USA Homes vs Non-USA homes in Northwest Hartford

Introduction: USA homes vs. Non-USA Homes

Census tract 5039 provides a lens for us to analyze USA homes to non-USA homes.

Our research centers on Northwest Hartford, specifically Census Tract 5039, examining the differences in homeownership experiences between USA homes, also known as Urban Suburban Affordables, and non-USA homes in the area. USA homes are affordable housing options aimed at making homeownership more accessible for middle- and low-income families. These homes are part of a land trust system, a model supported by Community Land Trusts (CLTs). CLTs maintain affordability by separating the ownership of land from the ownership of the buildings on it, ensuring that homes remain affordable, secure, and well-maintained for low- and moderate-income families across multiple resales. CLTs actively manage these homes, setting resale prices to maintain affordability, preventing foreclosures, and providing funds for upkeep. This model creates a resilient and enduring framework for affordable housing (Davis & King-Ries, 2024).

Specifically,we focus on the question: How do USA homes measure up to block/neighborhood comparison groups (comps)? Comparing homes to neighborhood "comps" (similar nearby properties) is key for determining market value, setting fair prices, and guiding buying or investment choices. Comps show a home’s position in the local market based on a variety of factors. Applying this to Census Tract 5039 in northwest Hartford, we’ll analyze local homes against nearby comps to assess market position and value trends. This focused approach will highlight pricing trends affecting property values, providing insights for our partners.

Our findings reveal two key differences:

1. USA homes tend to have a lower market value compared to non-USA homes.

2. When compared to similar properties, USA homes consistently show a lower average value.

This trends is critical for the Urban Suburban Affordables and the Center for Leadership and Justice , because it provides insights into key market trends. Throughout the semester, we have collaborated closely with our community partners at the Center for Leadership & Justice (CLJ). According to their website, their mission, “to develop and organize leaders in neighborhood-based and multi-faith alliances to build power and act collectively for systemic change toward social, racial, and economic justice,” is vital in addressing the challenges faced by families in Hartford and the greater Hartford area.

The green squares show the location of USA Homes in Northwest Hartford, Census Tract 5039. Image taken from DataVizForAll.com

Findings

We referred to the City of Hartford Property Information Viewer to find neighboring homes and find further data on each of the USA properties, and from there collected data from a few other properties on each street (City of Hartford Property Viewer).

We found everal key insights when comparing USA to non-USA homes within census tract 5039. USA homes and non-USA homes have many differences regarding sale price and market value. There are many homes and streets within this census tract, but for this, we are focuing on data from Tower Ave, Granby St, Colebrook St, and Harold St. Each street contains multiple USA homes that will be compared to multiple non-USA homes on the same street.

When looking at average current value, USA Homes tend to be 24% less valuable than non-USA homes of similar sizes and characteristics. For example in the chart below, USA Homes on Harold St averaged at $217,100 which was 7% lower than Non-USA hoomes on this street. Tower Ave had an even greater difference of 27%.

This chart illustrates the average current value of homes in Census Tract 5039, comparing USA and Non-USA homes across four streets: Harold St, Tower Ave, Colebrook St, and Granby St. Harold St has the highest average home values for both categories, with Non-USA homes slightly surpassing USA homes at approximately $225,000. On Tower Ave, Non-USA homes show a significantly higher average value compared to USA homes, which are valued around $125,000. Similarly, on Colebrook St and Granby St, Non-USA homes maintain higher average values than USA homes, although the differences are less pronounced than on Tower Ave. Overall, Non-USA homes tend to have greater average values than USA homes across all streets analyzed.

The data shows that USA homes are consistently valued lower than Non-USA homes across all blocks, with an average difference of $30,347.50, or 17% less. The variation between blocks is notable, with Harold showing the smallest difference at 6% and Colebrook the largest at 26%. This trend highlights that USA homes, designed to be more affordable for middle- and low-income families, generally have lower market values compared to Non-USA homes.

In conclusion, our research emphasizes the significant role of USA homes and Community Land Trusts (CLTs) in advancing affordable homeownership in Northwest Hartford’s Census Tract 5039 and across Connecticut. CLTs play a vital role in preserving the long-term stability and upkeep of these properties through active stewardship, including managing resale prices, preventing foreclosures, and maintaining property conditions. This sustainable model addresses housing inequities while protecting the quality and accessibility of affordable housing. Our findings demonstrate that USA homes and CLTs are not only instrumental in making homeownership attainable but also in ensuring their stability and impact endure over time. These results reaffirm the critical importance of USA homes and CLTs as lasting solutions for affordable housing in the region. The findings from our research demonstrate a clear disparity in property values between USA homes and Non-USA homes within Census Tract 5039. Across all streets analyzed, USA homes consistently have lower average values than Non-USA homes. This discrepancy may reflect broader challenges in maintaining equity within affordable housing systems. These insights emphasize the need for continued support and stewardship by Community Land Trusts to ensure the long-term stability, affordability, and quality of these homes in the region.

Methods

To gather this information, we utilized the City of Hartford Property Information Viewer, which provided detailed insights into neighboring homes and additional data for each USA property. From this resource, we extracted key information, including sales prices, sales dates, and current property values. For this build, we expanded our dataset by collecting information from several properties on each street to create a more comprehensive and accurate view of property trends. We also used zillow to gain insight on the average costs and prices in the area. While zillow prices may not be the most reliable, it allows a baseline for our data and information.

We transferred this data into a Google Sheet to systematically compile and organize the information specific to our tracts. The sheet was carefully structured with multiple tabs to improve clarity and accessibility. Each street was assigned its own dedicated tab to focus on street-level trends. Additionally, we created a compiled tab to aggregate all the data into a single view and a separate tab for data visualizations to better analyze and present our findings.

To ensure the dataset was as practical and insightful as possible, we prioritized variables that highlighted key trends, such as the variation in house prices across streets. This process involved cleaning and sorting the data based on when properties were last sold, their original sale prices, and those prices adjusted to 2024 dollars for consistency. By structuring the sheet this way, we created a clear, actionable dataset to analyze property value trends across Census Tract 5039.

Works Cited:

Center for Leadership and Justice. Center for Leadership and Justice. 2024, https://cljct.org. Accessed 6 Dec. 2024.

City of Hartford. City of Hartford Property Viewer. City of Hartford, 2024,https://gis.hartford.gov/Html5Viewer/index.html?viewer=PropertyViewer. Accessed 6 Dec. 2024.

Davis, John Emmeus, and Kristin King-Ries. Preserving Affordable Homeownership: Municipal Partnerships with Community Land Trusts. Lincoln Institute of Land Policy, 2024.

Dougherty, Jack, and Ilya Ilyankou. Hands-On Data Visualization: Interactive Storytelling from Spreadsheets to Code. O'Reilly Media, 2024. Last updated 21 Oct. 2024.

Zillow. Zillow Real Estate, Apartments, Mortgages & Home Values. Zillow Group, 2024, www.zillow.com. Accessed 6 Dec. 2024.