Median Price of Homes Purchased Rose 2.3 Percent to $110,000,

Homeowners in the U.S. paid a median price of $110,000 for their homes, according to a 2011 American Housing Survey profile released today. This is an increase of 2.3 percent from the $107,500 reported in the 2009 survey. The median purchase price of homes constructed in the past four years was higher at $235,000, down 2.1 percent from the $240,000 reported for new construction in 2009.

The profile released today provides information on the nation’s housing costs, mortgages and a variety of other physical and financial characteristics about housing in the U.S. The statistics come from the American Housing Survey, which is sponsored by the Department of Housing and Urban Development (HUD) and conducted by the U.S. Census Bureau, and is the most comprehensive housing survey in the United States. National data are collected every odd-numbered year and metropolitan area data are collected on a rotating basis. The Census Bureau also released profiles for 29 selected metro areas.

“The last five years remind us how central housing is to each of us personally, to the fiscal health of our cities and counties, and the national economy. For 40 years, the American Housing Survey has provided a unique set of data that connects the detailed characteristics of who is living in homes to the detailed characteristics of the homes themselves,” said Kurt Usowski, HUD’s Deputy Assistant Secretary for Economic Affairs. “From the American Housing Survey, we can see why people chose to move, how often homes need repairs, and the extent to which housing costs are outpacing income growth. All this information can help inform policymaking around continued recovery in the U.S. and in metropolitan areas around the country.”

“We are pleased to have the opportunity to collaborate with HUD on these profiles,” said the Census Bureau's Arthur Cresce, Jr., Assistant Division Chief for Housing Characteristics. “Analysts in government and business study the nation's housing very closely and the AHS yields a wealth of information that can be used by professionals in nearly every field for planning, decision-making, and market research.”

Some highlights for the U.S. include:

Physical Characteristics
--The median year occupied homes were built in the U.S. was 1974.
--Nationally, piped gas was the most prevalent home heating source, used by 50.4 percent of occupied homes. Electricity was used by 35.3 percent.
--Among owner-occupied homes in the U.S., 46.3 percent had working carbon monoxide detectors.
--Among all U.S. homes, 72.5 percent of owner-occupied units had central air.

Financial Characteristics
--Median monthly expenditures for homeowners in the U.S. totaled $151 for real estate taxes, $121 for electricity and $58 for property insurance.
--Among U.S. owner-occupied homes, 65.4 percent had a regular and/or home equity mortgage and 23.4 percent had a refinanced primary mortgage.
--The median monthly mortgage payment for homeowners was $1,015 in 2011.