Congressional District Report for the 115th Congress

Transcription

1 Congressional District Report for the 115th Congress New York District 22 Honorable Claudia Tenney (R) Congressional Districts of New York August 2018 Report National Association of REALTORS

2 Q1/1980 Q3/1981 Q1/1983 Q3/1984 Q1/1986 Q3/1987 Q1/1989 Q3/1990 Q1/1992 Q3/1993 Q1/1995 Q3/1996 Q1/1998 Q3/1999 Q1/2001 Q3/2002 Q1/2004 Q3/ Q1/ Q3/ Q1/ Q3/ Q1/ Q3/ Q1/ Q3/ Congressional District Report for the 115th Congress This report presents congressional district and state level data about homeownership and the housing market that REALTORS can use to advocate for sustainable and affordable homeownership. For many people, homeownership is the achievement of the American dream and the major source of wealth. In 2018 Q2, the U.S. homeownership rate continued to increase to 64.3 percent (64.2 in 2018 Q1; 63.7 percent in Q2). The homeownership rate has been steadily, although modestly, rising since Q2 when it fell to a low of 62.9 percent, after peaking at 69.2 percent in 2004 Q4. Homeownership provides an opportunity for households and the succeeding generations to move up the economic ladder and build up wealth. In, homeowners had a median net worth of $231,400, 45 times the median net worth among renters of $5,200. Homeownership also brings tremendous social and economic benefits by encouraging the formation of safe, stable, and livable neighborhoods U.S. Homeownership Rate as of 2018 Q Source: U.S. Census Bureau, Housing Vacancies and Homeownership (CPS/HVS), not seasonally adjusted Information about the political advocacy of the National Association of REALTORS is available at Additional information on housing statistics is available at 1/ "Social Benefits of Homeownership and Stable Housing", National Association of REALTORS, December,

3 HOUSING STATISTICS FOR THE 115TH CONGRESS New York District 22 National Association of REALTORS District Level Information Honorable Claudia Tenney (R) Housing Stock in 1 Value of owneroccupied units ( in bill.$) $22.6 Total Housing Units 320,632 Occupied Housing Units 270, % Owner Occupied Units 188,374 With Mortgage 103,873 Without Mortgage 84,501 Renter Occupied Units 81,840 Vacant Units 50, % Homeownership Rate in 2018 Q2 69.7% Homeownership Rate 50.2% 64.3% District 22 NY U.S. Source: Districtlevel data is as of (ACS ). State and U.S. data are as of 2018Q2 (CPS/HVS surveys). For districts atlarge, the annual and quarterly estimates may differ. Households in 1 Homeownership Rate by Race in HH with 60 and overyrolds 43% HH with under 18 yrolds 27% HH with 18 to 60 yrolds 3 White Alone 72.9% Black Alone 18.7% Amer. Indian/Alaskan Native 69.6% Asian Alone 45. Native Hawaiian/Pacific Is. Some Other Race Alone 11.2% Two or More Races 45.2% Hispanic (ethnicity) 30. Total Households (HH) 270,214 HH with under 18yrolds 72,688 HH with 18 to 60yrolds 81,875 HH with 60 and overyrolds 115,652 Unemployment Rate in 2018 Q2 Unemployment Rate 5.8% 4.5% 3.9% 5.2% 19.1% Type of Employment in 0.1% Private Wage & Salary Government SelfEmployed District 22 NY U.S. Source: Districtlevel data is as of (ACS ). State and U.S. data are as of 2018Q2 (BLS). For districts atlarge, the annual and quarterly estimates may differ. 75.5% Unpaid

4 HOUSING STATISTICS FOR THE 115TH CONGRESS New York District 22 National Association of REALTORS Median Value of Property as of 1 Median Value of Property (in $'000) $121.1 Median Value of Property Compared to the State and U.S. (in $'000) $302.4 $110.0 $113.0 $121.1 $205.0 District 22 NY U.S. Median Household Income as of Ratio of Median Value of Property to Median HH Income* District NY 5.4 U.S. 4.4 Household Median Income Compared to the State and the U.S. (in $'000) $53.0 $56.2 $46.2 *The higher the ratio, the more expensive or unaffordable housing is in the area. District 22 NY U.S. Median Income, Owner Cost, Rent, and Real Estate Taxes Paid in 2 Median Income Owner Cost or Rent 3 Cost as Percent of Income* All Households $52,967 Owner Occupied Units $65,605 $836 15% With Mortgage $79,655 $1,174 18% Without Mortgage $49,175 $482 12% Renter Occupied Units $26,942 $715 32% *Households are costburdened if they spend more than 30 percent of income on housing. Median Value Median Real Estate Tax Total Real Estate Taxes Paid All Owner Occupied Units $121,100 $3,134 $620,683,300 With Mortgage $130,600 $3,404 $379,296,500 Without Mortgage $107,000 $2,714 $241,386,700

