$187,000 is the median home value in the United States. What does such a home look like?
According to Zillow, the current median home value in America is $187,000. After a peak of $196,000 in 2007, it dropped to $153,000 in late 2011. Even by 2017, it will not match the high set a decade earlier.
In some places, the median value of a home for sale is well above $600,000. Westchester, N.Y., is an example. In Detroit, on a comparable basis, the median value of a home for sales is less than $87,000.
1440 Janssen Dr. in Lincoln, Neb., is for sale for $187,500. It was built in 1975. It has been on the market a month, after being last sold for $154,000 in February 2013. The price change over the three or so years is similar to the recovery of the U.S. market.
The Lincoln home is unspectacular. It has four tiny bedrooms and three bathrooms crammed into 1,556 square feet. It sits on a 0.23 acre lot, which is small for much of the United States, but large for condominiums and apartments. The house is in the mix of an urban and suburban area, not far enough from downtown Lincoln to be in a bedroom community.
The outside skin of the house is made of brick and steel. It has a deck and fenced-in yard. Based on photos of the 1440 Janssen Dr. home, it needs to be updated.
The listing:
Come check out this 4 bedroom, 3 bath area, Split Foyer home in the ever so popular Trendwood area for under $200,000. This house features 2,300 square feet of space and many updates in the last few years. Updates include newer windows, roof (2013), all brand new carpet throughout, all new paint, newer light fixtures, and refinished cabinets. Other features include brick/steel siding exterior, fenced yard, water softener, underground sprinklers, and beautiful landscaping.
For some reason, the real estate agent in charge of the sale has put square footage higher than that listed. Maybe the 2,300 square foot figure includes the deck.
For 20% down, the monthly payment for the home is $1,081, which includes principle, interest, insurance and taxes. Those numbers are near the median of the country, too.
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