U.S. Residential Housing - Statistics & Facts

U.S. Residential Housing - Statistics & Facts

Statistics and facts on residential housing in the U.S.

The U.S. housing market was largely influenced by the economic crisis in 2008. In fact, the housing bubble itself contributed to the development of the financial crisis. Very attractive house prices, low mortgage interest rates and low standards for mortgage loans resulted in growth of subprime debt.

The U.S. house prices, as reflected by the S&P/Case Shiller U.S. National Home Price Index grew rapidly from 2000 to 2006, when they reached their peak, and then started to fall down in the following years. The house price growth trend began in 2012 again and in 2016 the house price index exceeded its value from 2006.

There were 560 thousand houses sold in the United States in 2016 - the largest figure since 2008. The U.S. homeownership rate on the other hand has been on decline since 2005 and amounted to 63.7% in 2016.

The rental market in the United States is very important, because roughly one third of the population lived in rented properties in 2016. In that year, monthly median asking rent for an unfurnished apartment in the U.S. amounted to 1,381 U.S. dollars. House prices differ significantly between cities. In Florida, 79 hours at minimum wage were needed to afford a one-bedroom rental unit in 2016. Rental vacancy rates proved to be the smallest in the Western region of the United States.

Photo: istockphoto.com / malerapaso; sxc.hu / brokenarts

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