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.
Frank and Peter of Green Lawn Landscaping are not going to be marketing to rural customers that are situated too far away from their target market of Allegheny County. The cost of taking an entire crew all the way out to the rural area and bringing them back often does not work for landscaping companies that typically work in suburban communities. Additionally rural properties can be extremely large and not necessarily very profitable. While Frank and Peter won't be actively looking to go after this market segment, they will certainly not be turning jobs that come their way.
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