Tag Archives: median housing value

Housing Value Appreciation

.. U.S. housing prices rose nationwide in August, up 1.5% from the previous month, based on the FHFA Housing Price Index (HPI). Housing prices rose 8.0% from August 2019 to August 2020.

If you purchased a housing unit in 2019Q2 at $260,200 (the ACS 2019 median housing value), the value of the unit in 2020Q2 would be $271,000, an increase of 4.2%. A good deal in this era of low interest rates.

U.S. housing prices posted a strong increase in August .. the 1.5% increase is the largest one-month price increase observed since the start of the HPI measurement in 1991. This large month-over-month gain contributes to an already strong increase in prices over the summer. These price gains can be attributed to the historically low interest rates, rebounding housing demand and continued supply constraints.

The HPI has various limitations as a measure to assess the housing market. One important limitation is that it a measure in isolation; other related demographic-economic measures are not included. This is unlike the American Community Survey (ACS) estimates of the median housing value ($MHV), used as an annual, year-over-year measure of housing value appreciation.

Median Housing Value
The U.S. ACS 1-year estimate of median housing value ($MHV) increased from $229,700 in 2018 to $240,500 in 2019. The ACS 2020 estimate, which will be impacted by the pandemic, will not be available until September 2021. The ProximityOne 2020 estimate of $MHV is $270,500.

Click this API link to view a CSV-like file showing the 2019 median household income and median housing value by state. Join me in a Data Analytics Web Session (see below) to integrate these data into a map view like shown below. Add other data.

Patterns of Median Housing Value by State

– view developed using ProximityOne CV XE GIS
– click graphic for larger view

An advantage of using the ACS or ACS-like $MHV data is that this measure is synchronized with other related measures, like total population, total housing units, housing units by tenure and age built and so on. Though a popular measure to assess geographically comparable housing values, the $MHV has many limitations. A key limitation is that few survey responders really know the value of their home. Other limitations have to do with the definition itself and how the data are collected/developed. ACS $MHV measures value of only occupied housing units and excludes houses on 10 or more acres and housing units in multi-unit structures. See more. While there are other Federal sources of $MHV, it remains that the usabilty aspects of the ACS or ACS-like measures are second to none.

Learn more — Join me in the Situation & Outlook Web Sessions
Join me in a Situation & Outlook Web Session where we discuss topics relating to measuring and interpreting the where, what, when, how and how much demographic-economic change is occurring and it’s impact.

About the Author
— Warren Glimpse is former senior Census Bureau statistician responsible for national scope statistical programs and innovative data access and use operations. He is also the former associate director of the U.S. Office of Federal Statistical Policy and Standards for data access and use. He has more than 20 years of experience in the private sector developing data resources and tools for integration and analysis of geographic, demographic, economic and business data. Contact Warren. Join Warren on LinkedIn.

ZIP Codes with Highest & Lowest Economic Prosperity

.. the latest data for ZIP Code Areas show that eleven had a median household income of $250,000 or more during the period 2011-15. More than 20 ZIP code areas had a median housing value of $2,000,000 or more. Contrast these ZIP code areas with higher economic prosperity with the more than 150 ZIP codes that had a median housing value of less than $30,000.  Use the interactive table in this related Web section to see which ZIPs meet these and other criteria.

ZIP Codes with MHI $100,000 or More; Dallas, TX Metro
Analyzing economic prosperity patterns using combined types of small area geography … the following graphic shows ZIP code areas a red markers with the median household income or $100,000 or more in context of median household income by census tract thematic pattern. Click graphic for larger view with more detail. Expand browser window for best quality view. Use CV XE GIS software and associated GIS project to develop variations of this view for your areas of interest. .

– view developed with CV XE GIS software.

This section reviews measures of economic prosperity for all ZIP code areas. These data were released in December 2016. This section updates with new data December 2017. See the list of all ZIP ccdes showing population, housing and economic characteristics in the interactive table shown below. Use the interactive table to view, rank, compare and query ZIP code attributes.

