Private fixed investment in student dormitories increased by 2.2% to a seasonally adjusted annual rate (SAAR) of $3.9 billion in the third quarter of 2024. This rise follows a 7% decrease in the prior quarter. However, private fixed investment in dorms was 1.8% lower than a year ago, as the elevated interest rates place a…
Private residential construction spending inched up 0.2% in September, according to the Census Construction Spending data. The September report shows a 4.1% rise compared to a year ago. The monthly increase in total private construction spending for September was largely due to more spending on single-family construction. Spending on single-family construction rose by 0.4%…
Personal income increased by 0.3% in September, following a 0.2% up in August and a 0.3% increase in July, according to the most recent data release from the Bureau of Economic Analysis. The gains in personal income were largely driven by increases in wages, salaries, and personal current transfer receipts. However, the pace of personal…
The homeownership rate for those under the age of 35 dropped to 37% in the third quarter of 2024, reaching the lowest level since the third quarter of 2019, according to the Census’s Housing Vacancy Survey (HVS). Amidst elevated mortgage interest rates and tight housing supply, housing affordability is at a multidecade low. The youngest…
As of 2023, nearly 40% of homeowners in the United States are mortgage-free, the highest level seen in the past 13 years. With elections approaching, it is valuable to analyze the share of mortgage-free homeowners across congressional districts, as these patterns often provide insights into the local housing market as well as demographic shifts. Both…
In 2023, the total number of second homes was 5.7 million, accounting for 4% of the total housing stock, according to NAHB estimates of the 2023 American Community Survey. Second homes have been in a steady decline over the past few years, from 7.15 million in 2020, to 6.5 million in 2022, dropping to 5.7…
Private residential construction spending fell 0.3% in August, according to the Census Construction Spending data. Nevertheless, it remained 2.7% higher compared to a year ago. The monthly decline in total private construction spending for August was largely due to reduced spending on single-family and multifamily construction. Spending on single-family construction fell by 1.5% in August….
