Real Estate BlogRecently posted or modified blog postshttps://www.rubyhome.com/blog/Copyright RubyHome.com2024-03-14T14:14:24-07:00tag:rubyhome.com,2012-09-20:20125Opendoor Company Stats: Revenue & Market Share (2024)<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/Opendoor_Statistics.jpg" width="1558" height="900" alt="Opendoor Statistics" />
Opendoor is an iBuyer, a real estate platform that buys and sells homes. The company uses algorithms and deep learning technology to generate nearly instant cash offers for home sellers and determine resale prices.
Founded in 2014 and headquartered in San Francisco, Opendoor was the first to introduce the iBuyer model to the U.S. residential real estate market and has remained the largest iBuyer ever since. The company went public in 2020.
Opendoor offers home sale and buying services through the company's digital platform. Starting in August 2022, home sellers also can generate Opendoor cash offers on Zillow apps.
At the end of 2022, Opendoor underwent a significant restructuring to reduce the company’s operating expenses. The restructuring measures included slowing down Opendoor's home acquisition program, laying off 18% of its sales force, shutting down its home mortgage and brokerage services, and introducing the Exclusives program to sell its off-market homes at discounted prices.
Part of RubyHome's ongoing series of <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate facts and figures">real estate facts and figures</a>, from revenue to market share, here’s a summary of what you’ll find on this page:
<a href="https://www.rubyhome.com/#opendoor-revenue">Opendoor Key Financials</a>
<a href="https://www.rubyhome.com/#opendoor-market-share">Opendoor Market Share</a>
<a href="https://www.rubyhome.com/#opendoor-employees">How Many People Work at Opendoor?</a>
<a href="https://www.rubyhome.com/#opendoor-website-traffic">How Many People Visit Opendoor.com?</a>
Opendoor Key Stats
Opendoor reached $6.9B in revenue in 2023.
Opendoor sold 18,708 homes and purchased 11,246 homes through its digital platform in 2023.
<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/Opendoor_sells_18708_homes_a_year.jpg" width="1558" height="624" alt="Opendoor sells 18,708 homes a year" />
Opendoor generated an average of $369,480 of revenue per home sale in 2023.
Opendoor operates in 50 markets.
Opendoor is the largest iBuyer with a 67% market share of the U.S. iBuyer segment.
Opendoor has 1,982 employees.
Opendoor Key Financials
Opendoor buys and sells homes for a profit and charges a seller fee. Opendoor recognizes all revenue streams as Revenue from Home Sales or simply Revenue for reporting purposes.
The company generated $6.9 billion in revenue in 2023, a decrease from $15.6 billion in 2022. Despite generating less revenue, the company reduced its losses to $275 million in 2023, less than $1.4 billion in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/Opendoor_Revenue_and_Losses.jpg" width="1558" height="1100" alt="Opendoor revenue profit and losses" />
Opendoor Home Sales
In 2023, Opendoor sold 18,708 homes, just under 50% of what the company sold the previous year.
<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/Opendoor_Transactions_-_Home_Sales_Total.jpg" width="1558" height="1100" alt="Opendoor homes sales - units sold" />
Here’s the table with Opendoor home sales by year:
YearHome Sales
2017
3,127
2018
7,470
2019
18,799
2020
9,913
2021
21,725
2022
39,183
2023
18,708
Opendoor Revenue Per Home
In 2023, Opendoor revenue contribution per home was $369,480.
<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/Opendoor_Revenue_Per_Home.jpg" width="1558" height="1100" alt="Opendoor revenue per home" />
Here’s a table showing Opendoor revenue per home by year:
YearRevenue Per Home
2017
$227,396
2018
$246,060
2019
$252,172
2020
$260,579
2021
$369,206
2022
$397,290
2023
$369,480
Opendoor Market Share
Opendoor pioneered the iBuyer business model in the U.S. residential real estate market and has retained its leading position in the iBuyer segment since 2014.
With some of its strongest competitors, Zillow and <a href="https://www.rubyhome.com/blog/zillow-stats/" title="Redfin">Redfin</a>, leaving the iBuyer market in 2022, Opendoor’s position in the iBuyer segment became even more prominent.
Opendoor iBuyer Market Share
In 2022, the combined <a href="https://www.rubyhome.com/blog/ibuyer-stats/" title="iBuyer market share">iBuyer market share</a> of single-family homes in the U.S. reached 1.3%. Within the iBuyer segment, Opendoor contributed 67% of the total volume.
<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/iBuyer_Companies_-_Market_Share.jpg" width="1558" height="1100" alt="Opendoor - Market Share Among iBuyers" />
Opendoor Markets
Opendoor operates in 50 U.S. metro areas. Previously the company was aggressively expanding into new markets each year but scaled back slightly in 2023 during its restructuring effort.
<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/Opendoor_Markets_Where_Operating.jpg" width="1558" height="1100" alt="Opendoor Markets" />
Here's a table of Opendoor's year-by-year market expansion:
YearOpendoor Markets
2017
6
2018
18
2019
21
2020
21
2021
44
2022
51
2023
50
How Many People Work at Opendoor?
Opendoor currently employs 1,982 people, a down from 2,570 in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/opendoor_2024/Opendoor_Employee_Headcount.jpg" width="1558" height="1100" alt="Opendoor employee headcount" />
Here’s a table of Opendoor employee count:
YearOpendoor Employees
2019
1,648
2020
1,048
2021
2,816
2022
2,570
2023
1,982
Interestingly, despite Opendoor’s focus on building a contactless business, the company offers contracting (non-employment) opportunities to licensed real estate agents.
The agents can partner with Opendoor as a Tour Assistant or Agent Partner. Both roles provide an in-person customer experience. Agent Partners earn referrals and a commission split, and Tour Agents make $25/hour.
How Many People Visit Opendoor.com?
Unlike its competitors, Opendoor doesn’t include any data related to its website performance, such as search engine traffic, in the company’s public disclosures and investor presentations.
Why do we want to know it? Because <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="organic website traffic">organic website traffic</a> is an indicator of a company's brand awareness and ability to grow its customer base.
Opendoor Website Visitors
Opendoor.com receives 274,000 average monthly visits (organic).
Source: <a href="https://ahrefs.com/" title="Ahrefs" target="_blank">Ahrefs</a>
Conclusion
While restructuring helped reduce Opendoor's losses in 2023, the company still has a long way to go to reach profitability. The future will tell if the company can sustain its cash-burning operations and turn things around.
Sources
<a href="https://investor.opendoor.com/" title="Opendoor Investors" target="_blank">Opendoor</a>
<a href="https://www.rubyhome.com/blog/ibuyer-stats/" title="iBuyer market share">RubyHome</a>
<a href="https://www.macrotrends.net/" title="Macrotrends" target="_blank">Macrotrends</a>2024-03-14T14:00:00-07:002024-03-14T14:14:24-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20088Anywhere Real Estate Statistics, Revenue, & Market Share (2024)<img src="https://assets.site-static.com/userfiles/1102/image/anywhere_2024/Anywhere_Corp_Statistics.jpg" width="1558" height="900" alt="Anywhere Corp Statistics" />
Anywhere Real Estate, Inc. (formerly Realogy Holdings Company) is a real estate service company that owns several brands and franchises multiple brokerages like Better Homes & Gardens Real Estate, Century 21, Coldwell Banker, and more. Founded in 2006, the company offers relocation, lead generation, title, and settlement services.
<img src="https://assets.site-static.com/userfiles/1102/image/Anywhere/Anywhere_Real_Estate_Brands.jpg" width="1558" height="450" alt="Anywhere Real Estate Brands" />
Here’s an overview of what you’ll find on this page as we take a deeper look at Anywhere’s business activities:
<a href="https://www.rubyhome.com/#anywhere-sides">Anywhere Transaction Sides</a>
<a href="https://www.rubyhome.com/#anywhere-revenue">Anywhere Key Financials</a>
<a href="https://www.rubyhome.com/#anywhere-market-share">Anywhere Market Share</a>
<a href="https://www.rubyhome.com/#anywhere-employees">How Many People Work at Anywhere?</a>
Key Anywhere Statistics
In 2023 Anywhere generated net revenue of $5.6 billion, down from nearly $8 billion in 2021.
Anywhere Real Estate handles 980,000 residential real estate transactions (sides) a year, making it one of the largest residential <a href="https://www.rubyhome.com/blog/largest-real-estate-companies/" title="real estate companies">real estate companies</a> in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/anywhere_2024/Anywhere_closes_980K_sides_a_year.jpg" width="1558" height="623" alt="Anywhere closes 980K sides a year" />
Anywhere has approximately 188,000 independent sales agents in the U.S. and 134,500 independent sales agents in 118 other countries and territories.
Anywhere’s most prominent brand, Century21, has 135,000 worldwide brokers and sales agents. Coldwell Banker, Anywhere's second-largest brand, has 101,000 worldwide brokers and sales agents.
Anywhere's U.S. market share of home sale transactions is estimated to be 12% in 2023.
Anywhere Transaction Sides
Anywhere supported approximately 980,000 residential transactions in 2023, leading to a total gross commission income of $4.6 billion. Due to marcoeconomic factors, these numbers have trended downwards in recent years from the peak of 1.53 million transaction sides and $6.1 billion in total gross commission income in 2021.
<img src="https://assets.site-static.com/userfiles/1102/image/anywhere_2024/Anywhere_Annual_Transactions_in_US.jpg" width="1558" height="1100" alt="Anywhere Annual Transactions" />
Here is a table with total Anywhere sides in the United States since 2017.
YearU.S. Annual Sides
2017
1,476,947
2018
1,430,674
2019
1,378,138
2020
1,424,020
2021
1,534,263
2022
1,228,701
2023
979,496
For an even more detailed view, here the sides, by Anywhere brand, since 2017:
YearC21CBankerSotheby'sERABetter HomesCorcoranTotal Sides
2017
417,337
731,486
122,475
133,225
72,424
-
1,476,947
2018
393,184
709,117
123,113
128,416
76,844
-
1,430,674
2019
370,289
684,981
126,211
117,126
79,531
-
1,378,138
2020
359,430
706,420
150,738
110,686
85,457
11,289
1,424,020
2021
377,989
753,355
173,108
113,862
88,980
26,969
1,534,263
2022
298.562
608,752
132,230
91,606
72,053
25,495
1,228,701
2023
233,374
486,273
112,582
71,935
59,782
15,550
979,496
Anywhere Key Financials
Anywhere generates revenue in three key ways: gross commission income from agents assisting in buying and selling properties, service revenue of services supporting real estate transactions, and franchise fees paid by franchisees who operate under Anywhere’s brands.
In 2023, gross commission income made up 81% of Anywhere's total $5.6 billion in revenue. A large portion of gross commission income is paid out to agents. Anywhere has not been profitable since 2021. In 2023, the company experienced a net loss of $97 million.
<img src="https://assets.site-static.com/userfiles/1102/image/anywhere_2024/Anywhere_Revenue_Profits_and_Losses.jpg" width="1558" height="1100" alt="Anywhere Revenue Profit and Losses" />
Anywhere Market Share
Anywhere's estimated U.S. market share of home sale transactions is 12% in 2023.
<img src="https://assets.site-static.com/userfiles/1102/image/anywhere_2024/Anywhere_Market_Share_12.jpg" width="1558" height="1100" alt="Anywhere Market Share" />
This number was calculated by looking at the total number of transaction sides in which an Anywhere representative or franchisee participated divided by the total number of U.S. home sale sides (two times the number of total home sales).
How Many People Work at Anywhere?
How Many Employees Does Anywhere Have?
Anywhere has 7,965 non-agent employees.
Interesting fact: Anywhere has been named a certified Great Place To Work® for several years in a row, with 84% of employees saying the company is a great place to work in 2023, 27% higher than a typical company based in the U.S.
How Many Agents Does Anywhere Have?
In addition to employees, many independent sales associates work for Anywhere or one of its associated brands.
Around 58% of Anywhere's independent agents are based in the U.S., approximately 188,000 real estate agents. To put this in perspective, there are 1,554,604 <a href="https://www.rubyhome.com/blog/number-of-realtors/" title="Realtors in the United States">Realtors in the United States</a>, therefore 12% of of Realtors hang their license with the company.
Anywhere has an additional 134,500 agents abroad.
The number of U.S.-based agents gives a good idea of the company’s size and business activity.
<img src="https://assets.site-static.com/userfiles/1102/image/anywhere_2024/Anywhere_US_Agent_Headcount.jpg" width="1558" height="1100" alt="Anywhere Real Estate Agent Headcount" />
And here is a table with the U.S. agent headcount:
YearIndependent Sales Agents (U.S.)
2012
166,000
2013
170,000
2014
175,000
2015
182,000
2016
186,000
2017
192,000
2018
192,000
2019
190,000
2020
191,000
2021
197,000
2022
195,000
2023
188,000
Conclusion
That's it for my 2024 round-up of Anywhere Real Estate.
Anywhere is one of the largestest players in residential real estate in the U.S., with a massive operation and portfolio of brands, and a great number of agents.
Can Anywhere get back to profitability and increase its market share domestically and worldwide? Time will tell in the coming years.
Sources
<a href="https://ir.anywhere.re/overview/" title="Anywhere" target="_blank">Anywhere</a>
<a href="https://www.zippia.com/realogy-careers-9662/" title="Zippia" target="_blank">Zippia</a>
<a href="https://www.rismedia.com/2021/09/22/realogy-named-great-place-work/" title="RISmedia" target="_blank">RISmedia</a>2024-03-14T13:45:00-07:002024-03-14T14:13:39-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20218eXp Realty Stats: Revenue, Transactions, & Growth (2024)<img src="https://assets.site-static.com/userfiles/1102/image/exp_2024/eXp_Realty_Statistics.png" width="1558" height="900" alt="eXp Realty Statistics and Facts" />
eXp World Holdings owns and operates a cloud-based real estate brokerage and technology platform that powers several businesses, including eXp Realty.
Founded in 2009, eXp Realty is different from traditional brokerages as its cloud-based concept empowers agents to work remotely rather than having brick-and-mortar offices. It also allows agents to earn equity awards for meeting production goals and contributing to company growth.
From revenue to growth, let's will take a deeper look at eXp's performance:
<a href="https://www.rubyhome.com/#exp-revenue">eXp Key Financials</a>
<a href="https://www.rubyhome.com/#exp-ranking">eXp Realty Ranking</a>
<a href="https://www.rubyhome.com/#exp-transactions">How Many Transactions Does eXp Do?</a>
<a href="https://www.rubyhome.com/#exp-fees">eXp Realty Fees & Commissions</a>
<a href="https://www.rubyhome.com/#exp-business-model">What is eXp’s Business Model?</a>
<a href="https://www.rubyhome.com/#exp-employees">How Many People Work at eXp?</a>
Key eXp Stats
eXp has more than 86,000 agents in the U.S., Canada, United Kingdom, Australia, South Africa, India, Mexico, Portugal, and more as they continue to expand internationally.
In 2022 eXp agents represented buyers or sellers in over 511,000 real estate transactions.
<img src="https://assets.site-static.com/userfiles/1102/image/exp_2024/eXp_sells_512000_homes_a_year.jpg" width="1558" height="624" alt="eXp sells 512,000 homes a year" />
eXp is one of the fastest-growing companies in real estate, increasing its revenue from $156 million in 2017 to $4.3 billion in 2021, a 28x increase. That also makes it one of the <a href="https://www.rubyhome.com/blog/largest-real-estate-companies/" title="largest real estate companies">largest real estate companies</a>.
eXp Key Financials
Currently, eXp World Holdings generates almost all its revenue from its eXp Realty business unit. The company believes there is strong potential for future revenue and profit opportunities from its other businesses.
As mentioned, eXp's revenue comes mostly from licensed brokerage activity: real estate transactions from which it earns commissions. The company splits earned commissions with its agents and brokers.
In 2023, eXp generated $4.3 billion in revenue, down slightly from $4.6 billion in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/exp_2024/eXp_Revenue_and_Net_Income.jpg" width="1558" height="1100" alt="eXp Revenue and Net Income" />
The company lost $9 million in 2023 which was the company's first reported loss since 2019. eXp achieved peak profitability in 2020 as it netted $81 million in profit that year.
eXp Realty Ranking
In 2022 eXp was the largest brokerage by closed transaction sides in the United States. At 397,138 sides, they finished in front of Anywhere with 312,018 sides and Home Services of America with 302,519.
<img src="https://assets.site-static.com/userfiles/1102/image/exp_2024/eXp_Ranking_by_Transactions.jpg" width="1558" height="1100" />
Here is a table of eXp's ranking among real estate companies, by transactions, in the United States:
CompanyTransaction Sides (U.S.)
eXp
397,138
Anywhere
312,018
HomeServices of America
302,519
Compass
210,365
Hanna Holdings
113,853
Redfin
66,554
How Many Transactions Does eXp Do?
eXp agents serve customers by helping them buy and sell homes. Therefore, transactions are a great metric to determine the company performs.
Over the past 5 years, eXp has experienced rapid growth, increasing worldwide transactions from 25,299 in 2017 to 511,859 in 2022, a 20.2x increase.
<img src="https://assets.site-static.com/userfiles/1102/image/exp_2024/eXp_Transaction_Growth.jpg" width="1558" height="1100" />
Here is a table of transactions by year:
YeareXp Worldwide Transactions
2017
25,299
2018
74,678
2019
135,322
2020
238,981
2021
444,367
2022
511,859
eXp Realty Fees & Commission Splits
Agents at eXp receive an 80/20 commission split with a cap of $16,000 on annual gross commissions paid to the company. In other words, agents pay $16,000 of their first $80,000 earned in commission, then receive 100 percent of their commissions afterward minus a capped transaction fee.
Compared to other brokerages, eXp's commission split and agent cap is quite generous. Because eXp earns less from agent commissions, it is worth considering that they may not be able to provide the same level of resources for agents like training or support. It may be more difficult for new agents to succeed at eXp compared to a traditional brokerage; however, experienced agents with an extensive book of business may enjoy a higher revenue split than competing brokerages.
When joining eXp Realty, agents pay a $149 Startup Fee and an $85 monthly fee to cover essential items like education materials and lead generation tools. In addition, after reaching the $16,000 commission cap, agents pay a flat $250 transaction fee for the next 20 transactions and then $75 after that. Each transaction is also subject to a $25 broker review fee and a $40 risk management fee.
What is eXp’s Business Model?
eXp is a brokerage that adheres to a traditional agent-centric model, like <a href="https://www.rubyhome.com/blog/compass-stats/" title="Compass Inc. stats">Compass</a>; in exchange for a favorable commission split, its realtors are responsible for marketing expenses and generating their own deals (through lead generation, sphere of influence, etc.) Unlike <a href="https://www.rubyhome.com/blog/redfin-stats/" title="Redfin stats">Redfin</a>, which keeps leads in-house or <a href="https://www.rubyhome.com/blog/zillow-stats/" title="Zillow information">Zillow</a>, which sells its leads, eXp does not generate <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="substantial website traffic">substantial website traffic</a> or pass internal leads to its agents. Also, the company does not franchise like <a href="https://www.rubyhome.com/blog/anywhere-real-estate-stats/" title="Anywhere stats">Anywhere</a> (formerly Realogy).
Not only does eXp deploy an aggressive commission strategy to attract new agents to the brokerage, but it also provides incentives through its revenue sharing program for existing agents to recruit new agents. This strategy has fueled the company's rapid growth in the number of agents, as discussed in the section below.
eXp’s Revenue Sharing Program
When an agent at eXp brings another agent to the brokerage, they earn 3.5% of the new agent's gross commission until they hit the commission cap of $16,000 in any given year. The revenue sharing continues as long as both agents work for the company. In addition, when recruited agents go on to recruit new agents, the agents who recruited the first agents also earn small commissions on the agents below them.
Is eXp Realty a Multi-level Marketing Company?
First and foremost, eXp is a real estate brokerage helping consumers buy and sell homes on the open market, so it’s not exactly the same as a multi-level marketing company (MLM) that sells branded products. However, the comparison comes up because eXp’s revenue-sharing program is similar to that of MLM companies.
This recruiting model allows eXp to significantly reduce its marketing expenses to bring in new agents and retain existing ones.
How Many People Work at eXp?
2,016 full-time (non-agent) employees work at eXp, a 224% increase from 900 employees in 2020.
<img src="https://assets.site-static.com/userfiles/1102/image/exp_2024/eXp_Employee_Headcount.jpg" width="1558" height="1100" alt="eXp Realty Employee Headcount" />
Here is a breakdown of employee growth:
YeareXp Exmployees
2017
184
2018
354
2019
634
2020
900
2021
1,669
2022
2,016
How Many Agents Work at eXp?
Sales agents make up most of the company's headcount, totaling over 86,000 in 2022, which is a sizeable amount given that there are <a href="https://www.rubyhome.com/blog/number-of-realtors/" title="1,554,604 Realtors in the U.S.">1,554,604 Realtors in the U.S.</a> The number of agents that work at eXp is a crucial metric for the growth of the business. From 2017 to 2022, the number of agents has increased by over 13x.
<img src="https://assets.site-static.com/userfiles/1102/image/exp_2024/eXp_Agent_Headcount.jpg" width="1558" height="1100" alt="eXp Agent Headcount" />
Here’s a look at how eXp’s agent count has increased over time:
YeareXp Agent Count
2017
6,511
2018
15,570
2019
25,423
2020
41,313
2021
71,137
2022
86,000
Conclusion
That’s all for my list of eXp stats as of 2024.
It's clear that eXp is an innovative and fast-growing company in the real estate space, and it will be interesting to follow its journey over the coming years.
Will eXp continue its rapid growth? Will the company become profitable again in the coming years?
Sources
<a href="https://expworldholdings.com/investors/" title="eXp investors" target="_blank">eXp</a>
<a href="https://www.realtrends.com/brokerage-rankings/" title="RealTrends" target="_blank">RealTrends</a>
<a href="https://www.macrotrends.net/stocks/charts/EXPI/exp-world-holdings/number-of-employees" title="Macrotrends" target="_blank">Macrotrends</a>2024-03-07T11:30:00-07:002024-03-07T11:47:12-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20171Compass, Inc. Revenue and Transaction Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_Inc_Facts_and_Statistics.jpg" width="1558" height="900" alt="Compass Inc Statistics" />
Compass is a full-service real estate brokerage incorporated in 2012 under the name Urban Compass. The company later shortened its name and went public in 2021.
Compass’ integrated software platform is a CRM built specifically for real estate providing end-to-end workflows that help its agents attract and retain clients, list and market homes more effectively, and locate desirable properties at attractive prices for buyers.
Part of RubyHome's in-depth exploration of <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a>, here’s an overview of what you’ll find on this page as we analyze Compass’ business activities:
<a href="https://www.rubyhome.com/#compass-transactions">How Many Transactions Does Compass Do?</a>
<a href="https://www.rubyhome.com/#compass-visitors">How Many People Visit Compass.com?</a>
<a href="https://www.rubyhome.com/#compass-revenue">Compass Key Financials</a>
<a href="https://www.rubyhome.com/#compass-market-share">Compass Market Share</a>
<a href="https://www.rubyhome.com/#compass-employees">How Many People Work at Compass?</a>
Key Compass Stats
In 2023, Compass agents represented buyers or sellers in 178,848 transactions totaling over $186 billion in gross volume, making it one of the <a href="https://www.rubyhome.com/blog/largest-real-estate-companies/" title="largest real estate companies">largest real estate companies</a> in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_closes_179K_sides_a_year.jpg" width="1558" height="624" alt="Compass closes 179K sides a year" />
Compass had a 4.5% share of the total U.S. real estate market by transactions in 2023.
Compass generated roughly $4.9 billion in revenue in 2023 but is not currently profitable.
Compass had an average of 13,973 Principal Agents (defined below) in 2023.
How Many Transactions Does Compass Do?
Since the company started, Compass agents represented buyers or sellers in over 700,000 transactions.
The company reports transaction in its annual reports by year, represented in this chart.
<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_Transaction_Sides.jpg" width="1558" height="1100" alt="Compass Transaction Sides" />
Here is a table showing the number of deals closed by Compass agents since 2019:
YearTotal Transactions
2019
87,158
2020
144,748
2021
225,272
2022
211,538
2023
178,848
The company claims that it is the largest independent real estate brokerage by gross transaction volume, the combined dollar amount of properties closed by its agents.
Gross transaction volume in 2023 was $186 billion, a 24% decrease from 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_Gross_Transaction_Volume.jpg" width="1558" height="1100" alt="Compass Gross Transaction Volume" />
Here is Compass’ gross transaction volume broken down by year:
YearGross Transaction Volume
2019
$98 million
2020
$152 million
2021
$254 million
2022
$230 million
2023
$186 million
How Many People Visit Compass.com?
Compass’ website receives an average of 1.4M organic visitors per month. The site ranks 8th among the <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="most visited real estate websites">most-visited</a> residential real estate websites.
<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_Organic_Visitors_Per_Month.jpg" width="1558" height="1100" alt="Compass.com Organic Visitors Per Month" />
Here is a table with Compass.com's average monthly organic visits:
YearMonthly Organic Visits
2017
105,000
2018
152,000
2019
250,000
2020
550,000
2021
952,000
2022
1,504,000
2023
1,400,000
The company’s early growth strategy was one of acquiring traditional brokerages. In traditional brokerages, agents are responsible for marketing and sourcing deals, not the company.
Compass’ traffic improvements are notable as it might be able to capitalize on lead generation for its agents in the same way <a href="https://www.rubyhome.com/blog/redfin-stats/" title="Redfin statistics">Redfin</a> does.
Compass Key Financials
Compass generates nearly all its revenue from agent commissions earned by helping customers buy and sell homes. The company states it makes a small amount of revenue from ancillary real estate services like title and escrow. It plans to expand its revenue from services and add new ones.
Here is a look at Compass's revenue and bottom line in recent years.
<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_Revenue_and_Losses.jpg" width="1558" height="1100" alt="Compass Inc Revenue and Net Losses" />
Compass, Inc. is not yet profitable. In 2023 the company reported a net loss of $320 million, resulting in a negative net margin of (6.5%). The company had a negative net margin of (10%) in 2022.
Compass Market Share
In 2023 Compass had a 4.5% share of the total U.S. real estate market by number of transactions, down from 4.6% in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_Market_Share_4.5.jpg" width="1558" height="1100" alt="Compass Market Share 4.5%" />
How Many People Work at Compass?
Compass last reported on its number of employees in 2021, when it had 4,775 employees. On June 14, 2022, Compass laid off 10% of its employee (non-agent) workforce.
Compass currently has over 29,000 agents, a respectable number given that there are <a href="https://www.rubyhome.com/blog/number-of-realtors/" title="1.6M Realtors in the U.S.">1.6M Realtors in the U.S.</a>
Of those agents, approximately 48% use the company's software platform and CRM. This subset of agents is the company's 'Principal Agents.'
The average number of Principal Agents is essential to the company's growth potential, particularly when coupled with Compass' platform strengths.
In 2023 Compass had an average of 13,973 Principal Agents, showing growth year over year despite the company's slow down in revenue.
<img src="https://assets.site-static.com/userfiles/1102/image/compass_2024/Compass_Principal_Agent_Headcount.jpg" width="1558" height="1100" alt="Compass Principal Agent Headcount" />
Here is a breakdown of Principal Agents in recent years:
YearAverage Number of Principal Agents
2019
6,787
2020
8,686
2021
11,058
2022
13,296
2023
13,973
Compass reports that its principal agents transact more than an average agent. Principal Agents generate an average of 7.5 transactions per year versus the industry average of 6.4 transactions. Compass’ Principal Agent retention rate exceeded 90% in 2022.
Conclusion
That's it for my 2024 round-up of Compass Real Estate.
This leading brokerage – differentiated by its use of technology and its platform – showed a slight slowdown in 2023 due to macroeconomic trends. Compass is not profitable. Despite this, the company still claims to be the largest independent real estate brokerage by gross transaction volume in the U.S.
Sources
Website Traffic: <a href="https://ahrefs.com/" title="Ahrefs" target="_blank">Ahrefs</a>
Financial + Operations: <a href="https://investors.compass.com/" title="Compass investor info" target="_blank">Compass</a>2024-03-04T15:00:00-07:002024-03-04T15:17:56-07:00Tony Mariottitag:rubyhome.com,2012-09-20:19788Redfin Company Stats: Revenue & Competitors (2024)<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_Statistics.jpg" width="1558" height="900" alt="Redfin_Statistics" />
Redfin is a leading full-service real estate brokerage.
Founded in 2004 in Seattle, Washington, the company reaches 49.5 million monthly average users across its mobile apps and websites, primarily in the U.S. and Canada.
Redfin became a publicly traded company on July 28, 2017.
Redfin generated $977 million in revenue in 2023, a 5x increase from the $187 million generated in 2015.
From users to company financials, here's a summary of what you'll find on this page:
<a href="https://www.rubyhome.com/#redfin-visitors">How Many People Visit Redfin?</a>
<a href="https://www.rubyhome.com/#redfin-revenue">Key Redfin Financials</a>
<a href="https://www.rubyhome.com/#redfin-market-share">Redfin Market Share</a>
<a href="https://www.rubyhome.com/#redfin-competitors">Redfin Competitors</a>
<a href="https://www.rubyhome.com/#redfin-employees">How Many People Work at Redfin?</a>
For additional industry information, view all <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate stats">real estate stats</a>.
Key Redfin Statistics
Redfin reaches 49.5 million consumers across its web properties and mobile apps.
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_reaches_49.5M_consumers_per_month.jpg" width="1558" height="624" alt="Redfin reaches 49.5M consumers per month" />
Redfin helped customers buy or sell more than 61,000 homes in 2023.
Redfin generated $977 million in revenue in 2023 but is not currently profitable.
The company lost $131 million in 2023.
Redfin grew revenue from $125 million in 2014 to $977 million in 2023, an increase of 782%.
Redfin captured a 0.76% market share of U.S. real estate transactions in 2023, a 1.8x increase from 2017.
In 2023 Redfin generated 63% of its revenue from real estate services helping buyers and sellers buy and sell homes. The gross profit margin of real estate services was 25.2%.
Redfin has 4,693 employees (2023).
How Many People Visit Redfin?
The amount of traffic Redfin gets to its mobile applications and website is an important leading indicator of business activity because this is how Redfin acquires new customers. It's important to note that the homebuying process takes time and that not all traffic will convert to revenue-generating customers immediately (if at all).
The company's flagship website, Redfin.com, <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="ranks 4th">ranks 4th</a> among real estate websites in the United States attracting 10.2 million average visitors per month (about 1/6 the traffic <a href="https://www.rubyhome.com/blog/zillow-stats/" title="Zillow">Zillow</a> receives).
The company defines monthly average visitors as a combination of unique visitors to all its websites and apps, including Redfin, RentPath, Bay Equity Home Loans, Walk Score, Redfin App, and RentPath app. In 2023, Redfin's aggregate reach was 49.5 million monthly active visitors, slightly shy of the 49.7 million in 2022, but still a 4.25x increase from 2015. Here is the growth trajectory of Redfin's aggregate reach:
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_Monthly_Visitors.jpg" width="1558" height="1100" alt="Redfin Monthly Visitors" />
Here is a breakdown of Redfin's monthly visitor growth since 2015.
YearMonthly Visitors (Web + App)
2015
11.70 million
2016
16.21 million
2017
22.62 million
2018
27.26 million
2019
33.47 million
2020
42.86 million
2021
47.11 million
2022
49.65 million
2023
49.47 million
Key Redfin Financials
Redfin generates revenue from several business segments: Real Estate Services revenue (helping consumers buy and sell), Rentals revenue (subscription based services for internet listings), Mortgage revenue (fees and interest from loans), and “Other" revenue (title services and data services).
While the company earned $977 million in revenue in 2023, it also experienced a net loss of $131 million. Here's how Redfin has fared in recent years:
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Key_Redfin_Financials.jpg" width="1558" height="1100" alt="Redfin profit and loss" />
Redfin Revenue By Category
The Real Estate Services segment accounted for 63.3% of the company's revenue in 2023, followed by Rentals with 18.9%.
Here we can see a visual breakdown of Redfin’s revenue generation by segment:
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_Revenue_by_Business_Segment.jpg" width="1558" height="1100" alt="Redfin Revenue by Business Segment" />
And here is the table showing the share of revenue earned by Redfin's business units:
Redfin Business SegmentShare of Total Revenue
Real Estate Services
63.34%
Rentals
18.92%
Mortgages
13.73%
Other
4.01%
Redfin Market Share
Redfin steadily increased its market share of residential real estate transactions in the United States from 0.42% in 2017 to 0.80% in 2022. The company saw a slight decrease in market share in 2023, falling back to 0.76% of total residential real estate transactions.
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_Market_Share.jpg" width="1558" height="1100" alt="Redfin Market Share" />
Here is a table of Redfin's market share as a percentage of the U.S. market.
YearUS Market Share by Transactions
2017
0.42%
2018
0.51%
2019
0.61%
2020
0.67%
2021
0.77%
2022
0.80%
2023
0.76%
Redfin Regional Market Share
Redfin’s top-10 regional markets for real estate services are the metropolitan areas of (alphabetically):
Boston
Chicago
Denver (including Boulder and Colorado Springs)
<a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a> (including <a href="https://www.rubyhome.com/santa-barbara-ca/" title="Santa Barbara">Santa Barbara</a>)
Maryland
Northern Virginia
<a href="https://www.greatvancouverhomes.com/portland-or/" title="Portland">Portland</a> (including Bend)
<a href="https://www.rubyhome.com/san-diego-ca/" title="San Diego">San Diego</a>
<a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a>
Seattle
In 2023, 55% of Redfin’s revenue came from their top 10 markets. The company stated that they are trying to reduce its over-reliance on these markets and achieve wider distribution. In 2015, 76% of their revenue came from their top 10 markets. By 2021, Redfin decreased its revenue from these markets by 21%.
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_Revenue_Share_in_Top_10_Markets.jpg" width="1558" height="1100" alt="Redfin Revenue Share in Top 10 Markets" />
Here is a table of revenue from the top-10 Redfin markets as a percentage of real estate services revenue.
YearPercentage From Top 10 Markets
2017
69%
2018
67%
2019
63%
2020
63%
2021
62%
2022
58%
2021
55%
Redfin Competitors
Redfin ranks as the 4th-largest publicly traded residential real estate company in the U.S. by revenue in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfins_Competitors_by_Revenue.jpg" width="1558" height="1100" alt="Redfin's Competitors by Revenue" />
And here's the data for top U.S. brokerage sales volume.
CompanyRevenue
<a href="https://www.rubyhome.com/blog/anywhere-real-estate-stats/" title="Anywhere">Anywhere</a>
$6,908,000,000
<a href="https://www.rubyhome.com/blog/compass-stats/" title="Compass">Compass</a>
$6,020,000,000
<a href="https://www.rubyhome.com/blog/exp-stats/" title="eXp Realty">eXp Realty</a>
$4,600,000,000
Redfin
$2,284,442,000
HomeServices of America
$1,500,000,000
Douglas Elliman
$1,150,000,000
How Many People Work at Redfin?
Redfin Employees
Redfin serves more than 100 markets across the U.S. & Canada and employs over 4,000 people. In 2022 the company had 4,693 employees, a decrease of roughly 28% from its peark in 2021. Since 2017, Redfin’s workforce has grown by 1.9x despite cutbacks in recent years.
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_Employee_Count.jpg" width="1558" height="1100" alt="Redfin Employee Headcount" />
Here is a table showing how many people work for Redfin.
YearNumber of Redfin Employees
2017
2,422
2018
2,993
2017
3,377
2018
2,993
2019
3,377
2020
4,185
2021
6,485
2022
5,572
2023
4,693
Redfin Agents
Redfin works with two kinds of real estate agents.
Lead agents are full-time employees who earn W2 wages and benefits. The company calculates lead agent headcount by taking the number of lead agents at the end of each month and then averaging that number over the year. The company has seen growth in its lead agents, from 1,023 in 2017 to 1,776 in 2023. Redfin is big player in the U.S. market and brings in quite a lot of revenue for such a small number of in-house agents compared to the massive <a href="https://www.rubyhome.com/blog/number-of-realtors/" title="number of Realtors in the U.S">number of Realtors in the U.S</a>. (1,566,354).
Partner agents are contractors at other brokerages who receive leads from the company and share in the proceeds of commissions earned (similar to <a href="https://www.rubyhome.com/blog/zillow-stats/" title="Zillow">Zillow</a>'s Flex program). Redfin develops these relationships to fill high demand or overcome geographic limitations. The number of partner agents has also increased from 3,200 in 2017 to 5,790 in 2023, but is down from it's peak of 10,700 in 2021.
In the chart below, you can see that growth in the number of partner agents has outpaced the growth of lead agents.
<img src="https://assets.site-static.com/userfiles/1102/image/redfin_2024/Redfin_Agent_Count.jpg" width="1558" height="1100" alt="Redfin Agent Headcount" />
Here is the headcount for lead agents since 2017.
YearAvg. Number of Lead Agents
2017
1,023
2018
1,390
2019
1,503
2020
1,757
2021
2,396
2022
2,426
2023
1,776
And the headcount for partner agents since 2017.
YearNumber of Partner Agents
2017
3,200
2018
3,000
2019
3,600
2020
6,800
2021
10,700
2022
8,700
2023
5,790
Interesting fact: Redfin agents earned a median income of $112,200 in 2020, more than double the median of $49,700 for traditional agents.
Conclusion
That’s it for my 2024 roundup of Redfin.
The company experienced rapid growth up until 2022. However, 2023 saw Redfin's revenue and manpower take a slight dip in the other direction.
Despite not reaching profitability, the real estate brokerage is the 4th most visited real estate website and 5th largest broker by revenue in the U.S., and there's no doubt that Redfin is a major player in residential real estate.
Time will tell if Redfin can become profitable and if its revenue will continue to increase when macroeconomic trends in real estate become more favorable again.
Sources
<a href="https://investors.redfin.com/" title="Redfin" target="_blank">Redfin</a>
<a href="https://www.macrotrends.net/" title="Macrotrends" target="_blank">Macrotrends</a>2024-03-03T13:00:00-07:002024-03-03T13:08:46-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20342Zillow Statistics: Users, Revenue, and Market Share (2024)<img src="https://assets.site-static.com/userfiles/1102/image/Zillow/Zillow_Statistics.jpg" width="1558" height="900" alt="Zillow Statistics" />
Founded in 2006, Zillow is a tech-driven real estate marketplace that generates revenue in three main ways.
First, it earns from real estate agents who pay to advertise on its website and mobile app all over the United States (including luxury real estate markets like New York and <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>) and parts of Canada.
Second, it makes money from landlords and property managers who advertise on its rental platform.
The company also earns revenue - to a much smaller degree - through ancillary real estate services like helping people get mortgages.
In this article, we will take a deeper look at Zillow’s business activities, interesting stats, and more:
<a href="https://www.rubyhome.com/#zillow-revenue">Zillow Revenue & Net Profit</a>
<a href="https://www.rubyhome.com/#zillow-users">How Many People Visit Zillow?</a>
<a href="https://www.rubyhome.com/#zillow-market-share">Zillow Market Share</a>
<a href="https://www.rubyhome.com/#zillow-business-model">Zillow’s Business Model</a>
<a href="https://www.rubyhome.com/#zillow-employees">How Many People Work at Zillow?</a>
For more industry info, view all <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate data">real estate data</a>, part of RubyHome's ongoing series.
Key Zillow Stats
By visitor traffic, Zillow is the largest real estate website in the U.S., averaging 57 million monthly visitors in 2023.
Zillow Group-owned Trulia is ranked third for real estate websites in the U.S., averaging 9.8 million monthly visitors in 2023.
In 2023, Zillow generated $1.95 billion in revenue, a 0.6% decrease from the $1.96 billion generated in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/Zillow/Zillow_Revenue_2024_is_1.95B.jpg" width="1558" height="624" alt="Zillow Revenue 2024 is $1.95B" />
Zillow is not profitable. After expenses, the company lost $158 million in 2023.
Zillow estimates that 67% of U.S. home buyers used its web properties and mobile apps.
Zillow Revenue & Profit
Zillow is not yet profitable. The company had a net loss of $158 million in 2023.
Over the past 5 years, Zillow's total revenue fluctuated. The company peaked in 2019 with total revenue of $2.7 billion, 41% more than the company generated in 2023.
Below, you can see the pandemic's impact on the company's total revenue, dipping to just $1.6 billion in 2020. Since then, revenue has slowly come back, however, we can see the company struggles to reach profitability as it still loses money every year.
<img src="https://assets.site-static.com/userfiles/1102/image/Zillow/Key_Zillow_Financials.jpg" width="1558" height="1100" alt="Key Zillow financials" />
Source: <a href="https://investors.zillowgroup.com/" title="Zillow" target="_blank">Zillow</a>
Zillow Revenue by Segment
Of the company’s total revenue in 2023, 75% came from its residential segment. This includes revenue from monetizing its website traffic thorugh advertising, its Premier Agent program, new construction marketplaces, and technology solutions.
The company's rental segment accounted for 18% of its total revenue in 2023.
<img src="https://assets.site-static.com/userfiles/1102/image/Zillow/Zillow_Revenue_by_Segment_2024.jpg" width="1558" height="1100" alt="Zillow Revenue by Segment 2024" />
Source: <a href="https://investors.zillowgroup.com/" title="Zillow" target="_blank">Zillow</a>
It is worth noting that Zillow used to report revenue differently when its iBuying program was running. Although margins on buying and selling homes were small, selling properties inflated the company's revenue number without significantly impacting the bottom line.
For example, Zillow reported a total revenue of $8.1 billion in 2021, of which over $6 billion came from selling homes. Since the company doesn’t sell homes anymore, it adjusted how operations are reported, no longer counting the revenue from previous home-selling activities in financial statements.
How Many People Visit Zillow?
Zillow Group owns Zillow.com, Trulia.com, HotPads.com, StreetEasy.com, and mobile apps. Across its properties, the company reaches a massive number of users. However, two of the company's websites are the key revenue drivers:
Zillow.com is the most visited real estate in the United States, with 57 million monthly visitors.
Trulia is the third-most visited real estate website in the U.S., with 9.8 million monthly visitors.
Source: <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="RubyHome">RubyHome</a>
Zillow Users
Let’s also ponder Zillow Group’s aggregate reach across all of its properties each year, websites and mobile apps alike.
<img src="https://assets.site-static.com/userfiles/1102/image/Zillow/Zillow_Total_Visitors_-_Cross_Platform_2024.jpg" width="1558" height="1100" alt="Zillow total users web traffic and mobile devices" />
Here is a table with Zillow’s annual audience reach since 2017:
YearMobile App & Website Visits (Annual)
2017
6.3 billion
2018
7.2 billion
2019
8.1 billion
2020
9.6 billion
2021
10.2 billion
2022
10.5 billion
2023
9.8 billion
Source: <a href="https://investors.zillowgroup.com/" title="Zillow" target="_blank">Zillow</a>
From 2017 to 2023, yearly visitors increased 55%.
Zillow Market Share
Zillow differs from traditional real estate brokerages, which have an army of agents on the ground meeting homebuyers, showing homes, and closing deals.
The company became a licensed brokerage in several states and hired in-house agents. However, it did this primarily to facilitate better profit margins for its iBuying program, which the company discontinued.
With Zillow choosing to end Zillow Offers, the company placed a renewed focus on its advertising business.
We can't compute Zillow's market share of residential real estate transactions as we would for brokerages like <a href="https://www.rubyhome.com/blog/redfin-stats/" title="Redfin">Redfin</a> or <a href="https://www.rubyhome.com/blog/exp-stats/" title="eXp Realty">eXp Realty</a>, as the company doesn't get involved in front-line, face-to-face sales activity with consumers.
The best alternative to analyze the company's market share - for residential real estate activity - is to look at how much traffic it generates compared to similar real estate companies.
Zillow's Top Competitors
Realtor.com is Zillow's biggest competitor. It is the closest comparable company because its business is also primarily driven by ad revenue and lead generation.
Redfin also competes with Zillow for <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="website traffic">website traffic</a> and leads. However, it does not sell advertising and leads to agents; instead, it keeps leads in-house and distributes them to Redfin's agents (or partner agents). Thus, Redfin is as dependent as Zillow or Realtor.com upon internet traffic for its success.
<img src="https://assets.site-static.com/userfiles/1102/image/Zillow/Top_Zillow_Competitors_-_Website_Traffic_2024.jpg" width="1558" height="1100" alt="Top Zillow competitors" />
Here is a table of Zillow Group's residential real estate websites, Zillow.com and Trulia.com, compared to its top rivals, Realtor.com and Redfin.com:
Website(s)Monthly Organic Visits
Zillow.com & Trulia.com
67,100,000
Realtor.com
30,100,000
Redfin.com
8,300,000
Zillow’s Business Model
As discussed, Zillow is not a brokerage in the traditional sense. The company derives most of its revenue from advertising sales and lead generation across its websites (like Zillow.com and Trulia) and mobile apps.
How Does Zillow Make Money?
Zillow’s websites and mobile apps create tremendous value for property management companies and real estate agents to purchase advertising, gain visibility, and connect with consumers.
Zillow has two programs that generate leads for real estate agents: Premier Agent and Zillow Flex.
In the Premier Agent program, agents pay monthly fees to advertise and display their contact information on Zillow Group properties (Zillow.com, Trulia, mobile apps, etc.) The consumer's information is sent to local agents who pay to be in the program.
In Zillow's Flex program, the company qualifies leads before handing them off to agents. Agents pay a share of their commissions if and when the deal closes. Because Zillow does not collect upfront fees from agents, the company takes on some risk that the agent may not close deals at an acceptable rate. Thus, the company only allows agents with an established track record of closing deals into the program.
Property management companies can advertise rental listings on Zillow Rental Manager, sending prospective renters to the advertisers. Renters move more often than homeowners, and property owners are okay with spending money on ads when they need to fill vacant units.
Zillow also sells ads to mortgage lenders and other businesses interested in reaching Zillow's consumers. Other Zillow advertisers could include interior designers, home organization retailers, and general contractors.
How Many Leads Does Zillow Generate?
Zillow last reported that it generated 16.9 million leads for agent advertisers in 2016; however, the company does not routinely share this information publicly.
How Many People Work at Zillow?
Zillow employed 6,263 people in 2023, down from 8,005 in 2021. The company's initial and largest round of layoffs hit Zillow Offers advisors, followed by smaller layoffs affecting teams in the Mortgages segment.
<img src="https://assets.site-static.com/userfiles/1102/image/Zillow/Zillow_Employees_2024.jpg" width="1558" height="1100" alt="Number of Zillow employees 2024" />
Here is a table of Zillow’s employee headcount since 2017:
YearZillow Employees
2017
3,181
2018
4,336
2019
5,249
2020
5,504
2021
8,005
2022
5,724
2023
6,263
Source: <a href="https://www.macrotrends.net/stocks/charts/Z/zillow/number-of-employees" title="MacroTrends" target="_blank">MacroTrends</a>
From 2017 to 2023, the number of employees at Zillow increased 96%.
Conclusion
That’s it for my 2024 round-up of Zillow.
As the largest real estate website in the U.S., Zillow is synonymous with home buying. Its massive web and mobile app traffic creates a robust advertising and lead-generation business.
We will see in the coming years if Zillow’s decision to double down on its core technology and ads business will pay off and help them to reach profitability.2024-02-22T12:45:00-07:002024-02-23T08:12:59-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29761Real Estate Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/Real_Estate_Statistics.jpg" width="1558" height="900" alt="Real Estate Statistics" />
RubyHome compiles data and research to make it easy for consumers, journalists, and researchers to get data and information they need quickly. In this high-level article, we cover the following topics:
<a href="https://www.rubyhome.com/#real-estate-companies">Real Estate Companies and Agents</a>
<a href="https://www.rubyhome.com/#buying-homes">Buying a Home</a>
<a href="https://www.rubyhome.com/#selling-homes">Selling a Home</a>
<a href="https://www.rubyhome.com/#homeownership">Homeownership</a>
<a href="https://www.rubyhome.com/#home-maintenance-repair">Home Maintenance & Repair</a>
<a href="https://www.rubyhome.com/#moving">Moving</a>
<a href="https://www.rubyhome.com/#property-management">Property Management & Short-Term Rentals</a>
<a href="https://www.rubyhome.com/#property-risks">Property Risks</a>
Key Real Estate Stats
There are 1,554,604 Realtors in the United States.
27 million Americans move each year.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/27_million_Americans_move_each_year.jpg" width="1558" height="624" alt="27 million Americans move each year." />
The salary need to buy the average single-family home in the United States is $102,557.
The median home price in the United States is $422,550.
The median duration of homeownership in the U.S. is 13.2 years.
65.9% of American homes are owner-occupied.
Approximately 30% (75 million) of the U.S. population lives in HOA communities.
Real Estate Companies and Agents
Biggest Real Estate Companies by Website Traffic
Zillow is the largest real estate website in the United States, ranked by visitor traffic. It averages 57 million monthly visitors.
The top 3 most popular real estate websites (Zillow, Realtor, and Trulia) earn revenue primarily from selling leads to real estate agents.
With 8.3 million monthly visitors, Redfin is the top-ranking website for a full-service brokerage (works directly with consumers rather than selling leads).
Read more about the <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="most visited real estate websites">most visited real estate websites</a>.
Number of Real Estate Agents in the United States
There are 1,554,604 Realtors in the United States.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/There_are_1554604_Realtors_in_the_U.S..jpg" width="1558" height="624" alt="1,566,354 Realtors in the US" />
There are 106,548 real estate brokerages in the United States, or 14.6 Realtors for every brokerage.
There are approximately 2 million real estate agents (Realtors plus state-licensed agents who are not members of the National Association of Realtors).
Among the states, Florida has the most Realtors and Vermont the fewest.
Among cities, the Miami Metropolitan Area has the highest concentration of real estate sales agents.
Check out the full article about the <a href="https://www.rubyhome.com/blog/number-of-realtors/" title="number of agents in the U.S.">number of agents in the U.S.</a>
Buying a Home
Home Prices
The median home price in the United States is $422,550.
Hawaii ($966,572) and <a href="https://www.rubyhome.com/california/" title="California">California</a> ($762,981) have the highest median home prices in the nation.
Since 1963, home prices have seen a 23x increase; or roughly 10.4% on average per year.
Get additional details about <a href="https://www.rubyhome.com/blog/average-home-prices/" title="average home prices">average home prices</a>.
Income Needed to Buy a Home
The salary needed to buy the average single-family home in the United States is $104,016.
Mortgage interest rates moved from 3.82% to 6.37% from 2022 to 2023 a 67% increase.
Homebuyers face 20-year-high mortgage rates, but still below the 8% historical average.
See the full breakout of the <a href="https://www.rubyhome.com/blog/salary-to-buy-a-house/" title="salary needed in each state">salary needed in each state</a>.
Selling a Home
Staging Homes
Staged homes can sell for more money: 38% of buyers' agents said staging increased their clients offer over similar non-staged homes. 41% of sellers' agents reported an increase in dollar value offered by buyers for staged homes compared to similar non-staged homes.
Staged homes can sell faster: 48% of sellers' agents report a decrease in days on market (DOM) for staged homes.
The average cost of staging a home is $1,776/month.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/The_average_cost_of_staging_a_home_is_1776_per_month.jpg" width="1558" height="624" alt="The average cost of staging a home is $1,776 per month" />
The average cost of staging a vacant luxury home is $6,800/month.
The living room is the most important area for staging, and the guest bedroom is the least important.
Review the full set of <a href="https://www.rubyhome.com/blog/home-staging-stats/" title="home staging stats">home staging stats</a>.
Real Estate Photography
The average cost for residential real estate listing photos is $230.
100% of homebuyers start their home search online, which is why the first impression when marketing a home begins with great images.
Real estate listings that include professional photography sell 32% faster.
Homes with aerial photos sell 68% faster.
Homes listings with videos get 403% more inquiries than those without them.
63% of people who bought a home in 2020 made an offer for a property based on a virtual tour.
Get more info about <a href="https://www.rubyhome.com/blog/real-estate-photography-stats/" title="real estate photography">real estate photography</a> and <a href="https://www.rubyhome.com/blog/real-estate-photography-prices/" title="average prices">average prices</a>.
Homeownership
Basic Homeownership Stats
65.9% of American homes are owner-occupied.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/66_of_American_homes_are_owner-occupied.jpg" width="1558" height="624" alt="65.9% of American homes are owner-occupied" />
New York (54.3%), California (55.3%), and Hawaii (61.3%) have the three lowest rates of homeownership among states.
Homeownership rates are higher with older Americans. 79.1% of those over the age of 65 are homeowners, nearly double the ownership rate for those under 35.
Over the past 58 years, the homeownership rate in the U.S. has stayed between 63%-69%.
For additional data, view all <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeownership statistics">homeownership statistics</a>.
Average Length of Homeownership
The median duration of homeownership in the U.S. is 12.3 years.
The median length of homeownership has increased by 21% since 2012.
Homeowners in the Northeast stay in their homes the longest.
In large metros like New York City and <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>, homeowners stay in their homes for 15 to 19 years, slightly longer than the national average.
Homeownership tenure in the Mountain States is the lowest.
A study showed that people own homes 47% longer on average when built before the year 2000 versus after.
Review more info about the <a href="https://www.rubyhome.com/blog/average-length-homeownership/" title="average length of homeownership">average length of homeownership</a> in the U.S.
Homeowners vs. Renters
Over 70% of U.S. homeowners are 45 or older, while more than a third of renters are younger than 35.
The median age of U.S. homeowners is 56, and the median age of renters is 39.
75% of U.S. homeowners are White.
The median household income of U.S. homeowners is $86,000, and the median income of renters is $42,500.
Homeowners tend to have an "excellent" credit score rating, while the rating of renters is "fair."
U.S. homeowner have a net worth 40x higher than renters: $225,000 vs. $6,300.
Review the full set of <a href="https://www.rubyhome.com/blog/homeowners-vs-renters-stats/" title="homeowners vs renter stats">homeowners vs renter stats</a>.
Home Maintenance & Repair
Home Remodeling Statistics
The top three home improvement projects are interior painting, bathroom remodeling, and installing smart home devices.
Median spending on home remodeling was $18K in 2021.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/18K_is_the_median_spend_on_home_remodeling.jpg" width="1558" height="624" alt="Median spending on home remodeling was $18K in 2021" />
Median spending for interior remodeling areas increased 38% from 2002 to 2021.
A home remodeling project's average cost recovery rate (return on investment) is 56%, but some projects generate double-digit returns.
Homeowners who've lived in their house longer than six years account for 60% of remodeling activity, yet spend 50% less than recent homeowners (owners who've been in their home less than one year).
Check out the full article about <a href="https://www.rubyhome.com/blog/home-remodeling-stats/" title="home remodeling">home remodeling</a>.
Landscaping
The typical price range for landscaping projects is $2,600 - $13,700, with the average project costing $8,150.
Landscaping maintenance typically costs between $100 - $200 per month.
Taking a home from no landscaping to well-planned and executed landscaping can increase the home’s value between 5.5% - 12.7%.
Review the comprehensive list of <a href="https://www.rubyhome.com/blog/landscaping-stats/" title="landscaping statistics">landscaping statistics</a>.
Gardening
55% of U.S. households (71.5 million) garden.
The U.S. is one of the top 3 gardening countries.
55% of people garden to create a beautiful space, and 43% garden to grow food.
Tomatoes are the most popular homegrown vegetables and found in 86% of food gardens.
The average U.S. garden is 600 sq.ft. and produces $600 worth of food.
A 100-200 sq.ft. food garden can feed one person year-round.
People garden 5 hours a week on average.
Get more <a href="https://www.rubyhome.com/blog/gardening-stats/" title="gardening statistics">gardening statistics</a>.
Smart Homes
63.43 million homes in the United States actively use smart home devices.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/63M_U.S._homes_actively_use_smart_home_devices.jpg" width="1558" height="624" alt="63.43 million homes in the United States actively use smart home devices" />
Consumer electronics, such as smart speakers and entertainment systems, make up over a third or 35% of the smart home devices market.
