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APPENDIX A Estimates of the Value of Housing from Census and Survey Data

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APPENDIX A Estimates of the Value of Housing from Census and Survey Data This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Studies in the National Balance Sheet of the United States, Vol. 1 Volume Author/Editor: Raymond W. Goldsmith and Robert E. Lipsey Volume Publisher: Princeton University Press Volume ISBN: 0-691-04179-2 Volume URL: http://www.nber.org/books/gold63-1 Publication Date: 1963 Chapter Title: APPENDIX A Estimates of the Value of Housing from Census and Survey Data Chapter Author: Raymond W. Goldsmith, Robert E. Lipsey Chapter URL: http://www.nber.org/chapters/c3936 Chapter pages in book: (p. 353 - 394) APPENDIXES APPENDIX A Estimates of the Value of Housing from Census and Survey Data Owner-Occupied Housing ESTIMATE FROM MEAN VALUE PUBLISHED BY CENSUS BUREAU FOR 1950 MOST of the value data for owner.occupied housing published in the 1950 Housing Census were in the form of medians or of frequency distributions containing a substantial open-end class of houses valued at over $20,000. The only mean values published were in a preliminary release' in 1951. These were taken from a sample of approximately 46,000 dwelling units, of which about 15,000 reported urban and rural nonfarm owner-occupied home values. It was the average value of $10,800 from this sample that was used by Grebler, Blank, and Win- nick in estimating the total value of owner-occupied housing in 1950.2 In making their estimate, they noted two disturbing features of this average house value. One was that it led to an estimate of total value for residential real estate far above that derived by cumulating con- struction expenditures, and the other was that it was considerably above the average given in the Survey of Consumer Finances. They compared it to the SCF figure for 1949 but a more relevant comparison, probably not available when they wrote, might be to the 1950 Survey which was taken just before the Ce

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