Welcome!




Expand Your Education with These Courses from
Business Creation – Prospecting: Skills for Sales Success: Part Three.
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Bundle 1: CIPS Core Courses (Non-US Version).
Bundle 2: CIPS Elective Courses (Non-US Version).
BPOs: The Agent’s Role in the Valuation Process.

Owners Spend $1.9 Million to Remodel in Typical Zip Code

Have a comment on this article? Share on Facebook!

RemodelingHomeowners in the typical zip code area spent a total of $1.9 million to improve their homes in 2013, according to new zip-level estimates developed by the National Association of Home Builders (NAHB). This works out to about $1,400 per owner-occupied home within the zip code (based on the median across all zip codes estimated by NAHB).

The estimates are based on a statistical model developed by NAHB, using data from the HUD/Census Bureau American Housing Survey that relates remodeling expenditures to the number of owner-occupied homes in the area, the share of those homes built in the 1960s and 1970s, the average home owners’ income, and the share of owners who are college educated. The model is applied to data from the Census Bureau’s American Community Survey, using geographic boundaries developed by the Census Bureau to capture zip code mailing addresses.

While the median level of spending on improvements is $1,400 per owner-occupied home, it can be as high as $5,000 in particular cases. Estimates for the top five zip code areas in the country by this measure are shown below.

remodeling zip

These five zip codes are located in the suburbs of San Francisco, Manhattan, and Long Island. They’re characterized by homeowners who are 73 to 93 percent college educated with high average incomes (roughly at or above $400,000). The first and fifth zip code on the list also have a high percentage of homes built in the 1960s and 1970s, an age when the NAHB model indicates homes undergo above-average remodeling.

View this original post on the NAHB blog, Eye on Housing.

 

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.




Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com