WASHINGTON — Homeowners in the Providence metropolitan area paid a median of $130,000 for their homes in 2011, a little more than the national median purchase price of $110,000 that year, according to a U.S. Census Bureau profile released on Thursday.
Homeowners in the Providence area paid a median of $423,000 for homes constructed in the past four years. Nationally, homeowners paid $235,000 for newly constructed homes, reported the Providence profile for the survey, titled “the 2011 American Housing Survey.”
“From the American Housing Survey, we can see why people chose to move, how often homes need repairs, and the extent to which housing costs are outpacing income growth. All this information can help inform policymaking around continued recovery in Providence and other metropolitan areas,” Kurt Usowski, deputy assistant secretary for economic affairs at the Department of Housing and Urban Development, said in prepared remarks.
The survey’s Providence profile provides information on the Providence area’s housing costs, mortgages and other financial and physical characteristics about housing, according to a release.
Financial characteristics included: median monthly mortgage payments of $1,337 in 2011, compared with $1,015 nationally; and median monthly expenditures for homeowners consisting of $267 for real estate taxes, $98 for electricity and $75 for property insurance, with national medians coming in at $151, $121 and $58 respectively.
Physical characteristics included: a median year of 1962 for the year occupied homes in were built, compared with 1974 nationally; and 73.6 percent of owner-occupied homes possessing functioning carbon monoxide detectors, compared with 46.3 percent nationally.
Sponsored by the U.S. Department of Housing and Urban Development and conducted by the U.S. Census Bureau, the American Housing Survey is the most comprehensive housing survey in the country, the bureau said in a statement. The bureau gathers national data every odd-numbered year, with metropolitan area data collected on a rotating basis.
“The American Housing Survey coverage of the Providence, R.I., metro area does not match the 2009 Office of Management and Budget definition. The American Housing Survey uses a minor civil division-based definition, whereas the Office of Management and Budget is county-based,” said the release.
To view the survey’s Providence profile, please visit: http://www.census.gov/prod/2013pubs/ahs11-24.pdf