Home Roofing Contractor Free Roofing Contractor Business Plan 4.28 Market Value of Owned Home by Mortgage Status Nationally Analysis
4.28 Market Value of Owned Home by Mortgage Status Nationally Analysis
In order to analyze the market value of owned homes by housing tenure we have broken the national population into the following categories:
- The average market value of owned home by homeowner with a mortgage.
- The average market value of owned home by homeowner without a mortgage.
The most interesting fact that emerges from this analysis is that the nationally on average, the market value of homes with a mortgage have been valued 23% higher than homes without a mortgage. This sounds counter intuitive but it is not, more often than not a home without a mortgage belongs to folks who are older and have had the opportunity to work and pay down their mortgage and are in the process of planning for retirement if they are not retired already.
We find that the value of the average home in the country that had a mortgage was $263,930 as compared to $213,690 for a home where the home owner had already paid off the mortgage. What may surprise people is that in terms of the home market value appreciation over the decade from 2005 to 2014, the value of home with a mortgage have actually declined by 10.8% as compared to a 5.6% decline in the market value of a home without a mortgage during the same time frame.
From the perspective of a roofing contractor like Dependable roofing, it is the condition of the roof that really matters. No conversation would be complete without the ability and affordability of the customer - clearly homes without a mortgage have nothing but equity and so if there ever was the need for a large roof repair or replacement job, the homeowner could simply apply for a home equity loan and use that to pay for the home improvement while getting the benefit of writing off the interest against their taxes. One should keep this fact in mind that usually folks who have paid off their mortgages tend to be close to retirement or have already retired and so they tend to approach large outlays of expenditure cautiously.
On the other hand if a home has a mortgage, on balance it tends to indicate that the homeowner still has a job and is earning an income - thus affordability becomes less of an issue for someone who at least has some money coming in every month.
Quick Links:
- Go to the Corresponding Template section for this industry.
- Go to the Corresponding Questionnaire section for this industry.
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