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.
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Strong Growth in Multifamily Construction Spending
Total private residential construction spending increased to a seasonally adjusted annual rate of $378.5 billion according to the latest Census estimates. The current reading is a slight increase of 0.1% from the revised March estimate and 17.2% higher than one year ago. Single-family spending increased by 1.3% month-over-month while the home improvement category decreased by 2.2%. Multifamily spending posted another strong month-over-month increase of… Read More ›
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Food, Energy, and Shelter Prices Rise in April
The Bureau of Labor Statistics (BLS) reported that consumer prices increased by 0.3% in April after a 0.2% increase in March. Over the past twelve months, prices on expenditures made by urban consumers increased 2.0% before seasonal adjustments. This is the largest twelve month increase since July of last year. Indexes for food, energy, and shelter all rose in April…. Read More ›
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Concentration of Single-Family Housing 2005 to 2012
In a series of posts, NAHB examined key housing statistics from the 2012 American Community Survey (ACS) for metro areas in the United States. One statistic that drew interest was the share of homeowners living in single-family detached housing. This post expands that analysis by looking at the share of total housing units (owned and rented) from 2005 to 2012…. Read More ›
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Rental and Housing Vacancy Remain Low
According to the Census Bureau’s quarterly survey, the rental vacancy rate increased 10 basis points to 8.3% during the first quarter of 2014. Even with the slight increase, rental vacancy rates remain at levels not seen since 2001. The current reading is 30 basis points below the first quarter of 2013. The homeowner vacancy rate decreased in the first quarter… Read More ›
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Counting Cars – Vehicle Ownership and Tenure
According to the Federal Highway Administration, Americans are driving fewer miles than in 2007 and young adults are waiting longer to get their license. A recent study by AAA found that just over half of young adults surveyed acquired a license before turning 18. It is unclear whether these changes are the result of short-term economic fluctuations or whether they… Read More ›
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Characteristics of Owners and Renters
An individual’s tenure choice (whether to rent or own) is based on a number of factors including age, income, and housing supply. It is therefore not surprising that characteristics differ markedly by tenure. The purpose of this post is to describe the typical household by tenure. Age is an important component of tenure choice. Younger individuals are less likely to… Read More ›
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Natural Gas Prices Increase Sharply in March
Over the past 12 months, according to data released by the Bureau of Labor Statistics (BLS), prices on expenditures made by urban consumers increased 1.5% before seasonal adjustments. Consumer prices increased in March by 0.2% on a seasonally adjusted month-over-month basis. Two important components of the residential utility bill (natural gas and electricity) increased in March. The natural gas index, a… Read More ›
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Top Metro Areas – Owner-Occupied Units Built Since 2000
In a recent study, NAHB examines eight key housing statistics from the 2012 American Community Survey (ACS). This post takes a closer look at one of those statistics; the share of new owner-occupied units. The share of new owner-occupied units is calculated by taking the total number of owner-occupied housing units built since 2000 divided by the total number of… Read More ›
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Top Metro Areas – Median Income and Home Value
In a recent study, NAHB examines eight key housing statistics from the 2012 American Community Survey (ACS). This post takes a closer look at two of those statistics; the median household income and median value of owner-occupied housing units. The key to housing affordability is that the market meets the needs of the people who provide services we depend on… Read More ›
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A Frigid February Catches up to Construction Spending
Total private residential construction spending decreased in February after three consecutive months of growth. The unusually cold winter may have finally caught up to total residential spending and contributed to a slight month-over-month decline. Total private residential construction spending dropped to a seasonally adjusted annual rate of $360.4 billion according to the latest Census estimates. The current reading is a decrease of 0.8%… Read More ›