Home Plumbing Contractor Free Plumbing and Heating Contractor Business Plan 4.24 Market Value of Owned Home by Occupation Nationally Analysis
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 2005, the national average market value of an owned home for someone who was self-employed was $225,944 and in 2014 that number rose to $271,941. What is interesting to note however is that of all the three categories of occupation, this approximately 20% 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 a similar percentage increase having gone up 16.2% in value from $168,525 to $195,868 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 actually decreasing 8.7% during the same period. The average wage earner's home was valued at $164,364 back in 2005 and a decade later it was valued at $150,002. This may have a lot to do with the decline in real wages and that of course impacts the affordability of where one can buy a home.
Felix and Michael of Central Plumbing and Heating will have to take special care to understand how to market to each of the market segments mentioned above. Clearly folks who are retired won't be that interested in large remodeling jobs since these tend to be expensive. Self employed workers and wage earners will most certainly be more likely to be a good source of remodeling business.
On the other hand if it comes to repair and upkeep, all three segments of the market should provide a good source of revenues to Central Plumbing and Heating.
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