Eye On Housing
Author Archives
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Record Low Birth Rates Suppress Housing Demand
According to the latest provisional birth report from the Center for Disease Control and Prevention (CDC), the US birth rate fell to its lowest level in 32 years with only 3,788,235 births recorded in 2018. This is 2% down from 2017 and the fourth consecutive annual decline. Birth rates declined for all age groups of women under 35 and only… Read More ›
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Home Building Employment Across States and Congressional Districts
A new NAHB study presents the most recent and comprehensive estimates of home building employment, including self-employed workers, by state and congressional district. NAHB Economics estimates that out of 10.3 million people working in construction in 2017, more than 4 million people worked in residential construction, accounting for 2.6% of the US employed civilian labor force. Despite steady job gains… Read More ›
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Young Adults Headship Rates Hit New Lows
The most recent American Community Survey (ACS) data revealed that the worrying trend of rising shares of young adults living with parents, relatives or sharing house with roommates continued in 2017. Only 40% of young adults ages 25 to 34 lead their own household in 2017. In comparison, close to 46% of adults in this age group were household heads… Read More ›
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What Do Vacancy Rates Tell Us about the Shortage of Housing?
Vacancy rates are one of the key statistics NAHB Economics tracks to judge the health and direction of the housing market. The currently low homeowner and rental vacancy rates are typically interpreted as a sign of tight housing markets, with lower vacancy rates signaling a greater housing shortage. NAHB’s analysis of the latest 2017 ACS vacancy data highlights the metropolitan… Read More ›
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Sale and Contract Prices per Square Foot in 2017
Looking at single-family homes started in 2017, the median prices per square foot, excluding improved lot values, range from $155 for contractor-built homes in the Pacific division to $86 for speculatively built homes in the East South Central division. The median sale and contract prices per square foot are up across most divisions. The most significant gains are registered in… Read More ›
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Lot Values Climb Higher
According to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data, single-family lot prices reached new record high in 2017, with half of the lots priced at or above $47,400. While this constitutes a new nominal record, lot values adjusted for inflation have not reached the housing boom peaks. In the midst of the housing boom – when… Read More ›
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Lot Size Remains Record Low
The median lot size of a new single-family detached home sold in 2017 stands at 8,560 square feet, or just under one-fifth of an acre. This is just 2 square feet smaller but statistically not different from the 2016 median. In 2015, the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of… Read More ›
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Geography of Declining Young Adult Household Formations
NAHB’s analysis of the Census data shows that only 40% of young adults ages 25 to 34 led their own household in 2016. In comparison, close to 46% of adults in this age group were household heads in 1990 and 2000. Rather, increasing numbers of young adults now choose to live with their parents, parents-in-law, relatives or share housing with… Read More ›
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Young Adult House Sharing is on the Rise
New NAHB research shows that sharing housing with roommates, housemates and other non-relatives is rising in popularity among young adults. While only 4% percent of young adults ages 25 to 34 shared housing in 1990, that segment increased to 7.5% in 2016. This is in addition to increasing numbers of young adults that now choose to live with their parents… Read More ›
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Highest Paid Occupations in Construction
According to the most recent release of the Occupational Employment Statistics (OES) by the Bureau of Labor Statistics (BLS), half of payroll workers in construction earn more than $45,820. In comparison, the US median wage is below $37,700. The OES publishes wages for close to 380 occupations in construction. Out of these, only 54 are construction trades. The other industry… Read More ›