Home Real Estate Office Free Real Estate Office Business Plan 4.24 Market Value of Owned Home by Occupation Nationally Analysis
4.24 Market Value of Owned Home by Occupation Nationally Analysis
In order to analyze the market value of owned homes by occupation we have broken the national population into the following categories:
- The average market value of owned home by folks who are classified as self employed workers.
- The average market value of owned home by folks who are classified as wage and salary earners.
- The average market value of owned home by folks who are classified as retired.
It is not surprising to see the findings of our analysis that shows that over the last ten years of the analysis, self employed workers have had the highest market values for their homes as compared to the other two categories. Back in the year 2000, the national average market value of an owned home for someone who was self-employed was $152k and in 2010 that number rose to $211k. What is interesting to note however is that of all the three categories of occupation, this approximately 39% rise in the market value of owned homes was actually the smallest increase.
The market value of homes owned by Retired folks have actually show the highest percentage increase having increased 81% from 98k to 178k over the same time period. Wages and salary earners as well enjoyed a similarly increase in the market value of their homes with the average home prices increasing from $89k to 156k, an increase of almost 75%.
Clearly, it has paid to be self employed over the years, but slowest increase in the market value of homes does show a trend that cannot be ignored. To understand this phenomenon better, we believe it is important to understand the impact of the changes in the personal tax rates and deductions as they pertain to folks who are self employed.
For a business like Real Estate Funding Solutions, having more folks in the targert market who are self employed would of course imply higher market values which tend to indicate larger mortgages and higher income potential. It is important to note however that it is not always easy to get approvals from lenders on mortgage applications for self employed folks. Many times the after tax income reported by folks who are self employed tends to be insufficient to meet the debt to equity ratio reqirments of the lender.
Quick Links:
- Go to the Corresponding Template section for this industry.
- Go to the Corresponding Questionnaire section for this industry.
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