Census Survey: Rents and Home Values Higher

By: Elizabeth White: REALTOR® Magazine Online
The median owner-occupied home value surged to $151,366 last year from $124,176 in 2000, according to the U.S. Census Bureau's American Community Survey for 2004.

The research also reveals that 67.1 percent of homes are owner-occupied, up from 65.3 percent over the same time span.

Additionally, the number of homeowners devoting at least 35 percent of their monthly incomes toward mortgage payments, taxes, and insurance jumped to 24.1 percent from 20.6 percent.

As for renters, 39 percent set aside 35 percent or more of their monthly earnings for rental payments last year, up from 32.9 percent in 2000.