The smart home market in the U.S. was valued at $31.5 billion in 2022.
7 in 10 homebuyers are actively looking for a smart home.
78% of homebuyers would be willing to pay more for a smart home.
Stay current with up-to-date <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="smart home info">smart home info</a>.
Homeowners Associations
Approximately 30% of the U.S. population lives in HOA communities.
Over 75 million people in the U.S. live in a homeowner association community.
66% of newly completed homes in 2022 are part of HOA communities, up 17% from 2011.
Houses in HOAs are worth 5-6% more than similar homes outside of HOAs.
Typical HOA membership fees for single-family homeowners is $200-$300/month.
Get a full look at <a href="https://www.rubyhome.com/blog/hoa-stats/" title="average HOA fees by state">average HOA fees by state</a>.
Utilities
The average utility bill in the U.S. is $469 per month.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/Average_American_Utility_Bill.jpg" width="1558" height="624" alt="Average American Utility Bill" />
<a href="https://www.rubyhome.com/blog/average-electric-bill/" title="Electricity">Electricity</a> is typically the most expensive component.
<a href="https://www.rubyhome.com/blog/water-usage-stats/" title="water usage">Water usage</a> is typially the least expensive component.
Here’s a breakdown of the average American's household utility costs:
Electricity ($137)
Cable and internet ($114)
Sewer, garbage, and <a href="https://www.rubyhome.com/blog/recycling-stats/" title="recycling">recycling</a> ($66)
Gas ($65)
Streaming ($48)
Water ($39)
Get the lastest on American <a href="https://www.rubyhome.com/blog/average-utility-bill/" title="utility bills">utility bills</a>.
Moving
8.4% of Americans moved in 2021, the lowest historical annual rate recorded since 1948.
27 million Americans move each year.
Nearly 50% of all movers stated housing prices as the main reason.
Young adults between the ages of 20-29 move the most.
A person in the United States can expect to move 11.7 times in their lifetime.
There are about 7,000 moving companies in the United States.
See additional details about <a href="https://www.rubyhome.com/blog/moving-stats/" title="moving in the U.S.">moving in the U.S.</a>
Property Management & Short-Term Rentals
Property Management Industry Statistics
The property management industry in the U.S. generates $99.5 billion in annual revenue.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/Property_management_is_a_100B_industry.jpg" width="1558" height="624" alt="Property Management is a $100B Industry" />
There are an estimated 326,000 property management companies in the U.S.
A little over 10 million people own at least one rental property in the U.S. with 51% of these people opting to have a property manager.
Property management companies typically charge between 8%-12% of the monthly rent cost.
See the comprehensive set of <a href="https://www.rubyhome.com/blog/property-management-stats/" title="property management facts">property management facts</a>.
Vacation Rental Statistics
The estimated U.S. vacation rental market size was $15 billion in 2021.
There are an estimated 1.3 million vacation rentals in the U.S.
Airbnb (7 million) and Booking.com (6.6 million) boast the largest numbers of vacation rental listings.
60 million people stayed in a vacation rental in the U.S. in 2022.
The average daily rate for a short-term rental in the U.S. was $259 in 2021.
A typical host in the U.S. earns $14,000 per year from Airbnb.
Nightly Airbnb rates are normally the most expensive in North America, averaging $208.
Get full set of <a href="https://www.rubyhome.com/blog/vacation-rental-stats/" title="vacation rental stats">vacation rental stats</a> and a deeper look at <a href="https://www.rubyhome.com/blog/airbnb-stats/" title="Airbnb">Airbnb</a>.
Property Risks
Natural Disasters
Natural disasters cost the U.S. $124B annually.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/Natural_disasters_cost_the_U.S._124B_annually.jpg" width="1558" height="624" alt="Natural disasters cost the U.S. $124B annually" />
From 2018 to 2022, there were an average of 18 climate disasters per year in the U.S. that cost over $1 billion.
There are typically 363 deaths per year because of natural disasters in the U.S.
On average, climate disasters cost the U.S. economy $123.5 billion per year.
The number of $1 billion natural disaster events per year has increased from 3.3 in the 1980s to 13.1 in the 2010s, a 397% increase.
Tropical cyclones are 4.28x more likely to occur now compared to the 1980s.
See the full breakout of <a href="https://www.rubyhome.com/blog/natural-disaster-stats/" title="statistics about natural disasters">statistics about natural disasters</a>.
Water Damage
14,000 people in the U.S. are affected by water damage daily.
The average insurance claim to repair water damage to a home is $11,605.
About 1 in 60 insured homes makes a claim for water or freezing damage each year.
99% of U.S. counties were impacted by a flood event between 1996-2019.
98% of basements in the U.S. will experience some water damage at least once.
The typical price range to restore water damage across is between $1,322 and $5,945.
Americans waste roughly 1 trillion gallons of water yearly due to leaky pipes, faucets, sprinkler systems, and more.
Read more about <a href="https://www.rubyhome.com/blog/water-damage-stats/" title="water damage">water damage</a>.
Mold
Mold is common in 47% of residential buildings in the United States.
The cost of mold remediation ranges from $1,373 to $3,325, with an average expense of $2,347.
21% of asthma cases in the U.S. could be linked to dampness and mold.
Mold-related infections have an economic impact of $5.6 billion annually in the U.S. while asthma adds another $16.8 billion.
Home resale values can drop 20-37% due to mold issues.
Find out more about <a href="https://www.rubyhome.com/blog/mold-stats/" title="mold">mold</a>.
Property Crime
There were 6.4 million property crimes in the U.S. in 2021, including 4.6 million larceny-theft offenses.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/6.4M_property_crimes_occur_in_the_U.S._annually.jpg" width="1558" height="624" alt="There were 6.4 million property crimes in the U.S. in 2021" />
Texas has the most property crime cases of any state.
Washington, D.C. has the highest rate of larceny-theft offenses out of all districts and states.
New Mexico has the highest burglary rate, Colorado has the highest motor vehicle theft rate, and Illinois has the highest arson rate.
Property crime rates have declined over the past 20 years; however, most Americans perceive crime as rising.
Overall, only 13% of property crimes are cleared compared to over 50% clearance for violent crimes.
White males between the ages of 21 and 40 account for most property crimes.
St. Louis, MI, is the most dangerous, and Honolulu, HI is the safest city in the United States.
Most property crimes occur during daylight hours between 12 p.m. and 7 p.m.
The odds of personally experiencing a property crime stands at 1.9%.
Get a good overview about <a href="https://www.rubyhome.com/blog/property-crime-stats/" title="property crime">property crime</a>.
Burglary
899,781 burglaries occurred in the U.S. in 2021, including 416,151 residential burglaries.
The U.S. burglary rate is 271 cases per 100,000 population.
There are 2.3X fewer burglaries today than twenty years ago.
The U.S. burglary clearance rate is only 13.5%.
In 54% of burglaries, the offender lives within 2 miles of the home they burglarized, and in 30% of burglaries, the offender knows the victim.
In over 50% of cases, burglars use open doors or windows to enter the home.
29.7% of U.S. households have alarm security systems, and 34% have video doorbell systems installed.
See more <a href="https://www.rubyhome.com/blog/burglary-stats/" title="burglary statistics.">burglary statistics.</a>
Home Security
72% of households in the United States have at least one home security device.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_statistics/72_of_U.S._houses_have_a_home_security_device.jpg" width="1558" height="624" alt="72% of U.S. households have a home security device" />
51 million households have a video surveillance system and 39 million have an alarm system.
The average cost to install a home security system is $475.
Most burglars (83%) try to determine if an alarm is present before attempting a burglary.
60% of burglars say that they would seek an alternative target if they determine an alarm is on site.
Get the latest info on <a href="https://www.rubyhome.com/blog/home-security-system-stats/" title="home security">home security</a>.
Home Accidents
In 2021 there were an estimated 128,200 preventable home injury-related deaths in the U.S.
There were 35.9 million medically consulted injuries from preventable home accidents in 2021.
78% of all preventable injury-related deaths happen in homes.
The leading causes of home injury-related deaths are poisoning (65%) and falls (23%).
Get more details about <a href="https://www.rubyhome.com/blog/home-accident-stats/" title="home accidents">home accidents</a>.
House Fires
343,100 homes experience a structural fire in the U.S. each year.
House fires cause over $9 billion in damages each year.
Every 23 seconds a fire department must respond to a fire somewhere in the U.S.
The most common causes of house fires are cooking (49%) and heating equipment (13%).
On average house fires cause 2,840 civilian deaths per year.
In 2021, there were over 11,000 fire-related injuries from 338,000 house fires.
See more <a href="https://www.rubyhome.com/blog/house-fire-stats/" title="house fire statistics.">house fire statistics.</a>
Conclusion
That's a wrap on our real estate statistics round up. The data point summaries for each topic are derived from the linked articles which include more comprehensive coverage. For sources, visit the articles via the link below each topic section.2024-01-27T08:15:00-07:002024-01-27T08:27:44-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29725Number of Realtors in the United States (2024)<img src="https://assets.site-static.com/userfiles/1102/image/number_of_realtors/How_Many_Realtors_Are_There.jpg" width="1558" height="900" alt="How Many Realtors Are There?" />
There are 1,554,604 Realtors (members of the National Association of Realtors) in the United States among an estimated 2,000,000 real estate agents (licensed, but not members of the National Association of Realtors).
This article is part of RubyHome's comprehensive series on<a href="https://www.rubyhome.com/blog/real-estate-stats/" title=" real estate statistics"> real estate statistics</a>. Below, we will cover the following topics about real estate agents:
<a href="https://www.rubyhome.com/#realtors-by-state">How Many Realtors Are There in Each State?</a>
<a href="https://www.rubyhome.com/#realtors-growth">Is the Number of Realtors Growing or Declining?</a>
<a href="https://www.rubyhome.com/#realtors-by-city">Which Cities Have the Most Employed Sales Agents?</a>
Key Real Estate Agent Figures
There are 1,554,604 Realtors in the United States.
<img src="https://assets.site-static.com/userfiles/1102/image/number_of_realtors/There_are_1554604_Realtors_in_the_United_States.jpg" width="1558" height="623" alt="There are 1,554,604 Realtors in the United States" />
There are 106,548 real estate brokerages in the United States, or 14.6 Realtors for every brokerage.
Among the states, Florida has the most Realtors and Vermont the fewest.
Among cities, the Miami Metropolitan Area has the highest concentration of real estate sales agents.
How Many Realtors Are There in Each State?
The states with the most Realtors are Florida (225,563), <a href="https://www.rubyhome.com/california/" title="California">California</a> (204,678), and Texas (150,141).
Vermont is the state has the fewest (1,787).
The Virgin Islands (387) has the fewest of the U.S. Territories.
Here is table showing the number of Realtors by state:
State/TerritoryNumber of Realtors
Alabama
18,653
Alaska
1,915
Arizona
53,422
Arkansas
11,251
California<a href="https://www.rubyhome.com/california/" title="California"></a>
204,687
Colorado
27,303
Connecticut
18,983
Delaware
4,332
District Of Columbia
2,838
Florida
225,563
Georgia
47,086
Guam
579
Hawaii
10,308
Idaho
11,619
Illinois
49,137
Indiana
20,887
Iowa
8,060
Kansas
10,425
Kentucky
13,108
Louisiana
15,799
Maine
5,629
Maryland
27,195
Massachusetts
25,056
Michigan
34,804
Minnesota
21,809
Mississippi
7,446
Missouri
26,138
Montana
5,724
Nebraska
5,389
Nevada
19,451
New Hampshire
6,526
New Jersey
59,593
New Mexico
7,661
New York
61,799
North Carolina
54,655
North Dakota
2,051
Ohio
37,035
Oklahoma
13,962
Oregon
18,001
Pennsylvania
38,701
Puerto Rico
1,237
Rhode Island
5,210
South Carolina
25,634
South Dakota
2,262
Tennessee
35,661
Texas
150,141
Utah
19,237
Vermont
1,787
Virgin Islands
387
Virginia
34,607
Washington
20,893
West Virginia
3,410
Wisconsin
16,925
Wyoming
2,633
Total
1,554,604
Is the Number of Realtors Growing or Declining?
The National Association of REALTORS® was founded as the National Association of Real Estate Exchanges on May 12, 1908 in Chicago.
There were 120 founding members, and 1,646 members by year's end.
In NAR’s early years, membership growth was steady, but it really took off between 1974 and 1975 when the ranks swelled by 301,123 from 134,362 to 435,485, a 224% increase.
The number of Realtors in the United States ebbs and flows with economic cycles. During good times, when Americans are feeling flush and in a home-buying mood, the number of agents increases to meet the demand and opportunity.
When the economy cools, two things happen.
First, existing Realtors tend to leave the business and let their licenses expire. In most states, licenses are good for four years. As time passes during the slow times, there's an eventual "clearing of the deadwood from the forest."
Second, during recessions, fewer would-be agents are willing to take the mandatory preparatory coursework and exams when the prospects of making a living selling homes appears difficult.
The chart below shows the growth and decline of the number of Realtors in the United States along with each recession since 1980. The grey bars show the years the U.S. economy was in recession to help illustrate the connection between the number of agents and the health of the economy.
<img src="https://assets.site-static.com/userfiles/1102/image/number_of_realtors/Number_of_US_Realtors_1980_to_2023.jpg" width="1558" height="1100" alt="Number of Realtors 1980 to 2023" />
Which Cities Have the Most Employed Sales Agents?
The U.S. Bureau of Labor Statistics (BLS) reports employment levels by metropolitan area. So, the data we can look at is not the absolute number of agents, but the number of agents currently employed.
Also, BLS calculates their ranks among all employed people, providing a comparison of their concentration or representation with the workforce.
Here a table of the metros with the highest employment level of real estate sales agents and the number of employed agents per 1,000 jobs:
Metropolitan AreaEmploymentEmployment/1000 Jobs
Miami-Ft Lauderdale-West Palm Beach, FL
11,070
4.22
Houston-The Woodlands-Sugar Land, TX
9,350
3.06
Dallas-Ft Worth-Arlington, TX
9,290
2.44
Atlanta-Sandy Springs-Roswell, GA
7,250
2.66
Phoenix-Mesa-Scottsdale, AZ
7,200
3.24
New York-Newark-Jersey City, NY-NJ-PA
6,040
0.66
<a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>-Long Beach-Anaheim, CA
5,720
0.94
Orlando-Kissimmee-Sanford, FL
5,080
3.91
Denver-Aurora-Lakewood, CO
3,920
2.53
Tampa-St. Petersburg-Clearwater, FL
3,840
2.81
Among the metros with the highest level of employed sales agents, the Miami area has the highest concentration in the workforce with 4.22 sales agents per 1,000 jobs.
The New York Metro Area’s population is quite large, so even with 6,040 employed sales agents, their concentration is the lowest with 0.66 agents per 1,000 jobs.
Summary
In 2024, the U.S. boasts 1,554,604 Realtors, members of the National Association of Realtors, out of approximately 2 million real estate agents. Florida, California, and Texas lead in Realtor numbers, while Vermont and the Virgin Islands have the least.
The National Association of REALTORS® was established in 1908, and its membership has since fluctuated with economic cycles. During prosperous times, agent numbers rise, but during downturns, many leave the profession.
The U.S. Bureau of Labor Statistics reveals the Miami Metropolitan Area has the highest concentration of employed real estate agents, whereas New York Metro Area has a lower concentration despite its vast population.
Sources
<a href="https://www.nar.realtor/membership/historic-report" title="National Association of Realtors (NAR)" target="_blank">National Association of Realtors (NAR)</a>
<a href="https://www.bls.gov/oes/current/oes419022.htm" title="U.S. Bureau of Labor Statistics" target="_blank">U.S. Bureau of Labor Statistics</a>
<a href="https://fredhelp.stlouisfed.org/fred/data/understanding-the-data/recession-bars/" title="Federal Reserve Bank of St. Louis" target="_blank">Federal Reserve Bank of St. Louis</a>2024-01-27T08:00:00-07:002024-01-27T08:10:52-07:00Tony Mariottitag:rubyhome.com,2012-09-20:21601Swimming Pool Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/swimming_pool_statistics/Swimming_Pool_Facts.jpg" width="1558" height="900" alt="swimming pool statistics" />
Homebuyer interest in swimming pools is as strong as ever. The pool industry in the United States continues to grow with no sign of stopping. As a part of RubyHome's <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a> series, we will examine the number of swimming pools in the U.S., the cost to build them, how pools affect the value of a home, and accident and drowning statistics. Here’s a quick table of contents so you can navigate our swimming pool stats page effectively:
<a href="https://www.rubyhome.com/#how-many-swimming-pools">How Many Swimming Pools Are There in the U.S.?</a>
<a href="https://www.rubyhome.com/#swimming-pool-costs">How Much Do Swimming Pools Cost?</a>
<a href="https://www.rubyhome.com/#swimming-pools-and-home-values">Do Pools Increase a Home’s Value?</a>
<a href="https://www.rubyhome.com/#swimming-pool-accident-stats">Swimming Pool Accident Statistics</a>
Key Stats
There are 10.7 million swimming pools in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/swimming_pool_statistics/Key_Stat_-_There_are_10.7_million_pools_in_the_U.S..jpg" width="1558" height="624" alt="10.7 million pools in the U.S." />
36% of children and 15% of adults swim in a pool at least 6 times a year.
The average cost of an in-ground pool is $35,000.
Swimming pools can boost the value of a home up to 7%.
379 children younger than 15 drown in a swimming pool or spa each year.
71% of drowning deaths of children under 15 occurred at a private residence.
How Many Swimming Pools Are There in the U.S.?
According to the trade group Pool & Hot Tub Alliance, there are 10.7 million swimming pools in the United States. 10.4 million of the pools are residential, and 309,000 are public. In total, that's about one pool for every 31 people in the country!
There are 130 million households in the U.S., and an estimated 8% of homes have a swimming pool. Regarding the type of pool, nearly 59% of residential pools are in-ground while 41% are above ground.
<img src="https://assets.site-static.com/userfiles/1102/image/swimming_pool_statistics/Number_of_Pools_in_United_States.jpg" width="1558" height="1100" alt="Number of Pools in United States by Type" />
Here’s a breakdown of the number of swimming pools nationwide:
Type of PoolNumber of Pools in the U.S.
Residential In-ground Pools
6,100,000
Residential Above-Ground Pools
4,300,000
Commercial Pools
309,000
Source: <a href="https://www.phta.org/" title="Pool & Hot Tub Alliance" target="_blank">Pool & Hot Tub Alliance</a>
Number of Swimming Pools by State
According to estimates by PoolResearch, Florida (1.59 million) and <a href="https://www.rubyhome.com/california/" title="California">California</a> (1.34 million) have the most swimming pools out of all the states. Wyoming (3,000) is estimated to have the fewest swimming pools.
Accounting for population, Arizona, Florida, & New Mexico have the most swimming pools per capita. What's more, we estimate that there is one swimming pool for every 13 people in Arizona! By population, swimming pools are the least popular in Wyoming, Utah, and the Dakotas.
StateNumber of Residential PoolsPeople per Pool
Alabama
121,000
39
Alaska
6,000
122
Arizona
505,000
13
Arkansas
57,000
52
California
1,343,000
29
Colorado
51,000
109
Connecticut
120,000
29
Delaware
15,000
64
Florida
1,590,000
14
Georgia
190,000
55
Hawaii
13,000
107
Idaho
23,000
76
Illinois
200,000
64
Indiana
154,000
43
Iowa
39,000
80
Kansas
36,000
80
Kentucky
100,000
45
Louisiana
71,000
65
Maine
28,000
47
Maryland
117,000
51
Massachusetts
228,000
30
Michigan
283,000
35
Minnesota
51,000
109
Mississippi
48,000
60
Missouri
118,000
52
Montana
9,000
111
Nebraska
20,000
95
Nevada
143,000
21
New Hampshire
31,000
44
New Jersey
374,000
24
New Mexico
143,000
15
New York
503,000
38
North Carolina
157,000
66
North Dakota
6,000
127
Ohio
317,000
37
Oklahoma
100,000
39
Oregon
47,000
89
Pennsylvania
334,000
38
Rhode Island
31,000
35
South Carolina
109,000
47
South Dakota
6,000
146
Tennessee
169,000
40
Texas
801,000
36
Utah
21,000
150
Vermont
13,000
48
Virginia
136,000
63
Washington
74,000
102
West Virginia
38,000
48
Wisconsin
110,000
53
Wyoming
3,000
194
Source: <a href="https://poolresearch.com/us-pool-data/" title="PoolResearch.com" target="_blank">PoolResearch.com</a>
Swimming Pool Market Size
The U.S. swimming pool sector's market size reached $1.33 billion in 2022, up 8% since 2012 and 32% since 2020. Homebuyer demand for pools has grown over time, and property developers have taken notice and included them in their designs. Rising residential demand is the primary driver of growth in the pool industry.
Swimming is also a popular recreational and tourist activity. For this reason, health centers, hotels, resorts, and cruise ships also contribute to the increase in demand for pools. Due to the global pandemic, many tourist and recreational activities slowed down in 2020, which saw the pool industry take a dip. In 2019 the pool market size peaked at $1.56 billion, dropping to $1.01 billion in 2020.
<img src="https://assets.site-static.com/userfiles/1102/image/swimming_pool_statistics/U.S._Pool_Industry_Market_Size.jpg" width="1558" height="1100" alt="U.S. Pool Industry Market Size" />
Here is a table of U.S. pool market value since 2012:
YearSwimming Pool Market (U.S.)
2012
$1,230,000,000
2013
$1,290,000,000
2014
$1,320,000,000
2015
$1,390,000,000
2016
$1,480,000,000
2017
$1,520,000,000
2018
$1,530,000,000
2019
$1,560,000,000
2020
$1,010,000,000
2021
$1,260,000,000
2022
$1,330,000,000
Source: <a href="https://www.statista.com/" title="Statista" target="_blank" rel="nofollow">Statista</a>
How Much Do Swimming Pools Cost?
According to Forbes, the average cost of an in-ground pool is $35,000. Many things can affect the cost of building a pool, but the two most significant factors are the size of the pool and the material used.
Cost of Pools by Size
A small 10x20 ft. in-ground pool costs between $18,000 and $26,000 to build. As you might expect, the cost increases with size. As you might expect, the cost increases with size. For example, building a 20x40 ft. pool typically costs between $40,000 and $104,000. This table details what homeowners can expect to pay to build pools of various sizes:
Pool Size (feet)Average Cost to Build
10x20
$18,000-$26,000
12x24
$14,400-$37,440
14x28
$19,600-$48,750
16x32
$25,600-$66,560
18x36
$32,400-$84,240
20x40
$40,000-$104,000
Source: <a href="https://www.forbes.com/" title="Forbes" target="_blank">Forbes</a>
Cost of Pools by Material
In-ground pools are commonly made from three materials: concrete, vinyl, and fiberglass. Concrete pools last the longest, usually 50 years or more, but they also cost the most to maintain. Vinyl pools are the cheapest to build, but owners must replace the liner every 10 years. Fiberglass pools last 25 years or more and have the lowest maintenance cost of the three pool types. Here's a breakdown of what one can expect to pay on average for each type of pool:
Type of PoolAverage Cost to Build
Concrete
$50,000-$100,000
Vinyl
$28,000-$40,000
Fiberglass
$28,000-$60,000
Source: <a href="https://www.forbes.com/" title="Forbes" target="_blank">Forbes</a>
In-ground vs. Above-Ground Pool Cost
In-ground pools are typically more desirable than above-ground pools. However, above-ground pools are usually much cheaper. Above-ground pools typically last 7-15 years, while in-ground pools last decades. Above-ground pools are generally harder to clean and have a uniform depth. in-ground pools often have a shallow end and a deep end. While an in-ground pool costs $35,000, the average above-ground pool comes in at roughly $3,000.
In-ground pools cost nearly 12X more than their above-ground counterparts.
Pool Maintenance Costs
There are many different costs associated with maintaining a pool. Basic maintenance costs can vary depending on the type of pool, size, and more. One can expect to typically pay between $81 and $143 per month for essential maintenance, but a lot of other costs are also associated with owning a pool.
After accounting for essential maintenance, chemicals, <a href="https://www.rubyhome.com/blog/average-electric-bill/" title="electric bills">electric bills</a>, and more, the average pool cost ranges from $3,030 to $5,995 per year.
UpkeepAverage Yearly Cost
Maintenance
$960-$1,800
Chemicals
$175-$750
Electricity
$800-$1,200
Water
$45-$245
Repairs
$400-$1,000+
Opening & Closing
$650-$1,000
Average Total Cost
$3,030-$5,995
Source: <a href="https://homeguide.com/costs/pool-maintenance-cost" title="HomeGuide" target="_blank">HomeGuide</a>
In addition to the costs for upkeep listed in the chart above, pool owners may need to add permitting costs and insurance, which could add several hundred dollars a year.
Do Pools Increase a Home’s Value?
While the costs to build and maintain a pool can add up, in-ground pools typically increase a home's property value by 7%.
So, is building a pool worth it as an investment? The median home price in the U.S., as the National Association of Realtors reported in the second quarter of 2022, is $413,500. If a pool typically increases a home's value by 7%, homes with pools sell on average for an additional $28,945. Considering that an average pool costs $35,000 to build, it usually is not worth it solely as an investment. However, if you want a swimming pool, you can rest assured that having one will likely boost the value of your home, and even if you don't recuperate 100% of your investment, you're likely to offset much of the cost with the increase in property value.
According to a Redfin analysis, a pool's effect on a property’s value has a lot to do with where you live. For example, residential pools in <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a> typically add $95,393 to a property's value, whereas in Phoenix, a pool adds just $11,591. Redfin analyzed metro areas where at least 5,000 homes were sold, and more than 2% of the properties sold had pools.
<img src="https://assets.site-static.com/userfiles/1102/image/swimming_pool_statistics/Added_Value_of_Pool_to_a_Home_by_City.jpg" width="1558" height="1100" alt="How Much Value Do Pools Add to Homes?" />
Here are data from Redfin's report to show the relationship between where one lives and the impact that pools have on property values:
Metro AreaValue Added to Typical Home
Los Angeles
$95,393
Austin
$52,228
Houston
$35,736
Charlotte
$34,917
Las Vegas
$30,179
Tampa
$29,611
Atlanta
$26,483
Orlando
$21,300
Phoenix
$11,591
Source: <a href="https://www.redfin.com/news/does-a-pool-add-value-to-home/" title="Redfin" target="_blank">Redfin</a>
For homes that sell for less than $200,000, a pool is often negative as it adds extra costs for the homeowner. In the luxury market, the reverse is true. For homes in the $700,000-$1,000,000 price range, the pool maintenance costs become more negligible for buyers who can afford it. If you’re considering adding a pool as an investment, it’s worth considering your home’s value and trends in the part of the country where you live.
Swimming Pool Accident Statistics
According to the U.S. Consumer Product Safety Commission, there are an average of 379 pool or spa-related fatal drownings per year for children under the age of 15. Of these deaths, 75% and under the age of 5.
71% of pool and spa deaths occur at a private residence such as a family, friend, or neighbor's home.
Drowning is the most common cause of death for children ages 1-4, aside from birth defects. It is the second leading cause of unintentional injury death for children ages 1-14 behind motor vehicle accidents.
Source: <a href="https://www.cpsc.gov/Newsroom/News-Releases/2020/New-CPSC-Report-Finds-Steady-Rise-in-Fatal-Child-Drownings" title="U.S. Consumer Product Safety Commission" target="_blank">U.S. Consumer Product Safety Commission</a>
Aside from fatal drowning accidents, pools, and spas account for an estimated 6,700 child emergency room visits annually. Non-fatal drowning injuries can cause severe brain damage and long-term medical issues.
Percentage of Americans That Can’t Swim
54% of Americans either can’t swim or lack basic water safety skills. Every day in the U.S., 10 people die from unintentional drowning. While swimming pools are the most common place for children under 5 to drown, drowning incidents also happen at beaches due to boating accidents, ponds, lakes, or anywhere else there is water. Children ages 5-17 are more likely to die in natural water such as lakes and ponds than in swimming pools.
An average of 3,500-4,000 people drown each year in the U.S.
Children ages 1-4 who take formal swim lessons reduce their risk of drowning by 88%. Learning basic safety skills and wearing life jackets can reduce drowning risks drastically. For homes with swimming pools, enclosed fences can help keep children away when they are unsupervised. A fence separating the house and play area from the swimming pool can significantly reduce the risk of child drowning accidents.
Sources: <a href="https://www.redcross.org/about-us/news-and-events/press-release/red-cross-launches-campaign-to-cut-drowning-in-half-in-50-cities.html" title="Red Cross" target="_blank">Red Cross</a>, <a href="https://www.stopdrowningnow.org/drowning-statistics/" title="StopDrowningNow" target="_blank">StopDrowningNow</a>
Conclusion
That’s it for our summary of swimming pool statistics. With nearly 8% of households in the U.S. owning a swimming pool, we see a lot of variation in popularity from state to state. In general, pools add value to a home but not necessarily much more than the cost to build a swimming pool. Pools can cost a lot to maintain and add safety risks which should all be considerations for homeowners. However, for those who want a home with a pool, there are safety precautions that minimize the chances of accidents happening.2024-01-26T16:05:00-07:002024-01-27T11:53:15-07:00Tony Mariottitag:rubyhome.com,2012-09-20:21489Water Damage Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/water_damage_statistics/Water_Damage_Statistics.jpg" width="1558" height="900" alt="Water Damage Statistics" />
Water damage is a common and devastating problem for homeowners in the United States and around the world. In this article, we’ll take a deep look into water damage statistics and cover the following topics:
<a href="https://www.rubyhome.com/#water-damage-claims">How Many Water Damage Claims are Made Each Year?</a>
<a href="https://www.rubyhome.com/#water-damage-payout">What is the Average Insurance Payout for Water Damage?</a>
<a href="https://www.rubyhome.com/#flood-damage-stats">Flood Damage Statistics</a>
<a href="https://www.rubyhome.com/#water-damage-common-causes">What Are the Most Common Causes of Water Damage?</a>
<a href="https://www.rubyhome.com/#water-damage-concerns">What Are the Biggest Concerns with Water Damage?</a>
<a href="https://www.rubyhome.com/#water-damage-insurance">Does Home Insurance Cover Water Damage?</a>
<a href="https://www.rubyhome.com/#cost-of-wasted-water">The Cost of Wasted Water</a>
Key Water Damage Stats
Around 14,000 people in the U.S. are affected by water damage daily.
<img src="https://assets.site-static.com/userfiles/1102/image/water_damage_statistics/14K_people_affected_by_water_damage_daily.jpg" width="1558" height="624" alt="14K people affected by water damage daily" />
The average insurance payout for water damage is $11,605.
About 1 in 60 insured homes makes a claim for water or freezing damage each year.
99% of U.S. counties were impacted by a flood event between 1996-2019.
98% of basements in the U.S. will experience some water damage at least once.
The typical price range to restore water damage across is between $1,322 and $5,954.
Americans waste roughly 1 trillion gallons of water yearly due to leaky pipes, faucets, sprinkler systems, and more.
How Many Water Damage Claims are Made Each Year?
Water damage is a pervasive problem; in fact, it is the second most common home insurance claim behind damage from wind and hail.
Water damage affects around 14,000 people in the U.S. every single day. Said another way, about 1 in 60 insured homes make a claim for water or freezing damage each year. On a percentage basis, this translates to 1.6% of homes nationwide that will experience water damage in any given year.
Around 29.4% of all home insurance claims were due to water damage and freezing, which is second only to wind and hail damage (34.3% of all claims).
<img src="https://assets.site-static.com/userfiles/1102/image/water_damage_statistics/Types_of_Home_Insurance_Claims.jpg" width="1558" height="1100" alt="Types of Home Insurance Claims" />
Here is a table of home insurance claims by type:
Type of Home Insurance ClaimPercentage of Total Claims
Wind and hail
34.3%
Water damage and freezing
29.4%
Fire and lightning
25.1%
All other property damage
7.0%
Liability
2.8%
Theft
1.4%
Source: <a href="https://www.iii.org/" title="Insurance Information Institute" target="_blank">Insurance Information Institute</a>
It is worth noting that most homeowners in the U.S. (93%) have home insurance. Uninsured homeowners must pay for damages out of pocket instead of filing a claim, the costs of which are covered in the next section.
Home insurance also may not cover water damage in the event of flooding or weather-related causes. Having flood insurance is essential for those living in an area at high risk for flooding. In the last section, we explain what water damage is covered by home insurance.
What is the Average Insurance Payout for Water Damage?
The average insurance payout for water damage to a home is $11,605. But the cost to fix water damage can vary widely depending on several factors. This section will examine the variables and factors impacting the cost of fixing water damage.
The Cost to Fix Water Damage
Water damage restoration professionals classify water damage into 4 classes, with Class 1 being the least severe. Here’s an overview of each of the classes:
Class 1 – Slight water damage to part of a single room. Savvy DIY homeowners may be able to repair class 1 water damage themselves.
Class 2 – Water damage throughout an entire room, including the walls up to 12 inches.
Class 3 – Water damage that reaches an entire room or multiple rooms. Class 3 damage typically affects numerous parts of rooms, such as ceilings, walls, subflooring, and insulation.
Class 4 – The most severe type of water damage from water that has been long-standing or from a weather event such as a flood or storm surge. Damage in this class often affects structural materials such as brick, stone, and hardwood.
Restoration costs on the low end for Class 1 water damage that is dealt with quickly can be as little as $150. On the high end, severe Class 4 water damage can result in restoration costs amounting to hundreds of thousands of dollars. Here we can see typical restoration price ranges for each class of damage:
Extent of Water DamageAverage Price Range For Restoration
Class 1
$150-$400
Class 2
$500-$1,000
Class 3
$1000-$3,000
Class 4
$20,000-$100,000
Source: <a href="https://www.homeadvisor.com" title="HomeAdvisor" target="_blank">HomeAdvisor</a>
The typical price range to restore water damage across all classes is between $1,322 and $5,954.
People are more likely to use their insurance when the damage to their homes is more severe. For example, the cost to restore Class 1 water damage is often less than the cost of the deductible for an insurance claim. Since people are more likely to file claims for Class 3 and 4 damage, the average insurance claim to repair water damage is higher ($11,605) than the average restoration cost across all classes.
Water Contamination Level and Extent of Damage
The source of the water can also have an impact on the cost of restoration. Professionals classify the water source into 3 categories as follows:
White water (Category 1) – Water that comes from a hygienic source such as a leaky faucet, water heater, rainwater, or melted snow.
Grey water (Category 2) – Water exposed to contaminants such as detergents, food, or clothing debris.
Black water (Category 3) – Dangerous and contaminated water that may pose more severe health risks. Black water may have been in contact with sewage, river, or lake water and includes all floodwater.
White water is the easiest to deal with, and restoration costs typically range from $3-4 per square foot. Black water, the most contaminated water, can cost as much as double to deal with, typically coming in around $7-7.50 per square foot to restore.
Water TypeAverage Restoration Cost (SqFt)
White Water
$3-$4
Grey Water
$4-$6.50
Black Water
$7-$7.50
Source: <a href="https://www.homeadvisor.com" title="HomeAdvisor" target="_blank">HomeAdvisor</a>
Water Damage Costs & Area of The Home
Restoration costs can also vary depending on what is affected by water damage. For example, restoring a bathroom fixture may cost between $150-350, whereas restoring plumbing is more likely to cost between $1,000-4,000. Here is a table showing the prices to make repairs to different areas of the home:
Area of the HomePrice Range To Repair
Bathroom fixtures
$150-$350
Floors
$200-$500
Drywall
$300-$800
Ceiling
$350-$1,250
Roof
$400-$1,700
Basement
$500-$80,000
Plumbing
$1,000-$4,000
Source: <a href="https://www.homeadvisor.com" title="HomeAdvisor" target="_blank">HomeAdvisor</a>
Flood Damage Statistics
Hurricanes and floods are common natural causes that can lead to water damage. Since flood water is categorized as black water, damage from these <a href="https://www.rubyhome.com/blog/natural-disaster-stats/" title="natural disasters">natural disasters</a> is often extensive and costly to repair. Home insurance typically doesn’t cover water damage caused by flooding; however, homeowners can also purchase flood insurance.
Costs of Flooding
The National Flood Insurance Program (NFIP) provides insurance to homeowners, renters, and business owners who are looking for flood coverage. The Federal Emergency Management Agency (FEMA) can also offer some relief to homeowners who experience devastation after a disaster. The average NFIP claims payment to restore damages after a flood is $52,000, which is considerably higher than the relief FEMA can provide, which on average pays out $4,200 to those affected by a disaster.
Relief TypeAverage Amount
NFIP Claim Payment
$52,000
FEMA Relief
$4,200
Source: <a href="https://www.fema.gov/data-visualization/historical-flood-risk-and-costs" title="FEMA" target="_blank">FEMA</a>
The cost to purchase flood insurance from NFIP is $700 annually. If flooding is a concern for a homeowner, this could be well worth the price. In the next section, we'll cover just how common flooding is.
How Common Is Flooding?
Flooding is a widespread problem in the United States and around the world. The following statistics give some insights into just how common it is:
Floods cause more than $40 billion in damages worldwide annually.
In the U.S., flood damages amount to nearly $8 billion annually.
99% of U.S. counties were impacted by a flood event between 1996 and 2019.
The U.S. has experienced an urban flooding event once every 2-3 days over the last 25 years.
Since 1980, flooding in the U.S. has caused $1 trillion in damages.
Sources: <a href="https://www.fema.gov/data-visualization/historical-flood-risk-and-costs" title="FEMA" target="_blank">FEMA</a>, <a href="https://read.oecd-ilibrary.org/finance-and-investment/financial-management-of-flood-risk_9789264257689-en#page14" title="OECD" target="_blank">OECD</a>, <a href="https://www.flooddefenders.org/problem" title="Flood Defenders" target="_blank">Flood Defenders</a>
What Are the Most Common Causes of Water Damage?
Flooding is one cause of water damage, but there are a lot of things that can cause water damage to occur. In this section, we will provide a brief overview of the most common causes of water damage.
Severe Weather
Thunderstorms, hurricanes, and flash floods all belong to the category of severe weather. From above, strong winds and heavy downpours can cause damage to roofs and allow water to seep through. From below, flooding can wreak havoc and cause lots of damage depending on the severity of the weather event.
Clogged Gutters
When gutters get clogged from leaves, branches, and other debris, they can't do their job effectively of drawing rainwater away from the house. Clogged gutters divert rainwater which then runs down the side of the home, causing damage to ceilings, walls, and floors.
Leaking Pipes
Pipes can often leak or burst due to temperature changes; however, the extent of the damage can vary depending on the type of pipe with a leak. A leaky bathroom or kitchen sink could lead to replacing a cabinet, whereas a broken pipe inside a home's walls could lead to <a href="https://www.rubyhome.com/blog/mold-stats/" title="mold">mold</a> and the prospect of replacing entire walls, which would likely be much more costly.
Problems with Appliances
A leak or rupture in a washing machine supply line or an aging and malfunctioning water heater can lead to situations where the water ends up where it's not supposed to. When appliances connected to a water supply malfunction, and are not dealt with immediately, an entire room can flood in minutes.
Condensation from AC Units
Air conditioners produce condensation. If an AC unit is malfunctioning and the moisture is not able to get out, dripping water can damage floors, walls, and ceilings.
Blocked Drains
Clogged kitchen or bathroom drains can obstruct water from draining properly and create a backup that can result in an overflow or flooding inside the property. Overflow can also happen to sinks and tubs when people forget to turn them off.
What Are the Biggest Concerns with Water Damage?
With water damage comes various problems and health risks, most of which get worse when left untreated. From structural damage to the property, mold and mildew growth, bad smells, and electrical damage, here's a general timeline of what to expect from water damage that doesn't get adequately treated:
Within Minutes
Carpets and flooring begin to absorb water, while furniture and carpets can begin to stain. Treasured personal belongings like photos and paperwork may be destroyed.
Within Hours
Humidity can make the house begin to smell while cabinetry and furniture begin to weaken and deteriorate. In 48 hours or less, even clean or grey water can get worse and turn to toxic black water.
Within Days
After a few days, fungi and mold set in, causing foul odors. At this point, floors and walls have likely deteriorated so that they will need a total replacement. Structural wood within the home will likely have begun swelling and splitting.
Within Weeks
If water damage is left untreated for weeks, the home is now likely hazardous and uninhabitable (thus, evacuation is a must). Drywall is left crumbling, and the home's structural integrity becomes questionable. The home may be salvageable at this stage, but restorations will be extensive and costly.
Within Months
After months, the resulting damages likely cost more than the price of the home, and the house may be unsalvageable. In addition, the owner likely will not qualify for insurance claims due to neglect, as the severity of the damage could have been prevented if dealt with earlier.
Does Home Insurance Cover Water Damage?
We've covered several situations throughout this article where home insurance won't cover water damage, such as severe weather events like floods or hurricanes or a problem that was neglected and left untreated for too long.
This section will briefly examine what water damage is covered and not covered with a standard home insurance plan.
Types of Water Damage Covered by Home Insurance
Water damage is typically covered when it is accidental and happens all at once rather than gradually over time. Think of a frozen pipe that bursts, an appliance that breaks, or a tree that falls on your roof and allows water to seep in. When water is used to extinguish a <a href="https://www.rubyhome.com/blog/house-fire-stats/" title="house fire">house fire</a>, the damage is also typically covered. This short list can give you a better idea of water damage that is generally covered:
Burst pipes
Accidental leaks
Water damage after a fire
Water damage from a roof leak
Water damage from heavy rain or hail
Ice dams
Types of Water Damage NOT Covered by Home Insurance
As we discussed earlier, damage due to flooding, earthquakes, or hurricanes is not typically covered by standard homeowners' insurance. That said, purchasing insurance for these events separately is possible to ensure the property is protected no matter what happens. In addition, insurance won't typically cover damage due to intentional acts, negligence, or from <a href="https://www.rubyhome.com/blog/swimming-pool-stats/" title="swimming pool statistics">swimming pools</a> and other structures. Here’s a list of what is generally not covered:
Flood damage
Earthquake, landslide, or mudslide damage
Damage due to lack of maintenance or negligence
Damage due to intentional acts
Water damage from leaks from a pool or similar structures
Cost to repair the source of damage such as washing machine or dishwasher
Water damage from a sump pump failure
The Cost of Wasted Water
According to the Environmental protection agency, Americans waste roughly 1 trillion gallons of water each year. That’s enough water to fully supply 11 million homes with all the water they need for a year. Even a faucet leaking at a rate of one drip per minute adds up to 34 gallons per year. However, most leaks waste more water at a rate greater than one drop per minute. It's easy to see that the amount of water wasted can add up quickly.
Graphic showing that Americans waste 1 trillion gallons of water per year
An average household leak can waste up to 10,000 gallons of water per year.
10% of homes with leaks waste 90 gallons of water or more per day.
Fixing these leaks would save homeowners roughly $681 per year.
Water wasted from a typical leak in one year equates to 80,000 servings of water.
Sources: <a href="https://www.epa.gov/watersense/fix-leak-week" title="EPA" target="_blank">EPA</a>, <a href="https://www.washingtonpost.com/news/energy-environment/wp/2015/03/17/the-incredibly-stupid-way-that-america-wastes-1-trillion-gallons-of-water-each-year/" title="Washington Post" target="_blank">Washington Post</a>
Conclusion
Water damage is a common problem, with roughly 1 in 60 insured homes making claims to restore water or freezing damage in any given year. The cost to repair water damage ranges widely depending on various factors, with the average claim payout amounting to $11,605.
It's worth noting that water damage due to floods, moving earth events, hurricanes, and other natural disasters often isn't covered by home insurance. For this reason, homeowners need to examine the risk factors that may affect their property and ensure they have the additional insurance coverage required to handle any unforeseen (but probable) events.
One thing all homeowners can do is be diligent in maintaining their homes and fixing leaks immediately. Fixing leaks prevents water damage and can result in significant savings on one's water bill and environmental footprint.2024-01-25T16:00:00-07:002024-01-26T10:26:01-07:00Tony Mariottitag:rubyhome.com,2012-09-20:21073Tiny House Statistics: Market & Trends (2024)<img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Tiny_Home_Statistics.jpg" width="1558" height="900" alt="tiny home statistics" />
Interest in tiny homes is rising, especially among those concerned about the environmental impact of home construction and housing affordability in the United States. The desire to downsize and simplify one's life appeals to many Americans who want to spend less money on a home and minimize their environmental footprint.
We take a deep dive into what a tiny house is, its characteristics, who buys them, and more. Here’s a summary of the topics that will follow:
<a href="https://www.rubyhome.com/#tiny-home-size">How Big Are Tiny Homes?</a>
<a href="https://www.rubyhome.com/#tiny-home-market">The Tiny Home Market</a>
<a href="https://www.rubyhome.com/#tiny-home-trends">Tiny House Trends</a>
<a href="https://www.rubyhome.com/#tiny-home-prices">How Much Do Tiny Houses Cost?</a>
<a href="https://www.rubyhome.com/#tiny-home-buyers">Who Lives in Tiny Homes?</a>
<a href="https://www.rubyhome.com/#tiny-home-pros-cons">Pros & Cons of Living in Tiny Houses</a>
Key Tiny House Facts
The average size of tiny homes is 225 square feet, 10x smaller than the average home.
Tiny homes currently account for 0.36% of the total residential listings in the U.S.
There are about 10,000 tiny homes in the United States.
The average price of a tiny home is $67,000, which is 87% cheaper than the average price of a normal-sized house.
Tiny homes cost 38% more per square foot than full-sized homes.
How Big Are Tiny Homes?
Before we dive deeper into tiny home statistics, we must consider the question, what is a tiny home? And just how small does a house have to be to be considered 'tiny'? There's no widely agreed-upon size to consider a home 'tiny,' but we have some excellent points for reference.
The International Residence Code, Appendix Q defines a tiny home as a dwelling 400 square feet or less in floor area, excluding lofts. CNBC states that tiny homes are those under 600 square feet, while Quicken Loans defines a tiny home as one that is 500 square feet or less.
Most would consider a house up to 600 square feet a tiny home.
Tiny homes can be built on permanent foundations or trailers so that they may be moved from one location to another.
Comparing Tiny Homes to Traditional Homes
According to an analysis of 2,600 tiny homes by the home services platform Porch.com, the average tiny home size is 225 square feet. Data from the U.S. Census Bureau suggests that the typical home purchased in 2022 was 2,383 square feet. This indicates that the average tiny house is over 10x smaller than a typical home.
Type of HomeAverage Size (Sq.Ft.)
Tiny Home
225 Square Feet
Typical Home
1,900 Square Feet
Sources: <a href="https://porch.com/advice/state-of-tiny-home-market" title="Porch" target="_blank">Porch</a>, <a href="https://www.census.gov/construction/chars/highlights.html">Cencus</a>
Since many owners like the ability to move their tiny homes, it's common for folks to own a home with the maximum possible dimensions that still allows them to move it without a permit. The maximum allowable size for a tiny house on a trailer is 8.5' wide, 40' long, and 13.5' high. Homes that match this size have a livable area of around 320 square feet.
The Tiny Home Market
Technavio produced a market research report that indicates the worldwide tiny homes market may increase by $3.57 billion from 2021 to 2026 with a compound annual growth rate of 4.45%, with North America accounting for 59% of the growth.
Source: <a href="https://www.technavio.com/" title="Technavio" target="_blank">Technavio</a>
How Many Tiny Houses are There in The U.S.?
It's challenging to determine the number of tiny homes in the U.S. today. Many people who adopt the tiny living lifestyle choose to live off the grid and are unlikely to participate in polls and registries. GoDownsize, a blog about tiny living, used data from tiny home sales and constructions from certified builders to estimate that there are around 10,000 tiny homes in the U.S. today.
Source: <a href="https://www.godownsize.com/tiny-house-statistics/" title="GoDownsize" target="_blank">GoDownsize</a>
Tiny House Trends
All signs point to the growing popularity of tiny homes. In fact, interest in them is gaining momentum.
Tiny Home Trends & Popularity
Over half of Americans in 2020 would consider living in a tiny home, citing affordability and efficiency as the top reasons according to a survey of 2000 respondents conducted by Fidelity National subsidiary IPX1031. The survey found that 56% of Americans say that they would live in a tiny home versus only 24% who said they would not.
<img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Would_You_Live_in_a_Tiny_Home.jpg" width="1558" height="1100" alt="Would You Live in a Tiny Home" />
Table showing percentage of Americans who would consider living in a tiny house:
Would Live in Tiny HomePercentage of Americans
Yes
56%
No
24%
Not Sure
20%
Google Trends data supports the notion that tiny homes are becoming increasingly popular. From 2011 to today, Google trend data shows a steady increase in interest in tiny houses; they are more popular now than ever.
<img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Google_Trends_Interest_in_Tiny_Homes_Growth.jpg" width="1558" height="1100" alt="Interest in Tiny Homes Growth" />
Sources: <a href="https://www.ipx1031.com/america-ideal-tiny-home-tiny-office/" title="IPX1031" target="_blank">IPX1031</a>, <a href="https://trends.google.com/trends/" title="Google Trends" target="_blank">Google Trends</a>
State Where Tiny Houses Are Most Popular
According to Google search results reported by the IPX1031 survey, tiny homes seem to be the most popular in the northeast and northwest regions of the United States. Here are the top 10 states where tiny houses are the most popular, according to the report:
Vermont
New Hampshire
Maine
Wyoming
Washington
Idaho
Montana
Oregon
Rhode Island
Alaska
Source: <a href="https://www.ipx1031.com/america-ideal-tiny-home-tiny-office/" title="IPX1031" target="_blank">IPX1031</a>
Another measure of tiny home popularity can be found in their availability. Porch compiled data and found the median number of tiny home listings among all states is 36 per 10,000 listings. Idaho topped the list at 139, or 1.39% of the total listings in the state.
<img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Tiny_Home_Listings_Per_10K_Listings.jpg" width="1558" height="1100" alt="Tiny Home Listings Per 10K Listings" />
Here is a table of the top 5 states:
StateTiny Homes Per 10K Listings
Idaho
139
West Virginia
94
Oregon
87
Utah
81
Colorado
77
Source: <a href="https://porch.com/advice/state-of-tiny-home-market" title="Porch" target="_blank">Porch</a>
How Much Do Tiny Homes Cost?
Americans interested in tiny living cite affordability as a primary reason, so it's worthwhile to dive into how much tiny homes cost.
Cost of a Tiny Home vs. Standard Home
The RubyHome team researched and analyzed tiny home prices across the U.S. in 2024 and found that most fell between $35,000 and $80,000 to build or purchase, with the average price coming in at $67,000.
Several factors can influence the cost of a tiny home, including whether someone decides to build or buy prebuilt, what amenities they would like the house to include, the size of the home, materials used, building permit costs, and more. On the low end, someone could buy a tiny house for as little as $8,000, and they could cost up to $150,000 on the high end.
The cost of a typical home in the U.S. is $513,400, according to the St. Louis Federal Reserve Bank. By this comparison, a tiny house is 87% cheaper than a typical home.
Here are the 5 cheapest and 5 most expensive states for tiny homes Porch found in its 2022 analysis:
<img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Tiny_Home_Average_Price_by_State.jpg" width="1558" height="1100" alt="Tiny Home Average Price Highest and Lowest" /><br /><br />Here is a table of tiny house prices (highest and lowest states):
StateTiny Home Average Price
North Dakota
$28,000
Arkansas
$31,700
Kansas
$33,500
Mississippi
$34,500
New Hampshire
$35,200
--
New Mexico
$71,000
Connecticut
$74,900
California
$75,600
Montana
$78,400
Hawaii
$149,100
Sources: <a href="https://www.ipx1031.com/america-ideal-tiny-home-tiny-office/" title="IPX1031" target="_blank">IPX1031</a>, <a href="https://porch.com/advice/state-of-tiny-home-market" title="Porch" target="_blank">Porch</a>, <a href="https://fred.stlouisfed.org/series/ASPUS" title="St. Louis Fed" target="_blank">St. Louis Fed</a>
It is worth noting that at an average cost of nearly $150,000 for a tiny home, Hawaii is nearly twice as expensive as the second most expensive state for tiny houses. Here's why: Hawaii has a disproportionate number of tiny homes on the water (a.k.a houseboats), which are more expensive than typical tiny homes in other states.
Tiny Homes Price Per Square Foot vs Typical Homes
The median price per square foot of a tiny home comes in around $297 or 38% more expensive than full-sized homes, which typically cost $215 per square foot.
<img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Tiny_Home_Average_Cost_Per_Square_Foot.jpg" width="1558" height="1100" alt="Tiny Home Average Cost Per Square Foot" />
Below is a data table breaking down the top 5 least and most expensive states for tiny homes by square foot:
StateTiny Home Average Price/Sq.Ft.
Arkansas
$109
West Virginia
$118
Kansas
$130
Mississippi
$150
North Dakota
$150
--
Montana
$301
Nevada
$347
<a href="https://www.rubyhome.com/california/" title="California">California</a>
$354
Connecticut
$390
Hawaii
$490
Sources: <a href="https://porch.com/advice/state-of-tiny-home-market" title="Porch" target="_blank">Porch</a>
Who Lives in Tiny Homes?
What characteristics are most common among tiny house owners? Here we look at tiny homeowner demographics such as age, gender, and income.
Age of Tiny Homeowners
We find a pretty even age distribution when it comes to the age of tiny homeowners. Tiny homes can appeal to young adults under 30 who want more financial freedom, middle-aged adults looking to downsize, or recent retirees seeking a simpler life in their older years.
According to research by The Tiny Life, approximately 2 out of 5 homeowners are over the age of 50, 2 out of 5 are between the ages of 30-50, and around 1 in 5 are under the age of 30.
<br /><img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Age_of_Tiny_Home_Owners.jpg" width="1558" height="1100" alt="Age of Tiny Home Owners" />
Here's the table of tiny house onwership by age:
AgePercentage of Tiny Home Owners
Under 30
20%
30-50
40%
Over 50
40%
Sources: <a href="https://www.buildwithrise.com/stories/who-is-actually-buying-tiny-homes" title="Rise" target="_blank"></a><a href="https://www.buildwithrise.com/stories/who-is-actually-buying-tiny-homes" title="Rise" target="_blank">Rise</a>, <a href="https://thetinylife.com/tiny-house-infographic/" title="The Tiny Life" target="_blank">The Tiny Life</a>
Gender of Tiny Homeowners
Women are slightly more likely to be tiny homeowners than men, with The Tiny Life reporting that women own 55% of tiny homes.
<img src="https://assets.site-static.com/userfiles/1102/image/tiny_homes/Gender_of_Tiny_Home_Owners.jpg" width="1558" height="1100" alt="Gender of Tiny Home Owners" />
Here's a table of ownership by gender:
GenderPercentage of Tiny Home Owners
Male
45%
Female
55%
Source: <a href="https://www.buildwithrise.com/stories/who-is-actually-buying-tiny-homes" title="Rise" target="_blank"></a><a href="https://thetinylife.com/tiny-house-infographic/" title="The Tiny Life" target="_blank">The Tiny Life</a>
Tiny Homeowner Income
The average tiny home occupant’s income came in around $42,038 in 2013, slightly higher than the average American's (by $478). This data suggests that those who live in tiny homes don’t necessarily make less money than people who opt to live in typical homes.
Tiny homeowners may be more financially conservative than typical homeowners, with 68% having no mortgage, compared to 29.3% of all homeowners in the U.S. who don’t have a mortgage. The Tiny Life’s survey also showed that 55% of those who live in tiny homes have more savings than the average American, and 89% have less credit card debt than the average American.
Source: <a href="https://www.buildwithrise.com/stories/who-is-actually-buying-tiny-homes" title="Rise" target="_blank"></a><a href="https://thetinylife.com/tiny-house-infographic/" title="The Tiny Life" target="_blank">The Tiny Life</a>
Pros & Cons of Living in Tiny Houses
There are many things to consider when choosing whether to live in a tiny home. Here we've compiled a list of the most common pros and cons to think about when it comes to tiny living:
Pros of Living in a Tiny Home
Tiny homes cost less than a traditional home. Not only do tiny homes cost less to buy or build, as we discussed above, but living in a tiny house also cuts down on your <a href="https://www.rubyhome.com/blog/average-utility-bill/" title="average monthly utility bill">average monthly utility bill</a>. Smaller homes cost less to run as people living there are likely to <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="consume less energy">consume less energy</a> for lighting, heating, cooling, water, and more.