5 HOUSING STATISTICS FOR THE 115TH CONGRESS New York District 22 National Association of REALTORS Home Purchase Firstlien Originations for 1 to 4Family Units and Manufactured Homes in 4 Conventional Loans FHAInsured Loans 10,000 8,000 6,000 4,000 2,000 63% ,000 1,500 1, % 4 35% 3 25% 2 15% 1 5% VAInsured Loans FSA/RHS Loans % 400 7% 8% 250 5% % 4% % 4% 3% 100 2% 100 2% % 0 10,000 8,000 6,000 4,000 2,000 Firstlien Home Purchase Loan Originations for 1 to 4 Unit Properties and Manufactured Homes 5,042 Percentage Distribution of Loan Originations by Income Group* in 51% 36% 35% 36% 38% 29% 29% 27% 21% Below 8 of AMI 8 to 12 of AMI Above 12 of AMI *AMI is the Metro Area Median Income in which the property is located.

6 HOUSING STATISTICS FOR THE 115TH CONGRESS New York District 22 National Association of REALTORS Median Income and Median Loan Amount of Borrowers in Applicant Median Income Median Loan Amount Loan to Income Ratio Conventional $73,763.5 $112, FHAinsured $49,088.9 $102, VAinsured $66,851.3 $149, FSA/RHS $46,508.5 $96, All loans $64,587.3 $117, Home Purchase Firstlien Loans for 1 to 4Family Units/Manufactured Homes by Race/Ethnicity 5 Distribution of Loan Originations by Race in Distribution of Loan Orginations by Ethnicity in % 2.4% 1.8% 0.2% 89.7% 5.6% % 92.3% 5.8% Hispanic Not Hispanic Ethnicity not provided

7 HOUSING STATISTICS FOR THE 115TH CONGRESS New York District 22 National Association of REALTORS Source/Notes: /1 Sources: U.S. Census Bureau, American Community Survey,, 1year Estimates Table DP04 and Housing Vacancy Surveys (CPS/HVS) The value of owner occupied houing is a NAR estimate which is derived from the number of owneroccupied units, with and without mortgage, and the associated median value of the property for with and without mortgage owneroccupied units. The type of household data are from Census Bureau, American Community Survey,, 1year Estimates Table S1101. The ACS data are tabulated using the 115th Congressional district boundaries. /2 Source: Census Bureau, American Community Survey,, 1year Estimates. Median income data are from Table B25119, Table S2506, and Table S2507. Owner cost and rent data are from Table DP04 and Table B Median value of owneroccupied units data are from Table DP04, S2506, S2507. /3 U.S Census Bureau calculates selected monthly owner cost as the sum of payment for mortgages, real estate taxes, various insurance, utilities, fuels, mobile home costs, and condominium fees. Gross rent includes contract rent, utilities, and fuels. /4 Source: NAR estimates based on Federal Financial Insitutions and Examination Council (FFIEC) Home Mortgage Disclosure Act (HMDA) Loan Application Register (LAR) data. For, NAR uses the allocation factors that converts the HMDA census tract level data into congressional district level data generated from the Missouri Census Data Center Mable/Geocorr 12 Geographic Correspondence Engine. For, NAR generated the factors that allocated censustract level HMDA lending into congressional district boundaries using block level Census housing units. In tabulating HMDA lending, NAR uses the Congressional District boundaries that correspond to the HMDA reporting year. Only financial institutions that meet asset threshold levels are required to submit reports to FFIEC. See /5 Race and ethnicity of Applicant 1.

