11, 1995 (TUESDAY) Public Information Office CB95-72 301-457-2794 301-457-4067 (TDD) Ed Montfort 301-763-8551 MEDIAN VALUE OF OWNER-OCCUPIED HOUSING DROPS IN NORTHEAST AND RISES IN MIDWEST The median value of owner-occupied housing dropped markedly in the Northeast between 1991 and 1993 while rising slightly in the Midwest, according to a report released today by the Commerce Department's Census Bureau and the Department of Housing and Urban Development (HUD). The "American Housing Survey for the United States in 1993," (H150/93), shows that in the Northeast, the median value of an owner- occupied home was $116,100 in 1993 compared with $123,700 in 1991 (as measured in constant 1993 dollars). Before correction for inflation, the 1991 median value was $116,600, not significantly different from 1993. In the Midwest, which long has boasted some of the nation's lowest housing prices, the median value moved up to $71,900, compared with $69,700 in 1991 (measured in constant 1993 dollars). In 1993, the Midwest housing value was not significantly different from the South. Both the West and the South showed no statistically significant change in housing value (in constant dollars) between 1991 and 1993. Overall, the report showed that the median value of owner-occupied homes rose to $86,500 in 1993 from a 1993 constant dollar figure of $84,900 for 1991. Before correction for inflation, the 1991 median value was $80,000. The median value in central cities in 1993 was $83,100 while in the suburbs it was $105,400. New construction housing units (constructed during the last four years) totaled 5.6 million, with the highest number in the South (2.4 million) followed by the West (1.4 million), the Midwest (1.2 million), and the Northeast (610,000). Median value of owner-occupied new construction was $116,000, while the median value of old construction (units built prior to the last four years) was $84,600. The median values of homes purchased by recent movers (units where the householder moved into the present unit during the 12 months prior to the interview) were $61,800 for outside metropolitan areas; $90,300 in central cities; and $103,200 in the suburbs, not statistically different from the median value for all suburbs. For the entire nation, the median value for recent movers was $88,600, not significantly different from the value in central cities. For 1993, 64.7 percent of all households in the United States were owners. Among the regions, homeownership was highest in the Midwest (67.8 percent) and lowest in the West (60.7 percent). The homeownership rates for the Northeast and the South regions were 62.2 percent and 66.3 percent, respectively. The American Housing Survey, sponsored by HUD and conducted by the Census Bureau, celebrated its 20th anniversary in 1993. The report contains detailed tables that present data on the size and composition of the housing inventory, characteristics of its occupants, housing costs, housing and neighborhood quality, and equipment and fuels. It also presents data on homeowners' repairs and mortgages, rent control, rent subsidies, previous housing unit of recent movers, and reasons for moving. Since data in this report are from a survey, they are subject to sampling variability. -X- Editor's note: limited copies of the report are available to media representatives from the bureau's Public Information Office by telephone: 301-457-2794; fax: 301-457-3670; or e-mail: pio@census.gov. For information about non-media orders, call the bureau's Customer Services Branch on 301-763-INFO(4636); fax: 301-457-3842.