Tiny homes can be mobile and allow for more freedom. If you opt for a tiny home that you can easily move with a trailer, nothing is tying you to one place. Many people enjoy the portability and freedom of not being stuck in one location. The tiny home lifestyle is especially appealing for those who want to travel or have a place in nature.
Tiny living is environmentally friendly. A smaller home makes it easier to lower your carbon footprint, consume less, and be more efficient. It's been shown that those who live in tiny dwellings consume much less than the average American - which makes sense when you consider that they've got much less storage space. An added bonus: tiny homeowners can expect lower monthly <a href="https://www.rubyhome.com/blog/average-electric-bill/" title="electricity bills">electricity bills</a>.
Cons of Living in a Tiny Home
Tiny homes have less space than traditional homes. Having less space than a traditional home should come as no surprise. Living with others in such a tight space can lead to a lack of privacy and cause challenges.
Tiny homes have less resale value than typical homes. Similar to how cars and vehicles can depreciate fast, tiny houses depreciate faster than traditional homes. Although living in small homes is cheaper compared to a normal-sized lifestyle, it's rare for people to recuperate their entire investment when they sell their tiny homes.
Tiny homes can come with logistical challenges. Tiny homes are not legal housing in some states, and they can fall into zoning regulation grey areas. Tiny homeowners may be asked to leave after finding a great remote location to park their homes. In addition, it's worth noting that towing a tiny house requires a truck. If you plan to travel with your tiny home, it's essential to factor in the costs of owning a truck, hitch, trailer, and wear and tear from taking your home from place to place.
Conclusion
Although tiny homes are few compared to the number of typical homes in the U.S., they have become increasingly popular over the years. They present an attractive option to people of all ages who want to save money, simplify life, or do their part to help preserve the environment.
While tiny living is undoubtedly less expensive than purchasing a full-sized home, the per square foot cost of tiny homes is higher. It's also worth noting the costs of having a truck, trailer, and lower resale value compared to a typical home.
With most Americans now saying they would be open to experiencing tiny living, many seem to think that the pros outweigh the cons. Although it may not be for everybody, the tiny home trend will most likely expand and become even more popular in the coming years.2024-01-24T21:03:00-07:002024-01-25T07:35:38-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20962Average Length of Homeownership (2024 Stats)<img src="https://assets.site-static.com/userfiles/1102/image/average_homeownership_tenure/Average_Homeownership_Length.jpg" width="1558" height="900" alt="Average Homeownership Length" />
The typical U.S. homeowner spends 12.3 years in their home.
However, the average length of homeownership has changed over the years and varies when considering factors such as region, age of the home, and more.
Let’s take a closer look at the average length of homeownership from the following perspectives:
<a href="https://www.rubyhome.com/#homeowner-tenure">Median Homeowner Tenure</a>
<a href="https://www.rubyhome.com/#homeowner-length-city">Length of Home Ownership by City</a>
<a href="https://www.rubyhome.com/#homeowner-length-home-age">Age of Home & Length of Ownership</a>
Key Homeowner Stats
The median duration of <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeownership">homeownership</a> in the U.S. is 12.3 years.
<img src="https://assets.site-static.com/userfiles/1102/image/average_homeownership_tenure/Americans_live_in_their_homes_12.3_years.jpg" width="1558" height="624" alt="Americans live in their homes 12.3 years" />
The median length of homeownership has increased by 21% since 2012.
Homeowners in the Northeast stay in their homes the longest.
In large metros like New York City and <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>, homeowners stay in their homes for 15-18 years, longer than the national average.
Homeownership tenure in the Mountain States is the lowest.
A study showed that people own homes 47% longer on average when built before the year 2000 versus after.
Median Homeowner Tenure
Over the past decade, homeowners have held on to their homes longer and longer.
According to <a href="https://www.rubyhome.com/blog/redfin-stats/" title="Redfin's">Redfin's</a> analysis, homeowners typically stayed in their homes for 10.2 years in 2012. This number increased to 13.5 years in 2020, a gain of over 3 years.
The trend for homeowners to stay in their homes has flattened a bit after the pandemic, with the average tenure coming down to 12.3 years in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/average_homeownership_tenure/Median_Years_Owned_Home.jpg" width="1558" height="1100" alt="Median Years Owned Home" />
Here is a table of median years of ownership over time:
YearMedian Years Ownership
2012
10.1
2013
10.6
2014
11.2
2015
11.6
2016
12.1
2017
12.5
2018
12.9
2019
13.3
2020
13.5
2021
12.9
2022
12.3
Source: <a href="https://www.redfin.com/news/homeowner-tenure-2022/" title="Redfin">Redfin</a>
The pandemic made many workplaces realize that employees could work from home effectively, fueling a trend for remote work and more location flexibility for employees. With less concern about proximity to the office or long commute times, in combination with low-interest rates, many Americans decided to relocate, often to more affordable areas.
Despite the pandemic-related catalysts that made many Americans consider moving, folks still live in their homes longer than in the past.
With an aging population, most older homeowners prefer to stay in place. In addition, many parts of the country have a housing-supply shortage creating a competitive market. Longer homeowner tenures and short housing supply can make a positive feedback loop where fewer people want to move due to the competitive housing market. Then, fewer <a href="https://www.rubyhome.com/blog/moving-stats/" title="people moving">people moving</a> also contributes to the limited supply of houses available.
Length of Home Ownership by City
The length of home ownership in the Unites States varies by city and region.
<img src="https://assets.site-static.com/userfiles/1102/image/average_homeownership_tenure/Median_Years_Owned_Home_by_City.jpg" width="1558" height="1100" alt="Median Years Owned Home by City" />
In general, homeowners in California tend to stay in their homes longer than the national average. Tax laws in California incentive homeowners to stay in their homes rather than moving frequently. The following metro areas had a median homeownership duration of 16 years or longer:
Los Angeles: 18 years
San Jose: 17 years
San Francisco: 16 years
Here are how some other large and relevant metro areas compare:
Philadelphia: 16
New York: 15 years
Chicago: 15 years
Seattle: 13
Atlanta: 9 years
Homeowners tend to spend the least time holding onto their homes in the Mountain/Central States. People in the following metro areas typically stay just 7-8 years in their homes:
Denver: 9 years
Phoenix: 8 years
Las Vegas: 7 years
As we can see from the data, fast-growing metro areas typically have low median tenures. For example, Tampa (9 years) and Nashville (8 years) are two of the fastest growing cities on the list. Intuitively this makes sense; many new people moving to an area means the average length of time people have spent in homes in the area goes down.
Interestingly, big cities with housing shortages also had longer home ownership tenures. Fewer people tend to move to competitive housing environments; for instance, in New York City, only 9% of the population moved recently. This situation led to a long average homeownership tenure of 15 years. In Los Angeles, we see the same thing; only 9% of the population moved in the prior 12 months, creating a median homeownership duration of 18 years.
Source: <a href="https://www.nar.realtor/blogs/economists-outlook/how-long-do-homeowners-stay-in-their-homes" title="NAR" target="_blank">NAR</a>
Age of Home & Length of Ownership
How does the home's age impact how long will owners live there? One analysis of 3,200 home sales in Arlington, Virginia, could give some insights into this question.
Homeowners with older homes tend to live in them longer. Homes built in the 2010s had an average homeownership tenure of 4.6 years, compared to homes built in the 1970s, which saw the average homeowner stay for 11.5 years.
Though this study pulls data from just one specific market, intuitively, the trend makes sense. Recently built homes are more likely to have new homeowners move in, while an aging homeowner may be less likely to move and prefer to stay in the house they purchased further back in time.
<img src="https://assets.site-static.com/userfiles/1102/image/average_homeownership_tenure/Avg_Length_of_Homeownership_by_Decade_Home_Built.jpg" width="1558" height="1100" alt="Avgerage Length of Homeownership by Decade Home Built" />
Here is table showing the average length of homeownership by decade in which the home was built:
Decade BuiltAvg. Years of Homeownership
1930
10.2
1940
10.3
1950
10.3
1960
10.6
1970
11.5
1980
10.3
1990
8.9
2000
6.4
2010
4.6
Source: <a href="https://eliresidential.com/2018/06/12/2018-6-12-what-is-the-average-length-of-home-ownership/" title="Eli Residential Group">Eli Residential Group</a>
Conclusion
In summary, homeownership tenure has increased over time, with people now typically owning a home that they purchase for 12 years. It will be interesting to see in the post-pandemic world if people will continue to stay in their current homes or look to move and capitalize on changing workplace trends in the future.
Depending on the region and age of the home, the length of homeownership can vary. We can continue to expect fast-growing areas to build many new places to live and have lower average ownership tenures with recent arrivals moving in. We can also expect people to continue to stay in their homes longer in pricy and competitive markets.2024-01-23T16:30:00-07:002024-01-27T15:30:07-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20843HOA Stats: Average HOA Fees & Number of HOAs by State (2024)<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/HOA_Statistics.jpg" width="1558" height="900" alt="HOA Statistics" />
A homeowner’s association (HOA) is an organization that makes and enforces rules for a group of residents in a subdivision, community, or residential building. HOAs collect fees (or dues) from their members to pay for the maintenance of common areas and the upkeep of facilities.
As part of our <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate data series">real estate data series</a>, we’ll look at how popular HOAs are, the average cost of living in an HOA community, and more:
<a href="https://www.rubyhome.com/#types-of-hoas">Types of Community Associations</a>
<a href="https://www.rubyhome.com/#hoa-by-state">How Many People Live in HOAs?</a>
<a href="https://www.rubyhome.com/#hoa-popularity">HOA Popularity by State</a>
<a href="https://www.rubyhome.com/#hoa-fees">HOA Fees</a>
<a href="https://www.rubyhome.com/#hoa-pros">HOA Pros</a>
<a href="https://www.rubyhome.com/#hoa-cons">HOA Cons</a>
Key HOA Stats
Approximately 30% of the US population lives in HOA communities.
Over 75 million people in the US live in a homeowner association community.
<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/75_million_people_live_in_HOA_communities.jpg" width="1558" height="624" alt="75 million people live in HOA communities" />
66% of newly completed homes in 2022 are part of HOA communities, up 17% from 2011.
Houses in HOAs are worth 5-6% more than similar homes outside of HOAs.
Typical HOA membership fees for single-family homeowners is $200-$300/month.
Types of Community Associations
In real estate, the term homeowner's association is used regardless of whether the membership comprises residents who own single-family homes or condominiums.
HOAs consisting of single-family homes account for 60% and condominium communities account for 38% of community associations in the United States. Cooperatives (co-ops) account for 2%.
<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/Types_of_Community_Associations.jpg" width="1558" height="1100" alt="Types of Community Associations" />
Here is a breakout of the percentage of residential property types by association types:
TypePercentage
Homeowners Associations
60%
Condominium Communities
38%
Cooperatives
2%
Source: <a href="https://foundation.caionline.org/" title="Foundation for Community Association Research" target="_blank">Foundation for Community Association Research</a>
Co-ops operate differently than standard condo HOAs. In a co-op, the building is owned by a corporation. Rather than traditional ownership, residents own shares in the corporation and have the right to occupy their units.
Legal structure aside, co-op owners pay a maintenance fee for the upkeep of the building and shared spaces, just like homeowners in other types of community associations.
How Many People Live in HOAs?
Total Number of Community Associations
The total number of associations has also increased. In 1970, there were around 10,000 community associations in the US. In 2020 that number increased to over 355,000, over a 35x increase.
The most recent data in 2023 reveals that there are an estimated 365,000 community associations in the U.S.
Below you can see the total number of associations in the US by decade which includes standard HOAs, condominium communities, and co-ops:
<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/Number_of_Community_Associations_in_U.S..jpg" width="1558" height="1100" alt="Number of Community Associations in U.S." />
Here is a table showing the total number of HOAs:
YearCommunity Associations
1970
10,000
1980
36,000
1990
130,000
2000
222,500
2010
311,600
2020
355,000
Source: <a href="https://foundation.caionline.org/" title="Foundation for Community Association Research" target="_blank">Foundation for Community Association Research</a>
Number of People Living in HOAs
About 30% of the US population lives in HOA communities. Community associations have grown in popularity. The number of residents living in them increased from 2.1 million in 1970 to 74.1 million in 2020, a 35x increase. In every 10-year period since 1970, we can see ample growth, and most recently, from 2010 to 2020, the number of HOA residents grew by 20%.
The latest numbers released in 2023 estimate that there are 75.5 million HOA residents in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/Number_of_People_in_HOAs.jpg" width="1558" height="1100" alt="How Many People Live in HOAs" />
Here is a table showing the number of people living in HOAs since 1970:
YearResidents
1970
2,100,000
1980
9,600,000
1990
29,600,000
2000
45,200,000
2010
62,000,000
2020
74,100,000
Source: <a href="https://foundation.caionline.org/" title="Foundation for Community Association Research" target="_blank">Foundation for Community Association Research</a>
Total Number of Housing Units in HOA Communities
As the number of residents and communities grew over time, so did the number of housing units that are part of HOA communities. In 1970 there were around 700,000 housing units in HOAs in the US. This number grew to over 27 million housing units in 2020, a 39x increase.
This upward trend has continued as the latest data in 2023 shows an estimated 28.2 million housing units are in HOAs.
<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/Number_of_Housing_Units_in_HOAs.jpg" width="1558" height="1100" alt="How Many Housing Units in HOAs" />
Here is a table showing the total number of housing units in HOAs:
YearHousing Units
1970
700,000
1980
3,600,000
1990
11,600,000
2000
17,800,000
2010
24,800,000
2020
27,500,000
Source: <a href="https://foundation.caionline.org/" title="Foundation for Community Association Research" target="_blank">Foundation for Community Association Research</a>
Recent Growth of HOA Communities
Today HOAs in the US are more popular than ever. As the number of newly built homes that are part of HOAs increases, we can expect the number of residents living in HOA communities across the US to grow, too.Over the past 10 years, the percentage of newly built homes that are part of a homeowner’s association has increased from 49% in 2011 to 66% in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/Percent_of_New_Build_Homes_in_HOAs.jpg" width="1558" height="1100" alt="Percent of New Build Homes in HOAs" />
Here is a breakdown of total number of new construction housing units with HOAs:
Year% of New Construction
2011
49%
2012
54%
2013
58%
2014
59%
2015
60%
2016
59%
2017
61%
2018
64%
2019
62%
2020
65%
2021
67%
2022
66%
Source: <a href="https://www.census.gov/construction/chars/" title="US Census" target="_blank">US Census</a>
HOA Growth by Region
New homes that are a part of a homeowner association are growing fastest in the southern and western United States. While over two-thirds (71%) of new constructions in the western region belong to an HOA, only 38% belong to HOAs in the northeastern region.
Here is a table showing the homeowners associations, by region, for new construction homes:
Region% of New Construction 2021
Northeast
38%
Midwest
52%
South
70%
West
71%
Source: <a href="https://www.census.gov/construction/chars/" title="US Census" target="_blank">US Census</a>
HOA Popularity by State
In Florida, Colorado, and Vermont, over 40% of the population lives in an HOA. These three states are where HOAs are the most common. HOAs are also common in <a href="https://www.rubyhome.com/california/" title="California">California</a>, New Hampshire, Washington, Arizona, and Illinois, with each of these states having over 30% of its population living in a community association. The state where HOAs are the least common is Mississippi, where only 3% of the population resides within an HOA.
The following list shows the percentage of each state's total population that lives in an HOA:
State% Population Living in HOA
Alabama
10.0%
Alaska
13.0%
Arizona
30.5%
Arkansas
31.0%
California
35.6%
Colorado
40.1%
Connecticut
12.9%
District of Columbia
20.0%
Delaware
41.0%
Florida
44.5%
Georgia
21.8%
Hawaii
20.0%
Idaho
27.0%
Illinois
30.0%
Indiana
12.5%
Iowa
15.0%
Kansas
10.0%
Kentucky
11.0%
Louisiana
6.0%
Maine
21.0%
Maryland
17.0%
Massachusetts
23.8%
Michigan
14.1%
Minnesota
26.7%
Mississippi
3.0%
Missouri
14.9%
Montana
27.0%
Nebraska
15.0%
Nevada
16.5%
New Hampshire
35.0%
New Jersey
16.4%
New Mexico
14.0%
New York
18.8%
North Carolina
25.9%
North Dakota
13.0%
Ohio
13.8%
Oklahoma
7.0%
Oregon
13.1%
Pennsylvania
10.3%
Puerto Rico
3.0%
Rhode Island
27.0%
South Carolina
25.9%
South Dakota
11.0%
Tennessee
10.1%
Texas
20.6%
Utah
19.1%
Vermont
46.0%
Virginia
23.2%
Washington
31.0%
West Virginia
5.0%
Wisconsin
12.7%
Wyoming
17.0%
Source: <a href="https://foundation.caionline.org/" title="Foundation for Community Association Research" target="_blank">Foundation for Community Association Research</a>
HOA Fees
While most residents enjoy the amenities and being part of an association, one potential downside is the cost. Monthly fees depend on the neighborhood or building’s location and the extent and nature of the amenities offered.
Homeowner Association Fees in Top Metro Areas
Let's look at regional differences among some of the top cities in the United States.
<img src="https://assets.site-static.com/userfiles/1102/image/hoa_statistics/HOA_Fees_by_City.jpg" width="1558" height="1168" alt="HOA Fees by City" />
Here are the mean monthly HOA fees for the metro areas:
Atlanta: $117
Boston: $444
Chicago: $312
Dallas: $98
Detroit: $114
Houston: $127
<a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>: $366
Miami: $283
New York City: $653
Philadelphia: $171
Phoenix: $148
<a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a>: $390
Seattle: $189
Washington DC: $193
Source: <a href="https://www.census.gov/programs-surveys/ahs.html" title="American Housing Survey" target="_blank">American Housing Survey</a>
Unsurprisingly, the New York and <a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a> metro areas had the highest monthly association fees. The two markets consistently rank as some of the most expensive to purchase real estate in the United States. In expensive cities, it's common to pay over $400/month.
Average Homeowner Association Fees By Property Type
In addition to location, the type of community association can impact the fees. For example, condo associations often have higher dues because they typically offer more amenities like fitness centers, concierges, valets, etc. Here's how average single-family home and condo association fees stack up across the US:
Single-family homeowners: $200-$300/month
Condo owners: $300-$400/month
Keep in mind these are general estimates from a small sample size of communities across the country. Fees can range from as little as $50/month to over $1000/month.
HOA Pros
As HOAs have risen in popularity over the years, it begs the question, what advantages are there for homeowners who choose to live in an HOA community? Here are five of the most common benefits:
Stabilized Property Values
Having a well-maintained home in a well-kept neighborhood is attractive to buyers. With HOA residents held accountable for maintaining their properties and common areas, property values stay more consistent. According to a study at George Mason University:
Properties in an HOA sell for 5-6% more than similar homes not part of an HOA.
Source: <a href="https://www.cato.org/sites/cato.org/files/serials/files/regulation/2005/9/v28n3-2.pdf" title="Cato Institute" target="_blank">Cato Institute</a>
Reduced Maintenance & Upkeep
Having a community that takes care of landscaping, garbage collection, and more can ease the challenges associated with home ownership. Living in a well-maintained neighborhood is aesthetically better and more effortless in which to live.
Access To Shared Amenities
Amenities vary from association to association. Standard features include <a href="https://www.rubyhome.com/blog/swimming-pool-stats/" title="swimming pool stats">swimming pools</a>, barbecue pits, neighborhood parks, walking trails, and sports courts.
Standards & Dispute Settlement
Homeowners must comply with guidelines called Covenants, Conditions, and Restrictions (CC&Rs), which leads to fewer problems between neighbors. For example, most associations forbid loud, late-night parties or brown lawns. Association boards mediate disputes between neighbors and enforce consequences when things go wrong.
Community Engagement
HOAs can offer a real sense of togetherness, and some organize community gatherings and activities. Many members enjoy the increased opportunities to socialize or be a part of something bigger.
89% of HOA residents rate their overall experience as 'very good' or 'good' (70%) or 'neutral' (19%).
Source: <a href="https://foundation.caionline.org/wp-content/uploads/2020/07/2020HomeSatisfactionSurveyResults07.22.20final.pdf" title="Foundation for Community Association Research" target="_blank">Foundation for Community Association Research</a>
HOA Cons
While HOAs offer many benefits, they may not be perfect for everyone. Here are some of the most common drawbacks of living in an HOA:
Guidelines and Standards Can Be Restrictive
Some homeowners may not like restrictions on the types of vehicles they can park in their driveway, what colors they can paint their home, or the types of trees or bushes they can have in their front yard. For those who don't like being told what to do, HOAs may feel restrictive. Remember that guidelines vary depending on the community; some are stricter than others.
HOA Fees Can Be Expensive
One should consider the extra cost of HOA fees and determine if the services provided are worth it. When residents were asked how the felt about the value they received versus the cost:
62% of HOA residents believe they are paying 'just the right amount' or 'too little.'
Of course, some may feel they are paying too much.
Source: <a href="https://foundation.caionline.org/wp-content/uploads/2020/07/2020HomeSatisfactionSurveyResults07.22.20final.pdf" title="Foundation for Community Association Research" target="_blank">Foundation for Community Association Research</a>
The HOA May Not Be Well-Run
Not all HOAs are adequately managed. One potential downside is being part of a homeowners association where a few members refuse to pay fees, or the HOA has problems enforcing the rules.
Conclusion
That's our summary and key statistics for HOAs in 2024. With now more than 1 in 4 Americans living in an HOA, it’s clear that they have grown massively over the past 50 years. In addition, based on construction trends, the popularity of HOAs is set to continue to expand into the future.2024-01-22T16:48:00-07:002024-01-23T08:11:04-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20802Real Estate Photography Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/photography_statistics/Real_Estate_Photography_Statistics.jpg" width="1558" height="900" alt="Real Estate Photography Statistics" />
Real estate photography is one of the essential elements of real estate marketing. With 100% of home buyers using the internet as part of their home search, showcasing a property in the best possible light is critical to drawing potential buyer interest.
Good photography can make a home stand out in a seemingly endless sea of houses for sale. An excellent visual presentation via pictures, video, and virtual tours can reduce the number of days a house sits on the market and increase its sales price.
Consider this: the average home buyer in the U.S. spends eight weeks searching for a home, narrows their choice to 9 houses, but only views 4 in person or via a live virtual tour. As buyers winnow their choices, sellers risk their home not making the cut. We've gathered the information below as part of our ongoing series of <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics roundup">real estate statistics roundups</a>. As you'll see, visual media plays a vital role in driving consumer inquiries and showings that lead to closed deals.
<a href="https://www.rubyhome.com/#real-estate-photography-impact">What is the Impact of Real Estate Photography?</a>
<a href="https://www.rubyhome.com/#listing-photos">Professional Listing Photos Impact</a>
<a href="https://www.rubyhome.com/#drone-photos">Drone Photos Impact</a>
<a href="https://www.rubyhome.com/#video-impact">Real Estate Videos Impact</a>
<a href="https://www.rubyhome.com/#virtual-tour-impact">Virtual Tours Impact</a>
<a href="https://www.rubyhome.com/#real-estate-photography-cost">How Much Does Real Estate Photography Cost?</a>
For more topics and industry data, view all <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a>.
Key Real Estate Photography Stats
Real estate listings that include professional photography sell 32% faster.
Homes with aerial photos sell 68% faster.
Homes listings with videos get 403% more inquiries than those without them.
63% of people who bought a home in 2020 made an offer for a property based on a virtual tour.
The average cost for residential real estate listing photos is $230.
What is the Impact of Real Estate Photography?
What are the benefits of using good photos in real estate <a href="https://www.rubyhome.com/blog/how-to-write-effective-real-estate-ads/" title="listing descriptions">listing descriptions</a>? Are high-quality images worth the investment? We think so. Here’s why:
Professional Listing Photos Impact
With 100% of home searchers using the internet to find houses, high-quality, professional (not amateur) photography helps a listing stand out above the rest get more views. This also translates to higher selling prices. According to the Wall Street Journal:
Homes with professional photography get 61% more views than those without them.
Listings with pro-quality listing images close between $934 and $116,076 higher than comparable listings with low-quality photography.
According to a Chicago-based study, homes marketed with professional photos sell faster, which is clearly desirable for home sellers and their agents.
Real estate listings that include professional photography sold 32% faster, spending 89 days on market compared to 123 days for other homes.
<img src="https://assets.site-static.com/userfiles/1102/image/photography_statistics/Professional_Photos_and_Days_on_Market.jpg" width="1558" height="1100" alt="Professional Photos and Days on Market" />
Here is a table showing fewer DOM:
Professional PhotosAverage Days on Market
Yes
89
No
123
Another research study by IMOTO showed similar findings.
Property listings featuring high dynamic range (HDR) photos sell 50% faster and increase online views by 118%.
Whether luxury agents know the data about how vital pro images are, using them is a standard operating procedure for marketing and <a href="https://www.rubyhome.com/sellers/" title="selling high-end properties">selling high-end properties</a>. We were pleasantly surprised to see that pro photos are correlated with luxury listings, as evidenced by the following stat:
Agents who use professional real estate photography make double the average gross commission income compared to agents who don’t use professional photography.
<img src="https://assets.site-static.com/userfiles/1102/image/photography_statistics/Professional_Photos_and_Gross_Commissions.jpg" width="1558" height="1100" alt="Professional Photos and Gross Commissions" />
Here is a table that shows the correlation between higher gross commssions and using professional images:
Uses Pro PhotographyAvg. Gross Commission Per Transaction
Never
$4,292
Sometimes
$5,940
Always
$8,683
Sources: <a href="https://imoto.com/" title="IMOTO" target="_blank">IMOTO</a>, <a href="https://www.nar.realtor/sites/default/files/documents/2021-real-estate-in-a-digital-age-10-05-2021.pdf" title="NAR" target="_blank">National Association of Realtors</a>, <a href="https://www.wsj.com/articles/SB10000872396390444812704577605310134435428" title="WSJ1" target="_blank">Wall Street Journal1</a>, <a href="https://www.wsj.com/articles/BL-DVB-15813" title="WSJ2" target="_blank">Wall Street Journal2</a>, <a href="https://legacy.vht.com/news/professional-photography-sells-homes-faster.aspx" title="VHT Studios" target="_blank">VHT Studios</a>, <a href="http://www.virtuanceinfo.com/marketing/whitepapers/Invest-A-Little-Make-A-Lot-With-Professional-Photography.pdf" title="Virtuance" target="_blank">Virtuance</a>
Drone Photos Impact
Drones with high-quality cameras are increasingly affordable for photographers and realtors. As such, aerial photography in real estate is increasingly common.
Drones allow realtors to showcase properties from the air, creating different perspectives, such as where a home sits within its neighborhood, its proximity to nearby landmarks, rivers and lakes, forests, etc. Drone images draw more attention to listings, and we know from the statistics cited above that getting buyers' attention matters. As you might expect:
Homes with aerial photos sell 68% faster than houses with standard images alone.
Given the efficacy of using drones, we expect their use to increase. Here’s where we stand today:
61% of realtors use drones to market listings.
Of agents who use drones, 43% hire a pro to operate them.
Sources: <a href="https://www.nar.realtor/drones" title="NAR" target="_blank">National Association of Realtors</a>
Real Estate Videos Impact
In addition to photography, statistics show that video contributes to generating more interest from home shoppers. Video has a unique ability to draw in viewers and get them focused. With the proper music selection for the soundtrack, no other medium is as good at building a connection with consumers.
According to the National Association of Realtors (NAR), real estate videos result in more property inquiries:
Property listings with videos get 403% more inquiries than those without them.
Beyond real estate photographers and realtors, consumers know that video is an effective marketing tool, too. Home sellers prefer to list with agents who will use video to sell their homes.
73% of homeowners say they are more likely to list with an agent who uses video than one who doesn't.
Source: <a href="https://www.nar.realtor/using-digital-video-as-a-marketing-tool" title="NAR" target="_blank">National Association of Realtors</a>
Virtual Tours Impact
Virtual tours provide an immersive experience for potential home buyers. There are two types:
Live-video tours between an agent and their client using smartphones
3D virtual tours hosted online
Virtual tours have skyrocketed in recent years and are increasingly becoming an important marketing tool to get potential buyers' attention. They’ve been around for several years, but virtual tour views exploded during the Covid-19 pandemic.
Monthly views of hosted 3D walkthroughs on <a href="https://www.rubyhome.com/blog/redfin-stats/" title="Redfin.com">Redfin.com</a> increased 563% from February 2020 to the beginning of 2021.
What's more, a Redfin survey of home buyers revealed that an impressively large number are comfortable buying a home sight unseen.
63% of people who bought a home in 2020 made an offer for a property without seeing it in person, a 215% increase since 2015.
<img src="https://assets.site-static.com/userfiles/1102/image/photography_statistics/Made_Offer_From_Virtual_Tour_Only.jpg" width="1558" height="1100" alt="Real Estate Virtual Tour Real Estate Offers" />
Here is a table with the percentage of home buyers who made an offer on a property sight unseen.
YearPercentage
2015
20%
2016
20%
2017
25%
2018
30%
2019
32%
2020
63%
*Redfin has not released new data since it's survery in 2020.
LendingTree's survey data shows a similar trend: 47% of people who bought a home in 2021 and 2022 bought a home sight unseen.
The effect of virtual tours on garnering interest in a property is profound:
90% of buyers are more compelled when a listing includes a virtual tour.
95% of home buyers are more likely to call about these properties.
On average, homes with virtual tours spend up to 31% less time on market.
These impacts could change that way Realtors compete for business. Agents who offer virtual tours have the edge over those who don't because home sellers view virtual tours quite favorably.
99% of sellers believe a 3D tour can give their listing a competitive edge.
82% of sellers said they'd switch to an agent who offers 3D tours.
Sources: <a href="https://matterport.com/industries/real-estate" title="Matterport" target="_blank">Matterport</a>, <a href="https://www.redfin.com/news/remote-homebuying-surges-to-new-high/" title="Redfin" target="_blank">Redfin</a>, <a href="https://www.lendingtree.com/home/mortgage/home-shopping-survey/" title="LendingTree" target="_blank">LendingTree</a><a href="https://www.lendingtree.com/home/mortgage/home-shopping-survey/" title="LendingTree" target="_blank"><br /></a>
How Much Does Real Estate Photography Cost?
By now, you’ve most likely concluded that professional photos, videos, and hosted virtual tours are well worth the effort. So, how much can one expect to pay?
First, know that most photographers and videographers charge one of three ways:
By the hour
By the number of images delivered
The size of the home
Package prices also vary by the experience of the photographer/videographer, the size of the home, and the number of images or duration of the video reel delivered. The pro you hire may add an additional fee for shoots that require extensive travel.
Real Estate Listing Photo Prices
We did some research to find out the average prices for photoshoots in the United States that 10-25 MLS-ready photos of a 1,500-3,000 square foot home:
<img src="https://assets.site-static.com/userfiles/1102/image/photography_statistics/Real_Estate_Photography_Prices.jpg" width="1558" height="1100" alt="Real Estate Photography Prices in U.S." />
Here is a table of average listing photo packages by city:
CityAverage Price
<a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>
$318
New York
$285
Seattle
$285
Miami
$256
Philadelphia
$240
Denver
$229
Atlanta
$222
Chicago
$220
Dallas
$212
Phoenix
$208
National Average
$230
Drone (Aerial) Photography Prices
Arizona: $100-$200
California: $100-$250
Colorado: $80-$180
Florida: $50-$200
Kentucky: $50-$120
Massachusetts: $50-$150
New York: $100-$200
Texas: $50-$180
Virginia: $55-$150
Washington: $100-$200
Real Estate Video Prices
Low Budget: $200-$400
Mid Budget: $400-$800
High Budget: $800-$5000
Virtual Tour Prices
Low Budget: $100-$200
Mid Budget: $200-$800
High Budget: $800-$2000
Source: <a href="https://www.rubyhome.com/blog/real-estate-photography-prices/" title="RubyHome" target="_blank">RubyHome</a>
Conclusion
Regarding professional photography in real estate, we believe the benefits far outweigh the costs. With the vast majority of home buyers searching online, showcasing properties in the best light possible to stand out from the crowd is crucial. Investing in professional real estate photography is an upfront cost well worth it. Sellers can expect to sell their home at a higher price in less time.
Taking things a step further, aerial photography, video, and virtual tours are becoming increasingly common. Yep, they cost a little more. But research suggest that they are worth it, too.
What do you think? Is professional real estate photography worth it? Will the use of real estate videos and virtual tours increase in the coming years?
Leave your thoughts down below.
2024-01-18T11:55:00-07:002024-01-19T00:55:24-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20724How Much Does Real Estate Photography Cost? (2024)<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_photography_prices/Real_Estate_Photography_Prices.jpg" width="1558" height="900" alt="Real Estate Photography Prices" />
The RubyHome team researched and analyzed real estate photography prices across the United States to provide a guide for agents and <a href="https://www.rubyhome.com/sellers/" title="home sellers">home sellers</a> to know what they can expect to pay when hiring a residential real estate photographer.
In this article, we explain the different real estate photography pricing models. We show what role the experience level of a photographer plays in pricing. We also compare the average cost of real estate photography prices in ten major U.S. cities.
Our work resulted in a comprehensive real estate photography price guide by specialty:
<a href="https://www.rubyhome.com/#pricing-models">Real Estate Photography Pricing Models</a>
<a href="https://www.rubyhome.com/#prices-experience">Real Estate Photography Prices by Experience Level</a>
<a href="https://www.rubyhome.com/#average-real-estate-photo-prices">Average Real Estate Photography Prices in the U.S.</a>
<a href="https://www.rubyhome.com/#real-estate-drone-prices">How Much Does Real Estate Drone Photography Cost?</a>
<a href="https://www.rubyhome.com/#real-estate-video-prices">How Much Do Real Estate Videos Cost?</a>
<a href="https://www.rubyhome.com/#virtual-tour-prices">How Much Do Virtual Tours Cost?</a>
Real Estate Photography Pricing Models
There is no standard pricing model for hiring someone to take photos for a <a href="https://www.rubyhome.com/blog/how-to-write-effective-real-estate-ads/" title="real estate listing">real estate listing</a>. However, most photographers charge one of three ways:
By the hour
By the number of images delivered
The size of the home
Within the pricing models above, additional variables come into play that can affect the cost of photographing a home, from the experience level of the photographer, the size of the house, to the number of images produced, the extent of services provided, and more.
Photographers may charge an additional fee if a home is far away to account for fuel costs and time spent traveling to the property.
Real Estate Photography Prices by Experience Level
The photographer's experience level significantly impacts what they will charge to photograph a home. For example, a new photographer with little or no experience may set a fee as low as $60-$100. With any experience, most professional photographers charge between $110-$300 per project for photos only:
Less experience: $110-$170
Average experience: $170-$230
More experience: $230-$300
Keep in mind that the photoshoot at a property is only one aspect of the photographer's job; editing and image post-processing also take time. However, one can expect editing and processing to be included in the price quote.
Average Real Estate Photography Prices in the U.S.
We analyzed data from Snappr and Thumbtack, two real estate photography marketplaces that connect buyers and photographers. We incorporated additional price data from the top Google search results.
We were then able to estimate what photographers charge for various real estate photography projects in 10 major U.S. cities.
How Much Do Standard Listing Photos Cost?
A standard photoshoot includes 10-25 MLS-ready photos for a 1,500-3,000 square foot home.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_photography_prices/Real_Estate_Photography_Prices_by_City.jpg" width="1558" height="1168" alt="Real Estate Photography Prices by City" />
Here is a table of average real estate photography prices by city:
CityAverage Price
Los Angeles
$318
New York
$285
Seattle
$285
Miami
$256
Philadelphia
$240
Denver
$229
Atlanta
$222
Chicago
$220
Dallas
$212
Phoenix
$208
National Average
$230
As one might expect, real estate photography prices correlate with <a href="https://www.rubyhome.com/blog/average-home-prices/" title="home prices">home prices</a> in each city; they are highest where real estate is most expensive. Los Angeles was the most expensive of the ten cities we analyzed at $318 for a basic shoot. <a href="https://www.rubyhome.com/los-angeles/" title="Home prices in L.A.">Home prices in Los Angeles</a> are higher than the national average, plus house sizes are generally larger than those in New York City, which helps explain why L.A. edged out New York as the most expensive place to buy listing photos. New York tied with Seattle for second place at $285.
Next, we compared basic packages from Thumbtack and Snappr for the cost-conscious home seller.
CityThumbtack AverageSnappr Value Package
Los Angeles
$200
$149
New York
$200
$149
Seattle
$200
$149
Miami
$167
$149
Philadelphia
$200
$149
Denver
$150
$149
Atlanta
$150
$149
Chicago
$170
$149
Dallas
$150
$149
Phoenix
$150
$149
National Average
$170
$149
Lastly, we compared prices among our top cities for Snappr’s premium two-hour photoshoot package. A shoot of this kind is a little more involved and should produce better listing photos.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_photography_prices/Snappr_Two-Hour_Photo_Shoot.jpg" width="1558" height="1100" alt="Snappr Two-Hour Photo Shoot" />
Here is a table of two-hour photoshoots from Snappr by city:
CityPrice
Los Angeles
$636
New York
$559
Miami
$538
Seattle
$524
Denver
$440
Philadelphia
$425
Atlanta
$422
Dallas
$400
Chicago
$399
Phoenix
$356
National Average
$440
How Much Does Real Estate Drone Photography Cost?
Drone usage is increasingly common in real estate photography. Like traditional photography, drone photographers base their prices on factors like their experience level, the size of the home, quantity of images produced, etc. Many conventional photographers offer aerial photography as an add-on for an additional $50-$200, depending on the size of the home.
We analyzed what drone photographers charge in various states across top Google search results to give a basic idea of the cost of aerial photography for 1500-3000 square foot homes.
Arizona: $100-$200
<a href="https://www.rubyhome.com/california/" title="California">California</a>: $100-$250
Colorado: $80-$180
Florida: $50-$200
Kentucky: $50-$120
Massachusetts: $50-$150
New York: $100-$200
Texas: $50-$180
Virginia: $55-$150
Washington: $100-$200
These estimates are for photos only. For an additional fee, aerial photographers can also produce a video of the property. Generally speaking, purchasing drone photography as an add-on is more cost-effective than hiring separate photographers.
How Much Do Real Estate Videos Cost?
In addition to photography, video can go a long way in showcasing a home. Similar to photographs, several factors can influence the cost of producing a video. For instance, the amount of footage needed, editing required, length of the video, type of equipment used, the experience level of the videographer, and location can make the cost of a video project fluctuate from as low as $200 to several thousand dollars.
Here are the price ranges you can expect for a videographer to produce a 1-minute real estate video:
Low Budget: $200-$400
Mid Budget: $400-$800
High Budget: $800-$5000
How Much Do Virtual Tours Cost?
Virtual tours offer the most immersive and realistic way for potential buyers to experience a property online. For virtual tours, Matterport is the largest player in the space. Its all-in-one 3D data platform and camera systems enable anyone to create an accurate digital representation of the rooms within a house.
The cost of a virtual tour can vary widely depending on the type of software used, the size of the home, and who is performing the work.
For instance, Zillow 3D Home is a less expensive virtual tour option that stitches panorama images together to provide a seemingly 3D experience. While a <a href="https://www.rubyhome.com/blog/zillow-stats/" title="Zillow">Zillow</a> tour is more affordable than a Matterport virtual tour, one may notice a slight drop-off in image quality.
On the low end, one could produce a Zillow 3D Home virtual tour for as little as $99. On the high end, one could get a Matterport virtual tour for a large home costing a thousand dollars or more.
Here are the price ranges you can expect for a virtual tour of a home:
Low Budget: $100-$200
Mid Budget: $200-$800
High Budget: $800-$2000
Conclusion
Although photography, videography, and virtual tours can vary widely in price, here is a comparison of the average cost of each service.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_photography_prices/Real_Estate_Photography_Cost_Comparison.jpg" width="1558" height="1100" alt="Real Estate Photography Cost Comparison" />
And here is a table of photograph services:
ServiceCost
Videography (1 minute video)
$530
Virtual Tour
$350
Photography (10-25 Photos)
$230
Standard property listing photos are relatively inexpensive. Across the United States, real estate photography prices correlate with local real estate market prices.
Video and virtual tours are growing in popularity because they offer a richer presentation of the property for sale. Virtual tours are relatively expensive compared to other digital real estate marketing collateral but offer the most immersive homebuyer experience.2024-01-16T09:00:00-07:002024-01-17T09:27:52-07:00Tony Mariottitag:rubyhome.com,2012-09-20:19721Top 10 Real Estate Websites in the U.S. (2024)<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_websites/Most_Visited_Real_Estate_Websites.jpg" width="1558" height="900" alt="Most Visited Real Estate Websites 2023" />
The Most Popular Real Estate Websites in the United States Based on Unique Monthly Visitors
Real estate websites are the most dominant means for consumers to find a home. Nearly all buyers (95%) use online tools in their search process according to the National Association of Realtors (<a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" target="_blank" title="NAR Profile of Home Buyers and Sellers">NAR</a>).
A quick background: Real estate marketing requires two components, advertising and distribution. Before the internet, brokerages and agents would advertise their listings primarily in print (newspapers) and distribute them collated in three-ring binders kept at local real estate offices, where customers would visit and leaf through pages of properties, pick out a few they liked, and hop in their agent's car to go view homes in person.
Then in 1995, when the public got their hands on the first internet browser, the die was cast for sweeping changes in the real estate industry. Today, advertising and distribution are handled simultaneously on real estate portals and brokerage websites, which see millions of website visitors each month.
So, how big are real estate websites?
Real Estate Website Statistics (Editor's Picks)
Zillow is the largest real estate website in the United States, ranked by visitor traffic. In the last year, Zillow averaged 57 million monthly visitors.
In fact, 2 of the top 3 websites are owned by <a href="https://www.rubyhome.com/blog/zillow-stats/" title="Zillow statistics">Zillow Group</a>.
The top 3 most popular real estate websites (Zillow, Realtor, and Trulia) earn revenue primarily from selling leads to real estate agents.
With 8.3 million monthly visitors, <a href="https://www.rubyhome.com/blog/redfin-stats/" title="Redfin stats">Redfin</a> is the top-ranking website for a full-service brokerage (works directly with consumers).
The top 4 ranked real estate websites are digital-first companies.
Remax.com, with 4.1 monthly visitors, is the top-ranking traditional (pre-internet) brokerage website.
<img src="https://assets.site-static.com/userfiles/1102/image/real_estate_websites/Most_Popular_Real_Estate_Websites_2024.jpg" width="1558" height="1100" alt="Most Popular Real Estate Websites 2024" />
Here's a table with the top 10 real estate websites' traffic:
WebsiteMonthly Visitors
Zillow.com
57,300,000
Realtor.com
30,100,000
Trulia.com
9,800,000
Redfin.com
8,300,000
Homes.com
4,200,000
Remax.com
4,100,000
Movoto.com
2,700,000
Compass.com
1,400,000
Point2Homes.com
1,300,000
Century21.com
1,200,000
Source: <a href="https://www.semrush.com/" title="Semrush">Semrush</a>
Discussion
Despite being the largest real estate holding company in the United States, <a href="https://www.rubyhome.com/blog/anywhere-real-estate-stats/" title="Anywhere Real Estate stats">Anywhere Real Estate</a> (formerly Realogy Holdings Company) has only one website in the top ten: Century21.com. Their portfolio of brokerages relies heavily on the traditional agent-centric business model for customer acquisition.
What's more, the <a href="https://www.rubyhome.com/blog/opendoor-stats/" title="top iBuyer Opendoor">top iBuyer, Opendoor</a>, is not ranked as a leading real estate website despite its 1.3% U.S. residential market share.
<a href="https://www.rubyhome.com/blog/compass-stats/" title="Compass stats">Compass</a> has 5.6% of residential real estate market share in the United States but still has not cracked the top ten websites in terms of monthly visitors.
A lot of local real estate companies carry IDX feeds. In fact, CRMLS in <a href="https://www.rubyhome.com/california/" title="California">California</a> claims that it distributes 22,000 property listing feeds to agent-owned websites. Many of these small players get less than 1,800 visitors/month. Still, it's worth keeping an eye on as the dominant players could slowly bleed organic traffic as data becomes more democratized and decentralized - a death by a thousand cuts (of sorts).
Having successfully penetrated top real estate markets - like Seattle, <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>, New York, <a href="https://www.rubyhome.com/san-diego-ca/" title="San Diego">San Diego</a>, Chicago, and <a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a> - in 2022, Redfin announced its expansion plans to reach more markets in the United States. That year, the company successfully grew its monthly unique visitors from in 8.4 million to 10.2 million.
Conclusion
That’s our roundup of real estate website rankings. You may also be interested in the largest residential real estate companies by <a href="https://www.rubyhome.com/blog/largest-real-estate-companies/" title="transaction volume, agent count, and sides">transaction volume, agent count, and sides</a>. For even more data, view all <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate stats">real estate stats</a>.
The biggest takeaway for me was the organic traffic Zillow Group generates from the combination of its flagship website and Trulia. It simply dominates online real estate searches.
Can anyone catch up to Zillow?
Can anything disrupt websites as the primary means of real estate advertising and distribution? Meaning, could some new consumer experience, like virtual worlds, replace the web as we know it?2024-01-13T10:00:00-07:002024-01-13T10:11:33-07:00Tony Mariottitag:rubyhome.com,2012-09-20:2641Types of Home Loans in California (2024)<img src="https://assets.site-static.com/userfiles/1102/image/types_of_california_mortgages.png" width="750" height="450" alt="California Mortgage Programs" title="California Mortgage Programs" />
Tired of <a href="https://www.rubyhome.com/blog/renting-stats/" title="renting">renting</a> and ready to <a href="https://www.rubyhome.com/california/" title="buy a home in California">buy a home in California</a>? Perhaps you relocating to California? Or, maybe you already live here and have decided it’s time to move up to a bigger home? Whether you’re a <a href="https://www.rubyhome.com/blog/first-time-home-buyer-california/" title="first time home buyer">first time home buyer</a> or a seasoned homeowner, there’s a mortgage program (or two) that’ll meet your needs. This article includes everything you need to know about the types of home loans in California.
California Mortgage Terms
The term, or duration, of most mortgage programs in California is 30 years followed by 15-year mortgages. Adjustable Rate Mortgages have the shortest terms and require borrowers to refinance their mortgage in the future to reset the term and rate, typically to a fixed-rate mortgage.
30-year fixed rate mortgage (FRM)
The principal and interest (P&I) portion of your monthly mortgage payment stays the same for the life of the loan. Only taxes and insurance will change over time. According to California Association of Realtors’ market data <a href="http://www.car.org/marketdata/surveys/buyer/">report</a>, 83% of loans in California are fixed-rate. And 75% of loans are on a 30-year term.
15-year fixed rate mortgage (FRM)
Because the term (duration) of the loan is half of a 30-year loan, 15-year mortgages carry lower interest rates. You’ll save money by paying less interest each month. However, compressing that loan into a shorter timeframe simultaneously increases the total monthly payment. If you want a debt-free retirement and you are 40 years-old or older, a 15-year loan could be an especially good option. To summarize, you’ll pay off the home in half the time and with less interest expense.
Adjustable Rate Mortgage (ARM)
ARMs have lower initial interest rates that fixed-rate mortgages, which produces a lower monthly payment, assuming interest rates don’t go higher while you have the mortgage. Interest rates change over time, based on what the movement in the broader markets. That’s why ARMs are more suitable if you plan to live in a home for a only few years instead of 10 or 15 years.
Government-Insured Home Loans in California
California FHA Loans
FHA loans are popular kinds of mortgage programs in California for first-time home buyers. They only require a 3.5% down payment, and FHA‘s requirements are pretty forgiving for borrowers with less-than-perfect credit. FICO scores down to 620 (and sometimes lower, depending upon circumstances) are allowed.
FHA loans allow down payment gifts from blood or by-marriage relatives. Many first-time home buyers get started with a little financial help from their families.
If you make a smaller down payment (less than 80% loan-to-value), an annual mortgage insurance premium (MIP) is required. MIP is paid monthly and tacked onto the principal, interest and insurance portions of the payment. To get rid of FHA mortgage insurance, borrowers must refinance into another type of loan, typically switching over to a conventional mortgage.
FHA loans have a one-time, upfront mortgage insurance premium (UFMIP) at the time of closing.
While popular with first time home buyers, California FHA loans can also be used by anyone as long as they’ve not owned or had an interest in a property in the last three years. But that doesn’t mean you can go out and buy a fancy home in Malibu with an FHA loan. California FHA loan limits, for one-unit properties, are:
$498,257 floor in low-cost areas
115% of median home prices in the county, or a maximum of
$1,149,825 ceiling in high-cost areas.
California VA Loans
VA loans are one of the best deals going because they require zero down. Borrowers must be active duty or honorably discharged veterans (and in some cases qualifying spouses). Unlike other government-sponsored loans, no mortgage insurance is required. However, there is one-time, upfront VA Funding Fee. Like other programs, loan limits apply. California VA loan limits, for one-unit properties, are:
$766,550 in low-cost counties
$1,149,825 in high-cost counties
California USDA Loans
The United States Department of Agriculture (USDA) offers mortgage insurance to borrowers with low and moderate incomes who live in rural areas. USDA loans are another zero down payment option.
USDA does not specify a minimum borrower credit score. However, a borrower’s credit history will be reviewed, included non-traditional credit like rental history or <a href="https://www.rubyhome.com/blog/average-utility-bill/" title="utility bill">utility bill</a> payments. While no FICO score is required, lenders will want borrowers to demonstrate an ability to pay the loan back.
Down payment gifts are allowed.
Like other government-insured mortgages, USDA loans have an upfront guarantee fee at the time of closing. If the loan-to-value (LTV) is greater than 80% an annual, ongoing mortgage insurance fee will be included in the monthly mortgage payment.
State of California Homebuyer Programs
The California Housing Finance Agency (<a href="http://www.calhfa.ca.gov/">CalHFA</a>) was established in 1975 to help low and moderate income Californians get safe and affordable housing. First-time home buyer programs in California include two down payment assistance programs, each of which can be combined with standard mortgages.
MyHome Assistance Program is a small loan (5% of loan amount) to help offset the down payment and <a href="https://www.rubyhome.com/blog/closing-costs-california/" title="closing costs">closing costs</a> for first time buyers. The loan is deferred; you don’t have to pay it back until the home is sold or paid in full.
Zero Interest Program (ZIP) is very similar to MyHome above, but the loan amount is 3% of the total mortgage and carries 0% interest rate. ZIP repayment is also deferred.
Conventional Home Loans in California
Conforming Loans in California
A conventional loan is also called a "conforming loan" when it meets guidelines set by Fannie Mae/Freddie Mac, two government-sponsored entities (GSEs) that acquire the bulk of mortgages after they are made between a lender and a borrower. One major restriction on conforming loans is their size. They cannot exceed <a href="https://www.rubyhome.com/blog/loan-limits-california/" title="California conforming loan limits">California conforming loan limits</a>, which are:
$766,550 floor in low-cost areas.
$1,149,825 ceiling in high-cost areas.
In the past, conventional programs required 20% down payment. The combination of higher credit score and down payment requirements earned conventional loans the reputation as being “out of reach” to most first time buyers. Today, conventional loans are more forgiving. In fact, the Conventional 97 and HomeReady programs only require 3% down (more on these loans below).
Borrowers need higher FICO scores to get a conventional loan than government-insured mortgages like FHA, VA or USDA loans. Folks need a credit score around 680, which is higher than FHA loans, which only require a 620 score. But at least there are a few more options on the table for borrowers with good credit but have limited funds for a down payment.
Like their government-insured counterparts, conventional mortgages require mortgage insurance when the loan-to-value is greater than 80%. Conventional loans use private mortgage insurance (PMI). PMI goes away on its own, over time, as the LTV gets to 80% or lower. That’s a stark contrast to FHA loans which carry mortgage insurance for the life of the loan (borrower must refinance to get out of MI).
Conventional 97 Loan
Conventional 97 loans are a type of low down payment mortgage for first time home buyers with good credit. Borrowers only need to come up with a 3% down payment, which then creates a mortgage balance of 97% loan to value (LTV), hence “97” in the mortgage product’s name. This program is offered by Fannie Mae.
Fannie Mae HomeReady
Fannie Mae HomeReady is a low down payment mortgage for creditworthy, low to moderate-income borrowers. Down payments can be as low as 3%. Both first-time or repeat home buyers are eligible. In late 2015, this program replaced Fannie Mae’s MyCommunityMortgage program.
HomeReady acknowledges that there can be broader family involvement in home ownership. There are a lot of households in America include extended and multi-generational families. That means there are more potential contributors to a household's loan-qualifying income. HomeReady's underwriting guidelines allow for consideration of non-borrower household income (meaning, income from people not legally listed on the mortgage note) as a compensating factor.
Home Possible Mortgages
Home Possible and Home Possible Advantage are two conventional loan programs created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirement. The one that’s right for you will depend upon your income, the type property you wish to finance, and property location. Home Possible mortgages are designed for low to moderate-income homebuyers and are well-suited for first-time home buyers and younger borrowers. These programs can help you go from renting to buying.
Non-Conforming Loans in California (Jumbo)
Home prices in California are high compared to many states in the United States. Borrowers here sometimes need a bigger loan, one that exceeds conforming loan limits. That’s when jumbo mortgages come in handy. <a href="https://www.rubyhome.com/blog/california-jumbo-loans/" title="Jumbo loans">Jumbo loans</a> are available in amounts up to $3 million.
You know you need a jumbo loan if the size of it exceeds the loan limits posted above. High cost areas include Los Angeles, Alameda, Contra Costa, Marin, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara and Santa Cruz counties.
Other Types of California Mortgages
FHA 203K (Renovation Loans)
Homeowners in California can repair or remodel a house using one of two types of FHA 203(k) rehab loans.
The Standard 203k is for larger rehab projects, over $35,000. The Standard is used for things like structural repairs or adding another room to your house.
The Limited 203k is for projects smaller in scope, less than $35,000. The Limited would be used for things like re-wiring, replacing an HVAC system, etc.
Reverse Mortgages
Homeowners in California who are 62-years old or older can use a reverse mortgage to tap into the equity of their home while remaining in it. Borrowers cannot be evicted from their homes; the reverse mortgage loan only comes due upon a borrower’s death or when they move out.
Reverse mortgages help elderly homeowners pay for expenses like healthcare, home improvements or emergencies. The equity can be paid in one lump sum, or borrowers may elect to receive monthly payments.
Refinance
Sometimes Californians want to refinance their existing mortgage by replacing it with a new one. There are several good reasons to do so:
Lower the monthly payment
Cancel FHA mortgage insurance
Pay the loan off faster with a shorter term
Convert an ARM to a fixed-rate mortgage
Settle a divorce
Tap into equity (cash out)
Consolidate debt
Some refinance programs require less documentation and faster closing times, even eliminating the need for an appraisal. They are known as “streamline” refinances and they are available for VA, FHA and USDA loans.
FINAL THOUGHTS
Whether you are a first time homebuyer or have previously owned a home -- or purchasing or refinancing -- there are several types of mortgage programs in California. No doubt, there's one that will best suit your needs.2023-12-14T08:15:00-07:002024-01-10T09:03:33-07:00Tony Mariottitag:rubyhome.com,2012-09-20:2623California Jumbo Loan Limits (2024)<img src="https://assets.site-static.com/userfiles/1102/image/California_Jumbo_Loan_Limits.jpg" width="750" height="450" alt="California jumbo loans and jumbo loan limits" />
What is a California Jumbo Loan?
