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