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Monday, September 04, 2006

Bathrooms and Median Home Value

Overview
Twenty seven homeowners (n=27) participated in a survey describing characteristics of homes in the area under study. The questionnaire consisted of the value of the home, taxes paid on the home, if the home had three or fewer bedrooms (=0) or more than three bedrooms (=1); and the type of bathroom (outdated (=0) versus modern (=1)). Nearly half of homes sampled (48%) had three or fewer bedrooms while a little over half (52%) had more than three bedrooms. There was a little more variation among bathrooms with approximately 41% of homes having outdated bathrooms and nearly 60% of homes having modern bathrooms. Of the homes with three or fewer bedrooms (n=13) only 3 homes (23%) had outdated bathrooms while 10 homes (approximately 77%) had modern bathrooms. Homes with four or more bedrooms (n=14) were more likely to have outdated bathrooms (over 57%) with only 6 of the 14 homes (approximately 43%) having modern bathrooms.

Value
Overall, the average value of the homes was $176, 900 with a low of $147, 000 and a high of $220,000. Approximately 97% of homes in the study were valued below $213,000; and 84% of homes were valued below $195,000. (SD=18,000).

Bedroom and Value
Homes with three or fewer bedrooms (n=13) had an average value of nearly $178,000 with a minimum of $151,000 and a maximum of $215,000. Homes with four or more bedrooms (n=14) had an average value of $176,000 with a minimum of $147,000 and a maximum of $220,000. The value of homes with four or more bedrooms was less variable than those with three or fewer bedrooms (SD=$531 for four or more as compared to SD=$644 for three or fewer).

Bathroom and Value
Homes with outdated bathrooms (n=11) had an average value of $160,000 with a minimum of $147,000 and a maximum value of $220,000. Homes with modern bathrooms (n=16) had an average value of almost $175,000 with a minimum of $151,000 and a maximum of $195,000. The value of homes with modern bathrooms was less variable than homes with outdated bathrooms (SD=$14,858 for modern bathrooms compared to SD= $22, 205 for homes with outdated bathrooms).

Taxes
Overall average taxes paid were $2,791 with a low of $2,027 and a high of $4,000. There was a large variation in the amount of taxes paid (SD=$585).

Bedrooms and Taxes
Taxes on homes with three or fewer bedrooms (n=13) averaged $2, 693 with a minimum of $2,027 and a maximum of $4,000. Taxes on homes with four or more bedrooms (n=14) averaged $2,882 with a minimum of $2,100 and a maximum of $3959. Once again, homes with three or fewer bedroom showed more variability in the amount of taxes paid (SD = $644 for three or fewer as compared to SD= $531 for four or more).

Bathrooms and Taxes
The 11 homes with outdated bathrooms paid approximately $2,773 a year in taxes with a low of $2,056 and a high of $3,959 while the 16 homes with modern bathrooms paid (on average) $2, 804 a year with a low of $2, 027 and a high of $4,000. Homes with outdated bathrooms showed more variability in their tax bills than homes with modern bathrooms (SD=$624 for homes with outdated bathrooms while SD=$576 for homes with modern bathrooms).

Conclusion
Modern bathrooms were associated with increased home value; on average, $15,000 more than homes with outdated bathrooms, but little increase in taxes paid…less than $100 per year on average. Homes with four or more bedrooms were likely to see a small decline in value; on average, $2,000…but an increase in taxes paid: a little over $200 per year.

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