Depending on the amount you need to borrow and the location of the home you want to <a href="https://www.rubyhome.com/california/" title="buy in California">buy in California</a>, you may need to finance your home with a jumbo loan. A jumbo loan is a <a href="https://www.rubyhome.com/blog/what-are-my-mortgage-options-in-california/" title="type of mortgage">type of mortgage</a> that exceeds conforming loan limits.
Conforming Loan Limits for California
<a href="https://www.rubyhome.com/blog/loan-limits-california/" title="Conforming loan limits">Conforming loan limits</a> are set on a regional basis by the Federal Housing Finance Agency (FHFA).
FHFA compiles and evaluates broad sets of housing market data from all across the United States. At a high level, they report average national home prices. They also refine their reports on a geographic level, by counties and in some cases by cities. The ensuing report is known as the House Price Index (HPI).
HPI is a weighted and refined statistical snapshot of at <a href="https://www.rubyhome.com/blog/average-home-prices/" title="average home prices">average home prices</a>. Therefore, it is an indicator of housing affordability. Jumbo loans are used to finance a home over the maximum loan amount established by the FHFA.
So then, what is a conforming loan size in California?
$766,550 is the maximum conforming loan limit in most California counties
$1,149,825 is the maximum conforming loan limit in 'higher priced' counties
To clarify, the loan amount is what matters, not the property value. For example, if you put $200,000 down payment on a home appraised at $1,000,000, your loan would be $800,000. That happens to be less than the conforming loan maximum. In this scenario, a conforming loan would suffice; no jumbo loan is necessary.
You can see from the conforming loan limits above that jumbo loans aren't just for financing multi-million dollar luxury homes. What's more, jumbo loans can be used by move up buyers and <a href="https://www.rubyhome.com/blog/first-time-home-buyer-california/" title="first time home buyers">first time home buyers</a> alike.
California High Cost Counties
Property Location
As mentioned, the need to use a California jumbo loan kicks in based on the HPI in any given region. Obviously, <a href="https://www.rubyhome.com/los-angeles/" title="average home prices are higher in Los Angeles">average home prices are higher in Los Angeles</a> than Bakersfield. The bar for the jumbo loan amount changes to accommodate those difference. The list below includes higher priced (also known as high cost) markets in California. A jumbo mortgage is required in the following counties if a loan amount exceeds $766,550.
Alameda County
Alpine County
Contra Costa County
El Dorado County
<a href="https://www.rubyhome.com/los-angeles-county/" title="Los Angeles County">Los Angeles County</a>
Marin County
Mono County
Napa County
Nevada County
<a href="https://www.rubyhome.com/orange-county/" title="Orange County">Orange County</a>
Placer County
San Benito County
<a href="https://www.rubyhome.com/san-diego-county/" title="San Diego County">San Diego County</a>
<a href="https://www.rubyhome.com/san-francisco-county/" title="San Francisco County">San Francisco County</a>
San Luis Obispo County
<a href="https://www.rubyhome.com/san-mateo-county/" title="San Mateo County">San Mateo County</a>
<a href="https://www.rubyhome.com/santa-barbara-county/" title="Santa Barbara County">Santa Barbara County</a>
<a href="https://www.rubyhome.com/santa-clara-county/" title="Santa Clara County">Santa Clara County</a>
Santa Cruz County
Solano County
Sonoma County
<a href="https://www.rubyhome.com/ventura-county/" title="Ventura County">Ventura County</a>
Yolo County
Number of Units
Conforming loan limits can go higher depending upon the number of units in the building. Meaning, there’s an upward adjustment to account for the fact you might buy a duplex. Below you will find conforming limits to get an idea of where jumbo loans kick in, by property type.
California Jumbo Loan Requirements
Loan requirements vary depending upon the lender and current market conditions. Here are some typical property and borrower requirements:
20% down payment typically gets the best-available interest rate
10% down (90% LTV) is still possible
Minimum FICO score starts from 680-740
Fixed rate or adjustable rate mortgages available
Debt to income ratios (DTI) between 38-50%
Owner occupied
Secondary homes OK
Investment properties OK
Mortgage insurance required on loan to value (LTV) above 85% to 90%
Quick Recap: California Jumbo Loans
A jumbo is loan a mortgage in an amount higher than the conforming limit
Conforming loan limits are the maximum loan amount set by FHFA
Loan limits vary by region
Loan limits vary by dwelling type
2023-12-14T08:00:00-07:002023-12-14T08:14:25-07:00Tony Mariottitag:rubyhome.com,2012-09-20:2620California Mortgage Loan Limits by County (2024)<img src="https://assets.site-static.com/userfiles/1102/image/California_Loan_Limits.jpg" width="750" height="450" alt="California loan limits" />
California Loan Limits
California Conventional Loan Limits
California conventional loan limits cap the size of mortgages so that they meet Fannie Mae and Freddie Mac guidelines. Those two government-sponsored entities (GSEs) buy mortgages and securitize them, which in turn keeps the home financing market liquid. Most loans made between lenders and borrowers are ultimately delivered to Fannie or Freddie. Thus, loans must meet Fannie and Freddie's guidelines.
Loan limits are set by the <a href="http://www.fhfa.gov/">Federal Housing Finance Agency (FHFA)</a>, a division of HUD that regulates the GSEs. The FHFA monitors the House Price Index (HPI) in local real estate markets and revises the loan limits annually. Limits are set on a regional basis, by county within California. Conventional loans come in two flavors, conforming and non-conforming.
Conforming loans meet do not exceed conforming loan limits.
Non-conforming loans exceed FHFA’s conforming limits and are called<a href="https://www.rubyhome.com/blog/california-jumbo-loans/" title="jumbo loans"> jumbo loans</a>.
For one-unit properties, the California conforming loan limits are:
$766,550 in most counties
$1,149,825 in high-cost counties
California VA Loan Limits
California VA loan limits are identical to conventional/conforming loan limits. Most lenders will not make VA loans in amounts that exceed conforming limits. For one-unit properties in California, the VA typically guarantees 25% of a loan amount up to:
$766,550 in most counties
$1,149,825 in high-cost counties
California FHA Loan Limits
FHA loan limits are set by Federal Housing Authority (FHA), another division of HUD. FHA loan limits are set on a county-by-county basis, based on median home prices in the area. To qualify for FHA mortgage insurance, loans must not exceed the cap. For one-unit properties, the FHA loan limits are:
$498,257 floor in low-cost areas,
115% of median home prices in the county, or a maximum of
$1,149,825 ceiling in high-cost areas.
California Conforming Loan Limits by County
Below, you can find conforming, VA and FHA loan limits by county in California. The loan limit shown is for a single-family residence. Multi-family units (like duplexes) go higher.
CountyConventional limitFHA limit
Alameda County
$1,149,825
$1,149,825
Alpine County
$766,550
$503,700
Amador County
$766,550
$498,257
Butte County
$766,550
$498,257
Calaveras County
$766,550
$498,257
Colusa County
$766,550
$498,257
Contra Costa County
$1,149,825
$1,149,825
Del Norte County
$766,550
$498,257
El Dorado County
$766,550
$763,600
Fresno County
$766,550
$498,257
Glenn County
$766,550
$498,257
Humboldt County
$766,550
$498,257
Imperial County
$766,550
$498,257
Inyo County
$766,550
$508,300
Kern County
$766,550
$498,257
Kings County
$766,550
$498,257
Lake County
$766,550
$498,257
Lassen County
$766,550
$498,257
<a href="https://www.rubyhome.com/los-angeles-county/" title="Los Angeles County">Los Angeles County</a>
$1,149,825
$1,149,825
Madera County
$766,550
$498,257
Marin County
$1,149,825
$1,149,825
Mariposa County
$766,550
$498,257
Mendocino County
$766,550
$546,250
Merced County
$766,550
$498,257
Modoc County
$766,550
$498,257
Mono County
$766,550
$693,450
Monterey County
$920,000
$920,000
Napa County
$1,017,750
$1,017,750
Nevada County
$766,550
$644,000
<a href="https://www.rubyhome.com/orange-county/" title="Orange County">Orange County</a>
$1,149,825
$1,149,825
Placer County
$766,550
$763,600
Plumas County
$766,550
$498,257
Riverside County
$766,550
$644,000
Sacramento County
$766,550
$763,600
San Benito County
$1,149,825
$1,149,825
San Bernardino County
$766,550
$644,000
<a href="https://www.rubyhome.com/san-diego-county/" title="San Diego County">San Diego County</a>
$1,006,250
$1,006,250
<a href="https://www.rubyhome.com/san-francisco-county/" title="San Francisco County">San Francisco County</a>
$1,149,825
$1,149,825
San Joaquin County
$766,550
$656,650
San Luis Obispo County
$929,200
$929,200
<a href="https://www.rubyhome.com/san-mateo-county/" title="San Mateo County">San Mateo County</a>
$1,149,825
$1,149,825
<a href="https://www.rubyhome.com/santa-barbara-county/" title="Santa Barbara County">Santa Barbara County</a>
$838,350
$838,350
<a href="https://www.rubyhome.com/santa-clara-county/" title="Santa Clara County">Santa Clara County</a>
$1,149,825
$1,149,825
Santa Cruz County
$1,149,825
$1,149,825
Shasta County
$766,550
$498,257
Sierra County
$766,550
$498,257
Siskiyou County
$766,550
$498,257
Solano County
$766,550
$685,400
Sonoma County
$877,450
$877,450
Stanislaus County
$766,550
$517,500
Sutter County
$766,550
$498,257
Tehama County
$766,550
$498,257
Trinity County
$766,550
$498,257
Tulare County
$766,550
$498,257
Tuolumne County
$766,550
$498,257
<a href="https://www.rubyhome.com/ventura-county/" title="Ventura County">Ventura County</a>
$954,500
$954,500
Yolo County
$766,550
$763,600
Yuba County
$766,550
$498,257
Contra Costa County includes cities of Concord, Richmond, Antioch, San Ramon, Walnut Creek and Danville.
Alameda County includes cities of Oakland, Berkeley, Livermore, Fremont and Pleasanton.
Fresno County includes cities of Fresno and Clovis.
Kern County includes city of Bakersfield.
Los Angeles County includes cities of Los Angeles, <a href="https://www.rubyhome.com/beverly-hills-ca/" title="Beverly Hills">Beverly Hills</a>, Long Beach, Glendale, Santa Clarita, Lancaster, Palmdale, Pomona, Torrance, Pasadena, El Monte, Downey, Inglewood, West Covina, Norwalk, Burbank, Santa Monica and <a href="https://www.rubyhome.com/malibu-ca/" title="Malibu">Malibu</a>.
Orange County includes cities of Anaheim, Santa Ana, Irvine, <a href="https://www.rubyhome.com/laguna-beach-ca/" title="Laguna Beach">Laguna Beach</a>, Huntington Beach, Garden Grove, Orange, Fullerton, Costa Mesa, Mission Viejo, Westminster, <a href="https://www.rubyhome.com/newport-beach-ca/" title="Newport Beach">Newport Beach</a>, Buena Park, Lake Forest and Tustin.
Riverside County includes cities of Riverside, Moreno Valley, Corona, Murrieta, Temecula, Jurupa Valley, <a href="https://www.rubyhome.com/palm-springs-ca/" title="Palm Springs">Palm Springs</a> and Palm Desert.
Sacramento County includes cities of Sacramento, Elk Grove, Citrus Heights, Folsom, Rancho Cordova and Carmichael.
San Bernardino County includes cities of San Bernardino, Fontana, Rancho Cucamonga, Ontario, Victorville, Rialto and Chino.
San Diego County includes cities of San Diego, <a href="https://www.rubyhome.com/la-jolla-ca/" title="La Jolla">La Jolla</a>, Chula Vista, Oceanside, Escondido and Carlsbad.
San Francisco County includes the city of <a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a>.
San Joaquin County includes cities of Stockton, Tracy, Manteca and Lodi.
San Mateo County includes cities of <a href="https://www.rubyhome.com/san-mateo-ca/" title="San Mateo">San Mateo</a>, Daly City and Redwood City.
Santa Clara County includes cities of <a href="https://www.rubyhome.com/san-jose-ca/" title="San Jose">San Jose</a>, Sunnyvale, Santa Clara, Mountain View, Milpitas, Palo Alto and Cupertino.
Sonoma County includes city of Santa Rosa.
Stanislaus County includes cities of Modesto, Turlock and Ceres.
Ventura County includes cities of Oxnard, <a href="https://www.rubyhome.com/thousand-oaks-ca/" title="Thousand Oaks">Thousand Oaks</a>, Simi Valley and Ventura.2023-12-14T08:00:00-07:002023-12-14T08:05:34-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20973WeWork Stats: Members, Locations, Financials<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Statistics.jpg" width="1558" height="900" alt="WeWork Statistics" />
WeWork is the leading global flexible workspace provider, serving small and large businesses with office space across 777 locations in 39 countries. On November 1, 2023, WeWork announced plans to file for bankruptcy.
The company gained mainstream media attention after failing to go public in 2019 amid criticisms over leadership and the company’s ability to turn a profit. WeWork finally had its IPO in October 2021 with a $9 billion valuation, less than the $12.8 billion it had raised since 2010.
In this article, we will take a deeper look at how WeWork has grown, the revenue it generates, as well as other company statistics:
<a href="https://www.rubyhome.com/#wework-members">WeWork Number of Members</a>
<a href="https://www.rubyhome.com/#wework-locations">WeWork Number of Locations</a>
<a href="https://www.rubyhome.com/#wework-employees">WeWork Number of Employees</a>
<a href="https://www.rubyhome.com/#wework-revenue">WeWork Revenue</a>
<a href="https://www.rubyhome.com/#wework-expenses">WeWork Expenses</a>
<a href="https://www.rubyhome.com/#wework-profit">WeWork Net Profit</a>
<a href="https://www.rubyhome.com/#wework-market-share">WeWork Market Share</a>
Key WeWork Stats
WeWork's core space-as-a-service business has grown from 23 locations in 2014 to 777 sites in 2023.
Despite generating over $2.5 billion in revenue in 2021, the company had a net loss of over $4.6 billion.
In January 2019, private investors valued the company at $47 billion, or 7x higher than its market cap of $6.7 billion in January 2022.
How Many Members Does WeWork Have?
Before the Covid-19 pandemic, WeWork experienced fast growth in memberships and office locations. The company scaled back slightly in 2020 and 2021 as the need for office space decreased with more employees working from home.
Despite the setback, WeWork currently serves over 590,000 members. From 2017 to 2021, WeWork increased its number of members by 3.37x.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Number_of_Members.jpg" width="1558" height="1100" alt="WeWork Number of Members" />
Here is a table of WeWork membership growth:
YearNumber of Members
2017
175,000
2018
400,000
2019
600,000
2020
600,000
2021
590,000
Source: <a href="https://www.statista.com/statistics/955746/membership-wework-worldwide/" title="Statista" target="_blank" rel="nofollow">Statista</a>
How Many WeWork Locations Are There?
WeWork has 777 locations in 2023. That is a up from from 275 in 2017 and 850 in 2019 (locations tapered off slightly in 2020 and 2021 due to the pandemic). Despite the slowdown, WeWork has still saw an increase in locations from 2017 to 2023.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Number_of_Locations.jpg" width="1558" height="1100" alt="WeWork Number of Locations" />
Here is a breakdown of WeWork location growth:
YearNumber of Locations
2017
275
2018
518
2019
850
2020
792
2021
756
<br />Source: <a href="https://www.wework.com/locations" title="WeWork" target="_blank">WeWork</a>
How Many Employees Does WeWork Have?
WeWork currently has 4,400 employees.
Although the company provided no specific figures, it did mention on its 2019 prospectus that it had employed more than 12,500 people in June of that year. We calculate that the company has seen at least a 65% workforce reduction from its high point in 2019.
The global pandemic played a critical role in the company's decision to reduce its workforce. The company has stated they expect to grow more slowly now than before the pandemic as it tries to streamline operations and become profitable.
Source: <a href="https://www.sec.gov/Archives/edgar/data/1533523/000119312519220499/d781982ds1.htm" title="SEC" target="_blank">SEC</a>
WeWork Revenue
WeWork generates revenue by offering space-as-a-service to people looking for office space. The company provides its members a flexible range of workspace commitments, from monthly subscriptions to multi-year agreements. In addition to office space, members get access to phone booths, internet connectivity, printers, mail handling, front desk services, and more to support their business needs.
The company expanded revenue consistently from 2017 to 2019, then faced massive headwinds due to the Covid-19 pandemic, seeing a reduction in total revenue in 2020 and 2021. Revenue in 2021 was $2.57B.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Revenue.jpg" width="1558" height="1100" alt="WeWork Revenue" />
Here is a table of WeWork revenue by year:
YearTotal Revenue
2017
$886,000,000
2018
$1,820,000,000
2019
$3,459,000,000
2020
$3,416,000,000
2021
$2,570,000,000
Source: <a href="https://investors.wework.com/" title="WeWork" target="_blank">WeWork</a>, <a href="https://news.crunchbase.com/venture/wework-loses-1-9b-on-1-8b-in-revenue-during-2018/" title="Crunchbase" target="_blank">Crunchbase</a>
WeWork has been expanding its product offerings in recent years. In 2020, it launched WeWork All Access, a monthly subscription for members to access all participating company locations worldwide. With this service, members can book spaces from their phones.
In a post-pandemic environment, the company recognized the need for flexible and hybrid work environments, launching WeWork Workplace, a workspace management application that lets employers book workspaces, conference rooms, desks, and more.
The company states that it is hopeful its new products will gain traction and that they will provide new revenue streams.
WeWork Expenses
WeWork’s total expenses amounted to nearly $6.3 billion in 2021, a 3.4x increase from 2017. Expenses increased as the company leased more and more properties to serve its growing customer base. In 2021 we can see a slight pullback in expenses as WeWork cut back on its number of locations and staff due to pandemic-related causes.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Expenses.jpg" width="1558" height="1100" alt="WeWork Expenses" />
Here is a table showing WeWork total expenses by year.
YearTotal Expenses
2017
$1,819,000,000
2018
$3,720,000,000
2019
$7,378,000,000
2020
$7,763,000,000
2021
$6,268,000,000
Sources: <a href="https://investors.wework.com/" title="WeWork" target="_blank">WeWork</a>, <a href="https://www.sec.gov/Archives/edgar/data/1533523/000119312519220499/d781982ds1.htm#toc781982_10" title="SEC1" target="_blank">SEC1</a>, <a href="https://www.sec.gov/Archives/edgar/data/1813756/000119312521276854/d166510d424b3.htm#fin166510_2" title="SEC2" target="_blank">SEC2</a>
Most of WeWork’s expenses come from two categories, location operating expenses and selling, general, and administrative expenses.
Location Operating Expenses
WeWork’s largest expense comes from the costs of leasing and operating properties that it subleases to members to generate revenue. From 2017 to 2021, WeWork’s location operating expenses increased 3.8x. In 2021, location operating expenses accounted for 49% of the company’s total expenses.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Location_Operating_Expenses.jpg" width="1558" height="1100" alt="WeWork Location Operating Expenses" />
Here is a table WeWork's location operating expenses by year:
YearLocation Operating Expenses
2017
$815,000,000
2018
$1,492,000,000
2019
$2,758,000,000
2020
$3,543,000,000
2021
$3,085,000,000
Source: <a href="https://investors.wework.com/" title="WeWork" target="_blank">WeWork</a>
Selling, General & Administrative Expenses
Selling, general, and administrative expenses consist primarily of employee stock-based compensation, technology, consulting, legal, sales and marketing, and advertising costs. In 2021, selling, general, and administrative costs amounted to 16% of the company's total expenses.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_SGA_Expenses.jpg" width="1558" height="1100" alt="WeWork Selling, General & Administrative Expenses" />
Here is a table of WeWork's SG&A expenses:
YearSG&A Expenses
2017
$708,000,000
2018
$1,350,000,000
2019
$2,794,000,000
2020
$1,605,000,000
2021
$1,011,000,000
Source: <a href="https://investors.wework.com/" title="WeWork" target="_blank">WeWork</a>
Other Expenses
In addition to location operating expenses and selling, general and administrative expenses, 35% of the company's total expenses in 2021 come from the following categories:
Pre-opening location expenses: $159 million, 2.5% of total expenses.
Restructuring and other related costs: $434 million, 6.9% of total expenses.
Impairment of goodwill, intangibles, and other assets: $870 million, 13.9% of total expenses.
Depreciation and amortization: $709 million, 11.3%.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Expense_Categories.jpg" width="1558" height="1100" alt="WeWork Expense Categories" />
Here’s a breakdown of the company’s expense categories (rounded) in 2021:
Expense CategoryShare of Total Expenses
Location Operations
49%
SG&A
16%
Goodwill
14%
Deprec. & Amort.
11%
Restructuring
7%
Location Pre-Opening
3%
Source: <a href="https://investors.wework.com/" title="WeWork" target="_blank">WeWork</a>
WeWork Net Profit
WeWork is not profitable. The company had a net loss of $4.6 billion in 2021. The company needs to drastically reduce costs and achieve higher occupancy rates in its facilities to become profitable.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Profit.jpg" width="1558" height="1100" alt="WeWork Net Profit - Net Loss" />
Here is a table of WeWork net profit (loss).
YearNet Profit
2017
-$933,000,000
2018
-$1,900,000,000
2019
-$3,775,000,000
2020
-$3,834,000,000
2021
-$4,632,000,000
Source: <a href="https://investors.wework.com/" title="WeWork" target="_blank">WeWork</a>
After WeWork’s failed IPO in 2019, doubt lingered about whether the company would ever become profitable, in addition to concerns around founder and then CEO Adam Neumann’s ability to lead the company. Neumann resigned in September 2019.
After Neumann's departure, Sandeep Mathrani took the helm and is still WeWork’s CEO. Mathrani believes that the company's plan to streamline operations will help it reach profitability. Time will tell if his predictions come true.
WeWork Market Share
WeWork held 1.7% of the worldwide market share of serviced office space in 2019. WeWork is the second largest provider of serviced office space in the world. Regus, WeWork’s biggest competitor, captured 11% of the worldwide market share in the same category.
<img src="https://assets.site-static.com/userfiles/1102/image/wework_stats/WeWork_Market_Share.jpg" width="1558" height="1100" alt="WeWork Market Share" />
Here is a table comparing WeWork market share to its competitors:
CompanyWorldwide Market Share
Other
86.00%
Regus
11.00%
WeWork
1.70%
Breather Inc.
0.70%
Knotel
0.33%
Servcorp
0.33%
Source: <a href="https://www.statista.com/statistics/554417/serviced-office-firms-number-of-coworking-spaces-worldwide/" title="Statista" target="_blank">Statisa</a>
WeWork is known for having a more relaxed, casual, and community-driven vibe, whereas the Regus brand conveys formality and a focus on privacy.
Conclusion
That’s our WeWork statistical round-up.
As the world's second-largest provider of leasable office space, WeWork is a massive company that experienced rapid growth before the global pandemic and struggled to achieve profitability, which forced the company to cut back.
Time will tell what the future has for WeWork. We will see if the company can reach profitability in the coming years and if it will be able to capture a more significant portion of the worldwide serviced office space in the post-pandemic world.2023-11-01T16:00:00-07:002023-11-22T07:44:27-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30687Home Inspection Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/home_inspection_statistics/Home_Inspection_Statistics.jpg" width="1558" height="900" alt="Home Inspection Statistics" />
Home inspections play a vital role in the real estate world, offering buyers, sellers, and homeowners peace of mind when it comes to property transactions and maintenance. In this article, we'll delve into the world of home inspections and uncover essential statistics in the following areas:
<a href="https://www.rubyhome.com/#inspections-cost">How Much Do Home Inspections Cost?</a>
<a href="https://www.rubyhome.com/#inspections-procedure">What Do Home Inspectors Examine?</a>
<a href="https://www.rubyhome.com/#inspections-defects">Defects Revealed by Home Inspections</a>
<a href="https://www.rubyhome.com/#inspections-how-common">Are Home Inspections Common?</a>
<a href="https://www.rubyhome.com/#inspections-find-inspector">How Do People Find a Home Inspector?</a>
<a href="https://www.rubyhome.com/#inspections-inspector-numbers">How Many Home Inspectors Are There?</a>
Key Home Inspection Statistics
88% of homebuyers use an inspector when purchasing a new home.
<img src="https://assets.site-static.com/userfiles/1102/image/home_inspection_statistics/88_of_homebuyers_get_a_home_inspection.jpg" width="1558" height="623" alt="88% of homebuyers use an inspector when purchasing a new home." />
The average cost for a home inspection is $377.
86% of home inspections reveal something that needs to be fixed.
46% of people use home inspection results to negotiate a lower home sale price.
Home inspection information often saves buyers $14,000 on the final sale price of a home.
How Much Do Home Inspections Cost?
General home inspections cost $377 on average, of which the home buyer is typically responsible for paying. In general, inspections ranging from $200 to $500 would be considered normal,
The exact price will vary depending on the size of the home, its location, and how extensive it is. Older homes may also be more costly if inspectors need to take more time. Certain findings may warrant having a specialist visit the home as is often the case for issues involving mold, sewers, drainage, chimneys, and HVAC systems. With luxury homes in exclusive neighborhoods sometimes costing a bit more.
<img src="https://assets.site-static.com/userfiles/1102/image/home_inspection_statistics/Home_Inspection_Prices.jpg" width="1558" height="1100" alt="Home inspection price range" />
What Do Home Inspectors Examine?
During a home inspection, a qualified inspector evaluates various aspects of a property to assess its condition and identify any potential issues. Normally an inspector will find some flaws - major or minor - with a reported 86% of home inspections finding something that needed to be fixed.
Here are some of the key areas and components that inspectors typically examine during a home inspection:
Structural Integrity: During a home inspection, the inspector assesses the property's foundation for cracks or signs of settling and evaluates the overall framing of walls, floors, and ceilings for any structural issues.
Exterior: This category encompasses the inspection of roofing materials, siding (e.g., stucco or brick), windows, doors, and gutters and downspouts. Inspectors check for issues such as roof damage, water infiltration, and proper sealing.
Interior: Inside the home, inspectors examine walls, ceilings, and floors for cracks, stains, or <a href="https://www.rubyhome.com/blog/water-damage-stats/" title="water damage">water damage</a>. They also assess the condition of electrical systems, plumbing systems, and appliances, ensuring they operate safely and efficiently.
Basement, Crawlspace, and Attic: This category includes the evaluation of below-grade areas for signs of water intrusion, potential foundation problems, insulation levels, ventilation, and signs of moisture or mold.
Plumbing: Inspectors check for leaks, adequate water pressure, and drainage issues throughout the plumbing system.
Fireplaces and Chimneys: The condition of the chimney and flue is assessed, along with any issues related to fireplaces or wood-burning stoves.
Miscellaneous: This category covers landscaping, drainage, and the condition of any outbuildings or detached structures on the property. Inspectors also ensure safety and code compliance in various areas of the home.
After the inspection, the inspector typically provides a detailed report with their findings, which may include recommendations for repairs or further evaluations by specialists in certain areas.
It's important to note that a home inspection is a visual examination, and general inspectors do not perform invasive or destructive testing.
Buyers and sellers can use the inspection report to negotiate repairs or price adjustments as part of the real estate transaction.
Defects Revealed by Home Inspections
86% of home inspections find something about a home needs to be fixed. Here are some common issues inspections uncover:
<img src="https://assets.site-static.com/userfiles/1102/image/home_inspection_statistics/Common_Issues_Found_Home_by_Inspections.jpg" width="1558" height="1100" alt="Most common defects found during a home inspection" />
The most common problems associated with inspections are related to the <a href="https://www.rubyhome.com/blog/roofing-stats/" title="roof">roof</a> (19.7%), electrical (18.7%), and windows (18.4%).
Roof flaws could range from small cosmetic issues to cracks and leaks that could cause water damage.
Electrical issues pose serious problems as wiring issues could lead to execution or <a href="https://www.rubyhome.com/blog/house-fire-stats/" title="house fires">house fires</a>.
Windows that are not properly sealed can result in higher <a href="https://www.rubyhome.com/blog/average-utility-bill/" title="utility bills">utility bills</a> which can really add up over time.
How Problems Affect Home Prices
46% of people use home inspection results to negotiate a lower price on their home. On average, buyers were able to negotiate and close $14,000 below the list price when finding problems on an inspection and using it in their negotiation.
Are Home Inspections Common?
88% of homebuyers using an inspector when finalizing a home purchase.
Of the people who got a home inspection, 83% said their mortgage lender required it.
<img src="https://assets.site-static.com/userfiles/1102/image/home_inspection_statistics/Percentage_of_People_That_Get_a_Home_Inspection.jpg" width="1558" height="1100" alt="Percentage of home buyers that order a home inspection" />
This high prevalence of home inspections demonstrates their widespread acceptance as a crucial step in ensuring the safety and integrity of a home investment.
Under normal circumstances, it’s never advised to skip a home inspection, however, the small portion who decide not to have one may do so for a variety of reasons.
For example, they may waive it to make the offer more attractive to the seller and speed up the closing process.
If a home is a new construction, the home may still be under the builder's warranty, giving buyers a greater degree of comfort.
How Do People Find a Home Inspector?
72% of people only consider one inspector before ordering an inspection. In addition, 58% of people chose an inspector based on their real estate agent’s recommendation. Here’s a breakdown of how homebuyers most frequently find their inspectors:
<img src="https://assets.site-static.com/userfiles/1102/image/home_inspection_statistics/How_Homebuyers_Find_Home_Inspectors.jpg" width="1558" height="1100" alt="Percentage of Homebuyers That Order a Home Inspection" />
How Many Home Inspectors Are There?
There are over 10,500 home inspectors in the U.S. Here are some interesting insights into their demographics:
86% of home inspectors in the U.S. are male versus 14% female.
The average home inspector is 50 years old.
The average home inspector's salary in the U.S. is $51,264.
69.2% of home inspectors are white, followed by 12.8% Latino and 8.1% black.
Most home inspectors (83%) work at private companies rather than in the public sector.
Conclusion
Home inspections are a critical component of the home-buying process, with 88% of buyers recognizing their importance.
While the average cost of a home inspection is $377, statistics show that in 86% of cases, inspectors identify issues requiring attention. Leveraging this information often results in substantial savings, with buyers negotiating an average of $14,000 off the final sale price.
Home inspections reduce financial risks and offer home buyers peace-of-mind, making them an invaluable step in the journey of purchasing or selling a home.
Sources
<a href="https://porch.com/resource/home-inspection-leverage" title="Porch" target="_blank">Porch</a>
<a href="https://www.nar.realtor/magazine/real-estate-news/most-common-inspection-problems-uncovered-in-new-homes" title="National Association of Realtors" target="_blank">National Association of Realtors</a>
<a href="https://www.zippia.com/home-inspector-jobs/demographics/" title="Zippia" target="_blank">Zippia</a>2023-10-08T13:30:00-07:002024-01-09T15:32:43-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30668FSBO Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/fsbo_statistics/FSBO_Statistics.jpg" width="1558" height="900" alt="FSBO Statistics" />
In real estate, For Sale by Owner (FSBO) refers to homeowners who sell their properties on their own, without the help of a real estate agent. In this article, we'll provide a straightforward look at this DIY approach to selling one’s home and cover the following topics:
<a href="https://www.rubyhome.com/#fsbo-how-many">How Many Homes are FSBO?</a>
<a href="https://www.rubyhome.com/#fsbo-who">Who Are FSBO Sellers?</a>
<a href="https://www.rubyhome.com/#fsbo-prices">Realtor vs FSBO Sales Price Differences</a>
<a href="https://www.rubyhome.com/#realtor-commissions">Average Realtor Commission Rates</a>
<a href="https://www.rubyhome.com/#fsbo-pros-cons">Pros and Cons of FSBO</a>
Key For Sale by Owner Stats
FSBOs account for roughly 10% of all U.S. home sales.
<img src="https://assets.site-static.com/userfiles/1102/image/fsbo_statistics/10_of_U.S._home_sales_are_FSBO.jpg" width="1558" height="623" alt="10% of U.S. home sales are FSBO" />
13% of people in rural areas sold their home via FSBO versus 6% in suburban areas.
In 2021, the average FSBO home sold for $225,000 while the average price for agent-assisted home sales was $330,000.
Comparable homes typically sell for 5.5% less when a seller chooses to go the FSBO route.
50% of FSBO sellers knew their buyer before deciding to sell their home.
The average listing agent commission is 5.37%, split between the listing agent and the buyer’s agent.
How Many Homes are FSBO?
In 2021, FSBOs accounted for roughly 10% of all U.S. home sales, up from 7% in 2020. However, the long-term trend has seen FSBOs decrease in popularity. In 1981, when the NAR first started keeping track, the percentage of people selling their homes via FSBO was 15%.
Here’s a nationwide breakdown of the methods Americans use to sell their homes:
<img src="https://assets.site-static.com/userfiles/1102/image/fsbo_statistics/Methods_Used_To_Sell_Homes.jpg" width="1558" height="1100" alt="Method of Selling Homes in the U.S." />
It’s worth noting that around 1% of people first try to sell their homes themselves but then use an agent. The reverse case also happens, with 1% of people first listing with an agent, but then deciding to sell their home themselves.
Who Are FSBO Sellers?
This DIY approach to selling your home varies in popularity based on location, with 13% of rural homeowners opting for FSBO, compared to 6% in urban and suburban areas like <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>.
Here are some more notable characteristics of <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a> who choose to sell their homes via FSBO:
Older Americans aged 76-96 were the age group most likely to sell their homes via FSBO with 13% choosing this method.
64% of FSBO sales are made by married couples.
81% of FSBO homes sold are single-family homes.
The median household income of FSBO sellers in 2020 was $96,700, more than $10,000 lower than the median for agent-assisted sellers.
Why People Sell Their Homes Via FSBO
61% of people say a top reason for choosing to sell their home via FSBO is that they believe it will save them money.
Here are the top reasons FSBO sellers choose to sell their homes themselves:
<img src="https://assets.site-static.com/userfiles/1102/image/fsbo_statistics/Reasons_People_Sell_Via_FSBO.jpg" width="1558" height="1100" alt="Reasons People Sell Via FSBO" />
Realtor vs FSBO Sales Price Differences
In 2021, data show that the average FSBO home was sold for $225,000, notably lower than the average price for agent-assisted home sales, which stood at $330,000.
It's essential to note that this price disparity can be partially explained by the fact that rural homes, where FSBO is more common, tend to have lower values.
Geographic differences aside, when controlling for home size and location, similar FSBO-sold homes typically sell for 5.5% less than their agent-assisted counterparts.
Since most FSBO sellers still pay a commission to the buyer’s agent, in most cases going the FSBO route is less profitable for sellers.
Average Realtor Commission Rates
In the United States, the typical realtor commissions are 5.37%, usually split 50/50 between the buyer’s agent and the seller’s (listing) agent. The commission to both agents is normally paid by the seller of the home.
This means that if you sell a $250,000 home, you'll pay about $13,425 in fees, while selling a $800,000 home would cost you around $42,960 in fees.
Since comparable FSBO-sold homes normally go for 5.5% less than agent-assisted homes sold, not having to pay the selling agent’s commission typically won’t save FSBO sellers in the long run.
In addition, when someone sells their home themselves, they normally offer to pay a commission to the buyer's agent. Sellers usually do this because they know that if they don't offer a commission, buyers' agents might not show their homes to potential buyers. Also, the person selling their home on their own might not be very familiar with the whole process, so having a buyer's agent on the other side can be helpful.
Even though buyer's agents work for the buyer and not the seller, they can still do important things like writing up the contract, negotiating, and guiding the buyer through the home-buying process. So, they may play a valuable role in making the sale happen.
Pros and Cons of FSBO
Here, we break down the advantages and disadvantages of FSBO.
FSBO Pros
Not Paying the Listing Agent Commission: One attractive reason for many to sell their homes via FSBO is that they can avoid paying the 2.5%-3% commission to the listing agent. For a home worth $500,000, this could be a savings of $12,500-$15,000. While this is the potential upside, FSBO homes statistically sell for a bit less, so there’s the potential risk of leaving money on the table.
Control Over the Process: selling on your own gives you complete control over showcasing your property and negotiating terms with buyers.
Direct Communication: FSBO sellers can communicate directly with potential buyers, addressing questions and concerns promptly, potentially expediting the sale.
Shorter Time on the Market: Approximately 50% of FSBO sellers already know their buyers before selling, which can lead to a quicker sale. In fact, FSBO homes few days on the market, about a week less than traditional sales on average. However, if the home doesn’t sell quickly, the home can sit on the market longer without having an agent to help.
FSBO Cons
Lower Sale Price: Statistically, FSBO homes tend to sell for about 5.5% less than those sold with the assistance of real estate agents. While you might save on commissions, this difference in sale price can often offset those savings.
Complexity: Selling a home involves navigating complex legal and financial processes. FSBO sellers may find it challenging to handle contracts, negotiations, and the closing process without professional expertise.
Limited Exposure: FSBO listings may not receive the same level of exposure as those listed with real estate agents. This can result in a longer time on the market and potentially lower sale price.
Pricing Challenges: Determining the right asking price can be a struggle for FSBO sellers, potentially leading to overpricing or underpricing, which can deter potential buyers.
Emotional Stress: Directly handling negotiations and the sale process can be emotionally taxing, particularly if you have a personal attachment to your home.
Conclusion
In essence, the decision to go FSBO should be made thoughtfully, taking into account the potential for both cost savings and impact on the final sale price.
The FSBO route can lead to quicker sales in cases where the seller already knows the buyer, but it can also result in a longer time on the market.
Seeking professional guidance or using a flat-fee MLS service can help mitigate some of the challenges associated with FSBO, while still allowing you to retain more control over the sales process.
Sources
National Association of Realtors (<a href="https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics" title="NAR1" target="_blank">NAR1</a>, <a href="https://www.nar.realtor/sites/default/files/documents/2022-highlights-from-the-profile-of-home-buyers-and-sellers-report-11-03-2022_0.pdf" title="NAR2" target="_blank">NAR2</a>)
<a href="https://listwithclever.com/average-real-estate-commission-rate/" title="Clever" target="_blank">Clever</a>
<a href="https://collateralanalytics.com/saving-real-estate-commissions-at-any-price/" title="Collateral Analytics" target="_blank">Collateral Analytics</a>
<a href="https://www.zillow.com/research/zillow-group-report-2016-13279/" title="Zillow" target="_blank">Zillow</a>2023-10-07T16:45:00-07:002024-01-09T15:33:01-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30667Roofing Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/roofing_statistics/Roofing_Statistics.jpg" width="1558" height="900" alt="Roofing Statistics" />
Providing shelter from the elements, a roof stands as a fundamental component of every household.
In this article, we'll delve into key roofing statistics, including the most common roof types, average roof lifespan, annual roof replacements in the U.S., repair and replacement costs, and insights into the demographics of roofing professionals.
<a href="https://www.rubyhome.com/#roofing-costs">How Much Does It Cost to Replace a Roof?</a>
<a href="https://www.rubyhome.com/#roofing-replacement">Why Are Roofs Replaced?</a>
<a href="https://www.rubyhome.com/#roofing-how-many">How Many Roofs Are Replaced Each Year?</a>
<a href="https://www.rubyhome.com/#roofing-types">What Are the Most Common Types of Roofs?</a>
<a href="https://www.rubyhome.com/#roofing-durability">How Long Does a Roof Last?</a>
<a href="https://www.rubyhome.com/#roofing-workers">Roofer Demographics</a>
Key Roofing Statistics
Asphalt shingles are the most common roofing material, used in roughly 75% of roofing projects.
An average roof lasts between 25 and 50 years depending on the type of roof and material quality.
On average, it costs $9,191 to replace a roof.
<img src="https://assets.site-static.com/userfiles/1102/image/roofing_statistics/Replacing_a_roof_costs_9191.jpg" width="1558" height="623" alt="Replacing a roof costs $9,191" />
An estimated 5 million roofs are installed each year.
There are an estimated 131,980 roofers in the U.S.
The national median wage for a roofer was $47,920 in 2022.
How Much Does It Cost to Replace a Roof?
Roof replacement costs $9,191 on average. The range of costs is $5,000 to $15,000, with some pricier options going up as high as $80,000.
A new roof is one of the few exterior <a href="https://www.rubyhome.com/blog/home-remodeling-stats/" title="home remodeling">home remodeling</a> projects with a 100% cost revovery.
Here are the factors that affect the cost of replacing a roof:
Roof size and complexity
Material
Removal of the existing roof
Labor costs
Roof pitch and accessibility
Underlayment and ventilation
Contractor reputation and quality
Warranty
Roofing Material Costs
Depending on materials and labor, prices to install a new roof can range from $4 to $40 per square foot. Given that the average roof size in America is roughly 1700 square feet, one with an average-sized home could expect to pay anywhere between $6,800 and $68,000 based on a variety of factors.
Here is a breakdown of the typical price ranges per square foot for different types of materials. These prices include the cost of installation:
Roofing MaterialCost/Sq.Ft.
Aluminum shingles
$8.50–$13.75
Architectural/premium asphalt shingles
$4.50–$8.25
Basic asphalt shingles
$4.25–$4.95
Cedar shingles or shakes
$8–$14.30
Clay tiles
$12–$24.75
Concrete tiles
$11–$19.80
Copper tiles
$21–$39.70
Corrugated metal
$5.50–$11.50
Flat roofing materials (rubber, PVC, etc.)
$5.50–$7.50
Slate tiles
$12–$22
Standing seam metal panels
$10–$17.05
Steel shingles
$8–$12.65
Zinc tiles
$18–$28
People who would prefer to replace their roofs themselves can typically save about 50% of the total cost. However, <a href="https://www.rubyhome.com/blog/diy-stats/" title="DIYers">DIYers</a> are prone to making mistakes.
Why Are Roofs Replaced?
33% of <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a> replace their roofs due to leaking.
33% due to storm damage.
25% anticipate roof failure soon.
3% want to improve the appearance of their home.
How Many Roofs Are Replaced Each Year?
As existing buildings age, demand for new roofs is constant:
5 million new roofs are installed each year.
85% of the roofing business in the U.S. is dominated by replacing roofs on existing homes.
The U.S. roofing market reached a value of $21.9 billion in 2022.
The roofing industry is expected to grow between 5%-7% per year in the coming years.
What Are the Most Common Types of Roofs?
Asphalt shingle roofs are the most common type of roof in the U.S., used in roughly 3 out of 4 roofing projects.
The two most common types of asphalt shingle roofs are three-tab (42% of all roofs) and architectural (33% of all roofs).
Here’s a breakdown of the most common types of roofs in the U.S.:
<img src="https://assets.site-static.com/userfiles/1102/image/roofing_statistics/Most_Common_Roofing_Materials.jpg" width="1558" height="1100" alt="Most Common Roofing Materials" />
Architectural shingles tend to be more popular with new homes while three-tab roofs are the most popular choice for replacements.
Metal roofs have gradually become more popular over time, but still only account for roughly 1 in 10 roofing projects.
How Long Does a Roof Last?
The average lifespan of a roof is 25 and 50 years.
The longevity of a roof depends on it type and quality. Thus, the average roof being replaced was slightly over 19 years old.
Here are the average life spans of roofs based on materials:
Roof TypeLifespan
Asphalt (three-tab) shingles
10–15 years
Asphalt (architectural) shingles
30–50 years
Metal roofing
20–50 years
Concrete and clay tiles
50+ years
Plastic composite
40–50 years
Slate tiles
50+ years
Additional Factors Roof Durability Factors
Aside from material, the following factors can impact the lifespan of a roof.
Workmanship: Proper installation by experienced professionals is crucial for a roof's longevity. Underlayment is also a factor, which is the roof’s waterproof layer underneath that protects the interior if the outside gets damaged.
Climate and Weather: The local climate, including temperature fluctuations, precipitation, and sunlight exposure, can impact a roof's durability. Light-colored roofs are favorable in sunny climates because dark-colored roofs absorb more heat from the sun. This means dark shingles in warm climates are more likely to wear and tear.
Maintenance: Regular upkeep, including cleaning gutters, removing debris, and addressing minor repairs promptly, can extend a roof's lifespan.
Ventilation: Adequate attic ventilation helps regulate temperature and humidity, reducing stress on the roof and extending its life.
Roof Pitch: Steeper roofs tend to shed water and snow more effectively, potentially prolonging the roof's life.
Exposure to Trees and Debris: Overhanging branches and falling debris can damage a roof over time.
Roofer Demographics
There are approximately 131,980 roofers in the U.S. earning a median wage of $47,920 in 2022. Here are some additional insights into the roofing profession:
97.9% of roofers male.
56.8% of roofers are white, followed by 28.9% Hispanic and 8.3% black.
61% of roofers are between the ages of 20 and 40.
37% are over the age of 40.
Most roofers have either a high school diploma (28%) or an associate degree (28%) and 25% have bachelor's degrees.
Only 12% of roofers have been in the industry for 11 years or more.
Roughly two-thirds of roofers are employed by a company with between 50 and 500 employees. 16% of roofers work at a company with less than 50 employees.
Conclusion
Roughly 75% of roofing projects in the U.S. using asphalt shingles and an estimated 5 million roofs are installed annually, thus the roofing industry is a significant part of the construction industry.
The average cost of roof replacement, at $9,191, reflects the financial aspect, while the typical roof lifespan of 25 to 50 years underscores the importance of long-term planning and maintenance.
We hope homeowners and professionals find our roofing statistics round-up insightful.
Sources
<a href="https://www.bls.gov/oes/current/oes472181.htm" title="U.S. Bureau of Labor Statistics" target="_blank">U.S. Bureau of Labor Statistics</a>
<a href="https://www.angi.com/articles/how-much-does-roof-replacement-cost.htm" title="Angi" target="_blank">Angi</a>
<a href="https://www.homeinnovation.com/trends_and_reports/trends/roofing_market_trends_-_we_have_you_covered_and_re-covered" title="Home Innovation Research Labs" target="_blank">Home Innovation Research Labs</a>
<a href="https://www.zippia.com/residential-roofer-jobs/demographics/" title="Zippia Roofer Demographics" target="_blank">Zippia</a>
<a href="https://blog.bccresearch.com/commercial-roofing-webinar-recap" title="BCC Research" target="_blank">BCC Research</a>
<a href="https://www.expertmarketresearch.com/reports/united-states-roofing-market" title="ExpertMarketResearch" target="_blank">ExpertMarketResearch</a>
<a href="https://www.thisoldhouse.com/roofing/reviews/how-long-does-a-roof-last" title="This Old House" target="_blank">This Old House</a>2023-10-07T14:15:00-07:002024-01-09T15:33:12-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30642DIY Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/diy_statistics/DIY_Statistics_for_Home_Improvement.jpg" width="1558" height="900" alt="DIY Statistics" />
DIY, short for "Do It Yourself," is all about taking control of your home improvement and getting things done on your own.
It's a hands-on approach to various tasks and projects, without necessarily relying on professionals.
In this article, we'll dive into some interesting insights about this trend and explore the following topics in more detail:
<a href="https://www.rubyhome.com/#diy-how-many-people">How Many People Take On DIY Projects?</a>
<a href="https://www.rubyhome.com/#diy-why">Reasons People Take On DIY Projects</a>
<a href="https://www.rubyhome.com/#diy-popular-projects">Most Popular DIY Projects</a>
<a href="https://www.rubyhome.com/#diy-cost-savings">Do DIY Projects Save Money?</a>
Key DIY Statistics
75% homeowners attempt some sort of DIY project.
<img src="https://assets.site-static.com/userfiles/1102/image/diy_statistics/75_of_homeowners_attempt_DIY_projects.jpg" width="1558" height="623" alt="75% of homeowners attempt DIY projects" />
62% percent of Americans say a top reason for attempting a DIY project is to save money.
80% people attempting DIY projects make mistakes, and 45% of DIYers report that they have completely butchered a DIY project.
43% of DIYers use YouTube as a source of information for their project.
Home interior projects are the most popular, performed by 31% of homeowners who take on DIY projects.
American DIYers typically have spent from $2,000 to $5,000 on their largest DIY project.
How Many People Take On DIY Projects?
An estimated 75% homeowners attempting DIY projects themselves. DIY projects are clearly a popular way for people to enhance their homes.
Younger homeowners are more likely to attempt DIY projects, often because they have less disposable income, and they believe that the DIY approach will be less costly than hiring a contractor.
Furthermore, younger people are very comfortable accessing information online, with 43% of DIYers reporting that they use YouTube as a source of information for their project.
Impact of The Global Pandemic
During the global pandemic, people had more free time on their hands and spent more of it at home than usual. This resulted in an uptick in people attempting DIY projects, with around 81% doing so during this time.
Nearly half of homeowners attempted four or more DIY projects with varying degrees of success.
Reasons People Take On DIY Projects
62% percent of Americans say that a top reason for attempting DIY projects is to save money. Financial aspects were motivating in more ways than one. In addition to the initial cost savings, 77% of DIYers said they believed their project would increase the future sale value of their homes.
Having something fun to do, and learning a new skill is also appealing to DIYers. Here’s a breakdown of the top four reasons reported why people take on a DIY project.
<img src="https://assets.site-static.com/userfiles/1102/image/diy_statistics/Why_People_Take_On_DIY_Projects.jpg" width="1558" height="1100" alt="Why Do People Do DIY Projects?" />
Reasons Why People Prefer to Hire a Professional
In some cases, people prefer to hire professionals rather than attempt certain projects themselves, with a top reason being that they want to make sure the job is done right. Here are the top four reasons people say that they’d rather hire someone than attempt to go the DIY route.
<img src="https://assets.site-static.com/userfiles/1102/image/diy_statistics/Reasons_People_Hire_a_Pro.jpg" width="1558" height="1100" alt="Why Homeowners Hire Home Improvement Professionals" />
Making sure a project is done right is a reasonable concern. In fact, 4 out of 5 people attempting DIY projects make mistakes, and 45% of DIYers report that they have completely butchered a project.
The difficulty of a project can impact one’s willingness to take it on via DIY. In addition, more advanced projects may require special tools that minimize the cost-effectiveness of DIY in these scenarios.
Most Popular DIY Projects
The most common types of DIY projects are home interior projects (painting, flooring, décor) which are taken on by 31% of homeowners surveyed.
Here’s a breakdown of the most popular DIY projects:
<img src="https://assets.site-static.com/userfiles/1102/image/diy_statistics/Most_Popular_DIY_Projects.jpg" width="1558" height="1100" alt="Most Popular DIY Projects" />
Outdoor projects are quite common, too, as <a href="https://www.rubyhome.com/blog/landscaping-stats/" title="landscaping">landscaping</a> was the second most common DIY project for <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a>.
This corresponds with data that shows nearly half of DIYers surveyed (48%) had purchased lawn and garden products in the past 3 months.
This breakdown of purchasing behavior helps us gain additional insights into the types of projects people take on:
<img src="https://assets.site-static.com/userfiles/1102/image/diy_statistics/DIY_Related_Products_Purchased.jpg" width="1558" height="1100" alt="What Do DIYers Buy?" />
Do DIY Projects Save Money?
American DIYers typically spend between $2,000 to $5,000 on their largest DIY projects like <a href="https://www.rubyhome.com/blog/home-remodeling-stats/" title="remodeling">remodeling</a>, renovation, or room additions.
31% of DIYers have reported spending over $5,000 on a project.
13% have spent over $10,000 on a DIY project.
Adding a kitchen is one of the most expensive DIY projects coming in at a mean cost of $11,870.
More challenging projects such as adding a kitchen or rec room also have the biggest opportunities for potential savings.
Here’s a breakdown of the costs and average savings of DIY projects compared to bringing in a professional to get the job done:
Project CostDIY Cost (Mean)Pro Cost (Mean)Savings
Kitchen addition
$11,870
$44,590
$32,720
Rec room addition/renovation
$10,760
$22,480
$11,720
Kitchen remodel
$6,867
$17,320
$10,453
Bedroom addition/renovation
$6,653
$36,600
$29,947
<a href="https://www.rubyhome.com/blog/roofing-stats/" title="roof replacement">Roof replacement</a>
$5,036
$9,079
$4,043
Bathroom remodeling
$3,131
$9,904
$6,773
Siding addition
$2,897
$7,926
$5,029
Driveway addition/renovation
$1,597
$5,097
$3,500
Across all projects, going the DIY route is almost always more cost-effective, saving anywhere from 50% to 80%.
However, this doesn’t always tell the story. For example, you could tile a bathroom floor yourself for a significant discount, but this would require massive amounts of time, expensive equipment, and skills that often cut into your savings significantly.
It’s also worth noting that mistakes and setbacks can increase the costs of DIY projects.
44% of DIYers report having done something wrong and had to redo it.
39% of DIYers have spilled paint.
37% have broken something and had to replace or repair it.
33% have used the wrong tool
29% have gotten a minor injury from a DIY project.
At the end of the day, it’s worth weighing the risks, pros, and cons, before deciding if you should attempt a larger DIY project yourself or hire a professional.
Conclusion
DIY projects are very popular in the U.S., with about 3 in 4 homeowners giving them a try.
Saving money remains a primary motivation, as 62% of people see DIY as a cost-effective option. However, it's worth noting that DIY isn't always smooth sailing, with the majority of DIYers admitting to occasional mistakes.
Home interior projects steal the spotlight, being the top choice for 31% of homeowners. Plus, DIY projects typically fall within the $2,000 to $5,000 range.
While DIY may come with its share of challenges, they can also be fun, enjoyable activities that save money if done right.
Sources
<a href="https://www.angi.com/articles/diy-statistics.htm" title="Angi" target="_blank">Angi</a>
<a href="https://www.thefarnsworthgroup.com/blog/10-diy-statistics-shaping-home-improvement" title="The Farnsworth Group" target="_blank">The Farnsworth Group</a>
<a href="https://uk.news.yahoo.com/4-10-americans-had-more-163400250.html" title="Yahoo News" target="_blank">Yahoo News</a>
<a href="https://www.bankrate.com/homeownership/best-money-saving-diy-projects/" title="Bankrate" target="_blank">Bankrate</a>
<a href="https://www.storagecafe.com/blog/home-improvement-in-the-us-relying-heavily-on-diy/" title="StorageCafe" target="_blank">StorageCafe</a>2023-10-07T10:30:00-07:002024-01-09T15:33:23-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30579Aging in Place Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/aging_in_place/Aging_in_Place_Statistics.jpg" width="1558" height="900" alt="Aging in Place Statistics" />
Remaining in one's own home, safely and comfortably, for as long as feasible, is the essence of 'aging in place'. In this article, we will break down how many seniors prefer to age in place, the reasons why this is preferable, as well as the challenges that need to be met to age in place successfully.
<a href="https://www.rubyhome.com/#age-in-place-preferences">What Percentage of People Prefer to Age in Place?</a>
<a href="https://www.rubyhome.com/#age-in-place-reasons">Top Reasons People Prefer to Age in Place</a>
<a href="https://www.rubyhome.com/#age-in-place-challenges">The Biggest Challenges of Aging in Place</a>
<a href="https://www.rubyhome.com/#age-in-place-remodeling">Top Aging-in-Place Remodeling Projects</a>
Key Aging in Place Statistics
92% of seniors say that they would prefer to age in place.
<img src="https://assets.site-static.com/userfiles/1102/image/aging_in_place/92_percent_of_seniors_prefer_to_age_in_place.jpg" width="1558" height="623" alt="92% of seniors say that they would prefer to age in place" />
8% of seniors say they would prefer to spend their later years in an assisted living facility.
82% of seniors say they would like to spend the rest of their lives in their current home if they can.
Of the 115 million housing units in the U.S., only 10% have the accommodations needed to support those who want to age in place.
76% of remodelers have said they have received more requests for aging-in-place-related features over the past five years.
93% of remodelers said that they had installed grab bars in the past year, the most aging-in-place feature requested.
The average homeowner doing an aging-in-place remodel will spend between $3,000-$15,000.
What Percentage of People Prefer to Age in Place?
According to the American Advisors Group "Importance of Home" survey:
92% of homeowners surveyed between the ages of 60-75 say they would prefer to age in place.
8% of respondents said they would prefer to spend their later years in an assisted living facility.
