Housing Stock – Housing Unit Value
This indicator reports information about housing value. Value is the estimate of how much a property (house and lot, mobile home and lot, or condominium unit) would sell for if it were for sale. The value of a home provides information on neighborhood quality, housing affordability, and wealth. These data provide socioeconomic information not captured by household income and comparative information on the state of local housing markets. The data also serve to aid in the development of housing programs designed to meet the housing needs of persons at different economic levels. Value is tabulated for all owner-occupied housing units. Renter-occupied units are not included in value tabulations.
Source
Source Description
The American Community Survey (ACS) is a nationwide survey designed to provide communities with reliable and timely social, economic, housing, and demographic data every year. The ACS has an annual sample size of about 3.5 million addresses, with survey information collected nearly every day of the year. Data are pooled across a calendar year to produce estimates for that year. As a result, ACS estimates reflect data that have been collected over a period of time rather than for a single point in time as in the decennial census, which is conducted every 10 years and provides population counts as of April 1. The Census Bureau combines 5 consecutive years of ACS data to produce estimates for geographic areas with fewer than 65,000 residents. These 5-year estimates represent data collected over a period of 60 months. Because the ACS is based on a sample, rather than all housing units and people, ACS estimates have a degree of uncertainty associated with them, called sampling error. In general, the larger the sample, the smaller the level of sampling error. Data users should be careful in drawing conclusions about small differences between two ACS estimates because they may not be statistically different.
For more information about this source, including data collection methodology and definitions, refer to the American Community Survey data user’s website.
Methodology
Data on housing value are acquired from the U.S. Census Bureau’s American Community Survey. Data represent estimates for the 5-year period 2019-2023. Mapped data are summarized to 2023 census tract boundaries. Value is the estimate of how much a property (house and lot, mobile home and lot, or condominium unit) would sell for if it were for sale. Area estimates are developed at the U.S. Census Bureau, and presented as an average and median value for all owner-occupied housing units in each geographic area. Raw counts are not provided, inhibiting the ability to produce median ages for report areas. Renter-occupied units are not included in value tabulations.
For more information on the data reported in the American Community Survey, please see the complete American Community Survey 2023 Subject Definitions.
Data Breakouts Available
- Median Home Value by Race / Ethnicity of Householder
- Owner-Occupied Housing Units by Housing Value Range