8 Q1:00 Q1:01 Q1:02 Q1:03 Q1:04 Q1:05 Q1:06 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 Q1:12 Q1:13 Q1:14 Q1:15 Q1:16 Q1:17 Q1:18 HOUSING STATISTICS FOR THE 115TH CONGRESS National Association of New York REALTORS State Level Information Honorable Charles E. Schumer (D) Honorable Kirsten E. Gillibrand (D) Housing Stock in 1 Homeownership Rate in 2018 Q2 Value of owneroccupied housing (in bill. $) $1,152.3 NY 50.2% U.S. 64.3% Total Housing Units 8,232,039 Occupied Housing Units 7,209, % Homeownership Rate ( in%) Owner Occupied Units 3,841, With Mortgage 2,348, Without Mortagage 1,492, Renter Occupied Units 3,367,884 Vacant Units 1,022, % 8,400 8,200 8,000 7,800 7, ,600 7,400 Housing Units ( in thousands) Source: U.S. Census Bureau, ACS Homeownership Rate by Race in 1 White Alone 63.2% Black Alone 30.4% Amer. Indian/Alaskan Native 41.5% Asian Alone 45.9% Households in Native Hawaiian/Pacific Is. 25.1% Some Other Race Alone 18.2% Number Two or More Races 32. Total Households (HH) 7,209,054 Hispanic (ethnicity) 23.9% HH with under 18yrolds 2,119,462 Population and Annual Migration as of 2 HH with 18 to 60yrolds 2,184,343 HH with 60 and overyrolds 2,905,249 HH with 60 and overyrolds 4 HH with 18 to 60 yrolds 3 HH with under 18 yrolds 3 8, Resident Population ('000) 19,849 Change from one year ago ('000) 13 Annual growth rate since % U.S. annual growth rate since % NY Source: U.S. Census Bureau, CPS/HVS U.S. Migration (net flow) Domestic (190,508) (999,743) International 130, ,586 Net migration (60,097) (154,157)

9 Q1:00 Q1:01 Q1:02 Q1:03 Q1:04 Q1:05 Q1:06 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 Q1:12 Q1:13 Q1:14 Q1:15 Q1:16 Q1:17 Q1:18 Q1:00 Q1:01 Q1:02 Q1:03 Q1:04 Q1:05 Q1:06 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 Q1:12 Q1:13 Q1:14 Q1:15 Q1:16 Q1:17 Q1:18 Q1:00 Q1:01 Q1:02 Q1:03 Q1:04 Q1:05 Q1:06 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 Q1:12 Q1:13 Q1:14 Q1:15 Q1:16 Q1:17 Q1:18 HOUSING STATISTICS FOR THE 115TH CONGRESS National Association of New York REALTORS Median List Price as of 2018 Q2 Home Prices vs. Wage Growth as of 2018 Q1 Median Listing Price (in $'000) $254.6 $250.1 $252.5 $275.7 $298.2 $345.4 $ Home Price and Weekly Pay Indices (2000=100) as of 2018 Q1* Source: Realtor.com. The annual values in this chart are the averages of the monthly median listing prices from May FHFA Price Index (Expanded) Ave Weekly Pay *Ex: an index of 200 means prices and wages have typically doubled compared to 2000 levels. Weekly pay index is as of Q4. Sources of data: Federal Housing Finance Agency, Bureau of Labor Statistics Unemployment Rate as of 2018 Q2 Building Permits vs. Jobs Generated as of 2018 Q2 NY 4.5% Jobs Generated ('000) U.S. 3.9% Building Permits ('000) Unemployment Rate Jobs Generated vs. Building Permits in Past 12 Months as of 2018 Q NY Source: Bureau of Labor Statistics U.S. Jobs Generated in Past 12 Months ('000) Building Permits ('000) Median Home Value, Income, Owner Cost/Rent, Real Estate Taxes in 3 Median Value Median Real Estate Tax Total RE Taxes Paid All Owner Occupied Units $302,400 $5,054 $22,590,977,700 With Mortgage $321,800 $5,423 $14,792,584,600 Without Mortgage $265,700 $4,550 $7,798,393,100 Median Household Income Owner Cost or Rent 4 As Percent of Income* All Households $49,480 For Owner Occupied $67,029 $1,358 24% With Mortgage $101,607 $2,020 24% Without Mortgage $61,843 $703 14% For Renter Occupied $31,338 $1,194 46% *Households are costburdened if they spend more than 30 percent of income on housing.