82% of respondents said they would like to spend the rest of their lives in their current home if they can.
<img src="https://assets.site-static.com/userfiles/1102/image/aging_in_place/Senior_Living_Preferences.jpg" width="1558" height="1100" alt="Senior living preferences assisted living vs age in place" />
The University of Michigan conducted a similar survey with adults ranging from 50-80. This study found that 88% felt it was important to remain in their homes as long as possible.
It’s clear that the majority of older adults would prefer to age in place rather than join an assisted living community, and most people would also prefer to stay in their current home where they live now.
Top Reasons People Prefer to Age in Place
Many older adults would prefer to age in place due to a feeling of safety in their own home, sentimental value, and to maintain a sense of independence.
83% of seniors say they feel safer living in their current home than other living options.
56% of seniors say their home reminds them of their family.
62% of seniors say they have an emotional attachment to their home.
40% say "Independence" is the biggest reason to age in place, with "Happiness" ranking as the second most prevalent response, accounting for 25%.
43% of adults are not confident that they could afford assisted living expenses if needed.
Aging in place is attractive because most people feel more comfortable in environments that are familiar. With physical and mental health challenges oftentimes being unavoidable in people’s later years, trying to navigate an unfamiliar environment on top of everything else can seem overwhelming.
Financial aspects can also play a role in people’s desire to age in place. With the median monthly price for <a href="https://www.rubyhome.com/blog/assisted-living-stats/" title="assisted living in the U.S">assisted living in the U.S</a>. coming in at $4,500, many have concerns about their ability to afford help. According to the University of Michigan Healthy Aging Poll, 43% of those aged 50-80 were either not confident or not confident at all that they could afford personal and home services if needed.
The Biggest Challenges of Aging in Place
Common challenges to aging in place include unsafe housing, loneliness, unreliable transportation, and insufficient help from family or caregivers to perform household or personal tasks.
In a study that tracked tasks that became difficult for elderly homeowners to perform, the most common challenges included cleaning and outdoor tasks.
<img src="https://assets.site-static.com/userfiles/1102/image/aging_in_place/Difficult_Tasks_for_the_Elderly.jpg" width="1558" height="1100" alt="Households tasks difficult for seniors" />
Cleaning included activities such as vacuuming, changing bed sheets, doing the dishes, and general cleaning. Outdoor tasks included mowing the lawn, painting, cleaning the gutters, and other yard work.
In addition to household tasks, basic personal tasks and mobility can also be a challenge.
11 million elderly Americans have serious difficulty walking or going upstairs.
Another 4 million have difficulty bathing or dressing themselves.
30 million elderly people fall in the U.S. every year, which comes out to roughly someone falling every second of every day.
1 in 5 falls results in a serious injury
Elderly falling-related injuries cost Americans $50 billion every year.
Top Aging-in-Place Remodeling Projects
While aging presents challenges to basic mobility around the home, most homes are not easily accessible for older populations. According to the U.S. Census Bureau, only 1 in 10 homes are suitable for people to age in place.
Here are the criteria for a home to be suitable for aging in place:
The home must have a step-free entryway.
There must be a bedroom and full bathroom on the first floor so older adults don’t need to use the stairs.
At least one bathroom must have an accessibility feature such as handrails or a shower seat.
With the desire for many Americans to age in place being strong and many homes not being suitable for aging in place, remodelers have seen a rise in the popularity of age-in-place related accommodations.
According to the National Association of Home Builders, 76% of remodelers have said they have received more requests for aging-in-place-related features over the past five years.
When asked about which projects were most common, 93% of remodelers said that they had installed grab bars in the past year. Here are some of the most common aging-in-place remodeling projects.
<img src="https://assets.site-static.com/userfiles/1102/image/aging_in_place/Aging-In-Place_Remodeling_Projects.jpg" width="1558" height="1100" alt="Aging in place remodeling projects" />
The cost to remodel a home for aging-in-place can vary widely depending on the extent of the project. The average homeowner spends $3,000-$15,000 to remodel their homes for aging-in-place.
This could be as low as $350 for changing some doorknobs and light fixtures, to $50,000 or more for a home-wide remodel with universal height sinks, countertops, ramps, and wider hallways.
Conclusion
Aging in place is what 92% of seniors prefer – staying in their beloved homes. But here's the catch: only 10% of homes are ready for it.
The good news? More and more people are making changes to their homes, with 76% of remodelers getting more requests for senior-friendly upgrades.
While there are challenges to aging in place, it makes sense that the elderly are taking all the steps they can to stay in the comfort of their own homes as long as possible.
Sources
<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3209521/" title="National Library of Medicine">National Library of Medicine</a>
<a href="https://www.aag.com/home-survey/p/1" title="American Advisors Group" target="_blank">American Advisors Group</a>
<a href="https://www.census.gov/library/stories/2020/06/old-housing-new-needs.html" title="U.S. Census Bureau" target="_blank">U.S. Census Bureau</a>
<a href="https://www.nahb.org/blog/2023/05/top-aging-in-place-remodeling-projects" title="NAHB" target="_blank">National Association of Home Builders</a>
<a href="https://www.healthyagingpoll.org/reports-more/report/older-adults-preparedness-age-place" title="University of Michigan" target="_blank">University of Michigan</a>
<a href="https://www.fixr.com/costs/aging-in-place-remodeling" title="Fixr" target="_blank">Fixr</a>2023-10-03T14:15:00-07:002024-01-09T15:33:37-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30563Reverse Mortgage Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/reverse_mortgage_statistics/Reverse_Mortgage_Statistics.jpg" width="1558" height="900" alt="Reverse Mortgage Statistics" />
Home Equity Conversion Mortgages (HECMs), commonly known as reverse mortgages, are a unique financial arrangement designed primarily for homeowners aged 62 and older.
With traditional mortgages, <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a> make monthly payments to a lender and gradually pay off their loan. With a reverse mortgage, homeowners convert a portion of their home's equity into cash without selling the property or taking on monthly mortgage payments, allowing them to<a href="https://www.rubyhome.com/blog/aging-in-place-stats/" title="age in place"> age in place</a>.
In this article, we will explore several key aspects of reverse mortgages, including the following topics:
<a href="https://www.rubyhome.com/#reverse-mortgage-how-many">How Many People Get Reverse Mortgages?</a>
<a href="https://www.rubyhome.com/#reverse-mortgage-requirements">What Are the Requirements for a Reverse Mortgage?</a>
<a href="https://www.rubyhome.com/#reverse-mortgage-who">Who Gets Reverse Mortgages?</a>
<a href="https://www.rubyhome.com/#reverse-mortgage-loan-amount">Average Reverse Mortgage Loan Amount</a>
<a href="https://www.rubyhome.com/#reverse-mortgage-pros-cons">Pros and Cons of Reverse Mortgages</a>
Key Reverse Mortgage Stats
64,489 reverse mortgages were issued in the U.S. in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/reverse_mortgage_statistics/64_thousand_reverse_mortgages_were_issued_in_2022.jpg" width="1558" height="623" alt="64,489 reverse mortgages were issued in the U.S. in 2022" />
The median income of borrowers who took out an HECM in 2018 was $26,000, under half the median U.S. household income.
The median amount loaned from reverse mortgages in 2018 was $135,000.
The median home value of those getting a reverse mortgage was $305,000 in 2018.
The average person has lived in their home for over 18 years before getting a reverse mortgage.
How Many People Get Reverse Mortgages?
In the fiscal year 2022 (October 1st, 2021-September 30th, 2022) there were a total of 64,489 Home Equity Conversion Mortgages (HECMs) in the U.S.
Although there are several different types of reverse mortgages, HECMs are by far the most popular and account for nearly all reverse mortgages made today in the U.S.
Here’s a historical look at the number of reverse mortgages over time.
<img src="https://assets.site-static.com/userfiles/1102/image/reverse_mortgage_statistics/Annual_Reverse_Mortgages_Issued.jpg" width="1558" height="1100" alt="Annual Reverse Mortgages Issued" />
The first FHA-insured HECM loan was issued to a woman in Kansas in 1989. In FY 2009, the FHA gave nearly 115,000 HECM loan endorsements which is still the peak in terms of reverse mortgage popularity in the U.S.
What Are the Requirements for a Reverse Mortgage?
Home Equity Conversion Mortgages (HECMs), the most common form of reverse mortgage loan, are specialized home loans exclusively available to homeowners aged 62 and older.
In addition to age, here are the other requirements for a reverse mortgage:
The home must be your primary residence where you live for most of the year.
You must either own your home outright or have a low remaining mortgage balance.
You must not have any outstanding federal debts, such as federal income taxes or federal student loans. However, you can use the reverse mortgage funds to settle such debts.
To cover ongoing expenses like taxes, insurance, and maintenance, you must have sufficient personal funds or be willing to allocate a portion of the reverse mortgage proceeds at the loan closing.
Your home must meet certain maintenance standards. If it falls short of these requirements, the lender will specify the necessary repairs to be completed before approving the reverse mortgage.
You are required to undergo counseling from a HUD-approved reverse mortgage counseling agency. This session will cover your eligibility, the financial implications of the loan, and alternative options.
These requirements ensure that reverse mortgages are used responsibly and suitable for eligible homeowners.
Who Gets Reverse Mortgages?
The average reverse mortgage borrower is likely to be a woman or a couple, over the age of 65, of white ethnicity, and with an income level below the median.
Reverse Mortgages by Gender
Reverse mortgages are slightly more common with women, with 36% going to single female borrowers. 21% of borrowers were single males, 41% served multiple borrowers, and around 3% of the loans were undisclosed.
Reverse Mortgages by Age
The median age of a reverse mortgage borrower is 73 years old. In addition, the average borrower has been living in their home for 18 years. Here’s a breakdown of reverse mortgage borrowers by age.
<img src="https://assets.site-static.com/userfiles/1102/image/reverse_mortgage_statistics/Reverse_Mortgage_Borrowers_by_Age.jpg" width="1558" height="1100" alt="Reverse Mortgage Borrowers by Age Group" />
Reverse Mortgages by Income
The median income of borrowers who took out an HECM in 2018 was $26,000, under half the median U.S. household income. Here’s a breakdown of reverse mortgage borrowers by income in 2018.
<img src="https://assets.site-static.com/userfiles/1102/image/reverse_mortgage_statistics/Reverse_Mortgage_Borrowers_by_Income.jpg" width="1558" height="1100" alt="Reverse Mortgage Borrowers by Income Level" />
Reverse Mortgages by Race
Looking at the racial distribution of individuals obtaining these loans reveals certain disparities. A significant majority (72%) of reverse mortgages were extended to individuals who identify as White. Black individuals received 6.37% of these loans, while Hispanic individuals received 5.41%.
Reverse Mortgages by State
The four states with the most reverse mortgages, which together represent nearly half of all HECM loans, are:
California (36%)
Florida (6%)
Texas (4%)
New York (3%)
Average Reverse Mortgage Loan Amount
In 2018, the average amount people got from a HECM reverse mortgage was about $135,000. Variations in loan amounts depend upon the borrower’s age and the value of the home.
As people age, they are allowed to borrow against a larger proportion of their home’s total value. As of 2023, borrowers aged 62 could loan up to 38.2% of the value of their home. At age 70, this increases to 43.9%, and by age 85, it is up to 57%.
The average amount borrowed for people between the ages of 62 and 64 was $105,000. For people 75 or older, the average loan amount was $155,000.
The maximum home value limit in 2023 was $1,089,300. In essence, someone over the age of 85 with a maximum home value could in theory loan a maximum of $620,901. The median home value of those getting a reverse mortgage was $305,000 in 2018.
Borrowers have three options for extracting the equity of their home:
Taking cash as a lump sum
Receiving payments over time
A line of credit
Opening a line of credit is by far the most popular, with about 90% of borrowers opting for this option.
Pros and Cons of Reverse Mortgages
Reverse mortgages can be a useful financial tool for some older homeowners, but they also come with certain advantages and disadvantages. It's essential to carefully consider these pros and cons before deciding whether a reverse mortgage is the right option for you:
Reverse Mortgages Pros
Supplemental Income: Reverse mortgages can provide seniors with a source of income, allowing them to tap into the equity in their homes without selling or moving.
No Monthly Mortgage Payments: Borrowers typically do not need to make monthly mortgage payments while they live in the home. The loan is repaid when they move out, sell the home, or pass away.
Stay in Your Home: You can continue to live in your home as long as you meet the loan requirements, even if the loan balance exceeds the home's value.
Flexible Payment Options: Borrowers can choose how they receive the funds, whether through a lump sum, monthly payments, or a line of credit, depending on their needs.
Tax-Free Funds: The money received from a reverse mortgage is usually not considered taxable income, and it typically doesn't affect Social Security or Medicare benefits.
Non-Recourse Loan: Reverse mortgages are "non-recourse" loans, meaning that the lender cannot seize other assets or pursue heirs for repayment beyond the value of the home.
Reverse Mortgages Cons
Loan Costs: Reverse mortgages often come with high upfront costs, including origination fees, closing costs, and mortgage insurance premiums, which can eat into the equity.
Reduced Home Equity: As you receive payments from a reverse mortgage, your home equity decreases over time. This can limit the inheritance you leave to your heirs.
Interest Accrual: Interest on the loan accumulates over time, potentially growing the loan balance significantly, especially if you stay in the home for many years.
Complexity: Reverse mortgages can be complex, with various options and terms to understand. It's essential to work with a qualified counselor to ensure you fully grasp the terms and implications.
Risk of Losing Your Home: If you do not meet the obligations of the loan, such as maintaining the property or paying property taxes and insurance, you could face foreclosure.
Impact on Government Benefits: Large reverse mortgage payouts can affect eligibility for certain means-tested government benefits like Medicaid.
Heirs' Inheritance: When the borrower(s) pass away or move out of the home, the loan must be repaid. Heirs may need to sell the home to repay the loan, potentially reducing the inheritance they receive.
Home Value Fluctuation: If the housing market declines, it could impact the amount of equity left in the home when the loan becomes due.
Before pursuing a reverse mortgage, it's crucial to consult with a qualified financial advisor or counselor who can help you assess whether it's the right financial decision for your specific circumstances.
Additionally, consider alternative options for supplementing your income or accessing your home equity, such as downsizing, home equity loans, or grants and assistance programs.
Conclusion
With 64,489 Home Equity Conversion Mortgages (HECMs) taken out in 2022, it's clear that many seniors tap into their home equity.
What's striking is that in 2018, those who opted for HECMs had a median income well below the national average, at just $26,000, while the median loan amount was $135,000. These numbers suggest that reverse mortgages are a valuable resource for retirees seeking to leverage their substantial home equity to bolster their financial security, especially in cases where traditional income falls short of their needs.
Sources
<a href="https://www.nrmlaonline.org/annual-hecm-endorsement-chart" title="National Reverse Mortgage Lenders Association" target="_blank">National Reverse Mortgage Lenders Association</a>
<a href="https://www.investopedia.com/reverse-mortgages-america-statistics-5224801" title="Investopedia" target="_blank">Investopedia</a>
<a href="https://reversemortgagedaily.com/articles/these-were-the-biggest-reverse-mortgage-trends-in-2022/" title="Reverse Mortgage Daily" target="_blank">Reverse Mortgage Daily</a>
<a href="https://www.corelogic.com/intelligence/hecm-loans-in-2018-borrower-demographics-and-ownership-tenure/" title="CoreLogic" target="_blank">CoreLogic</a>2023-10-03T06:45:00-07:002024-01-09T15:33:51-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30369Assisted Living Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/assisted_living_statistics/Assisted_Living_Statistics.jpg" width="1558" height="900" alt="Assisted Living Statistics" />
In this article, we delve into assisted living and nursing home statistics to shed light on how many seniors receive long-term care, what age groups are represented in assisted living facilities, and the costs associated with different types of long-term care. Here’s a full breakdown of the topics we will cover in more detail.
<a href="https://www.rubyhome.com/#assisted-living-residents">How Many People Reside in Assisted Living?</a>
<a href="https://www.rubyhome.com/#assisted-living-age">What Age Are People in Assisted Living?</a>
<a href="https://www.rubyhome.com/#assisted-living-life">Life in an Assisted Living Facility</a>
<a href="https://www.rubyhome.com/#assisted-living-duration">How Long Do Most People Live in Assisted Living?</a>
<a href="https://www.rubyhome.com/#assisted-living-cost">How Much Does Assisted Living Cost?</a>
<a href="https://www.rubyhome.com/#assisted-living-afford">How Do People Pay for Assisted Living?</a>
<a href="https://www.rubyhome.com/#assisted-living-facilities">States with the Most Assisted Living Facilities</a>
Key Assisted Living Statistics
818,800 Americans reside in assisted living facilities.
<img src="https://assets.site-static.com/userfiles/1102/image/assisted_living_statistics/818000_Americans_reside_in_assisted_living_facilities.jpg" width="1558" height="623" alt="818,800 Americans reside in assisted living facilities." />
1.2 million Americans reside in nursing homes.
There are over 30,000 assisted living communities and over 15,000 nursing homes in the U.S.
Half of all assisted living residents are 85 years-old or older.
The median monthly cost of assisted living in the U.S. is $4,500 per month. This is roughly half the cost of a private room in a nursing home ($9,034).
<a href="https://www.rubyhome.com/california/" title="California">California</a> (5,900), Florida (2,400), and Washington (2,000) have the most assisted living communities in the U.S.
How Many People Reside in Assisted Living?
There are roughly 818,800 Americans residing in assisted living facilities.
It’s worth mentioning that assisted living facilities and nursing homes are not the same. Assisted living facilities provide a more social experience for seniors who are generally still active but need a little help with day-to-day tasks.
Nursing homes provide a higher level of care for those who require full-time monitoring and medical assistance. Many people transition from assisted living to nursing homes when a higher level of care is required.
In the U.S. there are over 30,000 assisted living communities and around 1.2 million licensed beds in these communities.
The average assisted living facility has 39 beds.
70% of assisted living residents are women.
478,500 people are employed in the assisted living sector.
1.2 million Americans currently reside in nursing homes, nearly 50% more than the number who live in assisted living communities.
Over 15,000 nursing homes in the U.S. have over 1.7 million licensed beds.
What Age Are People in Assisted Living?
Half of all assisted living residents are 85 years of age or older. Here’s a breakdown of assisted living residents by age group.
<img src="https://assets.site-static.com/userfiles/1102/image/assisted_living_statistics/Assisted_Living_Residents_by_Age.jpg" width="1558" height="1100" alt="Assisted Living Residents by Age" />
Life in an Assisted Living Facility
In most situations, residents in assisted living facilities need help with just a few activities and do not require 24-7 assistance, although staff are typically always available. Here is a breakdown of common living activities and how often residents require assistance with them.
<img src="https://assets.site-static.com/userfiles/1102/image/assisted_living_statistics/Common_Living_Activities_Requiring_Help.jpg" width="1558" height="1100" alt="Common Assisted Living Activities Requiring Help" />
In addition, most assisted living residents have medical conditions.
48% of high blood pressure
42% have Alzheimer’s or other dementias
31% of heart disease
29% have depression
17% have diabetes
How Long Do Most People Live in Assisted Living?
After making the transition to assisted living, the average American lives for 27 months.
The median length of stay in an assisted living facility is 22 months. From there, the median stay in a nursing home is 5 months. Keep in mind, that these numbers represent the median. There are those who live much longer and bring up the average.
The mean length of stay in a nursing home is 13.7 months.
53% of people die within 6 months of being placed in a nursing home.
25% of all deaths in the U.S. occur in nursing homes.
On average, people are 83 years old when being placed in a nursing home.
How Much Does Assisted Living Cost?
The median monthly cost of assisted living in the U.S. is $4,500 per month. This is roughly half the cost of a private room in a nursing home ($9,034). Here’s an average monthly cost breakdown of different types of elderly care.
<img src="https://assets.site-static.com/userfiles/1102/image/assisted_living_statistics/Assisted_Living_Average_Monthly_Cost_by_Type_of_Care.jpg" width="1558" height="1100" alt="Assisted Living Average Monthly Cost by Type of Care" />
A homemaker is someone who performs tasks around the home such as preparing meals, shopping, picking up mail, cleaning, and doing light yard work. A home health aide can assist with daily activities such as bathing, dressing, eating, and grooming.
Living in a nursing home is the most expensive type of care because residents are offered 24-hour personal care by nurses or specialists in some cases. Nursing homes on average cost $297 per day in the U.S.
How Do People Pay for Assisted Living?
A common misconception is that Medicare pays for residence in long-term care facilities. In reality, Medicare only pays for the first 100 days in a nursing home and only if the stay follows a period of being hospitalized for at least three days.
In most cases, people pay privately for long-term care. They might utilize their personal savings, a pension or another retirement account, earnings from investments in stocks and bonds, or proceeds from selling a home.
Some people purchase long-term care insurance policies that help cover the expenses associated with nursing homes, assisted living facilities, and in-home care. These policies can be quite expensive and have many variations.
Medicaid can provide some relief for qualifying low-income individuals. Veterans may also be eligible for some benefits through the Department of Veterans Affairs. Other methods of affording long-term care may include tapping into home equity with a <a href="https://www.rubyhome.com/blog/reverse-mortgage-stats/" title="reverse mortgage">reverse mortgage</a>, family contributions, or a combination of multiple resources.
It's important for individuals and families to plan ahead for long-term care needs and explore different financing options to ensure they can afford the care they may require as they age. Consulting with financial advisors and elder care experts can be helpful in making these decisions.
States with the Most Assisted Living Facilities
California (5,900), Florida (2,400), and Washington (2,000) have the most assisted living communities in the U.S. Here’s a full breakdown of the number of assisted living facilities in each state as well as the maximum capacity each state can handle:
StateAssisted Living FacilitiesMax Capacity
Alabama
300
9,700
Alaska
100
1,800
Arizona
1,400
24,900
Arkansas
100
5,800
California
5,900
127,000
Colorado
400
14,600
Connecticut
60
1,700
Delaware
30
2,100
Florida
2,400
75,100
Georgia
900
25,200
Hawaii
300
5,200
Idaho
200
8,300
Illinois
400
31,000
Indiana
200
20,300
Iowa
50
1,700
Kansas
400
12,100
Kentucky
200
12,500
Louisiana
100
5,300
Maine
240
6,500
Maryland
900
17,500
Massachusetts
300
13,600
Michigan
1,700
36,500
Minnesota
800
30,600
Mississippi
100
6,400
Missouri
400
19,900
Montana
200
5,900
Nebraska
200
11,300
Nevada
200
4,200
New Hampshire
100
4,800
New Jersey
200
21,300
New Mexico
100
4,200
New York
500
35,500
North Carolina
900
39,900
North Dakota
100
5,300
Ohio
600
42,800
Oklahoma
200
10,500
Oregon
1,500
31,500
Pennsylvania
1,000
62,900
Rhode Island
50
3,900
South Carolina
300
12,300
South Dakota
100
4,600
Tennessee
300
17,400
Texas
1,300
48,700
Utah
200
7,100
Vermont
90
2,400
Virginia
400
26,400
Washington
2,000
41,500
West Virginia
50
3,600
Wisconsin
1,000
36,100
Wyoming
20
800
Conclusion
Assisted living statistics provide valuable insights into the eldercare landscape in the United States. With approximately 818,800 residents in these facilities, primarily aged 85 and older, they serve as an essential step in the continuum of care for many seniors.
While the median monthly cost of $4,500 makes them a more affordable option compared to private nursing home rooms, be cognizant that some individuals transition to nursing homes when their care needs intensify.
Nonetheless, these statistics underscore the pivotal role of assisted living in senior care and reflect the diverse range of options available as our society ages.
For more research, view all <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a>.
Sources
<a href="https://www.ahcancal.org/Assisted-Living/Facts-and-Figures/Pages/default.aspx" title="American Health Care Association" target="_blank">American Health Care Association</a>
<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2945440/" title="National Library of Medicine" target="_blank">National Library of Medicine</a>
<a href="https://www.kff.org/other/state-indicator/number-of-nursing-facility-residents/" title="KFF Analysis" target="_blank">KFF Analysis</a>
<a href="https://www.genworth.com/aging-and-you/finances/cost-of-care.html" title="Genworth" target="_blank">Genworth</a>
<a href="https://health.usnews.com/best-nursing-homes/articles/nursing-home-facts-and-statistics" title="U.S. News & World Report" target="_blank" rel="nofollow">U.S. News & World Report</a>
<a href="https://www.nia.nih.gov/health/paying-long-term-care" title="National Institute of Aging" target="_blank">National Institute of Aging</a>
<a href="https://www.consumeraffairs.com/assisted-living/statistics.html" title="Consumer Affairs" target="_blank">Consumer Affairs</a>2023-09-21T11:15:00-07:002024-01-09T15:34:02-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30347Recycling Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/recycling_statistics/Recycling_Statistics.jpg" width="1558" height="900" alt="Recycling Statistics" />
In this article, we will cover interesting recycling statistics such as waste production and recycling rates in the United States. We’ll also take a global perspective, comparing countries to see which are leading recyclers. Here’s a look at the topics we will cover in depth:
<a href="https://www.rubyhome.com/#waste-amount">How Much Waste Do Americans Produce?</a>
<a href="https://www.rubyhome.com/#recycling-how-many">How Many People Recycle?</a>
<a href="https://www.rubyhome.com/#recycling-facts">Recycling Facts by Category</a>
<a href="https://www.rubyhome.com/#recycling-rates">U.S. Recycling Rates Over Time</a>
<a href="https://www.rubyhome.com/#recycling-global">Which Countries Are the Best at Recycling?</a>
Key Recycling Statistics
The average American generates 4.9 pounds of trash per day.
Around one-third (32%) of waste in America is recycled or composted.
<img src="https://assets.site-static.com/userfiles/1102/image/recycling_statistics/32_of_waste_in_the_United_States_is_recycled.jpg" width="1558" height="623" alt="32% of waste in the United States is recycled" />
In 1960 the U.S. recycled or composted less than 7% of its waste, meaning the recycling rate is up 457% since then.
As of 2018, 23.6% of municipal waste in the U.S. was recycled and 8.5% was composted.
94% of Americans have some sort of recycling program available to them.
Slovenia (76.64%) and Germany (69.32%) are leaders around the world when it comes to the percentage of their waste composted or recycled.
How Much Waste Do Americans Produce?
The U.S. generated 292.4 million tons of municipal solid waste in 2018. This comes out to 4.9 pounds of waste per person every day.
Breakdown by Type of Waste
Over half of the waste in America can be attributed to paper, food, and yard trimmings. Here’s a breakdown of the waste in America by category.
<img src="https://assets.site-static.com/userfiles/1102/image/recycling_statistics/U.S._Waste_by_Category.jpg" width="1558" height="1100" alt="U.S. Waste by Category - Pie Chart" />
How Many People Recycle?
Here are some statistics that illustrate how many people recycle and recycling program access in the U.S.
Around one-third (32%) of waste in America is recycled or composted.
28% of Americans live in an area where recycling is strongly encouraged, and 48% live in an area where it is encouraged to recycle but not a big concern.
94% of Americans have some sort of recycling program available to them.
73% of Americans have access to curbside collection recycling programs.
21% of Americans have access to drop-off-only recycling programs.
In populated areas, curbside collection programs are popular. 93% of people living in cities and towns of 125,000 people or more have access to curbside collection programs.
Recycling Facts by Category
Here are some interesting recycling facts and statistics based on materials and types of waste.
Plastic Recycling Facts
Of the 38 million tons of plastic waste in the U.S. every year, only 5-6% gets recycled.
Around 36% of plastic produced is made to create packaging.
85% of the plastic waste from packaging ends up in landfills.
People throw away 2.5 million plastic bottles every hour in the U.S.
It takes around 450 years for a plastic bottle to degrade.
Paper Recycling Facts
Of the 79 million tons of paper waste in the U.S. every year, around 63% gets recycled.
Paper is typically the most recycled material in the U.S. and accounts for half of all materials recycled by weight.
Almost half of the paper that gets recycled is used to make cardboard boxes.
91.4% of cardboard in the U.S. was recycled in 2021.
Metal Recycling Facts
Aluminum can be infinitely recycled and accounts for just 1% of the waste in the U.S.
Recycling one ton of steel saves 1.5 tons of iron ore and reduces CO2 emissions by 80% compared to making steel from scratch.
Producing aluminum cans using recycled metal requires only 5% of the energy needed compared to using "primary" metal.
Aluminum takes 200-500 years to degrade in a landfill.
An average aluminum contains about 73% recycled material compared to 23% for glass bottles.
A ton of recycled aluminum is worth over $1,200, much more than recycled plastic ($237), and glass ($21).
Aluminum cans are the largest single-use of aluminum around the world, which uses about 180 billion aluminum cans every year.
Glass Recycling Facts
Glass is one of the cheapest and most efficient materials to recycle.
Glass bottles are fully recyclable and can be reused endlessly without losing quality.
Around 110 million glass bottles are consumed in the U.S. each day.
39.6% of beer and soft drink bottles are recovered for recycling.
Electronic Waste Recycling Facts
When not disposed of properly, e-waste can release harmful pollutants into the atmosphere.
Americans had 6.92 million tons of e-waste in 2019, of which only around 15% was properly recycled.
E-waste is the fastest-growing source of waste globally.
Food Waste Recycling Facts
The EPA estimates that 66 million tons of food waste was generated in the U.S. in 2019.
Around 60% of food waste is sent to landfills.
The U.S. wastes the equivalent of 138 billion meals per year, more food than any other country in the world.
Food is the single largest component taking up space inside U.S. landfills.
Food waste around the world generates around 10% of greenhouse gas emissions.
U.S. Recycling Rates Over Time
From 1960 to today, the U.S. increased its rate of recycling and composting from just 6.4% to over 32%. This means that over the past 60 years, the U.S. has seen a 4.5x improvement in its recycling rate. Most of this improvement occurred between 1970 and 2010. Here’s a historical breakdown of recycling rates in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/recycling_statistics/U.S._Recycling_Rates_Over_Time.jpg" width="1558" height="1100" alt="U.S. Recycling Rates Over Time" />
Since 2010, recycling rates have leveled off between 30-35%. As of 2018, 23.6% of municipal waste in the U.S. was recycled and 8.5% was composted for a total of 32.1%, down slightly from 2015. In the next section, we’ll look at how the U.S. compares to other countries around the world in terms of recycling.
Which Countries Are the Best at Recycling?
Countries around the world range from recycling and composting less than 10% of their waste on the low end to over 75% on the high end. Slovenia (76.64%) and Germany (69.32%) are leaders when it comes to recycling, while Costa Rica (6.6%) and Turkey (12.3%) are lagging.
Here’s an overview of various country's recycling rates around the world to give a general idea of how common recycling is around the world.
<img src="https://assets.site-static.com/userfiles/1102/image/recycling_statistics/Global_Recycling_Rates.jpg" width="1558" height="1100" alt="Global Recycling Rates by Country" />
Here's a table of global recyling rates:
CountryRecycling Rates
Slovenia
76.6%
Germany
69.3%
South Korea
59.7%
Austria
59.1%
Netherlands
57.7%
Italy
55.4%
Luxembourg
55.2%
Switzerland
52.8%
Belgium
52.0%
Slovakia
48.5%
Lithuania
46.2%
Australia
44.4%
France
44.4%
United Kingdom
43.1%
Czech Republic
42.4%
Latvia
40.3%
Poland
40.2%
Sweden
39.4%
Norway
38.3%
Spain
38.0%
Ireland
37.9%
Finland
37.1%
Hungary
35.0%
Denmark
33.3%
United States
32.1%
Portugal
30.4%
Estonia
30.1%
Israel
22.2%
Greece
21.0%
Japan
19.6%
Turkey
12.3%
Costa Rica
6.6%
In comparison to the countries examined, the U.S. falls slightly below the average, however, this is just a random sample of countries.
For example, Africa is very much behind the rest of the world when it comes to recycling. An estimated 70-80% of waste generated in Africa is recyclable yet only 4% was recycled as of 2018.
Conclusion
Recycling efforts in the U.S. have significantly improved, with the recycling rate soaring by an impressive 457% since 1960.
Globally, countries like Slovenia and Germany lead the way in waste recycling and composting, providing inspiring examples for the world to follow.
With continued commitment and awareness, we can strive for an even more sustainable future, reducing waste and preserving our planet for generations to come.
For more research about things that affect homeowners, get more <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate stats">real estate stats</a>.
Sources
<a href="https://archive.epa.gov/epawaste/nonhaz/municipal/web/html/" title="Environmental Protection Agency" target="_blank">Environmental Protection Agency</a>
<a href="https://www.oecd-ilibrary.org/sites/f5670a8d-en/index.html?itemId=/content/component/f5670a8d-en" title="The Organization for Economic Cooperation and Development" target="_blank">The Organization for Economic Cooperation and Development</a>
<a href="https://www.ecowatch.com/recycling-stats.html" title="EcoWatch" target="_blank">EcoWatch</a>
<a href="https://wedocs.unep.org/bitstream/handle/20.500.11822/30975/Africa_WMO_Poster.pdf" title="UN Environment Program" target="_blank">UN Environment Program</a>
<a href="https://www.pewresearch.org/short-reads/2016/10/07/perceptions-and-realities-of-recycling-vary-widely-from-place-to-place/" title="Pew Research Center" target="_blank">Pew Research Center</a>
<a href="https://www.recyclingtoday.com/news/aluminum-cans-recycled-twice-plastic-bottles/" title="Recycling Today" target="_blank">Recycling Today</a>
<a href="https://www.gpi.org/glass-recycling-facts" title="Glass Packaging Institute" target="_blank">Glass Packaging Institute</a>2023-09-20T09:15:00-07:002024-01-09T15:34:17-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30342Average Utility Bill by State (2024)<img src="https://assets.site-static.com/userfiles/1102/image/average_utility_bills/Average_Utility_Bills.jpg" width="1558" height="900" alt="Average Utility Bills in United States" />
In this article, we'll explore the varying expenses associated with essential utilities such as <a href="https://www.rubyhome.com/blog/average-electric-bill/" title="electricity">electricity</a>, <a href="https://www.rubyhome.com/blog/water-usage-stats/" title="water">water</a>, gas, and more across different states in the United States. Then we’ll take a brief look at what impacts the cost of utilities and how you can reduce your utility bills.
<a href="https://www.rubyhome.com/#utility-bill-average">What Is the Average Utility Bill in the U.S.?</a>
<a href="https://www.rubyhome.com/#utility-bill-by-state">Utility Costs by State</a>
<a href="https://www.rubyhome.com/#utility-bill-impacts">What Impacts the Cost of Utilities?</a>
<a href="https://www.rubyhome.com/#utility-bill-saving">How To Save Money on Utility Bills</a>
Key Utility Bill Stats
Americans pay an average of $469 per month for their utility bills.
<img src="https://assets.site-static.com/userfiles/1102/image/average_utility_bills/The_average_American_utility_bill_is_469_per_month.jpg" width="1558" height="624" alt="The average American utility bill is $469 per month" />
Electricity, cable, and internet typically account for over half of home utility costs.
Alaska ($630), Georgia ($598), and Oregon ($558) have the highest monthly average utility bills in the U.S.
Wisconsin ($387), Michigan ($387), and New Mexico ($395) have the lowest utility bills.
What Is the Average Utility Bill in the U.S.?
The average utility bill in the U.S. is $469 per month. Electricity is typically the most expensive component. Here’s a breakdown of the average American's household utility costs:
Electricity ($137)
Cable and internet ($114)
Sewer, garbage, and recycling ($66)
Gas ($65)
Streaming ($48)
Water ($39)
Less than 30% of households in the U.S. have a landline phone which is included in the cable and internet costs in this breakdown. Mobile phone bills are not considered home utility costs.
Components of an Average Utility Bill
Electricity, cable, and internet typically account for over half of home utility costs. Here’s a percentage breakdown of the average home utility costs.
<img src="https://assets.site-static.com/userfiles/1102/image/average_utility_bills/Components_of_an_Average_Utility_Bill.jpg" width="1558" height="1100" alt="Components of an Average Utility Bill" />
Utility Costs by State
Alaska ($630), Georgia ($598), and Oregon ($558) typically have the highest monthly average utility bills in the U.S. Wisconsin ($387), Michigan ($387), and New Mexico ($395) have the lowest utility costs.
Here we can see a visual representation of the monthly utility costs across the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/average_utility_bills/Average_Monthly_Utility_Bills_by_State_-_Map.jpg" width="1558" height="1100" alt="Average Monthly Utility Bills by State - Mapped" />
Utility prices vary by region. For example, electricity is typically more expensive in the Southeast compared to the West Coast and Midwest. However, the West Coast states typically have much higher water bills than both Southern and Midwestern states.
Here’s a table of the average utility bills by state:
StateAverage Utility Bill
Alabama
$543
Alaska
$630
Arizona
$472
Arkansas
$409
<a href="https://www.rubyhome.com/california/" title="California">California</a>
$504
Colorado
$416
Connecticut
$503
Delaware
$489
Florida
$475
Georgia
$598
Hawaii
$548
Idaho
$482
Illinois
$440
Indiana
$473
Iowa
$478
Kansas
$492
Kentucky
$469
Louisiana
$455
Maine
$476
Maryland
$467
Massachusetts
$433
Michigan
$387
Minnesota
$422
Mississippi
$439
Missouri
$544
Montana
$462
Nebraska
$467
Nevada
$456
New Hampshire
$426
New Jersey
$416
New Mexico
$395
New York
$454
North Carolina
$417
North Dakota
$438
Ohio
$462
Oklahoma
$425
Oregon
$558
Pennsylvania
$473
Rhode Island
$486
South Carolina
$411
South Dakota
$452
Tennessee
$471
Texas
$409
Utah
$502
Vermont
$437
Virginia
$413
Washington
$501
West Virginia
$532
Wisconsin
$383
Wyoming
$545
What Impacts the Cost of Utilities?
Here are the things that affect how much you pay for utilities at home:
Where You Live: If you live in a place with mild weather, you might spend less on heating and cooling because you don't need them as much.
How Much Energy You Use: If you use a lot of electricity and gas, your bills will be higher. Households with more members typically have higher utility bills because more people are using basic utilities such as energy and water.
Home Energy Efficiency: If your home is well-insulated and has energy-efficient windows, you'll lose less heat or cool air and spend less on utilities. Old, single-pane windows can make your home drafty and cause heat to escape.
Size and Design of Your Home: Bigger homes need more energy for heating, cooling, and lighting, which can lead to higher bills. The way your home is laid out, like open spaces, can also affect costs because they may need more consistent temperature control.
How To Save Money on Utility Bills
Managing your utility bills effectively can lead to substantial savings over time. By adopting smart practices and making a few simple changes around your home, you can reduce your utility expenses without sacrificing comfort or convenience. Here are some practical tips to help you save money on your utility bills:
Energy-Efficient Appliances: Invest in energy-efficient appliances. Look for the ENERGY STAR label when purchasing appliances like refrigerators, washing machines, and dishwashers. These appliances are designed to consume less electricity, which can translate into significant long-term savings.
Adjust Thermostat Settings: Be mindful of your thermostat settings. Lowering the thermostat during the winter and raising it during the summer by just a few degrees can lead to noticeable savings. Consider installing <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="smart home devices">smart home devices</a> such as a smart thermostat to automate temperature adjustments when you're away or asleep.
Seal Leaks and Insulate: Seal any gaps or cracks in your home's windows, doors, and walls to prevent drafts. Proper insulation in your attic and walls can also reduce heat loss in the winter and keep your home cooler in the summer, reducing the need for heating and cooling.
Upgrade Lighting: Replace traditional incandescent bulbs with energy-efficient LED or CFL bulbs. These bulbs use significantly less energy and last longer. Additionally, remember to turn off lights when you leave a room to save on electricity costs.
Unplug Unused Electronics: Many electronic devices continue to consume power even when turned off but are still plugged in. Unplug chargers, gaming consoles, and other devices when they're not in use, or use power strips that can be easily switched off.
Water-Saving Fixtures: Install low-flow faucets and showerheads to reduce water consumption. Fix any leaks promptly, as even small drips can add up to significant water bills over time.
Use Appliances Wisely: Run your dishwasher and washing machine with full loads to maximize their efficiency. When using the oven, cook multiple dishes at once to reduce cooking times and <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="energy consumption">energy consumption</a>.
Time-of-Use Plans: Inquire with your utility company about time-of-use plans. These plans offer cheaper rates during off-peak hours, encouraging you to perform energy-intensive tasks like laundry or running the dishwasher during those times.
Regular System Maintenance: Schedule regular maintenance for your heating, cooling, and water systems. A well-maintained system operates more efficiently, reducing energy and water waste.
Solar Panels and Renewable Energy: If feasible, consider using <a href="https://www.rubyhome.com/blog/solar-energy-stats/" title="solar energy">solar energy</a> via solar panels or using renewable energy sources. While the initial investment can be significant, these options can lead to substantial long-term savings and even generate income if you produce excess energy.
Behavioral Changes: Encourage energy-saving habits among your household members. Simple actions like turning off lights when leaving a room, taking shorter showers, and not overfilling the kettle can collectively make a difference in your utility bills.
By implementing these strategies and being mindful of your utility consumption, you can take control of your expenses and enjoy reduced utility bills while contributing to a more sustainable future.
Conclusion
Utility costs vary significantly across the United States, with Americans paying an average of $469 per month for their essential services. Electricity, cable, and internet are the primary contributors to these bills, representing over half of home utility expenses.
It's noteworthy that states like Alaska, Georgia, and Oregon tend to have the highest monthly utility bills, with averages exceeding $550. On the other hand, residents of Wisconsin, Michigan, and New Mexico enjoy some of the lowest utility costs, with monthly averages below $400.
These statistics highlight the regional differences in utility expenses. Whether you reside in a high-cost or low-cost state, implementing energy-saving measures can help you take control of your utility expenses and achieve greater financial stability.
Sources
<a href="https://www.eia.gov/" title="U.S. Energy Information Administration" target="_blank">U.S. Energy Information Administration</a>
<a href="https://advocacy.consumerreports.org/research/fight-for-fair-internet-consumer-reports-white-paper-on-broadband-pricing/" title="Consumer Reports" target="_blank">Consumer Reports</a>
<a href="https://www2.deloitte.com/us/en/insights/industry/technology.html" title="Deloitte" target="_blank">Deloitte</a>
<a href="https://wisevoter.com/state-rankings/water-prices-by-state/" title="WiseVoter" target="_blank">WiseVoter</a>2023-09-19T16:00:00-07:002024-01-09T15:34:31-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30239Water Usage Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/water_usage_statistics/Water_Usage_Statistics.jpg" width="1558" height="900" alt="Water Usage Statistics" />
Water consumption in the United States is an everyday aspect of life that often goes unnoticed. However, it plays a crucial role in our daily routines, finances, and environmental impact. In this article, we'll explore key topics and statistics about how much water Americans use, the costs involved, the biggest drivers of water usage, and how to reduce consumption.
<a href="https://www.rubyhome.com/#water-usage">How Much Water Do Americans Use?</a>
<a href="https://www.rubyhome.com/#water-usage-category">What is the Largest Consumptive Use of Water in The U.S.?</a>
<a href="https://www.rubyhome.com/#water-costs">How Much Do Americans Spend on Water?</a>
<a href="https://www.rubyhome.com/#water-usage-appliances">Which Home Appliances Use the Most Water?</a>
<a href="https://www.rubyhome.com/#water-usage-reduction">How to Reduce Water Consumption</a>
Key Water Usage Statistics
On average, Americans use 82 gallons of water each day at home.
<img src="https://assets.site-static.com/userfiles/1102/image/water_usage_statistics/Americans_use_82_gallons_of_water_each_day_at_home.jpg" width="1558" height="623" alt="Americans use 82 gallons of water each day at home" />
Thermoelectric power (41%), irrigation (37%), and public supply (12%) account for 90% of the water consumption in the U.S.
The average family spends over $1,000 per year on water costs.
Household leaks can waste up to 180 gallons per week, or 9,400 gallons annually.
Water-efficient fixtures and appliances can reduce water consumption by at least 20%.
How Much Water Do Americans Use?
Americans use 82 gallons of water each day at home. In total, the U.S. consumes 322 billion gallons of water per day and the majority is used for irrigation, thermoelectric power, and public supply.
86% of the water consumed in the U.S. is fresh water. 16% of the water consumed in the U.S. is saline water which can be used for thermoelectric powerplant cooling and some industrial purposes. Saline water can only be used in limited capacities and can’t be drunk. The process of desalinating water so it can be used for drinking is costly. While used extensively in the Middle East, it isn’t as popular in the U.S.
What is the Largest Consumptive Use of Water in The U.S.?
Out of the 322 billion gallons of water the U.S. consumes, thermoelectric power (41%), irrigation (37%), and public supply (12%) account for 90%. Here’s a breakdown of water consumption in the U.S. by category.
<img src="https://assets.site-static.com/userfiles/1102/image/water_usage_statistics/Water_Usage_by_Category.jpg" width="1558" height="1100" alt="Water Usage by Category in the United States" />
Public supply water consumption is greatest in areas with large population centers. Public supply systems deliver water for domestic use, industrial use, commercial use, and more.
Around 87% of the U.S. population gets their water for residential use from public supply systems. Other <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a> get water from self-supplied wells or other sources. Self-supplied domestic water withdrawals account for just 1% of the total water consumption in the U.S.
How Much Do Americans Spend on Water?
According to the EPA, the average family spends more than $1,000 per year on water costs. This translates to around $83 per month for families.
The cost of a water bill is largely dependent on the number of members in the household. Families typically have household water bills that are higher than single-member or two-member households. According to Wisevoter, the average national water bill in the U.S. is $39 per month.
States with the most expensive average monthly water bills are West Virginia ($91), <a href="https://www.rubyhome.com/california/" title="California">California</a> ($77), Oregon ($76), and Washington ($75).
States with the cheapest average monthly water bills are Vermont ($18), Wisconsin ($18), North Carolina ($20), and Louisiana ($21).
Water consumption is a major component of monthly <a href="https://www.rubyhome.com/blog/average-utility-bill/" title="utility bills">utility bills</a>. You may also be interested in the <a href="https://www.rubyhome.com/blog/average-electric-bill/" title="average electricity bill">average electricity bill</a> in the U.S.
Which Home Appliances Use the Most Water?
Toilets, showers, and faucets account for most of the water consumption at home. Here’s a breakdown of the appliances and fixtures that consume the most water for residential use.
<img src="https://assets.site-static.com/userfiles/1102/image/water_usage_statistics/Household_Water_Usage_in_the_U.S..jpg" width="1558" height="1100" alt="Household Water Usage in the U.S." />
Toilets in the average home use 33 gallons of water per day.
Showers and faucets account for 27 gallons each
Leaks cause of 18 wasted gallons of water every day.
More severe leaks can potentially waste up to 9,400 gallons of water annually. Leaks are also a primary cause of <a href="https://www.rubyhome.com/blog/water-damage-stats/" title="water damage">water damage</a>.
How to Reduce Water Consumption
The EPA suggests that installing water-efficient fixtures and appliances can help reduce water consumption by 20%. Here are some more statistics from the EPA about reducing water consumption.
Nationwide, household leaks contribute to an estimated waste of nearly 900 billion gallons of water annually. This amount equals the yearly water consumption of nearly 11 million homes.
By running the dishwasher once a week instead of twice, a family can save 320 gallons of water annually. It’s best to only run the dishwasher when it is full.
Turning off the tap while brushing your teeth and shaving can save about 5,700 gallons of water a year if you do it regularly.
Allowing the faucet to run for five minutes while washing dishes can squander 10 gallons of water and consume as much energy as a 60-watt light bulb running for 18 hours.
On average, outdoor water usage accounts for more than 30 percent of total household water consumption but can surge to as much as 60 percent in arid regions.
If the average-sized lawn in the United States is watered continuously for 20 minutes daily over seven days, it's equivalent to running a shower continuously for four days or taking more than 800 showers. This matches the water needed for a family to take showers for one year.
Up to 50 percent of outdoor water usage is lost due to wind, evaporation, and inefficient irrigation methods and systems. A household with a poorly maintained automatic landscape irrigation system can waste up to 25,000 gallons of water yearly. Better yet, homeowners could swich to <a href="https://www.rubyhome.com/blog/xeriscaping/" title="xeriscaping">xeriscaping</a>.
When you hire a professional to work on your yard's water system, make sure they have a WaterSense certification. Good management can reduce irrigation water use by 15%, saving about 7,600 gallons annually, which is enough for 480 showers.
Conclusion
Water usage per person in the United States stands at 82 gallons a day, highlighting the need for prudent water management.
This consumption costs the average family over $1,000 annually on water-related expenses.
Implementing water-efficient fixtures and appliances can help reduce water consumption by at least 20%. By being aware of water usage, we can promote more responsible water practices and contribute to sustainable resource management for the future.
Sources
<a href="https://www.epa.gov/watersense/statistics-and-facts" title="Environmental Protection Agency" target="_blank">Environmental Protection Agency</a>
<a href="https://abc7amarillo.com/sponsored/spotlight/home-appliances-that-use-the-most-water" title="ABC News" target="_blank">ABC News</a>
<a href="https://www.usgs.gov/faqs/how-much-water-used-people-united-states" title="United States Geological Survey" target="_blank">United States Geological Survey</a>
<a href="https://wisevoter.com/state-rankings/water-prices-by-state/" title="Wisevoter" target="_blank">Wisevoter</a>2023-09-14T10:30:00-07:002024-01-09T15:34:44-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30175Green Building Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/green_building_statistics/Green_Building_Statistics.jpg" width="1558" height="900" alt="Green Building Statistics" />
Green building, also known as sustainable or eco-friendly building, refers to the practice of designing, constructing, operating, and maintaining buildings in an environmentally responsible and resource-efficient manner.
The primary goal of green building is to reduce the negative impact of buildings on the environment while creating healthier, more energy-efficient, and more comfortable living and working spaces for people.
In this article, we will cover key green building statistics including the following topics.
<a href="https://www.rubyhome.com/#green-building-what">What Makes a Building Project Green?</a>
<a href="https://www.rubyhome.com/#green-building-how-many">How Many Green Homes and Buildings Are There?</a>
<a href="https://www.rubyhome.com/#green-building-where">Where Are Green Buildings Most Common?</a>
<a href="https://www.rubyhome.com/#green-building-cost">How Much Does It Cost to Build Green?</a>
<a href="https://www.rubyhome.com/#green-building-benefits">What Are the Benefits of Green Building?</a>
Key Green Building Statistics
According to the World Green Building Council, approximately 40% of worldwide carbon emissions are attributed to the construction of buildings and the energy needed to run them.
Owners report that new green buildings and renovations have an increased asset value of over 9%.
<img src="https://assets.site-static.com/userfiles/1102/image/green_building_statistics/Green_buildings_have_a_9_greater_asset_value.jpg" width="1558" height="623" alt="Green buildings have a 9% greater asset value" />
The United States invested over $86 billion in green building projects in 2021.
Building green typically can cost between 1% and 12% more than a similar non-green building project.
Green buildings can reduce <a href="https://www.rubyhome.com/blog/water-usage-stats/" title="water consumption">water consumption</a> by 20% to 30% and CO2 emissions by up to 35%.
The average operating cost savings in the first year for new green buildings is 10.5%.
What Makes a Building Project Green?
The three most popular green building certifications are Leadership in Energy and Environmental Design (LEED), Energy Star, and Building Research Establishment Environmental Assessment Methodology (BREEAM).
LEED is the most common green building certification around the world whereas BREEAM is the methodology of choice in the UK and certain European countries.
Energy Star focuses solely on energy use and efficiency and can compliment other certifications.
LEED and BREEAM focus on many aspects including things like indoor air quality and building design.
Green Building Certification Criteria
Although there are many green building certifications, most focus on similar aspects of sustainable and environmentally responsible construction and operation of buildings. Here are some common aspects that green building certifications typically address:
Energy Efficiency
Water Efficiency
Sustainable Materials and Resources
Indoor Environmental Quality (IEQ)
Site Selection and Development
Sustainable Practices
Innovation and Design Process
Regional Climate and Environmental Considerations
How Many Green Homes and Buildings Are There?
According to Business Wire, 84% of <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a> say living in a green home is important to them. In addition, 64% say they would pay more to live in a green community.
The number of LEED-certified homes grew by nearly 20% from 2017 to 2019. Overall, there were over 400,000 LEED-certified homes in the country at that time, meaning that the proportion of total homes in the country with this certification is still very small.
The top 5 states for LEED-certified residential units were:
<a href="https://www.rubyhome.com/california/" title="California">California</a> (39,296)
Texas (24,598)
New York (24,598)
Washington (10,521)
Colorado (8,091)
In 2019, the CBRE published a Green Building Adoption Index which found that 13.8% of commercial office buildings across the U.S. in the 30 largest markets were considered fully green.
In total, 42.2% of the office space across the top 30 markets was considered green-certified at that time.
<img src="https://assets.site-static.com/userfiles/1102/image/green_building_statistics/Percentage_of_U.S._Office_Space_Considered_Green.jpg" width="1558" height="1100" alt="42% Percent of U.S. Office Space Are Considered Green" />
Where Are Green Buildings Most Common?
The U.S. invested over $86 billion in green building in 2021. This put the country second in the amount invested behind China ($92 billion) and ahead of India ($26 billion).
Green Buildings by Country
As the country that started the LEED initiative, the U.S. is the worldwide leader in LEED-certified buildings and construction projects. In 2022, the U.S. was working on over 511 million square feet of LEED-certified construction projects.
China and India are next in line, having invested massively in LEED-certified projects in 2022. Here is a full breakdown of the total square feet of LEED-certified construction projects in 2022 by country.
<img src="https://assets.site-static.com/userfiles/1102/image/green_building_statistics/Global_Green_Building_Projects.jpg" width="1558" height="1100" alt="Global Green Building Projects by Country in Square Feet" />
Green Buildings by U.S. State
Washington D.C. became the world’s first Leadership in Energy and Environmental Design (LEED) platinum city.
It was also the first city to legislate for green building certification with the Green Building Act in 2006. With over 1,500 LEED certifications, Washington D.C. still leads the nation in terms of number of LEED certifications per million residents. (2,257).
Here is a table of LEED certification by state:
State/DistrictLEED certifications/million residentsLEED certifications
Alabama
39
197
Alaska
137
100
Arizona
102
741
Arkansas
76
231
California
183
7,181
Colorado
237
1,378
Connecticut
97
349
Delaware
73
73
District of Columbia
2,257
1,512
Florida
94
2,052
Georgia
102
1,106
Hawaii
167
240
Idaho
64
121
Illinois
159
2,020
Indiana
61
417
Iowa
107
341
Kansas
72
210
Kentucky
55
247
Louisiana
31
142
Maine
107
147
Maryland
235
1,453
Massachusetts
219
1,529
Michigan
76
764
Minnesota
91
519
Mississippi
37
109
Missouri
82
503
Montana
102
112
Nebraska
59
115
Nevada
94
294
New Hampshire
86
119
New Jersey
87
807
New Mexico
191
404
New York
132
2,618
North Carolina
109
1,155
North Dakota
90
69
Ohio
126
1,482
Oklahoma
37
147
Oregon
170
723
Pennsylvania
114
1,481
Rhode Island
105
116
South Carolina
73
381
South Dakota
107
96
Tennessee
79
551
Texas
97
2,862
Utah
119
398
Vermont
183
119
Virginia
209
1,804
Washington
194
1,500
West Virginia
30
54
Wisconsin
86
510
Wyoming
107
62
With over 7,000 LEED certifications, California has a big lead on runners-up Texas (2,826), and New York (2,618) in terms of the total number of certifications.
West Virginia is at the bottom of the list for both certifications (54) and certifications per million residents (30).
How Much Does It Cost to Build Green?
While green building typically costs more than similar non-green projects, there are long-term financial benefits to building green such as lower operating costs and higher asset values in the future.
According to the World Business Council for Sustainable Development, it only takes a 1%-12% budget increase in most cases to build green.
