Sure, we’ve had recessions before . . . and home values may have slowed a bit during shaky economic times, but they continued to climb.
In this month’s look at “typical” Americans, we find the median value of their homes has risen 18 percent from 1990 to 2000, when adjusted for inflation, to top out at $119,600 in 2000. That’s the highest rate in the 50-year period from 1950 to 2000, according to a U.S. Census Bureau report by Robert L. Bennefield.
In fact, median home value more than doubled between 1950 and 2000 and increased in each decade—even during the 1980s home values rose 8.2 percent.
Median value means half of all homes were worth more and half were worth less. Specifically, that’s owner-occupied single-family homes on less than 10 acres without a business or medical office on the property.
The median value of single-family homes was lowest for homeowners under the age of 24, but peaked for homeowners aged 45 to 54.
Median values for single-family homes were highest in the West, followed by the Northeast, Midwest and South. Seven of the top 10 cities with populations of 100,000 or more with the highest median home values were located in California.