Examining demographic-economic characteristics by ZIP code is important for several reasons. We are familiar with our own ZIP codes as a geographic location. We tend to be interested in our area compared to other areas. ZIP codes provide an easy way to do that. Also, many secondary data resources are tabulated by ZIP code area; some important data are only available by ZIP code. See more about ZIP Code areas.

Resources & Methods to Examine Small Area Demographics
• See related ZIP Code Demographic-Economic Interactive Tables
  .. extended subject matter
• See related Census Tract Code Demographic-Economic Interactive Tables
• Examine ZIP Code Urban/Rural Characteristics
• Examine ZIP Code Business Establishment patterns
• Examine ZIP Code Housing Price Index patterns
• Join us in the weekly Data Analytics Lab Sessions
  .. reviewing applications using these and related data.

ZIP Code Areas with $MHI $100,000 or More
The following graphic shows ZIP code areas as red markers having median household income or $100,000 or more. Click graphic for larger view with more detail. Expand browser window for best quality view. Use CV XE GIS software and associated GIS project to develop variations of this view; integrate other data; select alternative ACS 2015 subject matter.

– view developed with CV XE GIS software. Click graphic for larger view.

ZIP Code Areas with $MHV Less than $30,000
The following graphic shows ZIP code areas as orange markers having median housing value of less than $30,000. Click graphic for larger view with more detail. Expand browser window for best quality view. Use CV XE GIS software and associated GIS project to develop variations of this view; integrate other data; select alternative ACS 2015 subject matter.

– view developed with CV XE GIS software. Click graphic for larger view.

ZIP Code Areas: Population & Economic Prosperity
  — Interactive Table –
Use the interactive table to view, rank, compare, query ZIP codes based on a selection of demographic-economic measures. The following graphic illustrates how the table can be used to examine patterns of the three digit ZIP code area (San Diego) by 5-digit ZIP code. Table operations are used to select ZIP codes in the 921 3-digit area (containing 39 5-digit ZIP codes). These 39 ZIP code are then ranked in descending order on median household income. See results in the table shown below. ZIP code 92145 has the highest $MHI in this group with $228.036.

– click graphic for larger view.

Try it yourself. Use the table to examine a set of ZIP codes on your selected criteria in for a state/area of interest.

Join me in a Data Analytics Lab session to discuss more details about accessing and using wide-ranging demographic-economic data and data analytics. Learn more about using these data for areas and applications of interest.

About the Author
— Warren Glimpse is former senior Census Bureau statistician responsible for innovative data access and use operations. He is also the former associate director of the U.S. Office of Federal Statistical Policy and Standards for data access and use. He has more than 20 years of experience in the private sector developing data resources and tools for integration and analysis of geographic, demographic, economic and business data. Contact Warren. Join Warren on LinkedIn.

Tip of the Day – Median Housing Value by ZIP Code

.. tip of the day .. a continuing weekly or more frequent tip on developing, integrating, accessing and using geographic, demographic, economic and statistical data. Join in .. tip of the day posts are added to the Data Analytics Blog on an irregular basis, normally weekly. Follow the blog to receive updates as they occur.

.. 5 ways to access/analyze the most recent estimates of median housing value and other subject matter by ZIP Code area .. based on the American Community Survey (ACS) 5-year estimates. See related Web section.

Option 1. View the data as a thematic pattern map
Option 1 is presented as Option 1A (using CV XE GIS) and Option 1B (using Visual Data Analytics VDA Mapserver). See more about GIS.

Option 1A. View $MHV as a thematic pattern map; using CV XE GIS:
— Median Housing Value by ZIP Code Area; Los Angeles Area
Click graphic for larger view with more detail.

Click graphic for larger view.
Use the Mapping ZIP Code Demographics resources to develop similar views anywhere in U.S.

Option 1B. View $MHV (ACS 2018) as a thematic pattern map; using VDA Mapserver:
— Median Housing Value by ZIP Code Area; Phoenix/Scottsdale, AZ area
Click graphic for larger view with more detail.

Click graphic for larger view. Expand window to full screen for best quality view. View features:
– profile of ZIP 85258 (blue crosshatch highlight) shown in Attributes panel at left
– values-colors shown in Legend panel at left
– transparency setting allows “see through” to view ground topology below.
Use VDA Mapserver: to develop similar views anywhere in U.S. using only a browser. Nothing to install.

