Economist Paul Emrath of National Association of Home Builders (NAHB) has updated a model he developed that estimates the value various features add to a home, NAHB reported on their blog. The updated research paper and estimating tool enables builders, developers, prospective home buyers and home owners to see the impact that various physical features and neighborhood characteristics might have on the price of a home.
Looking at location factors, the updated NAHB tool finds a general tendency for house prices to be higher in the Northeast and West, as well as in central cities and suburbs. Meanwhile, prices tend to be lowest for homes built outside of a metro area, though some regional variation exists regardless of urban status.
The standard new single-family detached home is defined by these features (based primarily on averages or medians from the Census Bureau’s Survey of Construction):
• 2,150 square feet of living space
• Two full bathrooms and one half bath
• Three bedrooms
• Construction on a slab foundation
• A garage
• Central air conditioning
• A fireplace
• A separate dining room,
• Three miscellaneous rooms
• Satisfactory shopping (grocery or drug stores) within 15 minutes of the community or neighborhood
For more information, see the blog.
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