10 Q1:00 Q1:01 Q1:02 Q1:03 Q1:04 Q1:05 Q1:06 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 Q1:12 Q1:13 Q1:14 Q1:15 Q1:16 Q1:17 Q1:18 Q1:00 Q1:01 Q1:02 Q1:03 Q1:04 Q1:05 Q1:06 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 Q1:12 Q1:13 Q1:14 Q1:15 Q1:16 Q1:17 Q1:18 Thousands HOUSING STATISTICS FOR THE 115TH CONGRESS National Association of New York REALTORS Mortgages in Foreclosure as of 2018 Q1 NY 57,923 NY 3.5% U.S. 447,334 U.S. 1.2% Foreclosure Inventory, End of Quarter Percent of Loans in Foreclosure Inventory Source of data: Haver/MBA Source of data: Haver/MBA NY U.S. Home Purchase Firstlien Originations for 1to4Family Units and Manufactured Homes as of 5 250, , , ,000 50,000 Conventional Loans 77.8% ,000 30,000 25,000 20,000 15,000 10,000 5,000 FHAInsured Loans 17.2% Source of data: HMDALAR Source of data: HMDALAR 6,000 5,000 4,000 3,000 2,000 1,000 VAGuaranteed Loans 3.9% ,500 2,000 1,500 1, FSA/RHS Loans 1.1% 2.5% % % 0. Source of data: HMDALAR Source of data: HMDALAR

11 Thousands HOUSING STATISTICS FOR THE 115TH CONGRESS National Association of New York REALTORS Home Purchase FirstLien Loan Originations for 1 to 4 Family Units and Manufactured Homes Home Purchase FirstLien Loan Originations for 1 to 4 Family Units and Manufactured Homes by Income Group Source of data: HMDALAR 1lowincome 2middleincome 3highincome Avg. Income Avg. Loan Loans Share Lower Income Households/ 6 $48,000 $153,987 31,224 23% Middle Income Households $80,000 $234,741 34,119 25% Higher Income Households $236,000 $486,264 71,029 52% Home Purchase FirstLien Originations in vs., by Race/Ethnicity of Main Applicant 7 11% 8% Amer.Indian/Alaskan Native 9% 1% Asian African American Native Hawaiian/Pac. Is. White 11% 12% Amer.Indian/Alaska n Native Asian 6% African American Native Hawaiian/Pac. Is. White 71% Information not provided 71% Information not provided 11% 9% 1 7% Hispanic or Latino Hispanic or Latino Not Hispanic or Latino Not Hispanic or Latino 8 Information not provided 83% Information not provided

12 HOUSING STATISTICS FOR THE 115TH CONGRESS National Association of New York REALTORS Source/Notes: /1 Sources: U.S. Census Bureau, American Community Survey,, 1year Estimates, Table DP04; Census Bureau Housing Vacancy Surveys. Type of household data are from Census Bureau, American Community Survey,, 1year Estimates Table S1101. The dollar volume of owned housing stock is NAR's estimate which is the sum of the dollar value of owned property with mortgage and dollar value of property without mortgage. Each component is derived by multiplying the median value of the property to the number of owneroccupied units. The ACS data are tabulated using the 115th Congressional district boundaries. /2 U.S. Census Bureau. Population estimates are as of July. /3 Source: Census Bureau, American Community Survey,, 1year Estimates. Median income data are from Table B25119, Table S2506, and Table S2507. Owner cost and rent data are from Table DP04 and Table B Median value of owneroccupied units data are from Table DP04, S2506, S2507. /4 U.S Census Bureau calculates selected monthly owner cost as the sum of payment for mortgages, real estate taxes, various insurance, utilities, fuels, mobile home costs, and condominium fees. Gross rent includes contract rent, utilities, and fuels. /5 Source: NAR tabulation of HMDA Loan Application Register (LAR) data. Some data may not be available for the state. Tabulations for and onwards includes manufactured homes. /6 Source: NAR tabulation of HMDA Loan Application Register (LAR) data. Low income applicants were defined as those with incomes less than 80 percent of the median family income of the metropolitan statistical area (MSA) where the census tract is located. Middle income applicants are those with incomes from 8 to 12 of the median family income. High income applicants are those with incomes above 12 of the median family income. /7 Race is alone or in combination with other races. Totals for race and ethnicity may not equal. The percentage shares for race and ethnicity excludes "Not applicable" responses.