Here’s a breakdown of the average expected additional cost to reach various levels of LEED certifications versus building non-green:
<img src="https://assets.site-static.com/userfiles/1102/image/green_building_statistics/Estimated_Cost_Premium_for_LEED_Projects.jpg" width="1558" height="1100" alt="Green Building Construction Costs by LEED Certification Level" />
In some cases, building green can cost just 1-2% more versus a non-green project.
Oftentimes, the LEED Platinum certification can be reached by spending 7%-12% more on a project.
What Are the Benefits of Green Building?
There are numerous benefits associated with green building practices, which can have positive impacts on the environment, economy, and the well-being of occupants. Here are some of the key benefits.
Environmental Benefits
Green buildings reduce <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="energy consumption">energy consumption</a>, lower greenhouse emissions, reduce water consumption, increase air quality, and provide an overall healthier living environment. Here are some key stats on the environmental impacts of green buildings:
Green buildings can reduce energy consumption by 30%-40% compared to traditional buildings.
Green buildings can reduce water consumption by 20-30%.
Green buildings can reduce CO2 emissions by up to 35%.
Workers in green buildings were found to score 25% higher on standardized tests of planning and critical thinking abilities.
Workings in green buildings reported 30% fewer ‘sick building syndrome’ symptoms such as headaches and respiratory irritation.
People working in green offices were found to have 6% higher sleep scores on average.
Workers in green buildings were found to be 16% more productive than those working in non-green buildings.
Economic Benefits
The economic advantages of green building are notable, typically resulting in lower operating costs over the long term.
Additionally, sustainable features and certifications can enhance the resale value of properties, attracting eco-conscious buyers and tenants. Here are some statistics on the economic benefits of green buildings:
The average operating cost savings in the first year for new green buildings is 10.5%.
Over a five-year period, green buildings see an average operating cost reduction of 16.9%.
Owners report that green buildings and renovations have an increased asset value of over 9%.
Other Benefits
Green building practices offer many additional advantages. For instance, they prioritize durability, utilizing high-quality materials and techniques that reduce maintenance needs and ensure long-term resilience.
Additionally, green buildings foster innovation in construction and design, promoting technological advancement. They also raise public awareness about sustainability, encouraging environmental responsibility in society.
Conclusion
The future of green buildings is promising, with significant potential for positive impact. The fact that buildings and their energy use contribute to 40% of global carbon emissions highlights the urgency of sustainability.
In 2021, the United States invested a remarkable $86 billion in green building projects, driving innovation.
This trend, along with impressive statistics like a 10.5% reduction in operating costs in the first year, demonstrate the practical and environmentally responsible benefits of green construction practices, ultimately leading to a more sustainable and comfortable environment for people worldwide.
Sources
<a href="https://www.usgbc.org/articles/top-10-countries-leed-demonstrate-green-building-truly-global-movement" title="The U.S. Green Building Council" target="_blank">The U.S. Green Building Council</a>
<a href="https://www.knightfrank.com/research/article/2020-11-23-15-green-building-hotspots-around-the-world" title="Knight Frank Research" target="_blank">Knight Frank Research</a>
<a href="https://www.corporate.carrier.com/Images/Corporate-World-Green-Building-Trends-2021-1121_tcm558-149468.pdf" title="Dodge Construction Network Market Report" target="_blank">Dodge Construction Network Market Report</a>
<a href="https://www.globaldata.com/data-insights/construction/the-top-five-green-building-markets-in-2021/" title="Global Data" target="_blank">Global Data</a>
<a href="https://worldgbc.org/" title="World Green Building Council" target="_blank">World Green Building Council</a>
<a href="http://docs.wbcsd.org/2007/10/EEB_FactsTrends-Summary.pdf" title="World Business Council for Sustainable Development" target="_blank">World Business Council for Sustainable Development</a>
<a href="https://www.theguardian.com/environment/2016/dec/16/green-buildings-make-you-work-smarter-and-sleep-sounder-study-reveals" title="The Guardian" target="_blank">The Guardian</a>
<a href="https://www.wbdg.org/files/pdfs/grn_bldgs_org_success.pdf" title="Building Research & Information" target="_blank">Building Research & Information</a>
<a href="https://timesofindia.indiatimes.com/blogs/voices/green-buildings-and-eco-friendly-construction/" title="Times of India" target="_blank">Times of India</a>
<a href="https://www.cbre.com/" title="U.S. Green Building Adoption Index" target="_blank">U.S. Green Building Adoption Index</a>
<a href="https://www.businesswire.com/news/home/20170918006339/en/New-Survey-84-Percent-of-Residents-Say-Living-in-a-Green-Home-is-Important-to-Them-85-Percent-Believe-Living-in-a-Green-Home-Benefits-Their-Health" title="Business Wire" target="_blank">Business Wire</a>2023-09-11T16:00:00-07:002024-01-09T15:34:54-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30171Solar Energy Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/solar_energy_statistics/Solar_Energy_Statistics.jpg" width="1558" height="900" alt="Solar Energy Statistics" />
In this article, we'll explore key statistics related to the solar energy industry in the United States. We'll cover how much energy solar provides, the percentage of homes using solar power, installation costs, and solar energy trends.
<a href="https://www.rubyhome.com/#solar-energy-amount">How Much Energy Does Solar Provide in The U.S.?</a>
<a href="https://www.rubyhome.com/#solar-energy-homes">What Percentage of Homes in The U.S. Use Solar Energy?</a>
<a href="https://www.rubyhome.com/#solar-energy-states">Which States Produce the Most Solar Energy?</a>
<a href="https://www.rubyhome.com/#solar-energy-costs">How Much Does It Cost to Install Solar Panels?</a>
<a href="https://www.rubyhome.com/#solar-energy-growth">Solar Energy Growth in the U.S.</a>
Key Solar Energy Statistics
1.8% of the total U.S. energy consumption comes from solar energy.
3.4% of all electricity generated in the U.S. comes from solar energy.
<img src="https://assets.site-static.com/userfiles/1102/image/solar_energy_statistics/3.4_of_U.S._electricity_comes_from_solar.jpg" width="1558" height="623" alt="3.4% of U.S. electricity comes from solar" />
Every 90 minutes enough sunlight reaches the earth to handle the entire global energy consumption for a whole year.
263,833 people are employed in the solar industry in the U.S. making it the third largest energy industry employer behind petroleum and natural gas.
6% of single-family owner-occupied homes had solar panels installed by the end of 2022.
An average residential solar system typically costs between $10,000 and $25,000 to install.
How Much Energy Does Solar Provide in The U.S.?
The U.S. is heavily reliant on petroleum and natural gas to meet its energy needs. Together these two account for 69% of the <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="U.S. energy consumption">U.S. energy consumption</a>. Renewable sources provide energy for 13% of consumption, and solar energy accounts for a fraction of the energy coming from renewable sources.
<img src="https://assets.site-static.com/userfiles/1102/image/solar_energy_statistics/U.S._Energy_Consumption_by_Source.jpg" width="1558" height="1100" alt="Solar Energy's Contribution to all Energy Sources in U.S." />
Biomass, wind, hydroelectric, solar, and geothermal all are considered renewable energy sources.
Solar accounted for 1.8 quadrillion British thermal units of energy consumed in the U.S. in 2022. In total that year, the country consumed 100.4 quadrillion Btu of energy. This means solar provides enough energy for roughly 1.8% of the U.S. energy consumption.
The total share of electricity generated from solar was slightly higher. Around 3.4% of all electricity generated in the U.S. comes from solar energy.
Solar Energy's Potential
Every 90 minutes enough sunlight reaches the earth to handle the entire global energy consumption for a whole year.
The U.S. Department of Energy estimates that a 22,000 square-mile area (roughly the size of Lake Michigan) full of solar panels could provide enough energy to power the entire U.S.
What Percentage of Homes in The U.S. Use Solar Energy?
The U.S. has more than 149 gigawatts of solar capacity installed across the country which could generate enough power for 26 million homes. Just 20% of this capacity is generated from residential installations as the majority comes from utility-scale solar projects, commercial installations, and community solar projects.
According to the U.S. Energy Information Administration, 3.7% of U.S. single-family homes had solar panels installed in 2020.
The National Renewable Energy Laboratory stated that there were approximately 2.7 million homes in the U.S. with residential solar systems by the end of 2020.
Around 700,000 homeowners installed solar panels in 2022.
The Solar Energy Industries Association estimated that by the end of 2022, 6% of single-family owner-occupied homes had solar panels installed.
The Department of Energy claims that solar is the fastest-growing and most affordable source of new electricity in the U.S. The number of homes with solar panels is on the rise and is expected to continue growing quickly into the future.
How Much Does It Cost to Install Solar Panels?
Many factors can influence the cost of installing a residential solar system, especially the number and type of panels used. On average, installing a solar panel system will typically cost between $10,000 and $25,000.
The U.S. currently has a 30% tax credit in place until 2032 to incentivize people to install solar panels.
While solar panels don’t completely eliminate an owner’s <a href="https://www.rubyhome.com/blog/average-electric-bill/" title="energy bills">energy bills</a>, they do reduce them significantly. While many factors can affect an owner’s cost savings, an average residential solar system cuts back expenses by around $1,500 per year.
Most residential systems pay for themselves over the course of around 10 years and are typically warrantied for 25 years. This can lead to significant cost savings over time!
Be sure to research the cost of electricity, the amount of sunlight, and installation costs to get a robust estimate of cost savings from solar panels over time in your area.
Which States Produce the Most Solar Energy?
Solar energy is most common in Western states where 8.9% of single-family homes generated electricity from solar panels in 2020. 4.7% of single-family homes in the Northeast had solar panels, followed by the South (1.7%) and the Midwest (1.4%).
<a href="https://www.rubyhome.com/california/" title="California">California</a> accounts for nearly 29% of the solar energy production in the U.S. Here is a breakdown of the top solar energy-producing states.
<img src="https://assets.site-static.com/userfiles/1102/image/solar_energy_statistics/Solar_Energy_Production_by_State.jpg" width="1558" height="1100" alt="Solar Energy Production by State" />
Solar Energy Growth in the U.S.
In the year 2012, the U.S. generated just 4,327 gigawatt hours of electricity from solar. By 2022, the energy generated from solar had risen to 145,598 gigawatt hours. That’s a 33.6x increase over 10 years!
Solar electricity generation in the U.S. is showing no signs of slowing down and is expected to continue growing into the future.
Solar Industry Projections
While only 3% of the total electricity generated in the U.S. came from solar in 2020, the U.S. Energy Information Administration predicts that this will rise to 20% by 2050.
These projections assume no changes to the current laws and regulations. If natural gas and oil prices are higher than the reference case for the projections, it’s possible to see 25-27% of all electricity generated in the U.S. come from solar by 2050.
Solar Energy Industry Job Growth
Despite providing just 1.8% of the energy consumed in the U.S. in 2022, the solar industry is a large and growing industry.
263,833 people are employed in the solar industry in the U.S. making it the third largest energy industry employer behind petroleum and natural gas.
Jobs in the U.S. solar industry grew 3.5% from 2021 to 2022.
42 states had solar job growth in 2022.
About two-thirds of jobs in the solar industry are at installation and project development firms.
Conclusion
In conclusion, solar energy in the United States is on the rise, accounting for approximately 1.8% of total energy consumption and 3.4% of electricity generation.
With over 263,000 jobs, it stands as the third-largest energy industry employer.
Solar energy's promising growth and increasing adoption highlight its role in a cleaner, more sustainable energy future.
Sources
<a href="https://www.eia.gov/energyexplained/electricity/electricity-in-the-us.php" title="U.S. Energy Information Administration" target="_blank">U.S. Energy Information Administration</a>
<a href="https://irecusa.org/programs/solar-jobs-census/" title="Interstate Renewable Energy Council" target="_blank">Interstate Renewable Energy Council</a>
<a href="https://www.energy.gov/eere/solar/how-does-solar-work" title="Office of Energy Efficiency & Renewable Energy" target="_blank">Office of Energy Efficiency & Renewable Energy</a>
<a href="https://www.ecowatch.com/solar/solar-panel-cost" title="EcoWatch" target="_blank">EcoWatch</a>
<a href="https://www.nrel.gov/docs/fy21osti/80427.pdf" title="National Renewable Energy Laboratory" target="_blank">National Renewable Energy Laboratory</a>
<a href="https://www.pewresearch.org/short-reads/2022/10/14/home-solar-panel-adoption-continues-to-rise-in-the-u-s/" title="Pew Research Center" target="_blank">Pew Research Center</a>
<a href="https://www.chooseenergy.com/solar-energy/solar-energy-production-by-state/" title="Choose Energy" target="_blank">Choose Energy</a>
<a href="https://www.seia.org/research-resources/solar-market-insight-report-2022-year-review" title="Solar Market Insight Reports" target="_blank">Solar Market Insight Reports</a>
<a href="https://energycenter.org/thought-leadership/blog/solar-energy-adoption-information-homeowners-and-small-businesses" title="Center For Sustainable Energy" target="_blank">Center For Sustainable Energy</a>2023-09-11T13:15:00-07:002024-01-09T15:35:08-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30165Average Electric Bill in The U.S. (2024)<img src="https://assets.site-static.com/userfiles/1102/image/average_electric_bills/Average_Electric_Bills_in_United_States.jpg" width="1558" height="900" alt="Average Electric Bills in United States" />
As part of RubyHome's <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a> series, we're diving into electric bills in the U.S. including the monthly national average electricity bill, residential energy costs in each state, and the key factors that can significantly impact your monthly electricity expenses.
Whether you're conducting research, planning a move, or simply curious about energy trends, join us as we shed light on electricity costs across the nation.
<a href="https://www.rubyhome.com/#electric-bill-average">What Is the Average Electric Bill in The U.S.?</a>
<a href="https://www.rubyhome.com/#electric-bill-by-state">Average Electric Bill by State</a>
<a href="https://www.rubyhome.com/#electric-bill-factors">Factors That Impact Electric Bills</a>
Key Electric Bill Stats
The average electricity bill in the U.S. was $137 per month in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/average_electric_bills/The_average_electric_bill_in_the_U.S._is_137_per_month.jpg" width="1558" height="624" alt="The average electric bill in the U.S. is $137 per month" />
The average residential electricity price in the U.S. is $.16 cents per kilowatt-hour.
Hawaii ($200), Connecticut ($176), and Alabama ($166) have the highest average monthly electric bills in the nation.
The average electric bill for a 1-bedroom apartment comes in around 35% less than what a typical household can expect to pay.
Two-member households typically have energy bills that are 39% higher than single-member households.
What Is the Average Electric Bill in The U.S.?
The average electricity bill in the U.S. was $137 per month in 2022. This was up 13% from $121 per month in 2021. After adjusting for inflation which reached a 40-year high of 8% in 2022, we still see an average electricity bill increase of 5%.
The rise in electricity demand in 2022 was due to a variety of factors including higher fuel costs for power plants and increased heating and cooling from more extreme temperatures than normal.
As of 2023, the average residential electricity price in the U.S. is 15.9 cents per kilowatt-hour. The first few months of 2023 saw a slight year-over-year increase in electricity bill prices, coming in 2-5% higher than the average bills in 2022.
Seasonal Energy Bill Changes
Since nearly 90% of U.S. households use air conditioning, <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="energy consumption">energy consumption</a> is at its peak in most regions during the summertime. The fall and spring tend to have the lowest demand as outdoor temperatures in many parts of the country are not vastly different from what’s comfortable inside.
During winter months costs tend to rise, but normally don’t surpass the costs of the peak summer months. It’s worth noting that around 60% of Americans use natural gas to heat their homes in the wintertime.
Average Electric Bill by State
Hawaii has the highest average monthly electricity bill at $200 per month. Connecticut ($176), Alabama ($166), South Carolina ($156), and Massachusetts ($154) rounded out the top 5.
Only in Utah ($91) and New Mexico ($98) can the <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="average homeowner">average homeowner</a> still expect to have their electricity bills come in under $100 per month.
Here’s a full list of the estimated average monthly electricity bills for all states in 2022.
StateMonthly Electric Bill 2022
Alabama
$166.96
Alaska
$151.30
Arizona
$148.43
Arkansas
$139.77
<a href="https://www.rubyhome.com/california/" title="California">California</a>
$139.75
Colorado
$103.91
Connecticut
$176.52
Delaware
$134.30
Florida
$147.35
Georgia
$151.54
Hawaii
$200.89
Idaho
$110.31
Illinois
$108.32
Indiana
$142.96
Iowa
$123.88
Kansas
$130.55
Kentucky
$140.88
Louisiana
$148.45
Maine
$112.37
Maryland
$144.21
Massachusetts
$154.10
Michigan
$132.85
Minnesota
$118.38
Mississippi
$152.90
Missouri
$133.96
Montana
$110.56
Nebraska
$122.14
Nevada
$124.49
New Hampshire
$141.52
New Jersey
$127.00
New Mexico
$98.66
New York
$131.87
North Carolina
$136.37
North Dakota
$127.61
Ohio
$126.80
Oklahoma
$135.25
Oregon
$120.33
Pennsylvania
$132.33
Rhode Island
$147.35
South Carolina
$156.67
South Dakota
$140.69
Tennessee
$148.01
Texas
$149.61
Utah
$91.38
Vermont
$123.44
Virginia
$147.94
Washington
$112.38
West Virginia
$146.46
Wisconsin
$113.20
Wyoming
$109.41
Factors That Impact Electric Bills
The size of the home, number of household members, age of the home (old construction vs. newer <a href="https://www.rubyhome.com/blog/green-building-stats/" title="green construction">green construction</a>), climate, state electricity rates, and other factors can all have an impact on how much one can expect to pay for electricity every month.
Size and Type of Home
<a href="https://www.rubyhome.com/blog/renting-stats/" title="Renters">Renters</a> catch a bit of a break as apartments have lower electricity bills as they are generally smaller than single-family homes, have fewer walls exposed to the outside, and fewer always-on devices.
The average electricity bill for a 1-bedroom apartment comes in around $89 per month, 35% less than what a typical household can expect to pay. Electricity bills average $123 for 2-bedroom apartments.
Number of People Living in the Home
Certain electricity costs such as air conditioning, the refrigerator, and freezer stay relatively constant regardless of the number of household members there are.
With other appliances such as TVs, dishwashers, and laundry machines, having more members in the household contributes to more electricity use, even if all those devices are <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="smart home">smart home</a> enabled.
Two-member households typically have energy bills that are 39% higher than single-member households. Going from two members to three members sees on average a further 18% increase in electricity costs.
Other Factors
Costs of electricity can vary due to changing market conditions and regulatory changes.
The age and type of home can have an impact on electricity consumption, with newer and better-insulated homes generally not needing as much.
Finally, climate and weather can have an impact on electricity consumption as heating and cooling to keep a comfortable living environment indoors can require a lot of electricity.
Conclusion
The average electricity bill in the United States varies significantly from state to state, with Hawaii, Connecticut, and Alabama having some of the highest monthly bills.
What’s more, the type of household and its size can also impact electricity costs, with two and three-member households experiencing notably higher bills compared to single-member households.
With electricity bills trending upward in recent years and outpacing inflation by 5% in 2022, we will see how this trend develops in the years to come.
Sources
<a href="https://www.eia.gov/outlooks/steo/report/BTL/2023/05-electricitybills/article.php" title="U.S. Energy Information Administration" target="_blank">U.S. Energy Information Administration</a> (Electricity Prices)
<a href="https://www.eia.gov/electricity/sales_revenue_price/pdf/table5_a.pdf" title="U.S. Energy Information Administration" target="_blank">U.S. Energy Information Administration</a> (Electricity Bills by State)2023-09-11T08:30:00-07:002024-01-09T15:35:19-07:00Tony Mariottitag:rubyhome.com,2012-09-20:30078U.S. Energy Consumption Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Energy_Consumption_Statistics.jpg" width="1558" height="900" alt="U.S. Energy Consumption Statistics" />
The United States contains less than 5% of the world’s population yet accounts for roughly 16% of the world’s total energy consumption. In this article, we will dive deep into exactly how much energy the U.S. consumes, where the energy comes from, and how energy consumption in the U.S. has changed over time.
<a href="https://www.rubyhome.com/#energy-consumption">How Much Energy Does the U.S. Consume?</a>
<a href="https://www.rubyhome.com/#energy-sources">What Are the Primary Sources of Energy in The U.S.?</a>
<a href="https://www.rubyhome.com/#energy-sector-useage">What Sectors Use the Most Energy in The U.S.?</a>
<a href="https://www.rubyhome.com/#energy-consumption-time">U.S. Energy Consumption Over Time</a>
Key Energy Usage Statistics
In 2022, the U.S. consumed 100.41 quads (quadrillion British thermal units) of energy. This is roughly a 3x increase from 34.6 quads of energy consumption in 1950.
The two largest energy sources of consumption in the U.S. are petroleum (36%) and natural gas (33%).
Households account for roughly 11.8% of the total energy consumption in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._households_account_for_11_of_energy_usage.jpg" width="1558" height="623" alt="U.S. households account for 11% of energy usage" />
More than half (51%) of residential energy use is for heating and air conditioning.
Residential electricity use has increased from 0.1 trillion kWh in 1950 to 1.5 trillion kWh in 2022, a 15x increase.
How Much Energy Does the U.S. Consume?
Apart from China, the U.S. consumes more energy than any country in the world. In 2022, the U.S. consumed 100.41 quads (quadrillion British thermal units) of energy. This equates to the amount of energy contained in roughly 17.3 million barrels of oil.
Here’s a breakdown of where the U.S. stands in terms of total global energy consumption.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/Countries_That_Use_the_Most_Energy.jpg" width="1558" height="1100" alt="International Energy Usage Comparison by Country" />
U.S. Energy Consumption Per Capita
According to the Central Intelligence Agency, the U.S. is ranked 11th in the world in terms of energy consumption per capita. This comes out to around 304 million British thermal units of energy consumption per person every year.
Topping the list in terms of most energy consumption per capita were Qatar, Singapore, and Bahrain.
What Are the Primary Sources of Energy in The U.S.?
The U.S. is heavily reliant on petroleum and natural gas which together account for 69% of the country’s total energy consumption. Here’s a complete breakdown of the types of energy consumed in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Energy_Sources.jpg" width="1558" height="1100" alt="Types Energy Used in the United States by Percentage" />
13% of energy consumption in the U.S. comes from renewable energy. Wind and biomass account for nearly two-thirds of the renewable energy used. <a href="https://www.rubyhome.com/blog/solar-energy-stats/" title="Solar energy">Solar energy</a> accounts for 14.2% of the renewable energy category or just 1.8% of the total U.S. energy consumption.
What Sectors Use the Most Energy in The U.S.?
Most energy consumed in the U.S. goes towards generating electric power (37.7%), transportation (28.1%), and the industrial sector (22.7%).
The electric power sector converts energy to electricity and then sells this energy primarily to the residential, commercial, and industrial sectors. Around two-thirds (65.5%) of the energy consumed by the electric power sector is lost as waste before it reaches the end consumer. 13.3% of the electricity generated is sold to the residential sector.
Accounting for the energy used by homes directly and the electricity purchased by <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a>, residential households account for roughly 11.8% of the total energy consumption in the U.S.
How Is Energy Used in Homes?
More than half (51%) of energy use in homes is for heating and air conditioning, which is why winter and summer have the highest <a href="https://www.rubyhome.com/blog/average-electric-bill/" title="electric bills">electric bills</a>. Here is a breakdown of the typical residential energy usage.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Residential_Energy_Consumption.jpg" width="1558" height="1100" alt="Percentage of Residential Energy Use by Category" />
The ‘all other’ category includes the use of such devices as televisions, kitchen appliances, clothes washers and dryers, and consumer electronics.
Geographic location, type of home, types of devices, and number of household members can all affect the amount of energy a household uses. Homes in the Northeast and Midwest tend to consume more energy, especially during the winter months compared to homes in the Southern and Western states like <a href="https://www.rubyhome.com/california/" title="California">California</a>.
Apartments often consume less energy as they tend to be smaller than single-family homes. In addition, adjacent units can offer added insulation reducing the amount of energy needed to heat apartments to a comfortable level.
43% of home energy consumption comes from electricity.
41% of home energy consumption comes from natural gas.
In the 1950s, coal accounted for roughly a quarter of home energy consumption, but coal's use is declining.
The use of electricity in households has steadily increased over time from 0.25 quads in 1950 to 5.04 quads in 2021.
U.S. Energy Consumption Over Time
Energy consumption in the U.S. has consistently grown over time. In 1950 the U.S. consumed 34.6 quadrillion British thermal units of energy compared to 100.4 quads in 2022.
Here’s a glance at how energy consumption in the U.S. has grown over the past several decades.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Energy_Consumption_Over_Time.jpg" width="1558" height="1100" alt="U.S. Energy Usage 1950-Present" />
Note that energy consumption was down in 2020 due to the Covid pandemic. In 2019 the U.S. consumed 100.2 quads of energy before dipping to 92.8 quads in 2020.
Coal Consumption Over Time
In the 1950s coal accounted for around 40% of the energy consumption in the U.S. Over time the U.S. opted to meet less of its energy needs from coal. More specifically, there was a deacceleration in coal usage during the Obama administration starting in 2008. In 2022, coal accounted for just 10% of the total energy consumption.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Coal_Consumption_Over_Time.jpg" width="1558" height="1100" alt="U.S. Coal Consumption Over Time" />
Natural Gas Consumption Over Time
Natural gas consumption has nearly doubled since 1950, when it represented about 17% (5.97 quads) of total U.S. energy consumption. In 2022, consumption was about 33% (33.41 quads) of total U.S. energy consumption.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Natural_Gas_Consumption_Over_Time.jpg" width="1558" height="1100" alt="U.S. Natural Gas Consumption Over Time" />
Petroleum Consumption Over Time
In 1977, petroleum made up 48% of all the energy used. Today, petroleum makes up only 36% of the energy used in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Petroleum_Consumption_Over_Time.jpg" width="1558" height="1100" alt="U.S. Petroleum Consumption Over Time" />
Nuclear Energy Consumption Over Time
Nuclear energy came onto the scene in the 1960s and has become a significant contributor of energy in the U.S. Today nuclear energy accounts for around 8% of the energy in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Nuclear_Consumption_Over_Time.jpg" width="1558" height="1100" alt="U.S. Nuclear Energy Consumption Over Time" />
Renewable Energy Consumption Over Time
Over the past 20 years (2002-2022), renewable energy production has seen a 2.3x increase, rising from 5.7 quads to 13.4 quads. Still, only 13% of U.S. energy consumption in 2022 came from renewable sources.
<img src="https://assets.site-static.com/userfiles/1102/image/energy_consumption_stats/U.S._Renewables_Consumption_Over_Time.jpg" width="1558" height="1100" alt="U.S. Renewable Energy Consumption Over Time" />
Conclusion
The U.S. has seen a massive increase in energy consumption, reaching 100.41 quads in 2022 from just 34.6 quads in 1950. Petroleum and natural gas are the top energy sources.
Homes use 11.8% of the total energy supply, mainly for heating and cooling. Residential electricity use has surged from 0.1 trillion kWh in 1950 to 1.5 trillion kWh in 2022. Time will tell to see how the U.S. will continue to meet its growing energy needs.
Sources
<a href="https://www.eia.gov/energyexplained/us-energy-facts/" title="U.S. Energy Information Administration" target="_blank">U.S. Energy Information Administration</a> (Energy Stats)
<a href="https://www.pewresearch.org/short-reads/2020/01/15/renewable-energy-is-growing-fast-in-the-u-s-but-fossil-fuels-still-dominate/" title="Pew Research Center" target="_blank">Pew Research Center</a>
<a href="https://www.eia.gov/energyexplained/electricity/use-of-electricity.php" title="U.S. Energy Information Administration" target="_blank">U.S. Energy Information Administration</a> (Electricity Consumption)
<a href="https://yearbook.enerdata.net/total-energy/world-consumption-statistics.html" title="Enerdata" target="_blank">Enerdata</a>
<a href="https://www.cia.gov/the-world-factbook/field/energy-consumption-per-capita/country-comparison/" title="Central Intelligence Agency" target="_blank">Central Intelligence Agency</a>2023-09-06T16:30:00-07:002024-01-09T15:35:58-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29934Largest Real Estate Companies in the United States (2024)<img src="https://assets.site-static.com/userfiles/1102/image/largest_real_estate_company/Largest_Real_Estate_Companies.jpg" width="1558" height="900" alt="Largest Real Estate Companies" />
In this article, we will look at the largest real estate companies in the U.S. as measured by transaction volume, transaction sides, and number of agents. You may also be interested in the most visited real estate <a href="https://www.rubyhome.com/blog/most-visited-real-estate-websites/" title="websites">websites</a>. This post in primarily concerned with top-line financial information, including:
<a href="https://www.rubyhome.com/#brokerages-volume">Largest Residential Brokerages by Transaction Volume</a>
<a href="https://www.rubyhome.com/#brokerages-sides">Largest Residential Brokerages by Transaction Sides</a>
<a href="https://www.rubyhome.com/#brokerages-agents">Largest Residential Brokerages by Number of Agents</a>
<a href="https://www.rubyhome.com/#franchise-brands">Largest Franchise Brands by Transaction Volume</a>
Key Real Estate Company Stats
The largest residential real estate brokerage in the U.S. is Compass which had a total transaction volume of $228 billion in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/largest_real_estate_company/Compass_ranks_1_in_transaction_volume_at_228B.jpg" width="1558" height="623" alt="Compass ranks #1 in transaction volume at $228B" />
eXp Realty is the brokerage with the most agents (74,041).
eXp Realty is the brokerage by transaction sides (397,138) in the U.S.
Keller Williams Realty is the largest franchise brand in real estate, with a total transaction volume of $440 billion in 2022.
Largest Residential Brokerages by Transaction Volume
In 2022, only 4 brokerages had transaction volumes above $100 billion. These brokerages included <a href="https://www.rubyhome.com/blog/compass-stats/" title="Compass">Compass</a> ($278 billion), <a href="https://www.rubyhome.com/blog/anywhere-real-estate-stats/" title="Anywhere">Anywhere</a> ($218 billion), HomeServices of America ($166 billion), and <a href="https://www.rubyhome.com/blog/exp-stats/" title="eXp Realty">eXp Realty</a> ($159 billion).
Here is a full chart of the top 10 largest residential brokerages in the U.S. by transaction volume in 2022.
<img src="https://assets.site-static.com/userfiles/1102/image/largest_real_estate_company/Real_Estate_Brokerage_Rank_by_Transaction_Volume.jpg" width="1558" height="1100" alt="Real Estate Brokerage Rank by Transaction Volume" />
Largest Residential Brokerages by Transaction Sides
eXp Realty is the single brokerage with the most transaction sides in the U.S. It had 397,138 transaction sides in 2022.
Here is a breakdown of the top 10 largest residential brokerages by transaction sides.
<img src="https://assets.site-static.com/userfiles/1102/image/largest_real_estate_company/Real_Estate_Brokerage_Rank_by_Transaction_Sides.jpg" width="1558" height="1100" alt="Real Estate Brokerage Rank by Transaction Sides" />
The top franchise brands that operate multiple brokerages had even more transaction sides. Keller Williams Realty had slightly over 1 million transaction sides in 2022. RE/MAX came in second with 781,000 transaction sides.
Largest Residential Brokerages by Number of Agents
eXp Realty (74,041), Anywhere Advisors (59,800), and HomeServices of America (44,560) are the three largest single brokerages in the U.S. by number of agents.
Here is a full breakdown of the 10 largest residential brokerages by number of agents.
<img src="https://assets.site-static.com/userfiles/1102/image/largest_real_estate_company/Real_Estate_Brokerage_Rank_by_Agent_Count.jpg" width="1558" height="1100" alt="Real Estate Brokerage Rank by Agent Count" />
Where would franchise brands stack up against the brokerages on this list? Both Keller Williams (169,266) and Coldwell Banker (94,863) would come out ahead over eXp, the largest single brokerage.
RE/MAX was the third largest franchise brand in terms of number of agents with 58,719. This means RE/MAX would be the fifth largest on an aggregated list of both franchise brands and single brokerages.
Largest Franchise Brands by Transaction Volume
Franchise brands play a big role in real estate in the U.S. While the brands above such as Compass, Anywhere Advisors, and eXp operate as single brokerages, franchise brands have multiple brokerages that all operate under the same brand.
As an interesting side note, Anywhere operates both its own brokerage called Anywhere Advisors and has franchise brands which it calls Anywhere Brands. Several of Anywhere’s Brands are among the top 10 franchise brands in the U.S. including Coldwell Banker, Sotheby’s International, and Century 21.
Here is a complete list of the top 10 largest franchise brands in the U.S. by 2022 transaction volume.
<img src="https://assets.site-static.com/userfiles/1102/image/largest_real_estate_company/Real_Estate_Franchise_Rank_by_Transaction_Volume.jpg" width="1558" height="1100" alt="Real Estate Franchise Rank by Transaction Volume" />
Keller Williams is the franchise brand with the highest transaction volume in the U.S. with $440 billion in 2022. Only the top six franchise brands had more than $100 billion in transaction volume in 2022. Of the top six franchise brands, three are Anywhere Brands.
There are two Keller Williams brokerages among the top 25 largest brokerages in the U.S. in terms of transaction volume. These include Keller Williams Go Network Offices (17th largest) and Keller Williams Pinnacle Partners Group (24th largest).
Coldwell Banker Sea Coast Advantage was the largest Coldwell Banker brokerage and 32nd largest overall brokerage in the U.S. ($7 billion in transaction volume).
RE/MAX Gold was RE/MAX’s largest brokerage and was ranked 13th largest among all brokerages ($18 billion in transaction volume).
Conclusion
In conclusion, the U.S. real estate industry has many major players who have demonstrated their dominance through impressive figures whether as single brokerages or as franchise brands.
Compass leads residential brokerages in terms of transaction volume, eXp Realty leads the way in terms of agent count and transactions, and Keller Williams Realty boasts franchise supremacy in all categories.
Anywhere has an impressive portfolio of franchise brands, as well as a top-performing brokerage called Anywhere Advisors.
These companies, among others, showcase the diverse and competitive landscape of real estate in the U.S.
Sources
<a href="https://www.realtrends.com/500-by-volume/" title="Real Trends" target="_blank">Real Trends</a>
<a href="https://realestate.usnews.com/real-estate/agents/top-real-estate-companies/usa" title="US News & World Report" target="_blank" rel="nofollow">U.S. News & World Report</a>
<a href="https://www.realestatealmanac.com/" title="Real Estate Almanac" target="_blank">Real Estate Almanac</a>2023-08-31T15:45:00-07:002024-03-13T06:25:02-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29693Homeownership Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/home_ownership_statistics/Homeownership_Statistics.jpg" width="1558" height="900" alt="Homeownership Statistics" />
Dive into another installment of RubyHome's <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate stats">real estate stats</a> series about homeownership in the United States. Here you will find out just how common homeownership is, who is most likely to own their homes, and put the numbers into a historical context. Here is an overview of the topics we cover:
<a href="https://www.rubyhome.com/#home-ownership-percentage">What Percentage of People Own Their Homes?</a>
<a href="https://www.rubyhome.com/#home-ownership-by-state">Homeownership Rates by State</a>
<a href="https://www.rubyhome.com/#home-ownership-by-year">Homeownership Rates by Year</a>
<a href="https://www.rubyhome.com/#home-ownership-demographics">Homeownership Demographics</a>
Key Homeownership Stats
According to the U.S. Census Bureau, 65.9% of American homes are owned by their occupants.
<img src="https://assets.site-static.com/userfiles/1102/image/home_ownership_statistics/The_U.S._homeownership_rate_is_65.9.jpg" width="1558" height="623" alt="The U.S. homeownership rate is 65.9%" />
New York (54.3%), <a href="https://www.rubyhome.com/california/" title="California">California</a> (55.3%), and Hawaii (61.3%) have the three lowest rates of homeownership among states.
Homeownership rates are higher with older Americans. 79.1% of those over the age of 65 are homeowners, nearly double the ownership rate for those under 35.
Over the past 58 years, the homeownership rate in the U.S. has stayed between 63%-69%.
What Percentage of People Own Their Homes?
As of Q4 2022, 65.9% of American households own the home in which they live.
<img src="https://assets.site-static.com/userfiles/1102/image/home_ownership_statistics/U.S._Homeownership_Percentage.jpg" width="1558" height="1100" alt="U.S. Homeownership Percentage" />
Compared to international homeownership rates, the U.S. falls in the middle. Around the globe, homeownership rates between 60%-90% are quite common.
Laos (95.9%) and Romania (95.3%) have some of the highest homeownership rates in the world.
Hong Kong (22.1%), Nigeria (25%), and the United Arab Emirates (28%) have among the lowest homeownership rates in the world.
What's more, American homeowners, live in their homes <a href="https://www.rubyhome.com/blog/average-length-homeownership/" title="13.2 years on average">13.2 years on average</a>.
Homeownership Rates by State
New York (53.6%), California (54.6%), & Hawaii (58.3%) are the three states with the lowest rates of homeownership. Historically, these are three most expensive states, in terms of <a href="https://www.rubyhome.com/blog/average-home-prices/" title="average home prices">average home prices</a>, in the U.S.
Here is a full table of homeownership rates by state:
StateHomeownership Rate
Alabama
74.0%
Alaska
63.5%
Arizona
70.7%
Arkansas
64.1%
California
55.3%
Colorado
70.2%
Connecticut
66.8%
Delaware
79.1%
District of Columbia
43.9%
Florida
68.0%
Georgia
64.9%
Hawaii
61.3%
Idaho
70.9%
Illinois
67.9
Indiana
73.9%
Iowa
74.8%
Kansas
69.1%
Kentucky
67.8%
Louisiana
65.8%
Maine
78.8%
Maryland
70.9%
Massachusetts
61.9%
Michigan
74.0%
Minnesota
73.8%
Mississippi
75.3%
Missouri
67.7%
Montana
68.6%
Nebraska
69.7%
Nevada
60.4%
New Hampshire
73.4%
New Jersey
63.0%
New Mexico
67.8%
New York
54.3%
North Carolina
69.3%
North Dakota
63.4%
Ohio
67.3%
Oklahoma
67.0%
Oregon
63.7%
Pennsylvania
69.6%
Rhode Island
65.1%
South Carolina
73.5%
South Dakota
69.5%
Tennessee
67.4%
Texas
63.3%
Utah
71.4%
Vermont
75.3%
Virginia
69.9%
Washington
66.1%
West Virginia
74.7%
Wisconsin
68.7%
Wyoming
75.5%
The region of the U.S. with the most homeowners is the Midwest (70.1%).
In the South, the homeownership rate is 67.3%.
People are less likely to own their homes in the West (61.4%) and the Northeast (62.5%).
Homeownership Rates by Year
Since 1965, the homeownership rate reached its historical high point in 2006 (68.8%). The homeownership rate in the U.S., from 1965 to today, has stayed between 63%-69%.
Here’s a chart showing the average homeownership rate each year since 1965.
<img src="https://assets.site-static.com/userfiles/1102/image/home_ownership_statistics/U.S._Homeownership_Rate_by_Year.jpg" width="1558" height="1100" alt="U.S. Homeownership Rate by Year" />
Homeownership Demographics
Age, ethnicity, and gender are all demographic factors with different rates of homeownership. Income is another factor covered in our report about the <a href="https://www.rubyhome.com/blog/salary-to-buy-a-house/" title="salary needed to buy a home">salary needed to buy a home</a> in each state to buy a home..
Homeownership Rates by Age
People are much more likely to own their homes as they age. For instance, people 65 and older and almost 2X as likely to own their homes as someone under the age of 35. Here’s a homeownership breakdown by age group.
<img src="https://assets.site-static.com/userfiles/1102/image/home_ownership_statistics/U.S._Homeownership_Rate_by_Age.jpg" width="1558" height="1100" alt="U.S. Homeownership Rate by Age" />
Homeownership Rates by Ethnicity
Non-Hispanic White households typically own their homes 74.4% of the time. Here’s a full breakdown of homeownership rates by ethnicity.
<img src="https://assets.site-static.com/userfiles/1102/image/home_ownership_statistics/U.S._Homeownership_Rate_by_Ethnicity.jpg" width="1558" height="1100" alt="U.S. Homeownership Rate by Ethnicity" />
Homeownership Rates by Gender
As of 2021, 40% of never-married males own their homes. This is 6% higher than never-married females who own their homes 34% of the time.
In the case of divorced men and women, the numbers are close. Divorced men are likely to own their homes 63% of the time versus 62% for women.
Conclusion
Approximately 65.9% of American households have embraced property ownership, signifying its significance in achieving stability and the 'American Dream.'
Regional disparities are evident, with New York, California, and Hawaii have the lowest ownership rates at due to higher home pricse and higher costs of living.
Since 1965, the national homeownership rate bounced between 63% and 69%, underscoring the enduring appeal of property ownership amid evolving economic landscapes.
Sources
<a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" title="U.S. Census Bureau" target="_blank">U.S. Census Bureau</a>
<a href="https://www.urban.org/urban-wire/unmasking-real-gender-homeownership-gap" title="Urban Institute" target="_blank">Urban Institute</a>
<a href="https://fred.stlouisfed.org/series/RHORUSQ156N" title="Federal Reserve Bank of St. Louis" target="_blank">Federal Reserve Bank of St. Louis</a>2023-08-23T13:30:00-07:002024-01-09T15:36:47-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29670Average Home Prices (2024)<img src="https://assets.site-static.com/userfiles/1102/image/average_home_price/Average_Home_Prices_in_the_United_States.jpg" width="1558" height="900" alt="Average Home Price in the United States" />
This article continues RubyHome's in-depth exploration of <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate facts">real estate facts</a>. In this installment, we shed light on the average home prices across the nation and how they have evolved over time. Here’s a quick look at the topics we will cover in more depth.
<a href="https://www.rubyhome.com/#home-prices-us-average">What Is the Average Home Price in the U.S.?</a>
<a href="https://www.rubyhome.com/#home-prices-by-state">Average Home Prices by State</a>
<a href="https://www.rubyhome.com/#home-prices-over-time">Average Home Prices Over Time</a>
<a href="https://www.rubyhome.com/#home-prices-affordability">How Affordable Are Homes?</a>
Key Home Price Statistics
The median home price in the United States is $422,550 in 2023.
<img src="https://assets.site-static.com/userfiles/1102/image/average_home_price/422550_is_the_average_U.S._home_price_in_2023.jpg" width="1558" height="623" alt="$422,550 is the average U.S. home price in 2023" />
Hawaii ($966,572) and <a href="https://www.rubyhome.com/california/" title="California">California</a> ($762,981) have the highest median home prices in the nation.
Since 1963, home prices have seen a 23x increase; or roughly 10.4% on average per year.
As of 2023, a family would need to earn $104,016 to afford a median-priced home in the U.S.
What Is the Average Home Price in the U.S.?
Here are some key stats about the average home prices in the United States.
According to the U.S. Census Bureau, the median home price in the U.S. in 2023 is $422,550.
The mean price in the U.S. is slightly higher at $499,450 due to luxury properties boosting the average.
The median listing price per square foot is $224.
In July 2018, the median price per square foot was $144, indicating a 56% increase in value over the past 5 years.
The median home size in the U.S. is 2,014 sq. ft.
Average Home Prices by State
Hawaii ($966,572) and California ($762,981) have the highest median home prices in the nation. West Virginia ($155,687) and Mississippi ($171,998) are the two least expensive states.
In terms of regional differences, coastal states tend to have higher median home prices, whereas midwestern states typically have lower home prices. Here’s a full list of median home prices by state in 2023, ranked from top to bottom.
StateMedian Home Price
Hawaii
$966,572
California
$762,981
District of Columbia
$728,227
Massachusetts
$608,542
Washington
$593,406
Colorado
$555,300
Utah
$522,488
Oregon
$506,627
New Jersey
$500,717
New Hampshire
$467,775
Montana
$447,845
Idaho
$443,638
Rhode Island
$442,945
Nevada
$431,413
Arizona
$429,910
New York
$421,274
Maryland
$416,643
Florida
$406,896
Connecticut
$401,285
Vermont
$383,882
Maine
$380,374
Virginia
$376,931
Delaware
$367,443
Alaska
$364,964
Wyoming
$337,102
Minnesota
$336,279
North Carolina
$321,447
Georgia
$320,437
Tennessee
$310,782
Texas
$305,497
South Dakota
$296,811
New Mexico
$293,766
South Carolina
$289,791
Wisconsin
$288,596
Pennsylvania
$256,842
North Dakota
$255,551
Nebraska
$255,447
Illinois
$254,128
Missouri
$239,743
Michigan
$233,019
Indiana
$232,390
Ohio
$220,542
Alabama
$220,419
Kansas
$216,131
Iowa
$215,458
Kentucky
$201,033
Louisiana
$200,947
Oklahoma
$200,203
Arkansas
$199,284
Mississippi
$171,998
West Virginia
$155,687
Average Home Prices Over Time
Over the past 60 years, home prices have risen drastically. If one was buying a home in 1963, one could expect to pay $18,050.
Over the past 60 years, home prices have risen faster than inflation. The average inflation rate over the past 60 years is 3.98% annualy compared to the average increase of 10.4% per year in median home prices.
The following chart shows the rise in median home prices in the U.S. from 1963 to 2023.
<img src="https://assets.site-static.com/userfiles/1102/image/average_home_price/U.S._Median_Home_Price_1963-2023.jpg" width="1558" height="1100" alt="U.S. Median Home Price 1963-2023" />
How Affordable Are Homes?
The affordability index established by the National Association of Realtors (NAR) gauges whether a standard family could meet the criteria for obtaining a mortgage loan on an average home.
A score of 100 means a family earning the median income has just enough money to afford a median-priced home. A score above 100 means the average family has more than enough <a href="https://www.rubyhome.com/blog/salary-to-buy-a-house/" title="income needed to afford a median-priced home">income needed to afford a median-priced home</a>. If the score is below 100, that means that average families would not be able to qualify for loans for median-priced homes.
In the past few years, homes have become much less affordable.
For example, in 2020 mortgage rates were around 3.17% and the median home price was around $300,200. To afford a median-priced home, a family would only need to earn $49,680. Most average families could afford homes, so the home affordability index was 169.9.
Fast forward to June 2023 and the median home price is $416,000 with mortgage rates hovering near 7%. For a family to afford a median-priced home now, they would need to earn $104,016 which is more than the actual median family income of $91,319. This results in an affordability index score of 87.8, signifying that homes are much less affordable now than they were 3 years ago.
<img src="https://assets.site-static.com/userfiles/1102/image/average_home_price/NAR_Home_Affordability_Index.jpg" width="1558" height="1100" alt="NAR Home Affordability Index" />
Regionally, it’s still reasonable for median-income families in the Midwest to purchase a median-priced home. The Midwest had a home affordability index score of 113.7 as of June 2023. The West was the least affordable with a score of 64.1.
Conclusion
Looking back over the years, the journey of home prices since 1963 has been remarkable, with a significant 23-fold increase, indicating an average annual growth rate of around 10.4%.
Turning our attention to affordability, the landscape has shifted significantly in recent years. In 2023, aspiring <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a> must earn $104,016 annually to comfortably afford a median-priced home.
One thing is certain - the housing market is always influx and there are natural ebbs and flows over time.
Sources
<a href="https://www.census.gov/" title="U.S. Census Bureau" target="_blank">U.S. Census Bureau</a>
<a href="https://www.fool.com/the-ascent/research/average-house-price-state/" title="The Ascent" target="_blank" rel="nofollow">The Ascent</a>
<a href="https://fred.stlouisfed.org/series/MEDLISPRIPERSQUFEEUS" title="Federal Reserve Bank of St. Louis" target="_blank">Federal Reserve Bank of St. Louis</a>
<a href="https://www.nar.realtor/research-and-statistics/housing-statistics/housing-affordability-index" title="National Association of Realtors" target="_blank">National Association of Realtors</a>
<a href="https://www.worlddata.info/america/usa/inflation-rates.php" title="World Data" target="_blank">World Data</a>2023-08-22T13:30:00-07:002024-01-09T15:37:01-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29659Property Management Industry Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/property_management_statistics/Property_Management_Statistics.jpg" width="1558" height="900" alt="Property Management Statistics" />
The property management industry involves the management, operation, and oversight of various types of real estate properties on behalf of property owners. In this article, we’ll take a look at some key statistics from the property management industry, another installment of our <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics series">real estate statistics series</a>.
We'll cover the following topics in detail:
<a href="https://www.rubyhome.com/#property-management">How Big is The Property Management Industry in The U.S.?</a>
<a href="https://www.rubyhome.com/#property-management- companies">What Are the Largest Property Management Companies?</a>
<a href="https://www.rubyhome.com/#property-management-costs">How Much Do Property Management Companies Charge?</a>
<a href="https://www.rubyhome.com/#property-management-clients">How Many Owners Use Property Managers?</a>
<a href="https://www.rubyhome.com/#property-management-services">What Are the Most Common Property Management Services?</a>
Property Management Key Stats
The property management industry in the U.S. generates $99.5 billion in annual revenue.
<img src="https://assets.site-static.com/userfiles/1102/image/property_management_statistics/Property_Management_is_a_100B_Industry.jpg" width="1558" height="623" alt="Property Management is a 100B Industry" />
There are an estimated 326,000 property management companies in the U.S.
A little over 10 million people own at least one rental property in the U.S. with 51% of these people opting to have a property manager.
Property management companies typically charge between 8%-12% of the monthly rent cost.
How Big is The Property Management Industry in The U.S.?
Generating roughly $100 billion in annual revenue each year, the property management industry in the U.S. is quite substantial.
On average, the industry grows by 2.1% per year. However, due to rising interest rates and a continuous reduction in new projects, the industry saw a slight decline in 2022 and is expected to shrink by another 0.4% in 2023.
Here are some stats to give insight into just how big property management is in the U.S.
There are an estimated 326,000 property management companies in the U.S.
<a href="https://www.rubyhome.com/california/" title="California">California</a> has 54,173 property management companies, the most for any state.
There are nearly 20 million rental properties with 48.2 million units in the U.S.
51% of rental property owners typically have a property manager.
Most U.S. landlords are individual investors who own between 1-4 units.
Approximately 10.3 million tax filers reported owning a rental property in 2018. This was 6.7% of all filers.
What Are the Largest Property Management Companies?
The following chart shows a list of some of the largest property management companies in the U.S. by number of properties managed.
<img src="https://assets.site-static.com/userfiles/1102/image/property_management_statistics/Largest_Property_Management_Companies.jpg" width="1558" height="1100" alt="Largest Property Management Companies" />
The largest company on the list, Greystar Real Estate Partners had revenue of $11.6 billion in 2022.
For information on property management companies for short-term rentals, check out our <a href="https://www.rubyhome.com/blog/vacation-rental-stats/" title="vacation rental statistics">vacation rental statistics</a> article.
There are also several software companies in the property management space including Building Engine, Tenant Cloud, DoorLoop, and Hemlane, Inc. All of these companies had revenue between $3-$30 million in 2022.
How Much Do Property Management Companies Charge?
Property management companies typically charge in one of two ways. Either there is a flat fee, or fees are based on a percentage of rent collected.
On a percentage basis, fees anywhere between 8%-12% are common. For example, if the rent on a property is $1,500, then one can expect to pay roughly $150 per month for the property to be managed by a company.
Flat fees will vary depending on many factors such as services offered, location, size, and more, but will generally be in the same ballpark as what one would expect to pay on a percentage basis.
Sometimes property management companies will charge additional fees for marketing and finding tenants if a unit is vacant, for <a href="https://www.rubyhome.com/blog/landscaping-stats/" title="landscaping">landscaping</a>, maintenance and repair costs, special projects, and more. We will cover common property management services in more detail below.
How Much Do Property Managers Make?
Property managers in the U.S. typically earn between $40,000-$80,000 with a median salary of $51,000 annually. Property type, level of education, location, and experience can all play a role in how much one can expect to make as a property manager.
How Many Owners Use Property Managers?
According to a Business Wire survey, 51% of rental property owners typically have a property manager.
<img src="https://assets.site-static.com/userfiles/1102/image/property_management_statistics/Percentage_of_Rental_Units_Managed_Professionally.jpg" width="1558" height="1100" alt="Percentage of Rental Units Managed Professionally" />
In general, the more units a landlord owns, the more likely they are to use a professional property manager. For example, owners of commercial-sized apartment buildings are more likely to have a property manager than an individual investor who owns 1 or 2 units.
What Are the Most Common Property Management Services?
Property management companies offer a range of services designed to assist property owners in effectively managing their real estate investments. The specific services offered can vary from company to company, but here are some of the most common property management services:
Tenant Screening and Placement: This involves advertising the property for rent, conducting background checks on potential tenants, and handling the leasing process, including drafting, and signing leases.
Rent Collection: Property managers handle the collection of rent from tenants, ensuring that payments are made on time and following up on any late payments.
Maintenance and Repairs: Property management companies coordinate and oversee maintenance and repairs for the property. This includes regular upkeep, responding to tenant maintenance requests, and arranging for repairs when necessary.
Property Inspections: Regular property inspections are conducted to assess the condition of the property, identify any maintenance, or repair needs, and ensure that tenants are complying with the terms of the lease.
Handling Tenant Issues: Property managers act as intermediaries between property owners and tenants, addressing any concerns, issues, or disputes that may arise during the lease term.
Accounting and Financial Reporting: Property management companies provide detailed financial statements to property owners, showing income and expenses related to the property. This includes rent collected, maintenance costs, and any other relevant financial information.
Marketing and Advertising: When a property is vacant, property managers market and advertise it to attract potential tenants. This includes creating listings, taking photos, and promoting the property through various channels.
Legal Compliance: Property managers are responsible for ensuring that the property complies with local and state regulations. This includes handling necessary permits, adhering to property safety codes, and staying updated on relevant laws.
Eviction Services: In unfortunate situations where eviction becomes necessary, property management companies can guide the legal process and handle the eviction of non-compliant tenants.
Lease Renewals and Rent Adjustments: Property managers can negotiate lease renewals and adjustments to rental rates, considering market conditions and the property owner's preferences.
Emergency Response: Property management companies often provide emergency contact services for tenants, responding to urgent maintenance issues or other emergencies.
Vendor Management: Property managers coordinate with contractors, vendors, and service providers for maintenance, repairs, and other property-related services.
Property Marketing and Analysis: Some property management companies provide insights and advice on property marketing strategies and rental rate optimization based on market trends and data.
Note that the scope of services can vary based on the property management company and the specific needs of the property owner. When considering hiring a property management company, it's advisable to discuss the services they offer and ensure that they align with your goals and expectations.
Conclusion
In summary, the U.S. property management sector thrives with $99.5 billion in yearly revenue, 326,000 active companies, and a significant presence among 10 million property owners.
With 51% of owners choosing property management services, costs typically range from 8%-12% of monthly rent, underlining the industry's substantial impact and appeal.
Sources
<a href="https://www.strategicmarketresearch.com/blogs/property-management-industry-statistics" title="Strategic Market Research" target="_blank">Strategic Market Research</a>
<a href="https://www.acumatica.com/blog/erp-property-management/" title="Acumatica" target="_blank">Acumatica</a>
<a href="https://www.doorloop.com/blog/largest-property-management-companies-2022" title="Doorloop" target="_blank">Doorloop</a>
<a href="https://www.ibisworld.com/industry-statistics/number-of-businesses/property-management-united-states/" title="IBIS World" target="_blank">IBIS World</a>
<a href="https://www.businesswire.com/news/home/20160524005289/en/Survey-Finds-Majority-of-Rental-Property-Owners-Use-a-Property-Manager-With-Rates-Expected-to-Rise-in-2016" title="Business Wire" target="_blank">Business Wire</a>
<a href="https://www.pewresearch.org/short-reads/2021/08/02/as-national-eviction-ban-expires-a-look-at-who-rents-and-who-owns-in-the-u-s/" title="Pew Research Center" target="_blank">Pew Research Center</a>2023-08-21T12:03:57-07:002024-01-09T15:37:16-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29652Vacation Rental Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/vacation_rental_statistics/Vacation_Rental_Statistics.jpg" width="1558" height="900" alt="Vacation Rental Statistics" />
Vacation rentals are like a home away from home, giving travelers a taste of living like a local while away. In this article, we'll take a closer look at the vacation rental industry in the United States, part of our <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate stats">real estate stats</a> series. We'll dive into market size, the major companies, what travelers like, and how much rentals cost.
