Rodney Bolden’s Post

New U.S. Census Bureau data from the 2023 American Community Survey revealed that New Hampshire’s renters continue to be cost-burdened by housing expenses. In 2023, the estimated median income for households that owned their home was $114,853. Renters’ median household income that same year, however, was estimated to be $53,816. Read more in our latest report: https://lnkd.in/e754uZdC 

31.3% of American households were cost burdened in 2023, including 27.1% of households with a mortgage and 49.7% of households that rent, according to 1-year estimates from the Census Bureau’s American Community Survey (ACS). (Many more people own than rent: In the second quarter of 2024, 65.6% of occupied housing units were owned while 34.4% were rented, according to the most recent estimates from the Census Bureau’s Current Population Survey/Housing Vacancy Survey.) https://lnkd.in/gytUS4Ma

The number of owner-occupied housing units increased by 8.4%, from 76.4 million in 2014-2018 to 82.9 million in 2019-2023, according to newly released U.S. Census Bureau data. The 2019-2023 American Community Survey (ACS) 5-year estimates show that more people owned homes than rented in 3,070 of the nation’s 3,144 counties and county equivalents between 2019 and 2023.

🚨The latest Census data is out, offering a five-year snapshot of housing trends. Here are a few key takeaways: 🏠 More Homeowners The number of owner-occupied homes increased by 8.4%, from 76.4 million to 82.9 million. This challenges the narrative that homeownership is on the decline. 💸 Fewer Mortgages Homeowners without mortgages rose from 36.9% to 38.8%. This trend reflects factors like all-cash buyers and generational wealth transfers, which also contributed to a slight drop in the share of income spent on housing (from 18.3% to 17.5%). 🚪 The Homeowner-Renter Divide Homeowners are faring better, with zero counties seeing cost-burdened homers, while over 200 counties report that renters are spending that much. The growing affordability gap is evident. 💵 Housing Prices Outpace Income Housing prices surged 21% while incomes remained mostly stagnant, underscoring the financial pressure many households face. 🏖️ Luxury Areas Soar Counties like Aspen and Jackson Hole saw massive price hikes, highlighting the need for affordable housing in these high-demand areas. 👶 Remote Work & Fertility? In states like New Jersey and New York, fertility rates increased over the past five years, possibly linked to remote work enabling families to move to more affordable areas, creating better conditions for growing families. #CensusData #HousingTrends #Homeownership #AffordableHousing #RealEstate Read more: https://lnkd.in/eznZQaPY

During and after the COVID-19 pandemic, population shifts occurred in many US cities as some homebuyers moved to the suburbs to escape city life while others returned to urban areas for in-person work. But what role has population growth had on home prices?  Using the latest data from the US Census Bureau, Zoocasa analyzed how population changes in cities or towns with more than 100,000 people impacted median single-family home prices from July 2022 to May 2024. See our in-depth analysis here:

First Time Number of Renter Households Exceeds 45 million. The Census Bureau released its quarterly report on home ownership and occupancy for Q1 2024. It stated that the rental housing vacancy rate was 6.6 percent, unchanged from its level in the last two quarterly reports. Looking at vacancies Note that Apartment List reported that the multifamily rental vacancy rate at the end of March was 6.7 percent. By contrast, Yardi Matrix reported the multifamily rental vacancy rate in March as 5.5 percent. While the Census Bureau attempts to capture all rental housing in the country, other data sources may focus on subsets of the market like professionally managed properties and so they come up with different results. Vacancy rates were reported lower in the South and unchanged in the West but higher in the Midwest and Northeast. By the numbers, the vacancy rates were reported to be 4.4 percent in the Northeast, 7.0 percent in the Midwest, 8.4 percent in the South and 5.1 percent in the West. #multifamily #apartmentinvesting #pegasussresidential Census reported that 62.1 percent of vacant rental units were in structures with 2 or more units. Only about 15.6 percent of the vacant multifamily units had 3 or more bedrooms, with 1 bedroom units comprising 41.6 percent and 2 bedroom units comprising 39.3 percent of vacant stock. The median unit vacancy duration for multifamily properties in Q1 2024 was 2.7 months, up from 2.3 months one year earlier. The Census Bureau reported that 34.4 percent of the country’s 131,206,000 occupied housing units were inhabited by renter households in Q1 2024. This rate is up from that in Q4 as the number of renter households grew slightly while the number of homeowning households declined during the quarter. The number of renter households has been stuck in the range of 41 to 45 million since 2014. However, the reading for Q1 2024 rose by 55,000 to 45,040,000 households. This set a new all-time high for the fourth quarter in a row and is the first time that the number of renter households has exceeded 45 million. Census reported that monthly rents rose $4 in Q1 2024 to a new all-time high. Census reported the national median rent to be $1,469 per month, a gain of 0.3 percent from the prior quarter and 0.5 percent from its level in Q1 2023. By contrast, Yardi Matrix reported that the national average apartment rent in March was $1,721 per month. Apartment List reported the national average apartment rent in March as $1,388 per month. Rents were 3.7 percent higher than the national median in the Northeast, and 26.3 percent higher in the West. Rents were reported 15.3 percent lower than the national median in the Midwest and 0.5 percent lower in the South. #apartmentliving #multifamily #pegasusresidential

The Census Bureau reported that 34.4 percent of the country’s 131,206,000 occupied housing units were inhabited by renter households in Q1 2024. This rate is up from that in Q4 as the number of renter households grew slightly while the number of homeowning households declined during the quarter. #hud #workforcehousing #fanniemae #developers #colliersmortgage