In order to analyze the market value of owned homes by type of area we have broken the national home ownership data into the following categories:
The results of this analysis were of course not surprising at all. On average a home in an urban area was worth $157,836 in 2013 and a home in a rural area was worth $123,508. What is surprising however is the fact that homes in rural areas are showing a slightly higher appreciation of 12.9% during the time frame of 2004 to 2013 as compared to a 11.3% appreciation in the value of urban homes.
This appreciation in the value of rural homes can be attributed to the fact that homes in urban areas did see a huge spike up in their valuation during the real estate bubble of 2006. However some of the steepest falls in in home values have been recorded in the same urban areas which have also seen very high rates of foreclosures and properties being under water where homeowners actually owe more on their mortgages than the value of their properties.
For electrical contractors like Andy and Jose, what this means is that there are opportunities for business in homes that are in both rural and urban areas of Cuyahoga County. Thus while they anticipated getting a lot of their business in the city Cleveland where they are located, they may also be able to get occasional job in the suburbs of the City.
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