How does your home compare to the typical American home?by Tim Manni
How many bedrooms are in your home–two, three? Does your home still use window units or do you have central air? If your home has one bathroom, you probably wish you had two, but is that standard? What about your mortgage rate–how does it stack up against the national average? Are you paying too much in interest each month?
In a quest to find out which characteristics make up the average American home (and its financing), HSH.com looked at the most recent HUD-U.S. Census Bureau American Housing Survey to understand the most common traits in American houses.
What is the “average house” and how does your home compare?
Despite all the negative consequences that followed the housing bust just a few years ago, homeownership remains a quintessential slice of the American Dream. From the steps of the Capitol building to the commercials you see on TV, America has always championed the ideals that come with owning your own home. Homeownership rates increased to 66 percent in the year 2000, up from 46 percent since 1900, according to Census data. Even with all the ups and downs in the housing market over the years, the majority of Americans continue to view housing as a solid investment for their future.
“Despite current challenges, owning a home still provides great value over the long haul and remains an important part of wealth building for the future,” said HSH.com Vice President Keith Gumbinger.
Be sure to continue reading our article “Are you living in the typical American home?“