Eye On Housing
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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.
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Real Estate Taxes by State – 2013
According to the recently released 2013 American Community Survey (ACS) New Jersey once again led the nation with the highest median real estate tax bill at $7,331. The median real estate tax bill in Alabama was $532; the lowest in the nation. There was little movement from the 2012 ACS as the composition of the top and bottom ten remained… Read More ›
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Single and Multifamily Construction Spending Post Gains
Total private residential spending – single-family, multifamily, and home improvements – fell slightly in August (0.1%) to a seasonally adjusted annual rate of $351.7 billion. The latest Census estimate shows gains in the single and multifamily components of private residential construction spending offset by a decline in home improvements. Single-family spending increased 0.7% and multifamily spending increased 1.4% over the… Read More ›
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Property Tax 40.3% of State and Local Tax Receipts
From the third quarter of 2013 through the end of the second quarter of 2014, $493 billion in taxes were paid by property owners. This represents a nominal increase over the previous trailing four-quarters. Overall, state and local tax receipts from the third quarter of 2013 through the end of the second quarter of 2014 was $1,223 billion in all four of… Read More ›
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U.S. Household Balance Sheet Improves
The second quarter Federal Reserve Flow of Funds shows continued improvement in the financial position of U.S. households with real estate as the market value of all owner-occupied residential real estate (household owned) rose to $20.2 trillion. According to NAHB tabulations of the quarterly series, the asset or market value of owner-occupied real estate held by U.S. households increased $170… Read More ›
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Rents Increase as the Consumer Price Index Falls
The Bureau of Labor Statistics (BLS) reported that consumer prices decreased for the first time since April 2013. On a seasonally adjusted month-over-month basis prices decreased 0.2% in August. Over the past twelve months, prices on expenditures made by urban consumers increased 1.7% before seasonal adjustments. In spite of the month-over-month decline in the consumer price index, the shelter index… Read More ›
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Furniture and Appliance Purchases off Lows
The Bureau of Labor Statistics recently reported results from the 2013 consumer expenditure survey. In 2013, the average annual expenditure on housing increased 1.5% to $17,148. As a share of total expenditures housing was 33.6%; an increase from the 2012 share of 32.8%. The increase in housing expenditures is the result of rising home prices and rents as well as… Read More ›
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The Great Delay: Student Loan Debt and Homeownership
A record number of millennials, individuals aged 18 to 34 years, are delaying household formation. This Great Delay, instead of the forbearance of impending doom, may actually be a sign of prudent economic decision making from a generation coming of age during turbulent economic times. Instead of forming a household, many have enrolled in college or stayed in school to… Read More ›
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Multifamily Residential Construction Spending up 38.4% from One Year Ago
The latest Census estimate shows significant gains in single-family and multifamily private residential construction spending from one year ago. On a 3-month moving average basis from July 2013, single-family construction spending increased 9.9% and multifamily construction spending increased 38.4%. The current seasonally adjusted annual rate for total private residential construction spending (single-family, multifamily, and home improvements) is $358.1 billion. Although… Read More ›
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Economic Well-Being of U.S. Households
The Federal Reserve Board recently released its Report on the Economic Well-Being of U.S. Households. The report provides results from the Board’s 2013 survey of households on topics that include household finances, housing and living arrangements, student loan debt, retirement, and health expenses. Respondents to the survey were asked a series of questions relevant to the housing market. A significant… Read More ›
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Food and Shelter Prices Rise in July
The Bureau of Labor Statistics (BLS) reported that consumer prices increased slightly in July by 0.1% on a seasonally adjusted month-over-month basis. This represents the smallest month-over-month increase since February. Over the past twelve months, prices on expenditures made by urban consumers increased 2.0% before seasonal adjustments. The energy price index decreased 0.3% month-over-month in July following a large 1.6%… Read More ›