<a href="https://www.rubyhome.com/#vacation-rental-market">How Big Is the Vacation Rental Market in The U.S.?</a>
<a href="https://www.rubyhome.com/#vacation-rental-companies">What Are the Largest Vacation Rental Companies?</a>
<a href="https://www.rubyhome.com/#vacation-rental-customers">How Many People Stay in Vacation Rentals?</a>
<a href="https://www.rubyhome.com/#vacation-rental-prices">Average Vacation Rental Prices</a>
<a href="https://www.rubyhome.com/#vacation-rental-pros-cons">Pros & Cons of Staying in a Vacation Rental</a>
Key Vacation Rental Stats
The estimated U.S. vacation rental market size was $15 billion in 2021.
<img src="https://assets.site-static.com/userfiles/1102/image/vacation_rental_statistics/The_US_vacation_rental_market_is_worth_15_billion.jpg" width="1558" height="623" alt="The US vacation rental market is worth $15 billion" />
There are an estimated 1.3 million vacation rentals in the U.S.
<a href="https://www.rubyhome.com/blog/airbnb-stats/" title="Airbnb">Airbnb</a> (7 million) and Booking.com (6.6 million) boast the largest numbers of vacation rental listings.
60 million people stayed in a vacation rental in the U.S. in 2022.
The average daily rate for a short-term rental in the U.S. was $259 in 2021.
How Big Is the Vacation Rental Market in The U.S.?
Grand View Research estimates the U.S. vacation rental market was $15 billion in 2021.
Over the next several years, the U.S. vacation rental market is expected to grow at a rate of 3.9% per year.
The U.S. currently accounts for around 20% of the global vacation rental market.
Europe has the largest share of the global vacation rental market, capturing nearly 35%.
According to AirDNA, there are an estimated 1.3 million vacation rentals in the U.S.
During the COVID-19 pandemic, the U.S. travel industry experienced a staggering $500 billion loss on travel spending starting in 2020. However, as of 2023, the vacation rental market has returned to normal, pre-pandemic levels.
What Are the Largest Vacation Rental Companies?
The vacation rental industry is divided between and online listing platforms and vacation rental management companies.
Largest Vacation Rental Listing Platforms
Vacation rental sites attract millions of visitors every day and act as the primary way that guests find where they want to stay. Here’s a breakdown of the largest online vacation listing platforms by number of vacation rental listings:
<img src="https://assets.site-static.com/userfiles/1102/image/vacation_rental_statistics/Largest_Vacation_Rental_Platforms.jpg" width="1558" height="1100" alt="Largest Vacation Rental Platforms" />
Airbnb offers over 7 million listings to guests in over 100,000 cities around the world.
Booking.com offers 28.2 million listings, 6.6 million of which are homes or apartments for short-term rentals.
Expedia is an online travel agency offering an array of services like flight booking, car rentals, and more. They offer around 3 million vacation rental listings, 2 million of which are alternative accommodations, and nearly 900,000 hotels.
Vrbo offers over 2 million listings. It recently merged with HomeAway and is part of the Expedia Group.
TripAdvisor is travel website broadly covering information about hotels, restaurants, and local things to do while on vacation. It offers nearly 1 million short-term rental listings.
Largest Vacation Rental Management Companies
Vacation rental management companies handle the logistics for owners to rent their properties. From cleaning, <a href="https://www.rubyhome.com/blog/property-management-stats/" title="property management">property management</a>, contact with guests, handling check-ins and check-outs, keeping things stocked, marketing, and sales, these companies manage all of the day-to-day tasks associated with running a vacation rental.
The following table shows some of the largest vacation rental management companies in the U.S. and the approximate number of properties they have under management in 2023:
CompanyProperties Managed
Vacasa
35,000
Evolve
19,000
VTrips
7,000
Casago
4,000
Brett/Robinson
1,700
Meyer Vacation Rentals
1,000
Estimates put the number of vacation rental management companies in the U.S. at 25,000.
90% of U.S. vacation rental companies are considered small or medium-sized businesses.
How Many People Stay in Vacation Rentals?
The following stats give insight into the number of people who stay in vacation rentals in around the world:
60 million people stayed in a vacation rental in the U.S. in 2022.
In the same year, there were a total of 138 million nights booked in vacation rental listings in the U.S.
Approximately 700 million travelers used vacation rentals around the world in 2022.
394 million nights and experiences were booked on Airbnb globally in 2022.
On average, people stay in an Airbnb booking for 4 nights.
Average Vacation Rental Prices
Vacation rental prices vary based on the location, property size, amenities, time of year, and local demand. In this section, we’ll give you a rough idea by looking at what vacation rentals cost based on region and size.
Vacation Rental Prices By Region
Vacation rentals are the most expensive in North America, averaging $208 per night in 2021. This was a little over 50% of the global average which was $137 per night. Here’s a breakdown of average daily prices by region:
<img src="https://assets.site-static.com/userfiles/1102/image/vacation_rental_statistics/Vacation_Rental_Prices_by_Region.jpg" width="1558" height="1100" alt="Vacation Rental Prices by Region" />
Rates are considerably higher in large metro areas like <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a> and <a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a>.
According to AirDNA, the average daily rate for a short-term rental in the U.S. was $259 in 2021.
AirDNA forecasted that the average daily rate would increase to $278 by 2023.
Vacation Rental Prices by Room Count
Typically, the larger a vacation rental is, the more expensive it is. Here’s a breakdown of average costs per night by the number of rooms:
<img src="https://assets.site-static.com/userfiles/1102/image/vacation_rental_statistics/Vacation_Rental_Prices_by_Room_Count.jpg" width="1558" height="1100" alt="Vacation Rental Prices by Room Count" />
Pros & Cons of Staying in a Vacation Rental
Staying in a vacation rental has its own set of advantages and disadvantages compared to traditional accommodations like hotels. The suitability of a vacation rental depends on individual preferences and needs.
Pros of Staying in A Vacation Rental
Space and Privacy: Vacation rentals generally offer more space than hotel rooms, often including separate living and sleeping areas. This can be particularly beneficial for families, groups, or couples seeking privacy.
Home-like Amenities: Vacation rentals come equipped with amenities such as a kitchen, laundry facilities, and sometimes even a backyard or patio. These amenities can enhance comfort and convenience, especially for longer stays.
Local Experience: Staying in a vacation rental allows you to immerse yourself in the local community and experience the destination like a local. You can shop at local markets, cook your own meals, and engage with neighbors, giving you a more authentic experience.
Cost-Effectiveness for Groups: For larger groups or families, vacation rentals can be more cost-effective than booking multiple hotel rooms. Splitting the cost of a rental property can lead to significant savings.
Flexibility: Vacation rentals often offer more flexibility in terms of check-in and check-out times, and they can accommodate special requests more easily.
Cons of Staying in A Vacation Rental
Limited Services: Unlike hotels, vacation rentals don’t provide services like daily housekeeping, room service, or concierge assistance. This means you'll need to take care of cleaning and maintenance yourself.
Varied Quality: The quality of vacation rentals can vary widely, as they are individually owned and managed. Reviews and ratings can help, but there's still a degree of uncertainty about the actual condition of the property one rents.
Hidden Costs: While the initial rental cost might seem reasonable, additional fees such as cleaning fees, booking fees, and security deposits can add up and make the total cost higher than expected.
Less Consistency: Hotel chains typically maintain a certain level of consistency in terms of amenities, services, and cleanliness. With vacation rentals, experiences differ from one property to another.
Isolation: Depending on the location of the vacation rental, you might feel more isolated from the tourist scene or attractions, unlike staying in a hotel that it centrally located.
Limited Amenities: While many vacation rentals offer amenities like kitchens, some may lack certain hotel amenities such as on-site restaurants, pools, gyms, or spa facilities.
Conclusion
With roughly 60 million Americans staying in vacation rentals in 2022, these accommodations are increasingly popular and allow travelers to ‘live like a local’ wherever they go.
With a whopping $15 billion market value in 2021 and over 1.3 million rentals available, consumers have many options from which to choose.
This style of travel weaves together comfort, uniqueness, and a touch of complexity, making it a top choice for today's adventurers.
Sources
<a href="https://www.grandviewresearch.com/industry-analysis/vacation-rental-market" title="Grand View Research" target="_blank">Grand View Research</a>
<a href="https://www.ustravel.org/system/files/media_root/document/Research_Fact-Sheet_Industry-Table.pdf" title="U.S. Traveler Association" target="_blank">U.S. Travel Association</a>
<a href="https://www.similarweb.com/blog/insights/travel-news/similarweb-data-on-airbnb-and-hotel-and-otas-in-q1-2023/" title="SimilarWeb" target="_blank">Similar Web</a>
<a href="https://www.statista.com/forecasts/891403/number-of-users-in-the-vacation-rentals-market-in-the-united-states" title="Statista" target="_blank" rel="nofollow">Statista</a>
<a href="https://investors.airbnb.com/" title="AirBnB" target="_blank">Airbnb</a>
<a href="https://www.alltherooms.com/resources/articles/average-airbnb-prices-by-city/" title="AllTheRooms" target="_blank">AllTheRooms</a>
<a href="https://www.airdna.co/industry-report/2023-us-airdna-outlook-report" title="AirDNA" target="_blank">AirDNA</a>2023-08-21T09:29:07-07:002024-01-09T15:37:35-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29638Airbnb Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/airbnb_statistics/Airbnb_Statistics.jpg" width="1558" height="900" alt="Airbnb Statistics" />
Step into the world of Airbnb as we unravel compelling statistics that paint a clear picture of this groundbreaking vacation rental platform, part of RubyHome's curated series of <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a>.
From user numbers, to host insights, and company financials, we'll explore the following topics in more detail.
<a href="https://www.rubyhome.com/#airnb-users">How Many People Use Airbnb?</a>
<a href="https://www.rubyhome.com/#airnb-hosts">Airbnb Host Statistics</a>
<a href="https://www.rubyhome.com/#airnb-costs">How Much Does It Cost to Stay in An Airbnb?</a>
<a href="https://www.rubyhome.com/#airnb-financials">Airbnb Company Financials</a>
<a href="https://www.rubyhome.com/#airnb-market-share">Airbnb Market Share & Competitors</a>
Key Airbnb Stats
Airbnb is estimated to have over 150 million users, with over 45 million users in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/airbnb_statistics/Airbnb_has_150_million_users_worldwide.jpg" width="1558" height="623" alt="Airbnb has 150 million users worldwide" />
Airbnb has over 7 million active listings in over 220 countries.
394 million ‘nights and experiences’ were booked on Airbnb around the world in 2022.
Airbnb has had over 1.5 billion guest arrivals since it started in 2007.
A typical host in the U.S. earns $14,000 per year from Airbnb.
Nightly Airbnb rates are normally the most expensive in North America, averaging $208 in 2021.
Airbnb (7 million listings) is the leader in the <a href="https://www.rubyhome.com/blog/vacation-rental-stats/" title="vacation rental industry">vacation rental industry</a> but faces many strong competitors in the travel industry such as Booking.com (6.6 million listings), and Expedia (2 million listings).
How Many People Use Airbnb?
Airbnb is a massive company with over 7 million active listings in over 220 countries. Here are some stats that give some insights as to how many people use Airbnb around the world.
Airbnb is estimated to have over 150 million users, with over 45 million users in the U.S.
There are over 100,000 cities and towns with active Airbnb listings.
394 million ‘nights and experiences’ were booked on Airbnb around the world in 2022.
Every second, 5 to 10 guests check into an Airbnb somewhere in the world.
There are over 4 million hosts on the Airbnb platform.
Airbnb has had over 1.5 billion guest arrivals since it started in 2007.
On average, people stay in an Airbnb booking for 4 nights.
Bookings by Region
Airbnb is most popular in Europe and North America. The company reports its European numbers together with the Middle East and Africa (EMEA).
North America accounts for 50% of the company’s revenue, and over a third of the total ‘nights and experiences’ booked.
The EMEA region accounted for 168 million ‘nights and experiences’ booked in 2022. Here’s a breakdown of the total nights and experiences booked by region.
<img src="https://assets.site-static.com/userfiles/1102/image/airbnb_statistics/Airbnb_Global_Bookings_by_Region.jpg" width="1558" height="1100" alt="Airbnb Global Bookings by Region" />
Bookings in North America are the most valuable for the company.
The average gross value per ‘night and experience’ booked in North America was $240.29 in 2022. In the EMEA region, this was $127.99. Bookings in Asia Pacific ($117.41) and Latin America ($92.89) were worth slightly less for the company.
Airbnb Host Statistics
With over 4 million hosts on the platform, Airbnb can be a profitable revenue stream for property owners all over the world. Here are some interesting stats about Airbnb hosts.
The 4 million hosts on Airbnb are responsible for over 7 million listings on the platform.
A typical host in the U.S. earns $14,000 per year from Airbnb.
55% of hosts on the Airbnb platform are women.
13% of hosts in the U.S. are over the age of 60.
Seniors are the fastest-growing host demographic in the U.S.
Women 60 and older are the host demographic with the highest percentage of 5-star reviews (63%).
Some cities restrict short-term stays (less than 30 days) and hosts must comply with local laws and regulations as is the case in <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a> (by permit) or <a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a> (by certificates).
How Much Does It Cost to Stay in An Airbnb?
Airbnb pricing varies by region and property size. In addition to price per night averages below, 97% of Airbnb’s have a cleaning fee. The median cleaning fee in the U.S. was around $30 in 2021. Most Airbnb’s also ask for a security deposit, on average about $150 in the U.S.
Note: Airbnb typically charges 3% service fee for booked listings.
Airbnb Prices by Region
Nightly Airbnb rates in North America are the highest, averaging $208 in 2021. This was a little over 50% of the global average which was $137 per night. Here’s a breakdown of prices one can expect by region:
<img src="https://assets.site-static.com/userfiles/1102/image/airbnb_statistics/Airbnb_Average_Prices_Per_Night_by_Region.jpg" width="1558" height="1100" alt="Airbnb Average Prices Per Night by Region" />
According to AirDNA, the average daily rate for a short-term rental in the U.S. was $259 in 2021.
AirDNA forecasted that the average daily rate would increase to $278 by 2023.
Airbnb Prices by Room Count
Airbnb properties with more rooms command a higher price tag. Here’s a breakdown of average costs per night by number of rooms:
<img src="https://assets.site-static.com/userfiles/1102/image/airbnb_statistics/Airbnb_Average_Prices_Per_Night_by_Room_Count.jpg" width="1558" height="1100" alt="Airbnb Average Prices Per Night by Room Count" />
Airbnb Company Financials
Airbnb reached profitability for the first time in 2022. The company reported $8.4 billion in revenue with a net income of $1.9 billion.
Due to the global pandemic, the company lost $4.6 billion in 2020. Since the pandemic lows, revenue is up nearly 250%.
Here is a breakdown of the company’s revenue and income since 2017.
<img src="https://assets.site-static.com/userfiles/1102/image/airbnb_statistics/Airbnb_Revenue_and_Net_Income.jpg" width="1558" height="1100" alt="Airbnb Revenue and Net Income" />
In 2022, Airbnb had a gross booking value of $63.2 billion from the 394 million ‘nights and experiences’ booked. Gross booking value is a key metric that the company looks at over time. This number is up 2.6x versus a gross booking value of $23.9 billion in 2020.
Airbnb Market Share & Competitors
Airbnb is the leading vacation rental company.
In terms of market cap, Booking.com is larger than Airbnb as of August 2023, however, Booking.com is not solely focused on vacation rentals; most of the company’s business comes from hotel listings. Of the company’s 28.2 million listings, just 6.6 million are vacation rentals.
Vrbo has a very similar business model to Airbnb as its primary focus is also vacation rentals. In fact, ‘VRBO’ stands for Vacation Rentals by Owner. In 2006 Vrbo was acquired by HomeAway, and then both were acquired by the Expedia Group in 2015. Expedia decided to retire the HomeAway brand and direct its vacation rental business towards Vrbo. With 2 million listings, it offers less than a third of the number of listings that Airbnb does.
Here’s a breakdown of companies in the vacation rental space by number of listings.
<img src="https://assets.site-static.com/userfiles/1102/image/airbnb_statistics/Company_Comparison_-_Vacation_Rental_Listings.jpg" width="1558" height="1100" alt="Company Comparison - Vacation Rental Listings" />
Conclusion
In conclusion, Airbnb's impact on the travel landscape is undeniable. With over 150 million users globally and 7 million listings spanning 220 countries, it has redefined hospitality. As a pioneer with 1.5 billion guest arrivals since 2007, Airbnb's journey continues to shape the way we explore and share spaces around the world.
Sources
<a href="https://investors.airbnb.com/" title="Airbnb" target="_blank">Airbnb</a>
<a href="https://news.airbnb.com/" title="Airbnb Newsroom" target="_blank">Airbnb Newsroom</a>
<a href="https://www.alltherooms.com/resources/articles/average-airbnb-prices-by-city/" title="AllTheRooms" target="_blank">AllTheRooms</a>2023-08-20T12:04:26-07:002024-01-09T15:37:47-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29365Landscaping Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/landscaping_statistics/Landscaping_Statistics.jpg" width="1558" height="900" alt="Landscaping Statistics" />
Landscaping enhances the beauty and functionality of outdoor spaces, such as gardens, yards (including <a href="https://www.rubyhome.com/blog/xeriscaping/" title="xeriscaping">xeriscaping</a>), parks, and public areas. In this article, part of our <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate data series">real estate data series</a>, we’ll examine some key statistics about the landscaping industry, how much landscaping costs, benefits, and how it can affect the value of a home.
<a href="https://www.rubyhome.com/#landscaping-businesses">How Many Landscaping Businesses Are There?</a>
<a href="https://www.rubyhome.com/#biggest-landscaping-businesses">What Are the Biggest Landscaping Businesses?</a>
<a href="https://www.rubyhome.com/#landscaping-costs">How Much Does Landscaping Cost?</a>
<a href="https://www.rubyhome.com/#landscaping-benefits">Benefits of Landscaping</a>
<a href="https://www.rubyhome.com/#landscaping-home-values">How Does Landscaping Affect Home Values?</a>
Landscaping Key Statistics
There are 647,741 landscaping businesses in the United States.
<img src="https://assets.site-static.com/userfiles/1102/image/landscaping_statistics/There_are_648K_landscaping_businesses_in_the_United_States.jpg" width="1558" height="623" alt="There are 647,741 landscaping businesses in the United States." />
Over 70% of landscaping businesses have just 1-4 employees.
The typical price range for landscaping projects is $2,600 - $13,700, with the average project costing $8,150.
Landscaping maintenance typically costs between $100 - $200 per month.
Taking a home from no landscaping to well-planned and executed landscaping can increase the home’s value between 5.5% - 12.7%.
How Many Landscaping Businesses Are There?
There are 647,741 landscaping businesses in the U.S. In the last decade, the number of landscaping businesses grew 39%.
Between 2017 and 2022, the landscaping industry grew 9.7% per year on average.
Nearly 1.4 million people are employed by the landscaping industry in the U.S.
The average salary of someone employed in the landscaping industry is $28,828.
Over 85% of people working in the landscaping industry are men.
The states with the most landscaping businesses are Florida (61,550 businesses), California (53,786 businesses), and New York (44,859 businesses).
Most landscaping businesses are quite small. In fact, over 70% of landscaping businesses have just 1 - 4 employees. The following chart shows a breakdown of landscaping businesses by size.
<img src="https://assets.site-static.com/userfiles/1102/image/landscaping_statistics/Landscaping_Companies_by_Employee_Size.jpg" width="1558" height="1100" alt="Landscaping Companies by Employee Size" />
What Are the Biggest Landscaping Businesses?
The largest landscaping company in the nation is BrightView which focuses primarily on commercial landscaping. BrightView employs over 22,000 people and did $2.77 billion in revenue in 2022.
There were only 6 landscaping companies that did more than $400 million in revenue in 2022. Here is a breakdown of the 6 largest landscaping companies in the U.S., by revenue.
<img src="https://assets.site-static.com/userfiles/1102/image/landscaping_statistics/Landscaping_Companies_by_Revenue.jpg" width="1558" height="1100" alt="Landscaping Companies by Revenue" />
How Much Does Landscaping Cost?
The cost of landscaping can vary quite a bit depending on the scope of the project, the size of the yard, and the hours needed to complete or maintain the landscaping. In this section, we will analyze the cost of landscaping from several different angles to give a complete picture of what one can expect to spend on landscaping services.
Cost by Project
When it comes to landscaping projects, the range of possibilities is quite extensive. For example, on the low end, there are projects like fertilization, leaf removal, weeding, and aeration. These types of projects may cost just a few hundred dollars.
On the other hand, large projects could mean breaking out heavy machinery to change things more drastically, with prices running into the tens of thousands of dollars.
The typical price range for landscaping projects is $2,600 - $13,700.
The average project costs $8,150.
Here is a table of prices for landscaping projects:
Landscaping ProjectCost Range
Landscaping Project
Cost Range
Weeding
$50 - $250
Leaf removal
$150 - $300
Lawn fertilization
$250 - $600
Planting trees
$90 - $1,650
Fire pit
$330 - $1,800
Planting flower beds
$800 - $3,000
Sod installation
$3,400 - $5,100
Sprinkler system installation
$1,800 - $5,200
Patio installation
$2,300 - $6,900
Fence installation
$1,800 - $6,200
Gazebo
$5,300 - $9,300
Retaining wall
$3,550 - $9,750
Deck
$4,300 - $12,200
Swimming pool
$26,200 - $62,900
For more information on swimming pools, check out our <a href="https://www.rubyhome.com/blog/swimming-pool-stats/" title="swimming pool statistics">swimming pool statistics</a> article.
Maintenance Costs
Landscaping maintenance typically costs between $100 - $200 per month. For large yards, this figure could be closer to $300 per month. Yard size and hourly rates will also affect the maintenance costs.
Lawn mowing is a common landscaping maintenance cost. This will typically cost between $50 - $250 per service.
Cost Per Hour
Landscaping hourly rates typically range between $50 - $100 per hour. Urban areas like <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a> (especially <a href="https://www.rubyhome.com/beverly-hills-ca/" title="Beverly Hills">Beverly Hills</a>) or <a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a> will see hourly rates on the higher end while rural areas trend towards the lower end. Compared to many other types of home projects, landscaping is quite labor-intensive.
Benefits of Landscaping
Landscaping offers a wide range of benefits, both practical and aesthetic, to property owners and the environment. Here are some of the key benefits of landscaping:
Enhanced Aesthetics: One of the primary reasons people invest in landscaping is to improve the appearance of their property. Thoughtfully designed landscapes can increase the curb appeal of a property, making it more visually appealing and welcoming.
Increased Property Value: A well-designed and well-maintained landscape can significantly increase the value of a property. Potential buyers are often willing to pay more for a home with an attractive outdoor space. We’ll dive deeper into this in the next section.
Environmental Benefits: Landscaping can contribute to environmental conservation in several ways. Trees and plants absorb carbon dioxide, filter pollutants from the air, and release oxygen. They also help prevent soil erosion and improve water quality by reducing runoff.
Improved Air Quality: Plants play a crucial role in purifying the air by absorbing pollutants and releasing clean oxygen. This can lead to better air quality and a healthier living environment.
Temperature Regulation: Trees and plants provide natural shade, which can help regulate temperatures around your property. This natural cooling effect can reduce <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="energy consumption">energy consumption</a> and lower <a href="https://www.rubyhome.com/blog/average-utility-bill/" title="utility bills">utility bills</a>, especially during hot seasons.
Noise Reduction: Trees, shrubs, and other greenery can help absorb and deflect sound, reducing noise pollution and creating a more peaceful environment.
Privacy and Screening: Landscaping elements like fences, hedges, and trees can provide privacy and screen out undesirable views, creating a more secluded and comfortable space.
Recreation and Relaxation: A well-designed landscape can provide space for outdoor activities, such as gardening, playing, or entertaining. It can also serve as a peaceful retreat for relaxation and contemplation.
Wildlife Habitat: Native plants, trees, and water features can attract various forms of wildlife, from birds to butterflies, creating a more biodiverse ecosystem in your backyard.
Health and Well-being: Spending time in green spaces has been linked to reduced stress, improved mood, and overall enhanced well-being. Landscaped areas provide opportunities for outdoor recreation and exercise, which contribute to a healthier lifestyle. In addition, 55% of U.S. households have a <a href="https://www.rubyhome.com/blog/gardening-stats/" title="garden">garden</a>.
Erosion Control: Properly planned landscapes with features like retaining walls, ground covers, and proper drainage systems can help prevent soil erosion and water runoff.
Stormwater Management: Landscaping elements like rain gardens, permeable surfaces, and strategically placed plants can help manage stormwater runoff, reducing the risk of flooding and improving water quality.
Overall, landscaping offers a holistic approach to improving both the physical and psychological aspects of a property, benefiting residents and the surrounding environment.
How Does Landscaping Affect Home Values?
A Virginia Tech Landscaping Study found that taking a home from no landscaping to well-planned and executed landscaping can increase the home’s value between 5.5% - 12.7%.
Survey respondents ranked design sophistication as the most impactful, followed by plant size. The diversity of plant types was the least important.
The study concluded that a home worth $150,000 with just a lawn could increase its value by $8,250 to $19,050 with a sophisticated landscaping job.
This research seems consistent with previous studies that concluded improving a home’s landscaping from average to excellent increased a home’s value by 10% - 12%.
For more information about increasing your home's value, see our <a href="https://www.rubyhome.com/blog/home-remodeling-stats/" title="remodeling statistics">remodeling statistics</a> round up.
Conclusion
Landscaping offers a wide range of benefits from energy efficiency, cost savings, curb appeal, and has been proven to have a positive impact on home values. With the average landscaping project coming in at $8,150, it’s up to property owners to decide if the benefits outweigh the costs.
Sources
<br /><a href="https://www.ibisworld.com/industry-statistics/market-size/landscaping-services-united-states/" title="IBIS World Landscaping Services Industry Report" target="_blank">IBIS World Landscaping Services Industry Report</a>
<a href="https://www.landscapemanagement.net/wp-content/uploads/2020/06/LM0620_LM150_SinglePage-1.pdf" title="Landscape Management" target="_blank">Landscape Management</a>
<a href="https://www.pubs.ext.vt.edu/426/426-087/426-087.html" title="Virginia Tech" target="_blank">Virginia Tech</a>
2023-08-10T15:00:00-07:002024-01-09T15:40:42-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29319Home Security System Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/home_security_systems/Home_Security_System_Statistics.jpg" width="1558" height="900" alt="Home Security System Statistics" />
Today’s homes are interconnected hubs of convenience and innovation. Technology empowers homeowners to protect and fortify their property – like never before - from potential dangers.
Home security systems, from wireless cameras to video doorbells, use advanced technology to help keep us safe and give us peace of mind.
Part of RubyHome's <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate facts">real estate facts</a> series, we will explore key statistics and topics about home security systems:
<a href="https://www.rubyhome.com/#security-system-installs">How Many Homes Have Home Security Systems?</a>
<a href="https://www.rubyhome.com/#security-system-effectiveness">How Effective Are Home Security Systems?</a>
<a href="https://www.rubyhome.com/#security-system-cost">How Much Do Home Security Systems Cost?</a>
<a href="https://www.rubyhome.com/#security-system-companies">Most Popular Home Security Companies</a>
Key Home Security System Stats
72% of households in the United States have at least one home security device.
<img src="https://assets.site-static.com/userfiles/1102/image/home_security_systems/72_of_homes_have_at_least_one_security_device.jpg" width="1558" height="623" alt="72% of homes have at least one security device" />
51 million households have a video surveillance system and 39 million have an alarm system.
The average cost to install a home security system is $475.
Most burglars (83%) try to determine if an alarm is present before attempting a burglary.
60% of burglars say that they would seek an alternative target if they determine an alarm is on site.
How Many Homes Have Home Security Systems?
According to the 2023 Home Security Market Report by SafeHome, most households (72%) have at least one home security device. Here is a breakdown of the types of devices homeowners prefer to protect their homes:
<img src="https://assets.site-static.com/userfiles/1102/image/home_security_systems/Most_Common_Home_Security_Devices.jpg" width="1558" height="1100" alt="Most Common Home Security Devices" />
Although less than half of households have one, video surveillance systems were the most popular home security devices among homeowners.
Around 51 million households have a video surveillance system.
37% of homes have a video doorbell.
Roughly 32% of households (39 million) have an alarm system.
For more information about other types of smart devices people have in their homes, check out our <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="smart home statistics">smart home statistics</a> article.
How Effective Are Home Security Systems?
With nearly <a href="https://www.rubyhome.com/blog/burglary-stats/" title="900,000 burglaries">900,000 burglaries</a> in the U.S. occurring every year, it makes one wonder if home security systems can help deter the threat of burglary or a home invasion.
According to a UNC Charlotte research study, most burglars opt to avoid homes where they determine a security system is present.
83% of burglars try to determine if an alarm is present before attempting a burglary.
60% of burglars say that they will seek an alternative target if they determine an alarm is on site.
Around 50% of the burglars who discover an alarm is present while attempting a burglary will discontinue their attempt.
A Rutgers University study also found a strong link between the acquisition of alarm systems and a decrease in <a href="https://www.rubyhome.com/blog/property-crime-stats/" title="property crime">property crime</a>. In essence, there’s solid data to support that home security systems work.
Psychological Impact
In addition to reducing crime, home security systems also make residents feel safer. Here are some interesting insights from a U.S. News & World Report survey:
96% of people feel safer when their neighborhood has home security cameras
90% of people believe having security cameras deters criminals
77% of people worry about package thieves and like to be able to monitor deliveries
How Much Do Home Security Systems Cost?
Home security systems cost $475 to install on average. Of course, costs can vary depending on the extent and type of the system. Estimates range from $200 to get started on the low end, and $1,200 on the high end.
Equipment Costs
A basic whole-house starter kit will typically cost about $460, with a control panel costing $130. The following table shows some of the average costs for popular security equipment, but keep in mind, most people don’t buy just one camera or sensor. Individual needs will vary based on preferences and the size of the home. The prices listed below are for single units:
EquipmentAverage Cost
Video doorbell
$170
Smart lock
$150
Security camera
$130
Glass break sensor
$110
Smart smoke alarm
$80
Motion detector
$80
Panic Button
$30
Cost by Security Company
Many companies have a start-up costs for equipment and installation, then an ongoing monthly fee for monitoring and other services. Here’s a breakdown of what you can expect to pay with popular home security companies:
CompanyBase CostMonthly Fee
Wyze
$100
$10
Ring
$200
$10
Cove
$250
$20
Abode
$280
$20
ADT Self Startup
$190
$30
ADT
$300
$30
Simplisafe
$250
$30
Vivint
$600
$30
Frontpoint
$270
$50
Most Popular Home Security Companies
The global home security systems market was estimated to be $56.9 billion in 2022. North America accounted for $10.2 billion of this market. Here are some of the most popular home security companies in the U.S.
ADT: ($5.68 billion market cap as of Aug. 2023)
ADT is one of the oldest and most well-known home security companies. They offer a range of security solutions, including security systems, monitoring services, and home automation.
Ring: ($3.69 billion market cap as of Aug. 2023)
Ring is famous for its video doorbells and home security cameras, offering homeowners the ability to monitor their property remotely.
Brinks Home Security: ($3.46 billion market cap as of Aug. 2023)
Brinks provides home security and alarm monitoring services with various plans to fit different needs. The Brink’s Company also focuses on secure transportation, cash management, and ATM monitoring.
SimpliSafe: ($2.6 billion valuation as of May 2022)
SimpliSafe is known for its DIY home security systems that are easy to install and offer customizable packages with professional monitoring options.
Vivint: ($2.58 billion market cap as of Aug. 2023)
Vivint is a leading provider of smart home security systems, offering integrated solutions that include security cameras, smart locks, and <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="energy consumption">energy consumption</a> management.
Guardian Protection: (Valuation unknown, $180 million in revenue per year)
Guardian Protection is a home security company that offers professional monitoring and various smart home devices.
Frontpoint: (Valuation unknown, $71 million in revenue per year)
Frontpoint provides DIY home security systems with cellular monitoring and a user-friendly interface.
Nest Secure: (Owned by Google)
Nest, a subsidiary of Google, offers a range of smart home products, including home security systems with intelligent features.
Xfinity Home: (Owned by Comcast)
Comcast's Xfinity Home offers home security systems, automation features, and 24/7 monitoring.
Conclusion
There is clear evidence that home security systems deter burglars and criminals.
While most households (72%) have at least one home security device, less than half have a video surveillance system and only 32% have an alarm system.
The cost to get started with a home security system can range from $200 on the low end to $1200 on the high end but the average is $475.
With real results and improved peace of mind, for most American households, having a home security system seems worth it.
Sources
<a href="https://ucr.fbi.gov/crime-in-the-u.s/2019/crime-in-the-u.s.-2019/topic-pages/burglary" title="FBI">Federal Bureau of Investigation (FBI)</a>
<a href="https://www.safehome.org/resources/home-security-industry-annual/" title="Home Security Market Report">Home Security Market Report</a>
<a href="https://www.usnews.com/360-reviews/services/home-security-survey" title="U.S. News & World Report">U.S. News & World Report</a>
<a href="https://www.sciencedaily.com/releases/2013/05/130516160916.htm" title="UNC Charlotte">University of North Carolina at Charlotte</a>
<a href="https://www.rutgers.edu/news/rutgers-study-finds-alarm-systems-are-valuable-crime-fighting-tool" title="Rutgers University">Rutgers University</a>
<a href="https://www.marketsandmarkets.com/Market-Reports/home-security-system-market-205573901.html" title="Home Security Systems Market Report">Home Security Systems Market Report</a>
<a href="https://www.crunchbase.com/" title="Crunchbase">Crunchbase</a>
<a href="https://www.forbes.com/home-improvement/home-security/home-security-system-cost/" title="Forbes">Forbes</a>2023-08-09T09:15:00-07:002024-01-09T15:40:56-07:00Tony Mariottitag:rubyhome.com,2012-09-20:20908Home Staging Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/home_staging_statistics/Home_Staging_Statistics.jpg" width="1558" height="900" alt="Home Staging Statistics" />
Home staging is the preparation and presentation of a home to make it look and feel move-in-ready to potential buyers. Along with professional real estate <a href="https://www.rubyhome.com/blog/real-estate-photography-stats/" title="photography">photography</a>, it is one of the cornerstones of <a href="https://www.rubyhome.com/sellers/" title="marketing homes">marketing homes</a>.
Home staging benefits both buyers and sellers. It helps potential buyers to see themselves living in the home. For sellers, staged homes sell faster and for more money. In this article, part of RubyHome's exploration of <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a>, we’ve gathered the most recent home staging stats and trends:
<a href="https://www.rubyhome.com/#how-many-homes-staged">How Many Homes are Staged?</a>
<a href="https://www.rubyhome.com/#home-staging-benefits">Home Staging Benefits</a>
<a href="https://www.rubyhome.com/#best-rooms-to-stage">Best Rooms to Stage</a>
<a href="https://www.rubyhome.com/#home-staging-cost">How Much Does Home Staging Cost?</a>
<a href="https://www.rubyhome.com/#home-staging-roi">Home Staging ROI</a>
Key Home Staging Stats
Staged homes can sell for more money: 38% of buyers' agents said staging increased their clients offer over similar non-staged homes. 41% of sellers' agents reported an increase in dollar value offered by buyers for staged homes compared to similar non-staged homes.
Staged homes can sell faster: 48% of sellers' agents report a decrease in days on market (DOM) for staged homes.
<img src="https://assets.site-static.com/userfiles/1102/image/home_staging_statistics/48_of_realtors_report_staged_homes_sell_faster.jpg" width="1558" height="624" alt="48% of realtors report staged homes sell faster" />
The ROI for staged homes can range from 158% to 1194%.
More than 50% of listing agents recommend that their clients stage a home.
The average cost of staging a home is $1,776/month.
The average cost of staging a vacant luxury home is $6,800/month.
The living room is the most important area for staging, and the guest bedroom is the least important.
How Many Homes are Staged?
Of the 6.9 million homes sold in 2021, 1.3 million of them were staged, according to the International Association of Home Staging Professionals (IAHSP).
Staged homes were 19% of the total home sales.
Said another way, nearly 1 in 5 homes sold in the U.S. that year were staged.
Historically, home staging was used for difficult-to-sell homes in the lower price brackets. But this is no longer the case, as evidenced by the fact that over 40% of staged homes sold in were valued at $750K or more.
<img src="https://assets.site-static.com/userfiles/1102/image/home_staging_statistics/Percent_of_Homes_Staged_by_Price_Range.jpg" width="1558" height="1100" alt="Percent of Homes Staged by Price Range" />
Here’s a table showing the distribution of staged homes sold by price range.
Selling Price% of Homes Staged
$1M+
20.9%
$750K-$1M
20.8%
$500K-$749K
27.0%
$350K-$500K
25.0%
$100K-$350K
6.3%
Home Staging Benefits
Is it worth it to stage a home? The statistics below suggest that staged homes are more likely to appeal to buyers, sell faster, and sell at a higher price.
Staged Homes are Perceived More Favorably
Data from the National Association of Realtors (NAR) suggests that prospective home buyers strongly appreciate staged homes.
58% said staging has an effect on most buyers, most of the time.
31% of agents stated that home staging has a positive effect on some buyers, but not always.
9% said it has no impact on buyers.
Staged homes help buyers visualize living in them. Moreover, buyers who view staged property photos online (where 97% of them start their home search) are more willing to visit the house in person. The perceived value of a home can also get a boost if it is decorated in a style that appeals to a prospective buyer's taste.
Buyers’ agents report the following:
81% said home staging helped their clients visualize the property as a future home.
40% said buyers were more willing to walk through staged homes they first saw online.
34% stated that staging impacted their buyers' perceived value of the home if it matched the client's taste.
Staged Homes Sell for More Money
Buyers’ agents report increased offer amounts from their clients for staged homes compared to similar non-staged homes. Here is a table of what buyers' agents report:
Offer Value Increase% of Buyers' Agents Reporting
0%
26%
1-5%
23%
6-10%
15%
16-20%
3%
Over 20%
2%
On the other side of transactions, sellers' agents (listing agents) report a similar lift in value. Here is a table of reported increases in offer value:
Offer Value Increase% of Sellers' Agents Reporting
1-5%
20%
6-10%
14%
11-15%
5%
16-20%
3%
Over 20%
2%
Staged Homes Sell Faster
According to NAR, staging helps shorten the home's days on market (DOM) and often generates a higher offer. 48% of all sellers' agents reported a decrease in the days on market for staged homes.
Starting a few years, many websites published a statistic that, "A professionally staged home spends 73% less time on the market compared to those without staging," while citing the website "Professional Staging." However, this number has never been substantiated. The best data we have is from NAR and here is a table of the responses:
Days on Market% of Sellers' Agents Reporting
Greatly decreased
21%
Slightly decreased
27%
No impact
15%
Greatly increased
6%
Slightly increased
8%
Given staging's track record for increasing offer prices for listed properties and a shorter time frame to sell them, it's easy to see why listing agents recommend it. Here's a table showing the types of recommendations and the percentage of each:
Agent's Recommendation% of Sellers' Agents Reporting
Don't stage, but improve faults
50%
Stage all homes
23%
Stage difficult homes
10%
Stage high-priced homes
5%
Best Rooms to Stage
Professional stagers often recommend staging a few strategic rooms instead of the entire home to save money.
According to NAR, 39% of home buyers view staging the living room as the most important, followed by the primary bedroom (36%) and the kitchen (30%). Staging the guest bedroom is the least important, with only 9% of home buyers favoring this option.
<img src="https://assets.site-static.com/userfiles/1102/image/home_staging_statistics/2023_Best_Rooms_for_Home_Staging.jpg" width="1558" height="1100" alt="Best rooms for home staging" />
Here’s a table showing buyers’ staging preferences for rooms from high to low.
RoomStrong Buyer's Preference
Living Room
39%
Primary Bedroom
36%
Kitchen
30%
Dining Room
21%
Yard/Outside
18%
Bathroom
17%
Children's Bedroom
10%
Guest Bedroom
9%
How Much Does Home Staging Cost?
The Average Cost to Stage a Home
According to HomeAdvisor, the national average staging cost is $1,776 (including home decoration and furniture rental), and the typical range of spending is between $783 and $2,814
Staging a vacant home costs about $2,000, while staging an occupied home costs about $800.
Staging costs can vary by location. For example, to stage a home in $1,800 to stage a house in <a href="https://www.greatvancouverhomes.com/portland-or/" title="Portland">Portland</a>, but $3,400 to stage one in <a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>.
Home staging costs vary widely depending on the size and scope of the project, property price (luxury or non-luxury), and who performs the service (DIY, seller's agent, or professional stager).
Costs can compound when staging luxury properties because of higher rental prices for luxury furniture and suitable décor. Moreover, many rental companies require a 3-month contract on luxury properties, even if the home sells within days.
Here’s a breakdown of average staging costs for different property types. Where applicable, the calculations are based on a 30-day furniture and décor rental term.
Home Staging Type30-Day Cost
Vacant luxury home
$6,800
Vacant non-luxury home
$3,350
Occupied, with furniture & décor rental
$1,845
Occupied w/o furniture & décor rental
$1,242
Who Pays for staging?
Sellers usually pay home staging costs.
Listing agents sometimes pay for staging to help their clients. The are reimbursed at closing when the home sells.
Other agents offer complimentary staging services or agree to carry the staging costs - if they believe the home will sell at a higher price and their commissions will cover the expenses.
Home Staging ROI
Let's do some math and figure it out based on the data covered so far.
According to NAR statistics, 23% of sellers who staged their homes received an offer of 1-5% over the asking price.
In 2022, the national median home price was $459,975 (<a href="https://fred.stlouisfed.org/series/MSPUS" title="Federal Reserve">Federal Reserve</a>).
A seller who stages can expect an increase of 1-5% from the median listing price, a range of $4,599 to $22,998.
Per HomeAdvisor, the national average staging cost is $1,776. Using this number as the seller's staging spend, we can now calculate the return on investment.
In dollar value, the seller’s ROI was $2,824-$21,223, which translates to a 158%-1194% gain.
Staging has the potential for very high returns.
Sources
<a href="https://iahsp.com/" title="International Association of Home Staging Professionals (IAHSP)" target="_blank">International Association of Home Staging Professionals (IAHSP)</a>
<a href="https://www.nar.realtor/" title="National Association of Realtors (NAR)" target="_blank">National Association of Realtors (NAR)</a>
<a href="https://www.homeadvisor.com" title="HomeAdvisor" target="_blank">HomeAdvisor</a>2023-08-09T06:45:00-07:002024-01-09T15:41:09-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29260Smart Home Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/smart_home_statistics/Smart_Home_Statistics.jpg" width="1558" height="900" alt="Smart Home Statistics" />
A smart home enables <a href="https://www.rubyhome.com/blog/homeownership-stats/" title="homeowners">homeowners</a> to remotely control various appliances, lights, thermostats, and devices through smartphones or tablets, utilizing internet connectivity. These homes can be established using wireless or hardwired setups, offering both convenience and cost-efficiency. In this article, we will explore relevant smart home statistics and the following topics in greater detail. For more industry data, view all <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate stats">real estate stats</a>.
<a href="https://www.rubyhome.com/#number-of-smart-home">How Many Smart Homes Are There?</a>
<a href="https://www.rubyhome.com/#smart-home-devices">What Are the Most Common Smart Home Devices?</a>
<a href="https://www.rubyhome.com/#smart-home-market-growth">U.S. Smart Home Market Growth</a>
<a href="https://www.rubyhome.com/#smart-home-demand">Smart Home Demand</a>
Key Stats
63.43 million homes in the United States actively use smart home devices.
<img src="https://assets.site-static.com/userfiles/1102/image/smart_home_statistics/63_million_U.S._homes_use_smart_home_devices.jpg" width="1558" height="623" alt="63 million U.S. homes use smart home devices" />
Consumer electronics, such as smart speakers and entertainment systems, make up over a third or 35% of the smart home devices market.
The smart home market in the U.S. was valued at $31.5 billion in 2022.
7 in 10 homebuyers are actively looking for a smart home.
78% of homebuyers would be willing to pay more for a smart home.
How Many Smart Homes Are There?
As of 2023, there are approximately 63.43 million homes that are actively using smart home devices in the U.S. This equates to nearly half (45%) of all homes in the U.S. containing smart devices.
Here are some more stats to illustrate the size of the global and American smart home market:
The global smart home market was valued at $80.45 billion in 2022 and is expected to increase to over $500 billion by 2032.
The U.S. accounted for an estimated $31.45 billion or 39% of the global smart home market.
The average revenue per installed smart home in the U.S. is $546.50.
By 2027, it is projected that over two-thirds or 68.6% of homes in the U.S. will have smart home devices.
What Are the Most Common Smart Home Devices?
Smart home devices can fall into several categories such as consumer electronics, safety and <a href="https://www.rubyhome.com/blog/home-security-system-stats/" title="security devices">security devices</a>, climate control, lighting control, and energy and water control.
Market Share by Device Type
Consumer electronics are the most common smart devices in homes today. Here is a breakdown of the global smart home market share by device type:
<img src="https://assets.site-static.com/userfiles/1102/image/smart_home_statistics/Global_Smart_Home_Market_by_Device_Type.jpg" width="1558" height="1100" alt="Global Smart Home Market by Device Type" />
Consumer Electronics
This category encompasses smart devices that enhance your entertainment and communication experiences at home. Smart speakers provide voice-controlled virtual assistants for tasks and information, while smart TVs and entertainment systems offer access to streaming services and content control through integrated apps and voice commands. Typical products include:
Smart Speakers
Smart TV and Entertainment Systems
*Important Note: Over 70% of Americans own a Smart TV or Smart TV plug-in such as a Chromecast or Apple TV which can connect to the internet. Because this is so common, we don’t automatically qualify Smart TV owners as having a smart home, unless the TV can control physical aspects of the home like locks, cameras, lights, etc.
Safety and Security Devices
Safety and security devices are designed to protect your home and provide peace of mind against potential <a href="https://www.rubyhome.com/blog/property-crime-stats/" title="property crimes">property crimes</a>. Smart cameras and doorbells allow you to monitor your property remotely, while smart locks provide secure access control to thwart <a href="https://www.rubyhome.com/blog/burglary-stats/" title="burglaries">burglaries</a>.
Additionally, smart smoke and carbon monoxide detectors alert you to potential hazards, like a <a href="https://www.rubyhome.com/blog/house-fire-stats/" title="house fire">house fire</a>, and can differentiate among the types of threats.
Here are the most common products in this category:
Smart Cameras and Doorbells
Smart Locks
Smart Smoke and Carbon Monoxide Detectors
Climate Control
Climate control devices, such as smart thermostats, enable you to manage your home's temperature remotely. These devices often feature learning algorithms that adapt to your preferences over time, saving energy, lowering <a href="https://www.rubyhome.com/blog/average-electric-bill/" title="electricity bills">electricity bills</a>, and ensuring optimal comfort. Moisture sensors can help homeowners prevent <a href="https://www.rubyhome.com/blog/mold-stats/" title="mold">mold</a>.
Lighting Control
Smart lighting devices offer convenient control over your home's lighting. You can remotely adjust brightness, color, and schedule lighting to suit your preferences or create different atmospheres for various occasions. Smart blinds and shades provide similar control over natural light and privacy.
Here are the most common products:
Smart Lighting
Smart Blinds and Shades
Energy and Water Control
This category focuses on managing energy consumption and <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="water usage">water usage</a> in your home. Smart appliances, including refrigerators, ovens, and washing machines, can be monitored and controlled remotely for increased efficiency.
Smart plugs allow you to control ordinary devices and track their energy usage. Smart sensors provide insights into <a href="https://www.rubyhome.com/blog/energy-consumption-stats/" title="energy consumption">energy consumption</a> patterns.
Smart sprinkler systems help you manage and optimize watering schedules for your garden or lawn, conserving water.
Here are common products in this category:
Smart Appliances
Smart Plugs
Smart Sensors
Smart Sprinkler Systems
U.S. Smart Home Market Growth
The U.S. smart home market is projected to show an annual growth rate of 10.2% over the coming years and is expected to reach& $52.19 billion in the United States.
The growth of the smart home market been steady. In 2017, the the market amounted to $15.1 billion. By 2022, the smart home market had doubled to $31.5 billion.
Here is a look at how the market has grown in recent years:
<img src="https://assets.site-static.com/userfiles/1102/image/smart_home_statistics/U.S._Smart_Home_Market_Growth.jpg" width="1558" height="1100" alt="U.S. Smart Home Market Growth" />
Smart Home Demand
A survey by Security.org discovered that many home buyers find smart homes more desirable.
7 out of 10 home buyers are actively looking to buy a smart home.
78% of home buyers would be willing to pay more for a smart home.
82% of renters want at least one smart home device.
For 35% of renters, owning a smart home device was either ‘important’ or ‘extremely important’.
Convenience and time saving are the top two desired benefits of smart home devices.
The survey also found that the most desired smart home products right now are smart speakers and hubs that feature voice commands.
Conclusion
The popularity of smart home devices is rising fast, with nearly half of U.S. homes currently using them as of 2023. It is estimated that by 2027, over two-thirds of homes will be actively using smart home devices.
Consumer demand is high, with 7 out of 10 homebuyers actively looking to buy a smart home. With this in mind, we can expect the trend to continue, with more of our speakers, appliances, lights, and more to be connected to the internet in the future.
Sources
<a href="https://www.precedenceresearch.com/smart-home-market" title="Precedence Research" target="_blank">Precedence Research</a>
<a href="https://www.fortunebusinessinsights.com/industry-reports/smart-home-market-101900" title="Fortune Business Insights" target="_blank">Fortune Business Insights</a>
<a href="https://www.security.org/smart-home/consumer-shopping-insights/" title="Security.org" target="_blank">Security.org</a>
<a href="https://www.statista.com/forecasts/887611/number-of-smart-homes-in-the-smart-home-market-in-the-united-states" title="Statista" target="_blank" rel="nofollow">Statista</a>2023-08-06T15:15:00-07:002024-01-09T15:41:24-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29247Natural Disaster Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/natural_disaster_statistics/Natural_Disaster_Statistics.jpg" width="1558" height="900" alt="Natural Disaster Statistics" />
The United States is no stranger to nature's fury. From hurricanes to wildfires, the country faces a range of natural disasters that can cause big problems. This article, part of RubyHome's compilation of <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate stats">real estate stats</a>, dives into the facts and figures about natural disasters in the U.S. and will cover the following topics in greater detail:
<a href="https://www.rubyhome.com/#types-of-natural-disasters">What Are the Most Common Types of Natural Disasters?</a>
<a href="https://www.rubyhome.com/#how-common-are-natural-disasters">Are Natural Disasters Becoming More Common?</a>
<a href="https://www.rubyhome.com/#economic-impact-natural-disasters">Economic Impact of Natural Disasters</a>
<a href="https://www.rubyhome.com/#natural-disaster-deaths">How Many People Die from Natural Disasters?</a>
<a href="https://www.rubyhome.com/#states-natural-disaster">What States Are Most at Risk for Natural Disasters?</a>
<a href="https://www.rubyhome.com/#insuring-natural-disasters">Natural Disasters and Insurance</a>
Natural Disasters Key Stats
From 2018 to 2022, there were an average of 18 climate disasters per year in the U.S. which cost over $1 billion. (National Centers for Environmental Information)
There are typically 363 deaths per year because of natural disasters in the U.S. (NCEI)
On average, climate disasters cost the U.S. economy $123.5 billion per year. (NCEI)
<img src="https://assets.site-static.com/userfiles/1102/image/natural_disaster_statistics/Natural_disasters_cost_the_U.S._124B_annually.jpg" width="1558" height="623" alt="Natural disasters cost the U.S. $124B annually" />
The number of $1 billion natural disaster events per year has increased from 3.3 in the 1980s to 13.1 in the 2010s, a 397% increase. (NCEI)
Tropical cyclones are 4.28x more likely to occur now compared to the 1980s. (NCEI)
What Are the Most Common Types of Natural Disasters?
Here’s a breakdown of the U.S. natural disasters costing over $1 billion from 1980-2023:
<img src="https://assets.site-static.com/userfiles/1102/image/natural_disaster_statistics/Major_Natural_Disasters_by_Type_1980-2023.jpg" width="1558" height="1100" alt="Major Natural Disasters by Type (1980-2023)" />
Severe Storms
Since 1980, severe storms have accounted for the highest number of billion-dollar disaster occurrences (177).
There were 62 recorded severe storms in 2022, but only 11 caused more than $1 billion in damages.
Compared to other disasters costing over $1 billion, severe storms had the lowest average event cost ($2.4 billion).
Wildfires, Heat Waves, & Drought
Since 1980, there have been 21 wildfires and 30 droughts in the U.S. which cost over $1 billion.
Drought and heat wave events have been responsible for 4,275 deaths since 1980.
Every 8 out of 10 years there is a drought in the U.S. which costs more than $1 billion.
Read more about <a href="https://www.rubyhome.com/blog/house-fire-stats/" title="house fire statistics">house fire statistics</a>.
Floods
Since 1980, there have been 41 floods in the U.S. which cost over $1 billion.
Of the 41 floods mentioned above, the average cost was $4.6 billion.
There were 15 recorded floods in 2022, of which only 1 cost more than $1 billion.
Read more about <a href="https://www.rubyhome.com/blog/water-damage-stats/" title="water damage">water damage</a> and <a href="https://www.rubyhome.com/blog/mold-stats/" title="mold">mold</a>.
Winter Storms & Cold Waves
Every other year the U.S. experiences a winter storm which results in over $1 billion in damages.
Since 1980, winter storms have caused $97.1 billion in damages.
There have been 9 cold waves since 1980 which resulted in over $1 billion in damages.
Tropical Cyclones
Tropical cyclones are responsible for 6,890 deaths, the highest number of deaths for natural disasters since 1980.
Tropical cyclones account for over 50% of the total costs associated with natural disasters amounting to $1.36 trillion since 1980.
Since 1980, there have been 60 tropical cyclones which cost on average $22.7 billion.
Of the 3 tropical cyclones in 2022, each led to over $1 billion in damages.
Are Natural Disasters Becoming More Common?
Climate change has been linked to an increase in the frequency and severity of some types of natural disasters, such as hurricanes, heat waves, and heavy rainfall events. Rising global temperatures have led to changes in weather patterns and ocean conditions, which in turn can influence the occurrence and intensity of these events.
In the 1980s, the U.S. experienced on average 3.3 natural disasters per year which cost over $1 billion (CPI adjusted). The number of costly disasters has risen each decade, as the 2010s saw an average of 13.1 disasters which cost over $1 billion per year.
<img src="https://assets.site-static.com/userfiles/1102/image/natural_disaster_statistics/Major_Natural_Disasters_Per_Year_Average.jpg" width="1558" height="1100" alt="Average Natural Disasters Per Year" />
Here are a few more insightful statistics on the increased frequency of natural disasters in recent years:
34% of all $1 billion storm events since 1980 occurred in the past 5 years (2018-2023).
There was an average of 299 deaths per year from natural disasters in the 1980s and an average of 509 deaths over the past 10 years (2013-2023).
Tropical cyclones have occurred 4.28 times more often in the past 5 years compared to the 1980s.
Economic Impact of Natural Disasters
Here are some stats from the National Centers for Environmental Information on the economic impact of natural disasters:
On average, climate disasters cost the U.S. economy $123.5 billion per year.
Since 1980, natural disasters have cost the U.S. more than $2.5 trillion.
Nearly half (46%) of the total costs associated with natural disasters since 1980 have occurred in the past 10 years (2013-2023).
The following chart displays what types of natural disasters are most costly by showing how each type of disaster contributes to the overall cost of all disasters.
<img src="https://assets.site-static.com/userfiles/1102/image/natural_disaster_statistics/Most_Costly_Natural_Disasters.jpg" width="1558" height="1100" alt="Most Costly Natural Disasters" />
Although cyclones account for only one-sixth of the $1 billion disaster events since 1980, they account for over half (52.8%) of the total costs.
