In order to analyze the market value of owned homes by Income Quintile we have broken the national population into the following categories:
Here again some fairly expected observations could be seen during our analysis - clearly the income that an individual or household makes largely determines the market value of the home that they will be able to afford. Thus income quintile and housing values have a very high correlation indeed. This fact is clearly borne out by the data which shows that in both 2005 and 2014 the folks with in the higher income quintiles on average lived in homes with higher market values as compared to folks in lower income quintiles. What was surprising was to see the rate of change in the market values of homes in the lower and higher income quintiles - thus in the lowest income quintile we find that over the 10 year period there a decline of 1.6% as compared to the decline of 5.5% in the market value of homes belonging to folks in the highest income quintile.
However when one starts looking at pure valuations, the numbers tell a very different story - in 2014 the average home value for someone in the lowest 20% income quintile is $62,811 compared with $345,877 for folks in the highest income quintile. Thus at the very high end of income the value of homes owned are almost six times the value of homes owned by folks in the lowest end of the income spectrum.
The difference in market values of homes belonging to folks in the highest 20% versus the lowest 20% is on average 450%. That is a staggering number nationally, since it shows that folks in the highest 20% live in homes that are more than 4 times the value of homes belonging to folks in the lowest 20% of income.
While Anthony, Christine and Sofia of Spotless Homes will certainly be focusing on the higher income homes by providing them long term contractual cleaning services, they will also offer one time only cleaning services to homes that are not as expensive to ensure that homeowners from all income brackets are able to take advantage of the cleaning services offered by the firm.
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