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Zillow Research

Patriotism by the Numbers: 13 Communities Where the Spirit of ’76 is Housed

1776. The year 13 loosely organized colonies decided to band together and become the United States of America. In the almost 240 years since, the Spirit of ’76 has permeated virtually every facet of American culture, from sports to film and, of course, the housing market.

In honor of the year those 13 colonies made that momentous decision, and just in time for Independence Day, Zillow Research unearthed 13 American communities where some form of “1776” plays a role in their local housing market.

Let’s start with the obvious. The first numbers most people likely associate with the housing market are home values and rents. Certain residents of Pennsylvania and Oregon have much to feel patriotic about:

  • In May, the median home value in Bethel Park, Pennsylvania was $177,600.
  • Clackamas County, Oregon, had a median rent of $1,776 per month in May.

But just as the Continental Army didn’t stop fighting the British, even after several embarrassing early defeats, housing data doesn’t stop with basic rents and prices. Those rents and prices also rise and fall, as do the number of properties on the market available to rent or buy. The Spirit of ’76 is also alive and well for residents in the following communities:

  • The median price of a home sold in May in San Francisco County, California, rose 17.76 percent in the last year.
  • The median rent price per sq. foot rose 17.76 percent in the last month in Union County, Ohio.
  • The number of homes available for rent in the Commonwealth of Virginia in May was up 17.76 percent over the last 3 months….
  • … While the number of homes available for rent in May in College Station, Texas, fell 17.76 percent month-over-month.
  • 17.76 percent of homes in the community of Wolverine Lake, Michigan, decreased in value in May compared to April.

During our nation’s formative years, a number of otherwise obscure and humble men grew into their roles as heroes and great leaders. Likewise, we find the Spirit of ’76 alive and well in some of our more obscure housing statistics, too:

  • In May, the quarterly change in the median price-per-square-foot of a home sold in ZIP code 30153 (in Georgia) was 17.76 percent.
  • The share of homes that sold in the past year in Paris, Kentucky, fell 17.76 percent year-over-year in May.
  • The price-to-rent ratio in Highland, Utah, was also 17.76 in May.

Finally, the specter of negative equity – the share of homeowners who are underwater, owing more to the bank than their home is worth – hangs heavy over the market, just as British designs on America’s subjugation did for almost 30 years after the conclusion of the Revolutionary War. In these communities, the Spirit of ’76 may represent something less positive, but it is nevertheless an important part of the housing market as we currently know it:

  • 17.76 percent of homeowners with a mortgage in Roaring River, North Carolina, were underwater in the first quarter.
  • As of the first quarter, the community of Tinicum Township, Pennsylvania, had an effective negative equity rate (which includes all those homeowners with a mortgage who are underwater or have less than 20 percent equity in their home) of 17.76 percent.
  • The community of Cornwall, New York, had a delinquency rate of 17.76 percent in the first quarter. High delinquency rates are often a symptom of high negative equity.

Happy Independence Day, everyone. Celebrate safely, and always embody the ol’ Spirit of ’76.

Patriotism by the Numbers: 13 Communities Where the Spirit of ’76 is Housed