In order to analyze the market value of owned homes by occupation we have broken the national population into the following categories:
It is not surprising to see the findings of our analysis that shows that over the last ten years of the analysis, self employed workers have had the highest market values for their homes as compared to the other two categories. Back in the year 2004, the national average market value of an owned home for someone who was self-employed was $195,178 and in 2013 that number rose to $249,011. What is interesting to note however is that of all the three categories of occupation, this approximately 27.6% rise in the market value of owned homes was actually the largest increase.
The market value of homes owned by retired folks have actually show the almost the same percentage increase having gone up 26.5% in value from $148,274 to $187,1596 over the same time period. Wages and salary earners have not enjoyed a similarly increase in the market value of their homes with the average home prices increasing from $136,808 to $187,596, an increase of only 7.7%. Clearly, it has paid to be self employed over the years.
Andy and Jose of Lights On Electrical may be able to use this information when they target specific demographics in their target market of Cuyahoga County. Given that self employed and retired folks have the highest valued homes, it stands to reason that on balance, they may also have more equity in their homes and be able to use that equity to have updates made to the their home that may require the services of an electrical contractor.
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