Eye On Housing
Author Archives
Joshua J. Miller, Ph.D., is a Housing Policy Economist with the National Association of Home Builders where his responsibilities include monitoring government policies relating to local economic development, impact fees, and energy policies. Dr. Miller conducts statistical and economic research on various homebuilding regulation and housing policy topics, including the economic impact of home building. His areas of responsibility include state and local finances, housing finance, and homeownership issues. Prior to joining NAHB, Dr. Miller was a research assistant at the University of Illinois – Institute of Government & Public Affairs. He has a Ph.D. in Economics from the University of Illinois at Chicago.
-
U.S. Household Balance Sheet Improves Again
The balance sheet of U.S. households with real estate continues to improve – despite tight lending conditions – as increases in home prices continue. The real estate equity position of U.S. households (the difference between assets and liabilities) increased nearly 2.4% for the quarter according to NAHB tabulations of the fourth quarter Federal Reserve Flow of Funds. The value household-owned real… Read More ›
-
Average Monthly Electrical Bill by State – Updated Data
According to latest release from the U.S. Department of Energy – Energy Information Administration (EIA), the average residential monthly electric bill was $110.21 in 2013. The most expensive utility bill for homeowners is the electric bill, accounting for roughly 9% of expenditure on housing according to NAHB tabulations of Bureau of Labor Statistics (BLS) data on consumer expenditures. The average… Read More ›
-
Vacancy and Homeownership Rates by State – 2014
According to the Census Bureau’s annual estimates from the Housing Vacancy Survey (HVS), the national homeowner vacancy rate is at its lowest point since 2005 and the rental vacancy rate is at its lowest point since 1995. The relatively tight housing and rental markets are occurring concurrently with falling homeownership rates. The homeownership has fallen for 10 straight years. The… Read More ›
-
Single-Family and Multifamily Construction Spending Continue to Increase
NAHB analysis of Census construction spending data found that on a 3-month moving average basis, from January 2014, single-family construction spending increased 11.4% and multifamily construction spending increased 28.9%. The seasonally adjusted annual spending for single-family construction was $204.9 billion and $48.9 billion for multifamily construction. Single-family and multifamily construction spending both experienced monthly increases over December estimates. Single-family spending… Read More ›
-
Consumers Prices Fall 0.7% in January
The consumer price index fell for the third straight month as the price of gasoline continued its sharp decline. The prices on expenditures made by urban consumers decreased 0.1% over the past twelve months before seasonal adjustments. According to the latest release from the Bureau of Labor Statistics (BLS) the consumer price index decreased 0.7% on a seasonally adjusted month-over-month… Read More ›
-
State/Local Corporate Income Tax Receipts Increase 6.2%
Although the corporate income tax represents the smallest share state and local tax receipts, third quarter collections experienced the largest increase from the same quarter one year ago. In the third quarter of 2014 approximately $11.5 billion was collected in corporate income tax receipts or an increase of 6.2% from the third quarter of 2013. Over the same period individual… Read More ›
-
Updates to the Snapshot of Local HBA Economic and Housing Statistics
NAHB recently updated the on-line tool that provides economic and housing statistics for all local associations of the federation. The tool now aggregates county-level data from the latest American Community Survey (ACS) and reflects HBA jurisdictions as of the annual NAHB Board of Directors Meeting. The changes were rolled out at the International Builders’ Show. Participating EOs indicated that the… Read More ›
-
Nearly Half of Young Millennials Boomerang
Recent analysis of a survey of a segment of millennials, those born between 1980 and 1984, found that 90% moved out of their parents’ household by age 27. Of those moving out, however, over 50% returned. This return is sometimes referred as “Boomeranging,” moving out of a parental home and back. This experience has implications for household formation that are… Read More ›
-
Single-Family Construction Spending Increases 12.3% for the Year
Total private residential spending increased from the revised November estimate to a seasonally adjusted annual rate of $349.6 billion. The December month-over-month increase of 0.3% was driven by a large increase in the single-family component of private residential construction. Single-family spending increased 1.2% over the revised November estimate while multifamily spending increased 0.3%. Over the same period private construction spending… Read More ›
-
Rental Vacancy Rate at 20 Year Low
The rental market continues to be heat up with the national rental vacancy rate dropping to a 20 year low. At the same time, the homeownership rate continues to fall and is now at a low point not seen since the third quarter of 1994. The current first-time buyers share is 29% and remains well below the historical average of… Read More ›