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Urban Real Estate Markets: Characteristics and Financing



The Market for Homes in Fee This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Urban Real Estate Markets: Characteristics and Financing Volume Author/Editor: Ernest M. Fisher Volume Publisher: NBER Volume ISBN: 0-870-14141-4 Volume URL: Publication Date: 1951 Chapter Title: The Market for Homes in Fee Chapter Author: Ernest M. Fisher Chapter URL: Chapter pages in book: (p. 38 - 60) CHAPTER 3 The Market for Homes in Fee BEF0RE discussing the market in which homes are bought, sold, or exchanged, it will be useful to examine the data indicating how the proportion between owner-occupied and rented homes has va- ried from time to time and from one part of the country to another.1 PERCENTAGE OF HOMES OWNER-OCCUPIED2 Comprehensive data on home tenure in the United States were com- piled for the first time in the Census of 1890. Periodically since that time, notably in 1920 and in 1940, much information on home ten- ure has been collected by the Bureau of the Census, and in connec- tion with the 1940 Census a complete enumeration was made of home financing, rents, occupancy, vacancy, and housing conditions. The 1940 Census, in fact, constitutes a landmark in the development of information on these features of the real estate market. In 1890, 36.9 percent of the homes in nonfarm areas were occu- pied by their owners; and this percentage increased at each succeed- ing census, up to and including 1930, when the figure was 46.0 per- cent (Table 2). By 1940, it had declined to 41.1 percent, but estimates by the Bureau of the Census, based on a sample census, indicated that by 1947 it had risen to an all-time high of 52.6 percent. Table 2 also shows some interesting variations by census region in the percentage of nonfarm homes owner-occupied. In New Eng- land, the percentage of owner-occupied homes declined from 35.1 in 1890 to 32.6 in

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