Data Dictionary: ACS 2006 (1-Year Estimates)
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Data Source: U.S. Census Bureau
Universe: Universe: Owner-occupied housing units
Variable Details
B25075. Value for Owner-Occupied Housing Units
Universe: Universe: Owner-occupied housing units
B25075023 $500,000 to $749,999
Aggregation method:
Addition
Relevant Documentation:
Excerpt from: Social Explorer; U.S. Census Bureau; American Community Survey 2006 Summary File: Technical Documentation.
 
Value
The data on value (also referred to as "price asked" for vacant units) were obtained from Housing Question 19 in the 2006 American Community Survey. The question was asked at housing units that were owned, being bought, vacant for sale, or sold not occupied at the time of the survey. Value is the respondent's estimate of how much the property (house and lot, mobile home and lot, or condominium unit) would sell for if it were for sale. If the house or mobile home was owned or being bought, but the land on which it sits was not, the respondent was asked to estimate the combined value of the house or mobile home and the land. For vacant units, value was the price asked for the property. Value was tabulated separately for all owner-occupied and vacant-for-sale housing units, as well as owner-occupied and vacant-for-sale mobile homes.

Adjusting Value for Inflation
Since value collected before 2006 is the only dollar amount captured on the questionnaire in specified intervals, the category boundaries for previous years are not adjusted for inflation. In the comparison profiles, however, the median value is adjusted for inflation by multiplying a factor equal to the average annual CPI-U-RS factor for the current year, divided by the average annual CPI-U-RS factor for the earlier/earliest year.

Median and Quartile Value
The median divides the value distribution into two equal parts: one-half of the cases falling below the median value of the property (house and lot, mobile home and lot, or condominium unit) and one-half above the median. Quartiles divide the value distribution into four equal parts. Median and quartile value are computed on the basis of a standard distribution. (See the "Standard Distributions" section under "Derived Measures.") Median and quartile value calculations are rounded to the nearest hundred dollars. Upper and lower quartiles can be used to note large value differences among various geographic areas. (For more information on medians and quartiles, see "Derived Measures.")

Aggregate Value
To calculate aggregate value, the amount assigned for the category "Less than $10,000" is $9,000. The amount assigned to the category $1,000,000 or more" is $1,250,000. Aggregate value is rounded to the nearest hundred dollars. (For more information on aggregates, see " Derived Measures .")

Question/Concept History
The 1996-1998 American Community Survey question provided a space for the respondent to enter a dollar amount. Since 1999, the American Community Survey question provided 19 pre-coded response categories from "Less than $10,000" to "$250,000 or more - Specify" . Starting in 2004, value was shown for all owner - occupied housing units. In previous years (1996-2003), it was shown only for specified owner-occupied housing units.

Excerpt from: Social Explorer; U.S. Census Bureau; American Community Survey 2006 Summary File: Technical Documentation.
 
Owner Occupied
A housing unit is owner occupied if the owner or co-owner lives in the unit even if it is mortgaged or not fully paid for. The owner or co-owner must live in the unit and usually is Person 1 on the questionnaire. The unit is "Owned by you or someone in this household with a mortgage or loan" if it is being purchased with a mortgage or some other debt arrangement such as a deed of trust, trust deed, contract to purchase, land contract, or purchase agreement. The unit also is considered owned with a mortgage if it is built on leased land and there is a mortgage on the unit. Mobile homes occupied by owners with installment loan balances also are included in this category.
A housing unit is "Owned by you or someone in this household free and clear (without a mortgage)" if there is no mortgage or other similar debt on the house, apartment, or mobile home including units built on leased land if the unit is owned outright without a mortgage.