Since the recession of 2007-2009, Tennessee home values have increased but the percentage of the population who owns a home has declined, according to new US Census Bureau data released today.
The post-recession median home value was $138,400—2.2 percent more than the median value of $135,400 recorded during the recession years, according to the information disseminated by the Tennessee State Data Center, based at UT.
The center is the clearinghouse for all state census information.
The post-recession home ownership rate decreased, however, dropping from 69.5 percent during the recession to 67.5 percent after the recession, according to the data.
The latest statistics, from the Census Bureau’s American Community Survey, cover a three-year period from 2010 to 2012 and are available for areas with a population of 20,000 or more. Statistics for areas with smaller populations will be available December 17.
Today’s data includes information for sixty-four of Tennessee’s ninety-five counties, all ten Metropolitan Statistical Areas and 124 municipalities. The information to be released December 17 will include data for all geographies in Tennessee.
“While the decennial census gives us information on the number of people who live in Tennessee, the American Community Survey is an important tool for telling us how those people live,” said Joan Snoderly, the data center’s director. “With today’s data release, we are able to know something about Tennessee resident ages, educations, household composition, incomes, and housing for geographies with a population threshold of 20,000 or greater.”
Other Tennessee highlights:
- Mobile homes accounted for 9.8 percent of Tennessee’s housing units, a decrease from 10.2 percent between 2007 and 2009.
- The median gross rent was $731 in post-recession years, compared to $711 during the recession years.
- At least 35 percent of household income went to gross rent for 42.8 percent of renters, an increase from 39.4 percent during the recession period.
- In 2010-2012, a quarter of homeowners (with a mortgage) spent 35 percent or more of their household income on selected monthly owner costs (a standard indicator of unaffordable housing). That was about the same percentage as during the recession years.
- According to 2010-2012 statistics, the median selected monthly owner costs of housing units with a mortgage was $1,186, a decrease from $1,222 in 2007-2009. Some examples of owner costs include mortgages, real estate taxes, various insurances, utilities, fuels, mobile home costs, and condominium fees.
In addition to housing statistics, the American Community Survey provides information about Tennessee in more than 40 areas including education, employment, languages spoken in the home, and ancestry.
For the first time, comparison profiles are available for the three-year statistics, allowing smaller communities to see how their social, economic, and housing characteristics have changed over time.
View Tennessee’s social profile online.
View the state’s economic profile online.
View the housing profile online.
For more census information, visit the website.
Joan Snoderly (865-974-6070, firstname.lastname@example.org)
Lola Alapo (865-974-3993, email@example.com)