Option 2. Use the interactive table:
– go to http://proximityone.com/zip18dp4.htm (5-year estimates)
– median housing value is item H089; see item list above interactive table.
– scroll left on the table until H089 appears in the header column.
– that column shows the 2018 ACS H089 estimate for for all ZIP codes.
– click column header to sort; click again to sort other direction.
– see usage notes below table.

Option 3. Use the API operation:
– develop file containing $MHV for all ZIP code areas in U.S.
– load into Excel, other software; link with other data.
– median housing value ($MHV) is item B25077_001E.
click this link to get B25077_001E ($MHV) using the API tool.
– this API call retrieves U.S. national scope data.
– a new page displays showing a line/row for each ZIP code.
– median housing value appears on the left, then ZIP code.
– optionally save this file and import the data into a preferred program.
– more about API tools.
Extending option 3 … accessing race, origin and $MHV for each ZIP code …
click on these example APIs to access data for all ZIP codes
.. get extended subject matter for all ZIP codes
.. get extended subject matter for two selected ZIP codes (64112 and 65201)

Items used in these API calls:
.. B01003_001E – Total population
Age
.. B01001_011E — Male: 25 to 29 years (illustrating age cohort access)
.. B01001_035E — Female: 25 to 29 years (illustrating age cohort access)
Race/Origin
.. B02001_002E – White alone
.. B02001_003E – Black or African American alone
.. B02001_004E – American Indian and Alaska Native alone
.. B02001_005E – Asian alone
.. B02001_006E – Native Hawaiian and Other Pacific Islander alone
.. B02001_007E – Some other race alone
.. B02001_008E – Two or more races
.. B03001_003E – Hispanic (of any race)
Income
.. B19013_001E – Median household income ($)
.. B19113_001E – Median family income ($)
Housing & Households
.. B25001_001E – Total housing units
.. B25002_002E – Occupied housing units (households)
.. B19001_017E — Households with household income $200,000 or more
.. B25003_002E — Owner Occupied housing units
.. B25075_023E — Housing units value $500,000 to $749,999
.. B25075_024E — Housing units with value $750,000 to $999,999
.. B25075_025E — Housing units with value $1,000,000 or more
.. B25002_003E – Vacant housing units
.. B25077_001E – Median housing value ($) – owner occupied units
.. B25064_001E – Median gross rent ($) – renter occupied units

View additional subject matter options.

Option 4. View the $MHV in context of other attributes for a ZIP code.
Using – ACS demographic-economic profiles. Example for ZIP 85258:
General Demographics ACS 2018 .. ACS 2017
Social Characteristics ACS 2018 .. ACS 2017
Economic Characteristics ACS 2018 .. ACS 2017
Housing Characteristics ACS 2018 .. ACS 2017 .. $MHV shown in this profile.

Option 5. View 5- and 10-mile circular area profile from ZIP center.
– profile for ZIP 80204 dynamically made using SiteReport tool.
– with SiteReport running, enter the ZIP code, radii and click Run.
– comparative analysis report is generated in HTML and Excel structure.
Click this link to view resulting profile.
– from the profile, site 2 is 1.9 times the population of site 1.
– Site 1 $MHV is $296,998 compared to Site 2 $MHV $269,734.
– GIS view with integrated radius shown below.

This section is focused on median housing value and ZIP code areas. Many other subject matter items will be apparent when these methods are used. Optionally adjust above details to view different subject matter for ZIP codes.

Join me in a Data Analytics Lab session to discuss more details about accessing and using wide-ranging demographic-economic data and data analytics. Learn more about using these data for areas and applications of interest.

About the Author
— Warren Glimpse is former senior Census Bureau statistician responsible for innovative data access and use operations. He is also the former associate director of the U.S. Office of Federal Statistical Policy and Standards for data access and use. He has more than 20 years of experience in the private sector developing data resources and tools for integration and analysis of geographic, demographic, economic and business data. Contact Warren. Join Warren on LinkedIn.