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Home Value and Homeownership Rates: Recession and Post-Recession Comparisons From 2007–2009 to 2010–2012

Report Number ACSBR/12-20
Christine Flanagan and Ellen Wilson
Component ID: #ti328948181

Introduction

This report examines the differences in the median home value and homeownership rate across different geographies during and after the recession of 2007 through 2009. The data used in this report are from a 3-year period roughly encompassing part of the 2007–2009 recession and the 3 years following the recent recession/1 (2010 through 2012) collected in the American Community Survey (ACS). Using the 3-year ACS data enables us to look at geographies with smaller populations, 20,000 or more, than the geographies available from the 1-year data. This report will focus on those changes at the nation, state, county, metropolitan area, and place (city) level.

For the purpose of this report, areas with populations of 20,000 to 65,000 will be referred to as smaller cities or counties. The 50 least populous of the smaller cities or counties will be referred to as the least populous cities or counties.

Since the latest publication of the American Community Survey Brief, “Property Value: 2008 and 2009,” which looked at median home value and the percent change in median home value for Metropolitan Statistical Areas, the recession in the United States has ended. Subsequently, metropolitan areas saw an increase in renter occupied housing units.2 The United States experienced a significant decrease in median home value (–$17,300) as well as homeownership rate (–1.7) from 2007–2009 to 2010–2012.

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1 The recent recession started in December 2007 and ended in June 2009 according to the National Bureau of Economic Research, Inc., 1050 Massachusetts Ave., Cambridge, MA, <www.nber.org/cycles/cyclesmain.html>.
2 See “Rental Housing Market Condition Measures: A Comparison of U.S. Metropolitan Areas From 2009 to 2011” by Christine Flanagan and Mary Schwartz.

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