To
calculate median home values for 3,119 counties and county - equivalents in the United States, NAR applied the House Price Index growth from FHFA to the latest housing data from the American Community Survey (ACS).
For comparisons purposes,
the calculated median home value reflects all homes while NAR's U.S. median price represents home sales.
Applying the House Price Index growth from FHFA to the latest housing data from the American Community Survey (ACS),
we calculated a median home value for 3,119 counties and county - equivalents in the United States.
Not exact matches
We used the number of households,
median home value and average property tax rate to
calculate a per capita property tax collected for each county.
Average effective rates are
calculated as
median annual property tax divided by
median home value.
Once we
calculated the typical closing costs in each county we divided that figure by the county's
median home value.
Average effective tax rates are
calculated as
median annual property tax as a percentage of
median home value.
The average effective tax rate is
calculated by taking the
median annual property tax as a percentage of the
median home value.
To give you an idea of what the average FHA down payment might look like for California's major cities, we
calculated it based on
median home values as of September 2017.
FHA loan limits are
calculated at 125 % of local
median home value, and vary by location.
We took the
median value of owner - occupied
homes in each New York zip code to
calculate the costs for a typical 30 - year mortgage in each neighborhood.
Historically, loan limits have been set at 115 percent of local
median home prices, but FHA currently
calculates its upward loan limit at 125 percent of local
median home values.
We
calculated this cost by collecting a number of mortgage closing cost estimates for a
home in the largest state for a house with the national
median value.
Once census tracts were categorized as predominantly black, white, or Hispanic, we used census tract - level
median household income from the U.S. Census Bureau alongside the Zillow
Home Value Index (ZHVI) and Zillow Rent Index (ZRI) to
calculate rent and mortgage burdens in census tracts.
(These calculations assume a 20 % down payment on the national
median home value as
calculated by Zillow).
Average effective rates are
calculated as
median annual property tax divided by
median home value.
To
calculate closing costs we assumed a 30 - year fixed - rate mortgage on each county's
median home value and a 20 % down payment.
Once we
calculated the typical closing costs in each county we divided that figure by the county's
median home value.
We
calculated the effective property tax rate by dividing
median property tax paid by
median home value for each city.
The average effective rate is
calculated by dividing the
median annual property tax payment by the
median home value.
Effective tax rates are
calculated by determining the
median annual tax payments as a percentage of
median home value.
The
median waterfront
home value is calculated in the same way as the Zillow Home Value Index, and represents the median value of all single - family waterfront homes in a given commun
home value is calculated in the same way as the Zillow Home Value Index, and represents the median value of all single - family waterfront homes in a given commu
value is
calculated in the same way as the Zillow
Home Value Index, and represents the median value of all single - family waterfront homes in a given commun
Home Value Index, and represents the median value of all single - family waterfront homes in a given commu
Value Index, and represents the
median value of all single - family waterfront homes in a given commu
value of all single - family waterfront
homes in a given community.
Once we
calculated the typical closing costs in each county we divided that figure by the county's
median home value to find the closing costs as a percentage of
home value figure.