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Two thirds of the households in the U.S. lived in a home of their own in 2000. Almost 80 percent of owner-occupied housing units were single-family homes. The median value of these homes was $119,600: half the resident owners estimated the value of their home above this level and half below. This is 18 percent more than the median value in 1990, and more than double the median value in 1950 of $44,600 (expressed in 2000 dollars). Median home values have increased each decade since then, rising fastest (43 percent) in the 1970s and slowest (8.2 percent) in the 1980s.
About a third of the nation's households lived in rental units. The median monthly gross rent was $602 for the United States as a whole, a 5.4 increase over the $571 median for 1990, and more than double the adjusted median of $257 a month in 1950. Some of the increase in rent may be attributed to the increase in amenities included with rental units such as air conditioning, central heating, or complete plumbing. In 1960, for example, over 90 percent of all rental housing lacked air conditioning, about 40 percent lacked central heating, and 20 percent lacked complete plumbing facilities. Nationally, renter households spent a little over one-fourth of their pre-tax income on rent. This value was down slightly from 1990, but much higher than the 18 percent paid in 1950.
Homeowners aged 45-54 lived in the highest-priced homes. The median value for single-family homes was lowest ($84,700) for homeowners under age 25. Median values rose with age of homeowner, peaking for homeowners 45 to 54 at $131,100.
Somewhat surprisingly, rental householders aged 25 to 34 paid the highest monthly rents. Rent payments were relatively low ($567) for householders 15 to 24, peaked among householders 25 to 34 ($641), and then declined steadily with the age of the householder to $479 for householders 65 to 74.
Housing affordability can be measured by the percentage of household income in a year devoted to monthly owner costs. The median monthly owner costs as a percentage of monthly income for homeowners with a mortgage was 21.7 percent in 2000, up slightly from the 21.0 percent registered in 1990. For units without a mortgage, the percentage was lower, at 10.5 percent, down from 11.1 percent in 1990. Housing was most affordable for middle-aged groups in 2000. Householders aged 15 to 24 with a mortgage spent a median of 25.7 percent of household income for monthly housing costs. This percentage declined to 22.7 percent for the 25-to-34 age group, 21.9 percent for the 35-to-44 age group, and 19.9 percent for the 45-to-54 age group. The median then rose to 20.6 percent for householders aged 55 to 64, 25.4 percent for the 65-to-74 age group, and 32.0 percent for those aged 75 and over. Households with owner costs at 30 percent or higher are often considered to be financially burdened. By this measure, more than half of all householders aged 75 and over with a mortgage would have been considered financially burdened in Census 2000. However, over 8 in 10 householders 75 and over owned their homes outright.
Median values for a single-family home were higher in the West ($171,000) than in the Northeast ($139,400), the Midwest ($105,500), or the South ($96,300).
Homes in Hawaii continued to be the most expensive, with the highest median home value among the states ($272,700) as well as the highest median rent ($779). California followed Hawaii with high median values at $211,500 for single-family homes. New Jersey ($751) edged out California ($747) for second place in high median rental costs. The lowest median home value among the states was $70,700, recorded in Oklahoma; the lowest median monthly rent was in West Virginia ($401).
Counties with more expensive homes were primarily located in major metropolitan areas. Among places with 100,000 people or more, Sunnyvale, California recorded the highest median single-family home value, $495,200 - more than four times the national median.
Cambridge, Massachusetts had the highest percentage of homes valued at $1 million or more (12 percent). In contrast, Flint, Michigan recorded the lowest median home value among places of 100,000 or more, $49,700.
In spite of the national increase, median home values actually decreased in 11 states and the District of Columbia between 1990 and 2000, with Connecticut showing the largest drop (27 percent). In contrast, Oregon had the sharpest rise in median home value, up 78 percent. Oregon and Utah, which also saw a dramatic increase in median home value (up 66 percent), both went from far under the national median in 1990 to well above it in 2000. Maine and Vermont went in the opposite direction, from above the national median in 1990 to under by 2000.
Of the single family owner-occupied homes in the United States, about 70 percent were mortgaged and 30 percent were not. The median value of single-family homes with a mortgage ($128,800) was much higher than the median value of those without a mortgage ($96,900). The median monthly housing costs for mortgaged homes in 2000 was $1,088; median housing costs for non-mortgaged houses was $295 per month.
Homeowners living in old structures tend to have less expensive homes. In fact, the medians ($98,793 for old and $154,233 for new units) understate this difference, because units built in 1990 or later include manufactured homes, whose median value ($40,007) was considerably below the value for other units built in 1990 or later. A more accurate comparison of values examines the distribution of values for both vintages of single-family, detached units. The median values for detached, owner-occupied units were $98,794 for old homes and $183,502 for new houses. While 50.9 percent of old houses have an estimated value of less than $100,000, only 14.1 percent of new houses are valued below that point.
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