Census: Big Cities’ Home Values Fared Worse in Recession
November 15, 2013
The largest metros in the country saw some of the most significant declines in median home values following The Great Recession, according to a newly released Census report.
The report shows that 43 of the 40 largest counties posted significant declines in median home values – compared to only four of the 50 least populous counties post-recession.
The Census Bureau compared home values and home ownership rates among counties and states during a three-year period before (2007-2009) and after the recession (2010-2012).
The home ownership rate from 2007 to 2009 stood at 66.4 percent, but has continued to fall since that time. It was 64.7 percent from 2010 to 2012.
Of the largest cities, 43 of the 50 tracked saw a decline in home ownership rates, and 23 of those cities saw percentage decreases more than the national average, the Census Bureau reports.
On the other hand, small cities fared the best. Only 17 of the 50 smallest cities saw a decline in home ownership rates.
Overall, the nation saw a median decline of $17,300 in home values after the recession to a median value of $174,600. Nineteen states bucked that trend posting significant increases, with North Dakota the leader, seeing home values increase at $18,200.
Source: “Home Values in Big Cities Took Biggest Hit in Recession, Study Says,” Credit.com (Nov. 14, 2013) and “Home Prices in Smaller U.S. Counties Made Softer Landing,” Mortgage News Daily (Nov. 14, 2013)
Updated: November 25, 2020