Your editor mumbles "estate story." You immediately head for the door. Many reporters have little or no interest in writing about homes. Yet relevant news about the typical family's most valuable investment can make for a front-page story that has impact. This doesn't mean the filler material that tends to populate many newspaper real estate sections. The emphasis is on stories that are local and tell readers something they want to know.
What can be more relevant than a story that explains trends in values of their home? Let's consider the role of the home in the United States, according to the American Housing Survey for the United States in 1995. The house is the central asset, the biggest debt, and the greatest monthly expense for countless Americans. Out of 106 million year-round housing units in the nation, 60 percent are owner-occupied.
The median value of owner-occupied homes is $92,507. About six out of 10 homes have one mortgage outstanding. Seven percent have two or more mortgages and 13 percent have a home-equity loan. The median number of years to repay the mortgage is 20, with a median principal of $48,466 to go. The median monthly cost is $593. The median ratio of home value to income is 2:3. However, the home value for about 25 percent of owners is four times their income or more.
Perceptions—and misperceptions—about trends in real estate prices can influence consumer spending and the economy. Inquirer surveys conducted study trends from 1989, and the conclusions revealed new insights when paired with Realist Inc.'s comprehensive property data. This allowed the creation of matched pairs to observe specific property price changes, thereby providing a clearer picture of real estate value changes in the region.