U.S. Housing Profile: Palm Coast Homes Much Newer

The median year occupied homes were built in the U.S. is 1974. The median year built for all Flagler County homes is 1996 and for Palm Coast homes 1998.

Palm Coast, FL – July 11, 2013 – The Census Bureau and the U.S. Department of Housing and Urban Development issued today the 2011 United States Housing Profile. It reveals that the median price Americans paid for their home is $110,000. Median monthly expenditures for homeowners in the U.S. totaled $151 for real estate taxes, $121 for electricity and $58 for property insurance.

Palm Coast is a young metro area Development began in the 70s, but its residents are relatively older than the national average. They are also more likely to be part-time residents. Of Flagler County’s 45,608 housing units, 27,602 (60.5%) are homesteaded. The median year occupied homes were built in the U.S. is 1974. The median year built for all Flagler County homes is 1996 and for Palm Coast homes 1998.

Nonetheless, national statistics are both useful and interesting. The U.S. Housing Profile is issued every other year. The just issued 2011 report highlights include:

Own or rent:

• Owner-occupied units:  57.5%
• Renter-occupied units:  29.3%
• Vacant units:  10.1%
• Seasonal units:  3.1%

Owner-occupied units with:

• Three or more vehicles:  27%
• Garage of carport:  79%
• Rooms used for business:  32%
• Usable fireplace:  46%
• Four or more bedrooms:  29%
• Two or more full bathrooms:  65%
• An Energy Star refirgerator:  42%
• Porch, deck, balcony or patio:  92%

Financial characteristics:

• Median monthly expenditures for homeowners in the U.S. totaled $151 for real estate taxes, $121 for electricity and $58 for property insurance
• Among U.S. owner-occupied homes, 65.4 % had a regular and/or home equity mortgage and 23.4 % had a refinanced primary mortgage.
• The median monthly mortgage payment for homeowners was $1,015 in 2011.
• The group of renters peaks in the 35 – 44 year old age bracket
• The age group of owners with mortgages peaks in the 45 – 54 year old age bracket
• The older the owner, the more likely that their home is mortgage free