More than $20,000 - A10035B_002 - House Value for All Owner-Occupied Housing Units - Cumulative (More) - Social Explorer Tables: ACS 2014 (5-Year Estimates) (SE) - Survey ACS 2014 (5-Year Estimates)

Variables used in the formula:
SE:A10035_003	Owner-Occupied Housing Units: $20,000 to $49,999
SE:A10035_004	Owner-Occupied Housing Units: $50,000 to $99,999
SE:A10035_005	Owner-Occupied Housing Units: $100,000 to $149,999
SE:A10035_006	Owner-Occupied Housing Units: $150,000 to $299,999
SE:A10035_007	Owner-Occupied Housing Units: $300,000 to $499,999
SE:A10035_008	Owner-Occupied Housing Units: $500,000 to $749,999
SE:A10035_009	Owner-Occupied Housing Units: $750,000 to $999,999
SE:A10035_010	Owner-Occupied Housing Units: $1,000,000 or More

Relevant Documentation:

Excerpt from:	Social Explorer; U.S. Census Bureau; American Community Survey 2014 Summary File: Technical Documentation.
	ACS 2014-5yr Summary File: Technical Documentation -> Appendix A: Supplemental Documentation -> 2014 Subject Definitions -> Housing Variables -> Value

Value

The data on value (also referred to as "price asked" for vacant units) were obtained from Housing Question 19 in the 2013 American Community Survey. The question was asked at housing units that were owned, being bought, vacant for sale, or sold not occupied at the time of the survey. Value is the respondent's estimate of how much the property (house and lot, mobile home and lot, or condominium unit) would sell for if it were for sale. If the house or mobile home was owned or being bought, but the land on which it sits was not, the respondent was asked to estimate the combined value of the house or mobile home and the land. For vacant units, value was the price asked for the property. Value was tabulated separately for all owner-occupied and vacant-for-sale housing units, as well as owner- occupied and vacant-for-sale mobile homes.

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.

Median and Quartile Value

The median divides the value distribution into two equal parts: one-half of the cases falling below the median value of the property (house and lot, mobile home and lot, or condominium unit) and one-half above the median. Quartiles divide the value distribution into four equal parts. Median and quartile value are computed on the basis of a standard distribution. (See the "Standard Distributions" section in Appendix A.)

Median and quartile value calculations are rounded to the nearest hundred dollars. Upper and lower quartiles can be used to note large value differences among various geographic areas. (For more information on medians and quartiles, see "Derived Measures.")

Aggregate Value

Aggregate value is calculated by adding all of the value estimates for owner occupied housing units in an area. Aggregate value is rounded to the nearest hundred dollars. (For more information on aggregates, see "Derived Measures.")

Question/Concept History

The 1996-1998 American Community Survey question provided a space for the respondent to enter a dollar amount. From 1999-2007 the question provided 19 pre-coded response categories from "Less than $10,000" to "$250,000 or more - Specify." Starting in 2004, value was shown for all owner-occupied housing units, unlike from1996-2003 in which value was shown only for specified owner-occupied housing units. Changes introduced in 2008 were removing the pre-coded response categories and adding a write-in box for the respondent to enter the property value amount in dollars, and revising the wording of the question to ask, "About how much do you think this house and lot, apartment, or mobile home (and lot, if owned) would sell for if it were for sale?"

Limitation of the Data

The Census Bureau tested the changes introduced to the 2008 version of the value question in the 2006 ACS Content Test. The results of this testing show that the changes may introduce an inconsistency in the data produced for this question as observed from the years 2007 to 2008, see "2006 ACS Content Test Evaluation Report Covering Property Value" on the ACS website (http://www.census.gov/acs).

Comparability

Caution should be used when comparing American Community Survey data on value from the years 2008 and after with pre-2008 ACS data. Changes made to the value question between the 2007 and 2008 ACS involving the response option may have resulted in an inconsistency in the value distribution for some areas. In 2007 and previous years, the ACS value question included categorical response options with a write-in for values over $250,000. Beginning in 2008, the response option became solely a write-in.

Caution should also be used when comparing value data from the ACS produced in 2008 or later with Census 2000 value data. The 2008 or later ACS provides solely a write-in response option while Census 2000 collected data in categories. Additionally, Census 2000 tables on value were released for both total owner-occupied housing units and specified owner-occupied housing units, thus comparisons can be made only when comparing the same universes between the two data sets.

Excerpt from:	Social Explorer; U.S. Census Bureau; American Community Survey 2014 Summary File: Technical Documentation.
	ACS 2014-5yr Summary File: Technical Documentation -> Appendix A: Supplemental Documentation -> 2014 Subject Definitions -> Housing Variables -> Tenure -> Owner-Occupied

Owner-Occupied

A housing unit is owner-occupied if the owner or co-owner lives in the unit, even if it is mortgaged or not fully paid for. The owner or co-owner must live in the unit and usually is Person 1 on the questionnaire. The unit is "Owned by you or someone in this household with a mortgage or loan" if it is being purchased with a mortgage or some other debt arrangement such as a deed of trust, trust deed, contract to purchase, land contract, or purchase agreement. The unit also is considered owned with a mortgage if it is built on leased land and there is a mortgage on the unit. Mobile homes occupied by owners with installment loan balances also are included in this category.

A housing unit is "Owned by you or someone in this household free and clear (without a mortgage or loan)" if there is no mortgage or other similar debt on the house, apartment, or mobile home including units built on leased land if the unit is owned outright without a mortgage.