Earthquakes
Earthquakes are not included in the data from the NCEI. According to estimates from FEMA, earthquakes cost the United States. $14.7 billion annually. West Coast states are the most at risk of earthquakes, with 78% of these costs coming from <a href="https://www.rubyhome.com/california/" title="California">California</a>, Washington, and Oregon.
Looking at data from the past 10 years (2013-2023), this puts the annual estimated costs of earthquakes after tropical cyclones ($60.2 billion) and severe storms ($20.5 billion).
How Many People Die from Natural Disasters?
Since 1980, tropical cyclones and droughts have been the deadliest in the U.S. Here’s a breakdown of deaths by natural disaster type:
<img src="https://assets.site-static.com/userfiles/1102/image/natural_disaster_statistics/Number_of_Natural_Disasters_Deaths_by_Cause.jpg" width="1558" height="1100" alt="Number of Natural Disasters Deaths by Cause" />
Here are some more stats about fatalities in the U.S. from natural disasters:
There are typically 363 deaths per year caused by natural disasters.
15,958 people died from natural disasters since 1980. 43% of these deaths were due to tropical cyclones.
The deadliest natural disaster in U.S. history was Hurricane Galveston which claimed an estimated 6,000-12,000 lives in 1900.
Since 1980, only 141 deaths can be attributed to earthquakes or about 3 people per year.
What States Are Most at Risk for Natural Disasters?
These states have been impacted the most by natural disasters since 1980:
California ($100-200 billion): Wildfires made the biggest economic impact in California accounting for $50-100 billion in damages.
Florida ($380+ billion): Tropical cyclones account for the vast majority ($360+ billion) of natural disaster costs in Florida.
Louisiana ($200-300 billion): Tropical cyclones account for the vast majority ($200-300 billion) of natural disaster costs in Louisiana.
Texas ($390+ billion): Tropical cyclones made the biggest economic impact in Texas accounting for $200-300 billion in damages.
The following states were impacted the least by natural disasters, each having a total cost of just $2-5 billion since 1980:
Delaware
Maine
Nevada
New Hampshire
Rhode Island
Utah
Vermont
In essence, states in the southeast region and eastern seaboard are most at risk for severe natural disasters due to tropical cyclones. Midwestern states such as Iowa, Missouri, and Illinois suffer most from severe storms. States in the far northeast and Rocky Mountain region are least susceptible to economic losses from natural disasters.
Natural Disasters and Insurance
Home insurance coverage for natural disasters can vary depending on the specific policy and the insurance provider. In many cases, standard home insurance policies may provide coverage for certain types of natural disasters, while others may require you to purchase additional coverage or a separate policy.
Common natural disasters that may be covered by home insurance include:
Windstorms and Hail: Damage caused by strong winds and hailstorms is typically covered by standard home insurance policies.
Fire: Most home insurance policies cover damage from fires, including wildfires, as long as they are not caused by specific excluded reasons.
Lightning Strikes: Lightning strikes that result in damage to your home or property are generally covered by standard policies.
However, there are several natural disasters that are often not covered by standard home insurance policies, or coverage may be limited:
Floods: Flood damage is usually not covered by standard home insurance policies. You would typically need to purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP) or a private insurer.
Earthquakes: Earthquake coverage is typically not included in standard policies, and you would need to purchase a separate earthquake insurance policy.
Mudslides and Landslides: Damage from these events may or may not be covered, depending on the policy and the cause of the event.
Sinkholes: Coverage for damage from sinkholes may vary by policy and location.
Hurricanes: While wind damage from hurricanes is often covered, some coastal areas may have special deductibles or exclusions for hurricane-related damage.
It's important to carefully review your home insurance policy and discuss your coverage options with your insurance provider to understand exactly what natural disasters are covered and what additional coverage you might need.
If you live in an area prone to certain types of natural disasters, it's a good idea to consider purchasing the necessary additional coverage to protect your home and belongings.
Conclusion
Natural disasters have a huge economic impact on the U.S. and have become increasingly common over time. With climate disasters costing over $123 billion annually, tropical cyclones and severe storms tend to leave the biggest mark.
Around 363 people die every year in climate disasters, with southern and eastern states being most at risk. It’s important to determine what is covered by home insurance, as most policies typically cover some but not all potential hazards posed by natural disasters.
Sources
<a href="https://www.ncei.noaa.gov/access/billions/" title="https://www.ncei.noaa.gov/access/billions/" target="_blank">National Centers for Environmental Information (NCEI)</a>
<a href="https://www.fema.gov/sites/default/files/documents/fema_p-366-hazus-estimated-annualized-earthquake-losses-united-states.pdf" title="Federal Emergency Management Agency (FEMA)" target="_blank">Federal Emergency Management Agency (FEMA)</a>
2023-08-05T19:00:00-07:002024-01-09T15:41:35-07:00Tony Mariottitag:rubyhome.com,2012-09-20:29110Mold Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/mold_statistics/Mold_Statistics.jpg" width="1558" height="900" alt="Mold Statistics" />
Hidden in the shadows of our homes, mold and its toxic byproducts, mycotoxins can have serious health consequences. In this article, part of our series on <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate facts and figures">real estate facts and figures</a>, we'll present key mold statistics that highlight its prevalence and potential dangers.
<a href="https://www.rubyhome.com/#how-many-homes-have-mold">How Many Homes Have Mold?</a>
<a href="https://www.rubyhome.com/#mold-causes">What Causes Mold in A House?</a>
<a href="https://www.rubyhome.com/#mold-health-effects">How Does Mold Affect Health?</a>
<a href="https://www.rubyhome.com/#mold-economic-impact">Economic Impact of Mold</a>
<a href="https://www.rubyhome.com/#mold-prevention">Mold Prevention</a>
Key Stats
Mold is common in 47% of residential buildings in the United States.
<img src="https://assets.site-static.com/userfiles/1102/image/mold_statistics/Percent_of_US_Residences_that_Have_Mold.jpg" width="1558" height="623" alt="Percent of US Residences That Have Mold" />
The cost of mold remediation ranges from $1,373 to $3,325, with an average expense of $2,347.
21% of asthma cases in the U.S. could be linked to dampness and mold.
Mold-related infections have an economic impact of $5.6 billion annually in the U.S. while asthma adds another $16.8 billion.
Home resale values can drop 20-37% due to mold issues.
How Many Homes Have Mold?
There is always a little mold everywhere, whether in the air or on surfaces. Mold only becomes a problem in a home when the concentration of spores is greater than what is found outside.
The National Institute for Occupational Safety and Health estimates based on an analysis of several studies that 47% of residential buildings in the U.S. have visible mold or mold odor.
<a href="https://www.rubyhome.com/blog/water-damage-stats/" title="Water damage">Water damage</a> is a leading cause of mold in buildings. Here are a few more stats that can shed some light on the prevalence of dampness and mold in the U.S.
30% of schools in the U.S. have plumbing problems.
27% of schools have roofing problems that could lead to interior or exterior water leakage.
85% of commercial office buildings have experienced water damage in the past.
45% of office buildings have current leakage problems.
What Causes Mold in A House?
Mold in a house is typically caused by excess moisture or humidity. Some common sources of moisture that can lead to mold growth include:
Water leaks from pipes, roofs, or windows.
Flooding or water intrusion from heavy rain or storms.
High indoor humidity, especially in areas with poor ventilation.
Condensation on cold surfaces like windows and walls.
Dampness in basements, crawl spaces, or attics.
Poorly maintained or malfunctioning HVAC systems.
Wet or damp materials, such as carpets, upholstery, or clothes.
Inadequate ventilation in bathrooms, kitchens, and laundry rooms.
Insufficient or improper insulation in walls or ceilings.
Building materials with high moisture content during construction.
If these sources of moisture are not addressed promptly, mold spores present in the indoor environment can settle and start to grow on surfaces, leading to mold infestations. To prevent mold growth, it's essential to control moisture levels and address any water issues in the house promptly.
How Does Mold Affect Health?
Mold can have various effects on people, and the extent of the impact depends on factors such as the type of mold, the individual's sensitivity, and the amount of exposure. Some common ways mold affects people include:
Respiratory Issues: Inhalation of mold spores can trigger respiratory problems, especially in individuals with allergies or asthma. It may cause symptoms like coughing, wheezing, shortness of breath, and nasal congestion. In fact, 96% of people with chronic sinus infections got them as a result of overexposure to mold. (Mayo Clinic)
Allergic Reactions: Mold can induce allergic reactions in sensitive individuals, leading to symptoms such as sneezing, runny or stuffy nose, itchy or watery eyes, and skin rashes.
Irritation: Mold exposure can irritate the skin, eyes, throat, and lungs, causing discomfort and potential inflammation.
Aggravation of Existing Conditions: For those with pre-existing respiratory conditions or immune system disorders, exposure to mold can worsen their symptoms or lead to more severe health issues.
Systemic Effects: In rare cases, exposure to mold and mycotoxins has been associated with more severe health effects, such as fatigue, headaches, cognitive difficulties, and immune system suppression.
Mold & Asthma
Studies have revealed a clear link between damp buildings and asthma symptoms in individuals who already have asthma. Additionally, there is evidence suggesting that damp buildings can also contribute to the development of new-onset asthma in some cases. Here are some stats about the link between mold and asthma.
21% of asthma cases in the U.S. could be linked to dampness and mold. (WHO)
Dampness and mold are associated with a 30-50% increase in rates of respiratory illnesses. (WHO)
About 4.6 million asthma cases in the U.S. are caused by mold. (EPA)
Removing mold from the home reduces asthma-related symptoms by 25-45%. (WHO)
Economic Impact of Mold
Mold can have various economic impacts, both direct and indirect, depending on the extent of the mold problem. Here are some of the economic impacts of mold in homes.
Property Damage and Remediation Costs
Mold growth can cause structural damage to buildings, homes, and other structures. The presence of mold can weaken materials, leading to the need for costly repairs and remediation efforts.
The cost of mold remediation typically falls within the range of $1,373 to $3,325, with an average expense of $2,347.
Here’s a breakdown of the cost you can expect for mold remediation depending on the extent of the mold problem.
Affected Area (SqFt)Cost Range
50
$500-$1,500
100
$1,000-$3,000
150
$1,500-$4,500
200
$2,000-$6,000
500
$5,000-$15,000
1,000
$10,000-$30,000
Health Care Costs
Exposure to mold can lead to health issues, especially for individuals with respiratory problems, allergies, or compromised immune systems. Increased healthcare expenses may result from treating mold-related illnesses.
Mold-related infections have an economic impact of $5.6 billion annually in the U.S. while asthma adds another $16.8 billion. (Journal of Environmental and Public Health)
Reduced Property Value
If mold is discovered in a property, its <a href="https://www.rubyhome.com/blog/reasons-low-appraisals/" title="value can decrease">value can decrease</a> significantly. Potential buyers or renters might be deterred from investing in or occupying a mold-affected property, leading to decreased demand and a decrease in property prices.
Home resale values can drop 20-37% due to mold issues. (Appraisal Journal)
Mold Prevention
Preventing mold in a home involves controlling moisture levels and maintaining a clean and dry environment. Here are some effective steps to prevent mold growth:
Fix Leaks: Repair any leaks in plumbing, roofs, or windows promptly. Even small leaks can lead to mold growth over time.
Reduce Humidity: Use dehumidifiers, especially in damp areas like basements and bathrooms, to keep humidity levels below 50%. <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="Smart home">Smart home</a> moisture sensors can help.
Proper Ventilation: Ensure your home is well-ventilated, particularly in areas like bathrooms, kitchens, and laundry rooms. Use exhaust fans to remove moisture during and after activities that generate steam or humidity.
Use Mold-Resistant Products: Consider using mold-resistant paint and building materials, especially in areas prone to dampness, such as bathrooms and basements.
Keep the Home Clean: Regularly clean and dust your home to reduce the buildup of organic matter on which mold can grow. Pay attention to areas that are more susceptible to mold.
Control Condensation: Use insulation and ensure proper airflow to reduce condensation on cold surfaces, such as windows, walls, and floors.
Monitor Indoor Plants: Mold can grow in soil and on the surface of indoor plants. Keep an eye on your houseplants and avoid overwatering them.
Properly Dry Wet Areas: If an area gets wet due to spills or flooding, dry it thoroughly within 24-48 hours to prevent mold growth.
Use Exhaust Fans: When cooking or using the dishwasher, run exhaust fans to remove excess moisture from the air.
Keep Gutters Clean: Regularly clean and maintain gutters to prevent water from seeping into the walls and foundation.
Monitor and Repair Roofing: Check your roof regularly for any damage or leaks, and address any issues promptly.
Store Belongings Properly: Avoid storing damp or wet items in dark and poorly ventilated areas, such as basements or closets.
Use Air Purifiers: High-quality air purifiers with HEPA filters can help remove airborne mold spores and improve indoor air quality.
By following these preventive measures and promptly addressing any water-related issues, you can significantly reduce the risk of mold growth in your home. If you notice mold developing, take immediate steps to remediate it to prevent further spreading and potential health issues.
Conclusion
Mold is everywhere, but when it starts to build up in the home, it can lead to significant health and economic problems. However, with proper diligence, the risk of getting a mold problem can be greatly reduced.
Sources
<a href="https://www.mdpi.com/2075-5309/12/8/1075" title="National Institute for Occupational Safety and Health (NIOSH)">National Institute for Occupational Safety and Health (NIOSH)</a>
<a href="https://www.who.int/news-room/fact-sheets/detail/household-air-pollution-and-health" title="World Health Organization (WHO)">World Health Organization (WHO)</a>
<a href="https://www.hindawi.com/journals/jeph/2016/2386596/" title="Journal of Environmental and Public Health">Journal of Environmental and Public Health</a>
<a href="https://www.cdc.gov/mold/faqs.htm" title="Centers for Disease Control & Prevention (CDC)">Centers for Disease Control & Prevention (CDC)</a>
<a href="https://www.sciencedaily.com/releases/1999/09/990910080344.htm" title="Mayo Clinic">Mayo Clinic</a>
<a href="http://www.rasimons.com/documents/articles/an-exploratory-review-of-the-effects-of-toxic-mold.pdf" title="The Appraisal Journal">The Appraisal Journal</a>2023-08-01T15:00:00-07:002024-01-09T15:41:46-07:00Tony Mariottitag:rubyhome.com,2012-09-20:28860Burglary Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/burglary_statistics/Burglary_Statistics.jpg" width="1558" height="900" alt="Burglary Statistics" />
Burglaries represent a specific category of property crime characterized by the illegal entry into a structure with the intention to commit a crime within. These offenses, which predominantly take place within residential or commercial buildings, can result in significant financial loss, emotional distress, and a lingering sense of violated personal space for the victims.
In this article, you will find a summary of burglary statistics, another installment of our series dedicted to <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a>.
<a href="https://www.rubyhome.com/#how-many-burglaries">How Many Burglaries Occur?</a>
<a href="https://www.rubyhome.com/#who-commits-burglaries">Who Commits Burglary?</a>
<a href="https://www.rubyhome.com/#burglaries-by-state">Which States Have the Most Burglaries?</a>
<a href="https://www.rubyhome.com/#when-burglaries-happen">When Do Burglaries Happen?</a>
<a href="https://www.rubyhome.com/#burglars-enter-home">How Do Burglars Enter a Home?</a>
<a href="https://www.rubyhome.com/#security-systems">How Many Homes Have Security Systems?</a>
Key Burglary Statistics
899,781 burglaries occurred in the U.S. in 2021, including 416,151 residential burglaries.
<img src="https://assets.site-static.com/userfiles/1102/image/burglary_statistics/899781_Burglaries_Occur_Annually_in_the_US.jpg" width="1558" height="623" alt="899,781 burglaries occur in the United States" />
The U.S. burglary rate is 271 cases per 100,000 population.
There are 2.3X fewer burglaries today than twenty years ago.
The U.S. burglary clearance rate is only 13.5%.
In 54% of burglaries, the offender lives within 2 miles of the home they burglarized, and in 30% of burglaries, the offender knows the victim.
Most burglaries occur during the day or early evening hours.
In over 50% of cases, burglars use open doors or windows to enter the home.
29.7% of U.S. households have alarm <a href="https://www.rubyhome.com/blog/home-security-system-stats/" title="security systems">security systems</a>, and 34% have video doorbell systems installed.
How Many Burglaries Occur?
899,781 burglaries occurred in the U.S. in 2021, an estimate based on the 2021 burglary rate and the U.S. population of 331.9 million that year.
416,151 residential burglaries were reported in 2021, accounting for 46% of the total burglary offenses.
According to the latest available FBI data, the burglary rate in the United States is 271 cases per 100,000 population.
The number of burglaries per year in the U.S. has declined over the past 20 years, as shown by the graph below. 2.3 times fewer burglary cases occurred in 2021 compared to 2001.
<img src="https://assets.site-static.com/userfiles/1102/image/burglary_statistics/Annual_Burglaries_in_the_US.jpg" width="1558" height="1100" alt="Annual burglaries in the United States" />
Here’s the breakdown of burglaries per year for 2001-2021:
YearAnnual Burglaries
2001
2,109,767
2002
2,151,252
2003
2,154,834
2004
2,144,446
2005
2,155,448
2006
2,194,993
2007
2,190,198
2008
2,228,887
2009
2,203,313
2010
2,168,459
2011
2,185,140
2012
2,109,932
2013
1,932,139
2014
1,713,153
2015
1,587,564
2016
1,516,405
2017
1,397,045
2018
1,235,013
2019
1,118,096
2020
1,015,000
2021
899,781
Average Dollar Loss per Burglary
The FBI estimates the average dollar loss per burglary at $2,661.
In 2021, the estimated combined burglary losses were $2.4 billion that year.
Burglary Clearance Rate
With limited resources, law enforcement agencies prioritize violent crimes over <a href="https://www.rubyhome.com/blog/property-crime-stats/" title="property crimes">property crimes</a>. Thus, the clearance rate for property crimes is much lower than clearance for violent crimes – only 13% of U.S. property crimes are solved, compared to over 50% for violent crimes.
U.S. national burglary clearance rate published by the FBI is 13.5%, which means that out of 899,781 burglaries committed, only 121,470 cases would be or have been solved.
Who Commits Burglary?
2021 arrest data published by the FBI shows that most burglary offenders are White men between ages 21-40:
68% of people arrested for burglary offenses were White.
Men accounted for 81.4%, and women accounted for 18.6% of all burglary arrests.
The age groups between 21-30 and 31-40 accounted for 28.8% and 31.6% of burglary arrests, respectively.
Burglary is a crime of opportunity, where the person committing the crime takes advantage of a particular situation without advanced plans to do so.
Burglars often identify their targets while being in the area for a reason other than committing a crime. Most burglars live near their targets, and many know their victims.
According to the U.S. Department of Justice, burglars personally knew their victims in 30% of cases.
In 54% of burglary arrests, the offender lived within 2 miles of the victim's home.
Which States Have the Most Burglaries?
Texas reported the most burglaries cases per state (91,628), followed by Washington (39,475), North Carolina (36,508), Ohio (36,508), and Colorado (27,867).
Here is a table of top 10 states for reported burglaries:
StateReported Burglaries
Texas
91,628
Washington
39,475
North Carolina
36,508
Ohio
27,867
Colorado
22,988
Tennessee
22,517
Oklahoma
20,469
Michigan
19,990
Georgia
18,452
South Carolina
18,353
When Do Burglaries Happen?
A home security company Vivint has recently published an in-depth study of the most active time for criminal activity in 13 major U.S. metropolitan areas.
The study concluded that most property crimes occur during the day or early evening, between 12p.m. and 7 p.m., when people leave their homes for work, school, or other daily activities.
The most active hours for burglary are 4-7 p.m. with 20.4% of all burglaries take place during those hours.
<img src="https://assets.site-static.com/userfiles/1102/image/burglary_statistics/Time_of_Day_When_Burglaries_Happen.jpg" width="1558" height="1100" alt="Time of Day When Burglaries Happen" />
Here’s a breakdown of burglary activities by the time of day.
Time of DayTotal Burglaries
12AM - 3AM
18.9%
4AM - 7AM
12.7%
8AM - 11AM
12.9%
12PM - 3PM
16.3%
4PM - 7PM
20.4%
8PM - 11PM
18.7%
How Do Burglars Enter a Home?
In most cases, burglars look for easy access to a home, with open doors and windows being the most popular options.
A home security company ADT has reported this data for the common points of entry:
34% of burglars use the front door - just twist the knob and walk-in.
23% use first-floor open windows.
22% use the back door.
9% enter through an attached garage.
6% use other unlocked areas.
4% use the basement as a point of entry.
2% enter through the second-floor open windows.
KGW, the NBC-affiliated television station in Portland, Oregon, surveyed convicted burglary offenders serving time at the Oregon Department of Corrections on how they broke into homes.
Here’re some interesting findings:
Most burglars break into homes through open doors or windows.
If all doors and windows were locked, most burglars kicked in the door rather than breaking a window. Kicking in the door makes less noise than broken glass and doesn’t pose a safety risk to the burglar.
All burglars stated they knocked on the door before breaking in. If someone answered the door, the offenders acted lost, confused, or pretended to be someone else, then walked away.
Do Burglars Come Back to the Same House?
According to research from the United Kingdom, if the home was burglarized once, there's a good chance it will be burglarized again within the next ten days.
Most convicted burglars are repeat offenders. If they couldn't take something they liked the first time, they might decide to go back for it. Additionally, burglars want to capitalize on gaining an entrance to the home before homeowners repair the broken door or window or increase the home security.
How Many Homes Have Security Systems?
According to the 2023 Home Security Market Report by SafeHome, at least 39 million U.S. households are protected by security alarm systems, which is 29.7% of the total U.S. households (131.2 million).
45 million households, or 34% of the total U.S. households, have video doorbell component, due in large part from the growth of low-cost <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="smart home">smart home</a> devices.
13 million U.S. households are considering installing security alarm systems this year, and 10 million are considering installing access control devices.
By type of security devices, video surveillance cameras are the most popular (used by 45% of households), followed by video doorbells (40%) and security alarm systems (35%).
Ring is the most popular brand among security system providers, followed by ADT and Nest.
Do Security Systems Deter Burglary?
According to the KGW’s survey of convicted burglars, it seems so.
Most burglars stated they avoid homes with visible security cameras.
All burglars stated they would leave home immediately if a security alarm went off.
Other effective deterrents mentioned by the burglars in the KGW’s survey were large dogs present at the house, homeowner cars parked in the driveway, home lights being on, or the sounds of TV being audible.
Burglary Clarification
Thanks for reading our article. We wanted to take a moment to clarify what burglary is and is not.
Burglary vs. Robbery
People often use “burglary” and “robbery” interchangeably, but the terms have meaningful differences. Burglary involves a person illegally entering a building to commit a crime inside.
Robbery refers to someone taking something of value directly from another person using force or fear.
One important distinction between the terms is the location of the crime. Burglary must occur inside a home or building, while robbery can happen in the open.
Another difference is the absence or presence of violence. Burglary is a non-violent property crime. Robbery uses force, fear, or intimidation and is a violent crime.
Burglary vs. Home Invasion
Home invasion, also called “residential burglary,” occurs inside a private home while people living there are present. Home invasion is the most dangerous subset of burglary offenses as it often escalates into violence.
Sources
<a href="https://www.statista.com/" title="Statista" rel="nofollow">Statista</a>
<a href="https://www.ojp.gov/ncjrs/virtual-library/abstracts/profile-household-burglary-america" title="Police Journal">Police Journal</a>
<a href="https://popcenter.asu.edu/content/analyzing-repeat-victimization" title="Arizona State University">Arizona State University</a>
<a href="https://www.safehome.org/resources/home-security-industry-annual/" title="SafeHome">SafeHome</a>
<a href="https://www.kgw.com/article/news/investigations/86-burglars-say-how-they-break-into-homes/283-344213396" title="KGW">KGW</a>2023-07-24T09:45:00-07:002024-01-09T15:41:58-07:00Tony Mariottitag:rubyhome.com,2012-09-20:28856Property Crime Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/property_crime_2023/Property_Crime_Statistics.jpg" width="1558" height="900" alt="Property Crime Statistics" />
What is Property Crime?
Criminal activities fall into two broad categories: violent and property crimes. In a property crime, property is stolen or destroyed without the use or threat of force against the victim.
People commit most property crimes - burglary, larceny theft, motor vehicle theft, embezzlement, shoplifting, or intellectual property theft - for financial gain. Other property crimes - graffiti, vandalism, or arson - are committed to deface or destroy the property itself.
Interestingly, robbery doesn't belong to the property crime category because robbery implies using force against the victim, thus it is categorized as a violent crime.
In this post, part of our real <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="estate stats roundup">estate stats roundup</a>, we’ve collected the most recent U.S. property crime statistics. Here’s the summary of what you’ll find:
<a href="https://www.rubyhome.com/#property-crime-rates">Property Crime Rates in the U.S.</a>
<a href="https://www.rubyhome.com/#property-crime-demographics">Property Crime by Demographic </a>
<a href="https://www.rubyhome.com/#safe-dangerous-places">Safest and Most Dangerous Places</a>
<a href="https://www.rubyhome.com/#property-crime-when">When Do Property Crimes Occur?</a>
<a href="https://www.rubyhome.com/#property-crime-probability">Probability of Experiencing a Property Crime</a>
Key Property Crime Stats
There were 6.4 million property crimes in the U.S. in 2021, including 4.6 million larceny-theft offenses.
<img src="https://assets.site-static.com/userfiles/1102/image/property_crime_2023/6.4_Million_US_Property_Crimes_Annually.jpg" width="1558" height="623" alt="6.4 million property crimes in the U.S." />
Texas has the most property crime cases of any state.
Washington, D.C. has the highest rate of larceny-theft offenses out of all districts and states. New Mexico has the highest burglary rate, Colorado has the highest motor vehicle theft rate, and Illinois has the highest arson rate.
Property crime rates have declined over the past 20 years; however, most Americans perceive crime as rising.
Overall, only 13% of property crimes are cleared compared to over 50% clearance for violent crimes.
White males between the ages of 21 and 40 account for most property crimes.
St. Louis, MI, is the most dangerous, and Honolulu, HI, is the safest city in the United States.
Most property crimes occur during daylight hours between 12 p.m. and 7 p.m.
The odds of personally experiencing a property crime stands at 1.9%.
Property Crime Rates in the U.S.
Publicly available U.S. crime data is collected and reported by the FBI. The bureau’s Uniform Crime Reporting (UCR) Program divides property crime into four categories - burglary, larceny-theft, motor vehicle theft, and arson.
According to the latest available FBI data, 6.4 million property crime cases were reported in the U.S. in 2021, a rate of 1,933 offenses per 100,000 population.
Of the different forms of property crimes, larceny-theft is the most common, with more than 4.6 million reported cases in 2021. Among larceny-theft offenses, theft from motor vehicles is the most common type.
Burglary Rates
There were 899,700 burglary cases reported in the U.S. in 2021, a rate of 271 reported cases per 100,000 population.
New Mexico has the highest burglary rate of any state at 649 reported cases per 100,000 population.
New Hampshire has the lowest burglary rate at 103 reported cases per 100,000 population.
Larceny - Theft Rates
There were 4.63 million larceny cases reported in the U.S. in 2021.
U.S. larceny-theft rate is 1,394 reported cases per 100,000 population.
Washington, D.C. has the highest larceny-theft rate of any district or state at 2,741 reported cases per 100,000 population.
Massachusetts has the lowest larceny-theft rate at 804 reported cases per 100,000 population.
Motor Vehicle Theft Rates
890,200 motor vehicle theft cases were reported in the U.S. in 2021.
The U.S. motor vehicle theft rate is 268 reported cases per 100,000 population.
Colorado has the highest motor vehicle theft rate of any state at 524 reported cases per 100,000 population.
Vermont has the lowest motor vehicle theft rate at 42 reported cases per 100,000 population.
Arson Rates
In 2021, Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) reported 22,893 fire-related incidents, including 6,645 cases of incendiary arson.
By state, Illinois has the highest number of arson cases (1,116), followed by Texas (689) and Florida (649). These three states accounted for 38% of the country's arson cases in 2021.
Property Crime Rates 2001 - 2021
The property crime rate in the U.S. has been declining year-over-year for the past 20 years, as shown by the graph below.
<img src="https://assets.site-static.com/userfiles/1102/image/property_crime_2023/Property_Crime_Rates_in_US.jpg" width="1558" height="1100" alt="Property Crime Rates in US" />
Here’s the breakdown of reported property crime cases per year for 2001-2021:
YearProperty Crimes / 100K People
2001
3,658
2002
3,631
2003
3,591
2004
3,514
2005
3,432
2006
3,347
2007
3,276
2008
3,215
2009
3,041
2010
2,946
2011
2,905
2012
2,868
2013
2,734
2014
2,574
2015
2,501
2016
2,452
2017
2,363
2018
2,210
2019
2,131
2020
2,025
2021
1,933
Despite property crime rates declining annually (this is also true for violent crimes), most Americans persistently believe that there is more crime in the current year than a year prior.
Here are some interesting findings from the 2022 Gallup survey that tracks the frequency of personal worry about violent and property crimes:
78% of Americans believe there is more crime in the U.S. than the prior year.
56% of Americans feel that the local crime is up by at least 5 points, 28% think there is less crime, and 14% believe the crime is about the same as the prior year.
Property Crime Clearance Rate
One of the reasons one may commit a property crime is the low likelihood of being caught and charged. Only 13% of reported U.S. property crimes are cleared, compared to over 50% for violent crimes.
Burglary clearance rate - 13.5%
Larceny-theft clearance rate - 19.2%
Motor vehicle theft clearance rate - 13.7%
Arson clearance rate - 21.1%
Arson has the highest clearance rate of 21.1% of different types of property crime. (Among violent crimes, murder has the highest clearance rate of 61.6%.)
Property Crime by Demographic
Because most people commit property crimes for financial gain, the crime rates are higher in the areas with higher rates of poverty and unemployment, and vice versa.
Washington, D.C. has one of the highest poverty rates in the country - 18.6% - compared to the 12.8% national average. The D.C. area also has the highest larceny-theft rate of all the states and districts.
With the third-highest poverty rate nationwide at 18.4%, New Mexico has the highest burglary rate in the country.
According to research by the University of Chicago, a 1% decline in unemployment leads to a 1-5% decrease in property crime.
Property Crime by Ethnicity
Based on FBI arrest data, White Americans account for over half of property crimes in every category - arson (71%), burglary (67%), larceny-theft (66%), and motor vehicle theft (65%).
Here’s the breakdown of 2021 arrests for property crimes by type and ethnicity:
EthnicityArsonBurglaryLarceny - TheftMotor Vehicle Theft
White
3,469
44,360
219,296
27,806
Black/ African American
1,127
18,359
91,896
12,835
American Indian/ Alaska Native
114
1,259
6,173
926
Asian
70
625
5,796
389
Hawaiian/ Pacific Islander
21
194
815
125
Unknown
67
926
5,796
572
Total
4,868
65,723
329,772
42,653
Property Crime by Gender
In 2021, men accounted for 483,840 arrests, and women accounted for 217,107 arrests for property crimes.
Women also accounted for a smaller percentage in each property crime category - burglary (10%), motor vehicle theft (12%), larceny theft (24%), and arson (43%).
Here’s the breakdown of 2021 arrests for property crimes by type and gender.
GenderArsonBurglaryLarceny - TheftMotor Vehicle Theft
Male
3,893
55,707
208,038
34,669
Female
1,190
12,733
132,015
9,766
Total
8,967
68,440
340,053
44,435
Property Crime by Age
The age groups between 21-30 and 31-40 accounted for 29% each of all property crime arrests in 2021, while those between 11-20 and 41-50 accounted for 17% and 15%, respectively.
The age group of 10 & under accounted for 731 arrests or 2% of all property crime arrests in 2021. The charges included 392 vandalism offenses, 173 larceny-theft offenses, 101 burglary offenses, 24 arson offenses, and 13 motor vehicle theft offenses.
<img src="https://assets.site-static.com/userfiles/1102/image/property_crime_2023/Property_Crimes_by_Age_Group_in_US.jpg" width="1558" height="1100" alt="Property Crimes by Age in US" />
Here are the 2021 arrests for property crime offenses by age group:
Age GroupArrests% of Arrests
10 & under
731
0.1%
11-20
118,216
16.9%
21-30
204,014
29.1%
31-40
202,179
28.9%
41-50
103,984
14.8%
51-60
54,309
7.8%
61 & older
17,290
2.5%
Total
700,723
100.0%
Safest and Most Dangerous Places
Property Crime by State
Texas reported 946,717 property crime offenses in 2021 - the highest number of all the states. Washington, North Carolina, Colorado, and Ohio rounded up the top five states with the highest property crime numbers for that year.
South Dakota, Vermont, Wyoming, Alaska, and Florida were the top five states with the lowest property crime rate for that year.
Here’s a breakdown of 2021 property crime offenses by state:
StateReported Property Crimes
Texas
946,717
Washington
357,551
North Carolina
337,746
Colorado
295,735
Ohio
288,592
Georgia
243,173
Tennessee
241,615
Michigan
232,118
Virginia
221,013
Missouri
205,063
South Carolina
191,881
Minnesota
189,416
Oregon
172,886
Illinois
156,781
Oklahoma
150,315
Massachusetts
134,009
Wisconsin
131,390
Arkansas
123,785
Indiana
123,469
Alabama
122,274
Nevada
115,149
Kentucky
114,954
Louisiana
112,262
Utah
107,749
Arizona
104,648
New York
85,284
Kansas
85,034
Connecticut
84,370
<a href="https://www.rubyhome.com/california/" title="California">California</a>
81,313
Pennsylvania
75,149
Iowa
74,513
New Mexico
68,916
Maryland
64,600
New Jersey
51,188
Mississippi
47,697
Delaware
40,185
Nebraska
36,284
Hawaii
35,378
Montana
35,096
Idaho
31,407
West Virginia
30,705
New Hampshire
27,923
North Dakota
26,333
Maine
26,094
Washington DC
24,749
Rhode Island
24,698
South Dakota
21,932
Vermont
13,817
Wyoming
10,750
Alaska
7,301
Florida
969
Safest and Most Dangerous U.S. Cities
For the past three years, MoneyGeek has issued annual reports of the most dangerous and safest U.S. cities based on the cost of crime per capita.
The cost of crime methodology allows for a uniform ranking across cities with different types of crime. Additionally, it provides a reliable indicator of crime’s economic impact on the area - people living in cities with high crime costs see depressed values of their properties and pay extra for home and auto insurance.
What are the biggest surprises in the MoneyGeek 2022 report? The absence of large cities on the most dangerous list and the inclusion of cities commonly presumed to have high crime rates - such as New York or El Paso, TX - into the safest city category.
2022 Most Dangerous U.S. Cities
St. Louis, MI
Birmingham, AL
Baltimore, MD
Memphis, TN
Detroit, MI
Cleveland, OH
New Orleans, LA
Shreveport, LA
Baton Rouge, LA
Little Rock, AR
Oakland, CA
Milwaukee, WI
Kansas City, MI
Philadelphia, PA
Richmond, VI
2022 Safest U.S. Cities (Population over 300,000)
Honolulu, HI
Virginia Beach, VI
Henderson, NV
El Paso, TX
New York City
San Diego, CA
Mesa, AZ
Charlotte, NC
San Jose, CA
Boston, MS
Raleigh, NC
Arlington, TX
Santa Ana, CA
Omaha, NE
Austin, TX
When Do Property Crimes Occur?
Property crimes happen all day, every day. According to the latest FBI Crime Clock, a property crime occurs in the U.S. every 4.4 seconds. A burglary occurs every 25.7 seconds, a larceny theft occurs every 6.1 seconds, and a motor vehicle theft occurs every 42.2 seconds.
Peak Times for Crime by Metropolitan Area
The <a href="https://www.rubyhome.com/blog/home-security-system-stats/" title="home security">home security</a> company Vivint recently published a 2022 public crime data study for 13 major metropolitan areas. Based on their findings, 9 out of 13 cities experienced the most crime incidents from 4 p.m. to 7 p.m.
Here’re the most active hours for crime in each metropolitan area and the percent of criminal activity during those peak times.
Atlanta: 4 p.m. to 7 p.m. (23.1%)
Boston: 4 p.m. to 7 p.m. (24.4%)
Chicago: 4 p.m. to 7 p.m. (21.1%)
Dallas: 4 p.m. to 7 p.m. (22.7%)
Detroit: 8 p.m. to 11 p.m. (19.8%)
<a href="https://www.rubyhome.com/los-angeles/" title="Los Angeles">Los Angeles</a>: Noon to 3 p.m. (21.7%)
Miami/Fort Lauderdale: 4 p.m. to 7 p.m. (24.8%)
New York: 4 p.m. to 7 p.m. (23.3%)
Philadelphia: 4 p.m. to 7 p.m. (26.0%)
Phoenix: Midnight to 3 a.m. (21.0%)
<a href="https://www.rubyhome.com/san-francisco-ca/" title="San Francisco">San Francisco</a>: 4 p.m. to 7 p.m. (22.5%)
Seattle: Midnight to 3 a.m. (20.6%)
Washington, D.C.: 4 p.m. to 7 p.m. (24.4%)
Peak Times for Property Crime by Type
Except for arson that peaks during the night hours, most property crimes occur during the day, between noon and 7 p.m., when people are at work or occupied by other day-time activities.
Below are the most active hours by type of property crime and the percentage of crime during those hours.
Arson: Midnight to 3 a.m. (27.6%)
Burglary: 4 p.m. to 7 p.m. (20.4%)
Fraud: Noon to 3 p.m. (27.4%)
Larceny: 4 p.m. to 7 p.m. (23.8%)
Motor vehicle theft: 4 p.m. to 7 p.m. (22.6%)
Theft: Noon to 3 p.m. (25.2%)
Probability of Experiencing a Property Crime
According to the latest published FBI data, the U.S. property crime rate is 1,933 reported cases per 100,000 of the population. Assuming every instance of property crime occurs to a different person, we can translate this into a 1.9% probability of experiencing a property crime personally.
For comparison, the probability of experiencing a property crime in 2001 was 3.7% (3,657 reported property crime instances per 100,000 population). Thus, the odds of personally experiencing a property crime today are about half of what they were twenty years ago.
Sources
<a href="https://cde.ucr.cjis.gov/LATEST/webapp/#/pages/home" title="FBI">FBI</a>
<a href="https://www.statista.com/topics/" title="Statista" rel="nofollow">Statista</a>
<a href="https://www.atf.gov/resource-center/fact-sheet/fact-sheet-facts-and-figures-fiscal-year-2022" title="ATF">ATF</a>
<a href="https://www.pewresearch.org/short-reads/2020/" title="Pew Research">Pew Research</a>
<a href="https://www.vivint.com/resources/" title="Vivint">Vivint</a>
<a href="https://www.journals.uchicago.edu/journals/" title="University of Chicago">University of Chicago</a>
<a href="https://www.forbes.com/sites/laurabegleybloom/" title="Forbes">Forbes</a>
<a href="https://news.gallup.com/topic/category-social-issues.aspx" title="Gallup">Gallup</a>2023-07-23T15:45:00-07:002024-01-09T15:45:35-07:00Tony Mariottitag:rubyhome.com,2012-09-20:28793House Fire Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/house_fire_statistics/House_Fire_Statistics.jpg" width="1558" height="900" alt="House Fire Statistics" />
This article is part of RubyHome's series on <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics">real estate statistics</a>.
House fires can have devastating consequences, causing injuries, property loss, and even civilian deaths. In this article, we will delve into house fire statistics, and cover the following areas in detail:
<a href="https://www.rubyhome.com/#how-many-house-fires">How Many House Fires Are There Each Year?</a>
<a href="https://www.rubyhome.com/#when-and-where">Where & When Do House Fires Originate? </a>
<a href="https://www.rubyhome.com/#leading-causes">What Are the Leading Causes of House Fires?</a>
<a href="https://www.rubyhome.com/#economic-impact">Economic Impact of House Fires</a>
<a href="https://www.rubyhome.com/#house-fire-injuries-death">House Fire Injury & Death Statistics</a>
<a href="https://www.rubyhome.com/#preventing-house-fires">House Fires & Homeowners Insurance</a>
<a href="https://www.rubyhome.com/#">Preventing House Fires</a>
Key House Fire Stats
343,100 homes experience a structural fire in the U.S. each year.
<img src="https://assets.site-static.com/userfiles/1102/image/house_fire_statistics/343100_Structural_Home_Fires_in_the_US_Annually.jpg" width="1558" height="623" alt="343,100 Structural Home Fires in the US Annually" />
House fires cause over $9 billion in damages each year.
Every 23 seconds a fire department must respond to a fire somewhere in the U.S.
The most common causes of house fires are cooking (49%) and heating equipment (13%).
On average house fires cause 2,840 civilian deaths per year.
In 2021, there were over 11,000 fire-related injuries from 338,000 house fires.
How Many House Fires Are There Each Year?
Fires are a common problem, with hundreds of thousands of occurrences in the U.S. every year:
On average, there are 343,100 house fires in the U.S. each year.
Of the total dwellings above, there were 86,000 apartment fires in 2020.
Roughly 1 in 413 houses experiences a house fire each year.
The average number of house fires has come down significantly from the 1980s and 1990s, for example in the year 1980 there were 734,000 house fires whereas 2021 saw 338,000 house fires. Here we can see the downward trend in the number of house fires over the years:
<img src="https://assets.site-static.com/userfiles/1102/image/house_fire_statistics/Number_of_House_Fires_Over_Time.jpg" width="1558" height="1100" alt="Number of House Fires Over Time" />
Between 1980 to 2000 there was a significant reduction in the number of house fires, then things start to level off after the turn of the century.
Where & When Do House Fires Originate?
The National Fire Protection Association (NFPA) has published a lot of insightful data as to where and when house fires occur.
Where Do House Fires Originate?
Due to cooking being the leading cause of house fires, the kitchen is the most common area where house fires begin.
Kitchen (44%)
Other (38%)
Bedroom (6%)
Outside (5%)
Chimney or flue (4%)
Living Room (3%)
When Do House Fires Occur?
House fires are more common during winter months than summer and occur more often during the daytime. That said, house fires that occur at nighttime are more deadly.
From January to March, there are on average 106,900 house fires in the U.S.
From July to September, there are on average only 75,000 house fires.
33% of home fires occur between 4:00-9:00 PM, but these only account for 15% of deaths.
February is the most common month for home fires with an average of nearly 40,000 occurrences.
<img src="https://assets.site-static.com/userfiles/1102/image/house_fire_statistics/Number_of_House_Fires_by_Month.jpg" width="1558" height="1100" alt="Number of House Fires by Month" />
What Are the Leading Causes of House Fires?
The major causes of home fires are <a href="https://www.rubyhome.com/blog/home-accident-stats/" title="home accidents">home accidents</a>, which can be broken down into five categories: cooking, heating equipment, electrical distribution and lighting equipment, intentional fire setting, and smoking materials.
Nearly half (49%) of house fires between 2016 and 2020 were caused by cooking.
Cooking causes on average 166,430 house fires per year.
The second leading cause of home fires is heating equipment, accounting for 13%.
Candles are the cause of 2% of house fires every year, or roughly 7,200 fires.
Here is a breakdown of all the reported causes as reported by the NFPA:
<img src="https://assets.site-static.com/userfiles/1102/image/house_fire_statistics/Leading_Causes_of_House_Fires.jpg" width="1558" height="1100" alt="Leading Causes of House Fires" />
Here is a table of causes:
House Fire OriginPercentage
Cooking
49%
Heating
13%
Electrical
9%
Intentional
9%
Smoking
5%
Clothes dryer/washer
4%
Exposure to another fire
3%
Candles
2%
Other
6%
Economic Impact of House Fires
According to the NFPA, house fires cause on average $9 billion of property damage every year in the U.S. in 2023 dollars (after adjusting for inflation).
Although cooking accounts for nearly half (49%) of all house fires, it accounts for just 16% of the economic damage. Here’s a breakdown of the economic damage by cause of the fire:
YearProperty Damage (2023 Adj.)
2016
$8.64 billion
2017
$9.05 billion
2018
$9.15 bilion
2019
$8.70 billion
2020
$9.41 billion
2021
$10.00 billion
House Fire Injury & Death Statistics
According to the U.S. Fire Administration, there were 2,840 civilian deaths in 2021 due to house fires. There were also 11,400 fire-related injuries.
There is a fire-related death on average every 3 hours in the U.S.
Older adults were the age group most likely to die in a home fire.
Most house fire deaths are caused by smoke inhalation.
For every 1,000 reported home fires, there are 7.9 deaths.
For 60% of house fire deaths, a smoke alarm was either not present or not operational, a trajedy given the vast number of low-cost, battery-powered alarms and <a href="https://www.rubyhome.com/blog/smart-home-stats/" title="smart home">smart home</a> devices available.
Here is a breakdown of the number of deaths in relation to the cause of the fire:
Cause of FireAnnual Deaths
Smoking
620
Cooking
520
Heating
480
Electrical
390
Intentional
360
House Fires & Homeowners Insurance
According to the Insurance Information Institute, claims for fire and lightning are much less common than water and wind damage.
1 in 385 insured homes makes a fire or lightning damage claim each year.
1 in 35 insured homes makes a wind or hail insurance claim.
1 in 60 insured homes makes a <a href="https://www.rubyhome.com/blog/water-damage-stats/" title="water damage">water damage</a> or freezing claim.
The average insurance claim after a house fire is $77,340.
Fire damage claims are typically 7X more costly than wind and hail claims.
Homeowners insurance usually aids in covering the expenses related to fire damage, including repairs to your home, unattached structures, and personal belongings. Here's an overview of how each type of coverage can be beneficial.
Dwelling Coverage
Under homeowners’ insurance, the structure of your home, along with attached structures like a garage, is typically protected.
Detached Structures
Referred to as "other structures coverage," this aspect of homeowners insurance helps pay for structures on your property that are not physically connected to your home. Examples include sheds, detached garages, and fences.
Personal Property
Homeowners insurance generally extends coverage to your personal belongings, including appliances, furniture, and clothing. It helps protect these items against specific risks, often referred to as "perils" in insurance policies, such as fire and lightning strikes. If your personal belongings are damaged or destroyed in a fire, homeowners’ insurance may cover the expenses involved in repairing or replacing them.
It is important to note that homeowners’ insurance coverage for wildfire damage may vary depending on your location, which can be tricky areas like the foothills and mountain areas of <a href="https://www.rubyhome.com/california/" title="California">California</a>. It is recommended to carefully review your policy to understand whether it includes any specific coverage for wildfires.
Preventing House Fires
By implementing a few simple measures and adopting responsible habits, you can significantly reduce the risk of a devastating fire in your home. Here are some tips:
Ensure that your home is equipped with smoke detectors on every floor and test them regularly to ensure they are functioning correctly.
Consider installing a fire extinguisher in an easily accessible location, such as the kitchen, and familiarize yourself with its proper usage.
Maintaining a clean and clutter-free living space is essential for fire prevention.
Keep flammable materials like curtains, furniture, and rugs away from heat sources such as heaters and candles.
Avoid overloading electrical outlets and ensure that all cords and wires are in good condition, without any frays or exposed wires.
Regularly inspect and clean chimneys and heating systems to prevent the buildup of flammable materials.
Practice responsible cooking habits by never leaving the kitchen unattended while cooking, especially when using stovetops or ovens.
Keep flammable items like potholders, dish towels, and paper towels away from the stove.
If you have young children, establish a "kid-free zone" in the kitchen to minimize the risk of accidental fires.
Ensure that everyone knows how to safely exit the house in case of a fire and designate a meeting point outside.
By following these preventive measures and maintaining a vigilant mindset, you can greatly reduce the likelihood of a home fire and safeguard the lives and property of your household.
Conclusion
House fires happen every year, all around the U.S. Although not as common as wind or water damage, when house fires happen, they cause a lot of property damage as well as injuries and death. With proper measures and habits in place, homeowners can greatly reduce the risk of lowing their home to fire.
Sources
<a href="https://www.nfpa.org/homefires">National Fire Protection Association</a>
<a href="https://www.redcross.org/content/dam/redcross/atg/PDF_s/Preparedness___Disaster_Recovery/Disaster_Preparedness/Home_Fire/FireFAQs.pdf">American Red Cross</a>
<a href="https://www.usfa.fema.gov/statistics/residential-fires/">U.S. Fire Administration</a>
<a href="https://injuryfacts.nsc.org/home-and-community/safety-topics/fire-related-fatalities-and-injuries/">National Safety Council</a>
<a href="https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance">Insurance Information Institute</a>
<a href="https://portal.ct.gov/CFPC/_old/State-Fire-Administrator/General/Seven-People-Die-Each-Day-in-Reported-US-Home-Fires">Connecticut State Commission on Fire Prevention and Control</a>2023-07-19T15:45:00-07:002024-01-09T15:45:51-07:00Tony Mariottitag:rubyhome.com,2012-09-20:28781Home Accident Statistics (2024)<img src="https://assets.site-static.com/userfiles/1102/image/home_accident_statistics/Home_Accident_Statistics.jpg" width="1558" height="900" alt="Home Accident Statistics" />
There are millions of accidents in U.S. homes every year. From poisoning, falling, choking, and more, the number of injuries and fatalities add up. Here, we will take a deeper look at home accidents. For more real estate-related facts and figures, be sure to check out our <a href="https://www.rubyhome.com/blog/real-estate-stats/" title="real estate statistics article">real estate statistics article</a>.
<a href="https://www.rubyhome.com/#how-many-injuries">How Many People Are Injured in Home Accidents?</a>
<a href="https://www.rubyhome.com/#how-many-deaths">How Many People Die in Home Accidents?</a>
<a href="https://www.rubyhome.com/#leading-causes">What Are the Leading Causes of Home Injury-Related Deaths?</a>
<a href="https://www.rubyhome.com/#death-rates">Home Accident Death Rates</a>
<a href="https://www.rubyhome.com/#death-rates-by-age">Home Accident Deaths by Age Group</a>
<a href="https://www.rubyhome.com/#preventing-home-accidents">Preventing Home Accidents</a>
Key Home Accident Stats
In 2021 there were an estimated 128,200 preventable home injury-related deaths in the U.S.
<img src="https://assets.site-static.com/userfiles/1102/image/home_accident_statistics/128200_Home_Injury_Related_Deaths.jpg" width="1558" height="623" alt="128,200 Home Injury Related Deaths" />
There were 35.9 million medically consulted injuries from preventable home accidents in 2021.
78% of all preventable injury-related deaths happen in homes.
The leading causes of home injury-related deaths are poisoning (65%) and falls (23%).
How Many People Are Injured in Home Accidents?
There are millions of medically consulted home accident injuries every year in the U.S.
There were 35.9 million medically consulted injuries from home accidents in 2021.
The total cost of injuries amounted to $4.2 trillion in the U.S. in 2019 (CDC).
How Many People Die in Home Accidents?
Unfortunately, some home accidents result in death. According to the National Safety Council, preventable home injury-related deaths claim a significant number of lives every year.
In 2021 there were an estimated 128,200 preventable home injury-related deaths in the U.S.
There were 38.6 home injury-related deaths per 100,000 people in 2021.
76% of all preventable injury-related deaths occur in homes.
Accidental injuries resulted in more potential years of life lost than any other cause of death in 2020.
Only 25% of the 1.4 million fires in 2020 were <a href="https://www.rubyhome.com/blog/house-fire-stats/" title="house fires">house fires</a>, but they accounted for 74% of fire-related deaths.
What Are the Leading Causes of Home Injury-Related Deaths?
Here are the top causes of accidental home-related injury deaths:
Poisoning (65%)
Falls (23%)
Fires, flames, and smoke (2%)
Choking (2%)
Mechanical suffocation (1%)
Drowning (1%)
Natural heat and cold (1%)
Firearms (< 1%)
All other (5%)
Poisoning and falls make up the vast majority of home injury-related deaths.
<img src="https://assets.site-static.com/userfiles/1102/image/home_accident_statistics/Causes_of_Home_Accident_Deaths.jpg" width="1558" height="1100" alt="Causes of Home Accident Deaths" />
Home Accident Death Rates
According to data from the National Safety Council, the home accident death rate (per 100,000 population) has steadily increased over time. The increased death rate is largely due to increases in unintentional poisonings and falls.
<img src="https://assets.site-static.com/userfiles/1102/image/home_accident_statistics/Home_Accident_Death_Rates_by_Year.jpg" width="1558" height="1100" alt="Home Accident Death Rates" />
Home Accident Deaths by Age Group
Home accident death rates vary by age group. For every 100,000 people, 38.6 home injury-related deaths occur on average across all ages. Older age groups are more prone to fatal accidents.
The death rate for those 75 and older from home accidents is 2.5x higher than any other age group.
Home accident deaths are least likely between the ages of 5 and 14.
Children ages 0 to 4 are nearly 9x more likely to die in a home accident compared to kids ages 5 to 14.
<img src="https://assets.site-static.com/userfiles/1102/image/home_accident_statistics/Home_Accident_Death_Rates_-_By_Age.jpg" width="1558" height="1100" alt="Home Accident Death Rates by Age" />
All age groups under 24 years old were less likely to die from home accidents than people in older age groups.
Preventing Home Accidents
Install and maintain smoke detectors and carbon monoxide detectors: Smoke detectors and carbon monoxide detectors are crucial for early detection of fires and harmful gas leaks. Install them on every level of your home and near sleeping areas. Test them regularly and replace batteries as needed to ensure they are functioning properly.
Keep pathways clear and well-lit: cluttered pathways can increase the risk of tripping and falling. Keep floors clear of toys, shoes, and other objects that may obstruct walkways. Additionally, ensure that staircases and hallways are well-lit to prevent accidents during nighttime navigation.
Secure rugs and loose carpets: Loose rugs and carpets are common culprits of trips and falls. Use double-sided tape or non-slip pads to secure rugs to the floor, preventing them from sliding or bunching up.
Install handrails and grab bars: Handrails and grab bars provide essential support and stability, especially in areas like staircases and bathrooms. Install them in these locations to assist with balance and prevent falls.
Store hazardous materials safely: Keep hazardous materials, such as cleaning products, medications, and sharp objects, out of the reach of children. Store them in locked cabinets or high shelves to prevent accidental ingestion or injuries.
Practice kitchen safety: The kitchen can be a hotspot for accidents. Use caution when handling sharp objects, turn pot handles inward to prevent accidental spills, and never leave cooking unattended. Keep a fire extinguisher nearby and know how to use it in case of a kitchen fire.
Install window guards and safety gates: If you have young children, install window guards to prevent falls from open windows. Safety gates can also be used to block access to stairs or other hazardous areas, reducing the risk of accidents.
Regularly inspect electrical cords and outlets: Check electrical cords for signs of fraying or damage, and replace them if necessary. Avoid overloading outlets with too many appliances or electronics, as this can lead to electrical fires. Consider using surge protectors to safeguard valuable devices.
Educate family members on safety measures: Teach your family members, including children, about home safety. Emphasize the importance of not playing with electrical outlets, not touching hot surfaces, and knowing emergency contact numbers. Encourage open communication about safety concerns and make sure everyone knows what to do in case of an emergency.
Conclusion
Examining home accident statistics sheds light on the importance of safety measures within our living spaces. With over 100,000 deaths and millions of injuries every year, it is crucial to educate ourselves about the potential hazards present in our homes and to prioritize safety in our day-to-day routines.
Ultimately, our homes should be places of comfort, security, and peace. By being vigilant, responsible, and proactive, we can reduce the occurrence of home accidents and create a safe haven for ourselves and our families.
Sources
<a href="https://injuryfacts.nsc.org/home-and-community/deaths-in-the-home/introduction/" title="National Safety Council">National Safety Council</a>
<a href="https://www.cdc.gov/injury/wisqars/" title="CDC">Centers for Disease Control and Prevention</a>
2023-07-19T12:00:00-07:002024-01-09T15:49:11-07:00Tony Mariotti