Findings
Median Home Values Rise by 253% Across USA Homes Subset
Significant price increases have been observed across all USA single-family homes in our Hartford sample. The median home in our sample increased 253% in market value over three decades, with estimated market prices appreciating within the range of 103% and 400% since acquisition. Data from the initial purchase prices and current Zillow evaluations illustrate this trend clearly. For instance, a property acquired by the USA program for $53,000 in 1997 is now valued on Zillow at $265,200, marking a 400% increase. Another example is a home purchased for $65,000 in 2000, now valued at $253,800—a 290% increase.
Figure 1 tracks the estimated market values of 20 USA single-family homes in Hartford from their earliest acquisition (typically in the 1990s) to the present.. The bold blue line shows the median value, which has risen from approximately $50,000 in the early 1990s to almost $250,000 in recent years. Individual home values (gray lines) vary, but all follow a similar upward trend, with no properties showing stagnation or significant depreciation. This data illustrates the appreciation of housing assets over time, bolstered by factors like inflation, neighborhood development, and increased housing demand.
Figure 2 complements the findings in Figure 1 by illustrating the geographical distribution of percent changes in home values since acquisition. Each circle represents a property, with the size of the circle corresponding to the percentage increase in value. The visual highlights that all properties in the sample experienced substantial appreciation regardless of their location, further emphasizing the consistency of value growth across the program. For example, homes in southwest and northwest Hartford neighborhoods saw comparable price increases, demonstrating that value appreciation is not confined to a specific area but is widespread across these regions.
Combining the analysis of Figure 1 with the geographical perspective of Figure 2, the findings underscore the success of the USA program in acquiring homes that align with broader market trends of appreciation. Both figures reinforce that the properties have not only retained but significantly increased their value over time
Comparing Growth in Hartford and the United States
Over the past three decades, median home prices have shown steady growth. Nationally, the median home price increased by $300,400, or 250%, from approximately $120,000 in the early 1990s to $420,400 by the third quarter of 2024. Similarly, in the USA program homes sample values appreciated by 103% to 400%, depending on the property, over the same period.
From the third quarter of 2000 to the third quarter of 2024, national median home prices rose from $168,800 to $420,400—a $251,600 (149%) increase. By comparison, USA program homes, despite resale restrictions designed to maintain affordability, saw appreciation rates that closely mirrored this trend. However, caution is advised when interpreting these figures, as the wide range of appreciation within the USA program sample reflects varying local market dynamics and individual property characteristics.
Figure 3 shows the median sales price of houses sold in the United States from 1990 to 2024, with data sourced from the U.S. Census (Bennefield, 2021) and U.S. Department of Housing and Urban Development (Bureau, 2019). The observed appreciation in USA program homes, with values increasing by 103% to 400% over the past three decades, underscores the program's effectiveness in enabling homeowners to build equity comparable to national trends. This growth not only enhances individual financial stability but also contributes to community development by fostering long-term residency and investment. By aligning with broader market appreciation, the program demonstrates its capacity to offer affordable housing options that simultaneously promote wealth accumulation, thereby supporting both personal and community prosperity.
Next we compare single-family home prices in the USA Hartford sample to typical sales in the Hartford region calculated by Zillow. Since Zillow data is only available from 2000 to 2024, we need to recalculate our USA Hartford sample for the same time period. We found that USA Hartford homes increased 238%. In comparison, typical Zillow sales in the Hartford region during the same period increased 142%.
Figure 4 shows the typical single-home values for the Hartford-East Hartford-Middletown area in the 35th to 65th percentile range from 2000 to 2024 (Zillow). Similar to the USA program sample, this market experienced steady growth in home values over time, punctuated by a significant dip during the 2008 housing crisis. After stabilizing post-2012, the market saw accelerated growth from 2020 onward, with home values reaching approximately $300,000 in 2024.
Despite dramatic appreciations in our sample, the USA program’s resale restrictions have kept prices below comparable market-rate homes shown in figure 4. This means that while an average neighborhood home in the area may now list for $300,000, USA homes in our sample remain available to moderate-income buyers at prices of approximately $250,000 and under.
These findings highlight the dual impact of the USA program: enabling substantial wealth-building for homeowners while ensuring long-term affordability. By tethering resale prices to a capped formula, the program mitigates the effects of market forces, safeguarding access to housing for future buyers. This strategy not only strengthens community stability but also provides a replicable model for addressing housing affordability amid rising property values.
Ownership Stability
Most of the homes in the sample of 20 USA homes (12 out of 20, or 60%) have been owned by two or fewer families since their acquisition by USA. This observation highlights the effectiveness of Community Land Trust (CLT) homes in fostering long-term stability. The low turnover rate is significant because it reflects the success of CLTs in achieving their mission of providing sustainable housing solutions for low-income families.
The relatively low number of families that have owned these homes, makes it evident that CLTs are not just offering temporary housing, but rather creating opportunities for families to establish roots in their communities. This stability is crucial for fostering economic security, community engagement, and social cohesion. For families, stable housing can lead to better educational outcomes for children, improved health, and stronger financial footing as they are less likely to face the disruptions of frequent moves or evictions.
Additionally, the model's ability to preserve affordability across ownership transitions ensures that these homes remain accessible to other low-income families in the future. This aligns with the long-term goal of CLTs: breaking the cycle of housing instability and addressing systemic inequities in housing access. By offering a pathway to stability and community integration, CLTs make a profound contribution to addressing the housing crisis and building resilient communities.
Figure 5 categorizes the number of times homes in our USA sample have been transferred (ownership changes) based on their location within Hartford—either the North Side or South Side.
Across the entire sample, a significant portion of the homes (40%) have had only one owner since their acquisition, showcasing a high level of stability and long-term occupancy among homeowners. These single-owner homes are distributed between the Northwest (3 homes) and the Southwest (5 homes) of Hartford, highlighting a slight tendency toward greater stability on the South Side.
Meanwhile, 20% of the homes have had two owners, reflecting moderate turnover. These homes are evenly distributed between the North and South sides, suggesting consistent dynamics across both regions for this category.
Interestingly, 30% of the homes have had three owners, indicating a more dynamic turnover for a subset of the program's homes. All of these homes are located on the South Side, suggesting that turnover may be higher in this region due to factors such as market demand, personal circumstances, or mobility trends among residents.
Notably, The highest number of owners recorded for any single home is four, which occurred in just two houses, representing 10% of the sample. These two homes, acquired in 1992 and 2000, reflect the rarity of frequent ownership turnover in the program.
This distribution highlights the program's overall success in maintaining stability while allowing some flexibility for ownership transitions. The relatively small percentage of homes with three or more owners indicates that the program has largely achieved its goal of fostering long-term residency and community building, particularly among single-owner households. The balance between stability and turnover also reflects the program's capacity to accommodate changing homeowner needs over time.
We cannot find comparable data on ownership turnover for all Hartford homes. Instead, the best available data comes from the American Community Survey (ACS), a comprehensive governmental survey tracking housing trends across the United States. According to the ACS, only 20.77% of Hartford residents have continuously owned their homes since 1990. This remarkably low rate underscores the challenges in promoting housing stability and economic equity within the city.
In this context, the work of USA takes on particular importance. By creating affordable housing opportunities and supporting long-term stability for low-income families, USA has the potential to make a substantial impact in increasing homeownership rates. This is especially vital in communities like Hartford, where the barriers to homeownership are pronounced, and the need for stable, affordable housing solutions is critical.