One-third of the nation's renters told the Census Bureau that they had no or only slight confidence in their ability to pay next month's rent. The Census Bureau's Household Pulse Survey has been measuring the impact of the coronavirus on American households each week since early May. The latest results (collected during the week of July 16-21) show many of the nation's renters risking eviction as Covid relief benefits run out. Here are the demographics of those who may not be able to make their next rent payment...
Percent of renters with no/only slight confidence in ability to pay next month's rent (July 16-21)
33% of all renters
29% of those aged 18 to 24
36% of those aged 25 to 39
39% of those aged 40 to 54
28% of those aged 55 to 64
13% of those aged 65-plus
22% of non-Hispanic whites
27% of Asians
42% of Blacks
49% of Hispanics
43% of households with children under age 18
Source: Census Bureau, Week 12 Household Pulse Survey: July 16-21
Showing posts with label renters. Show all posts
Showing posts with label renters. Show all posts
Thursday, August 06, 2020
Monday, December 02, 2019
Renter Mobility Rate Slips below 20%
The nation's mobility rate hit an all-time low of 9.8 percent in 2018–19, primarily because fewer renters are moving. The mobility rate of renters fell to 19.7 percent, a record low and the first time the figure has been below 20 percent. The mobility rate of renters exceeded 30 percent before 2006. Because renters account for two-thirds of movers, the falling mobility rate of renters is the biggest factor behind the nation's record low overall mobility rate. Here is the trend in mobility by housing tenure...
Percentage of renters who moved
2018–19: 19.7%
2010–11: 26.1%
2000–01: 30.5%
1990–01: 33.6%
Percentage of homeowners who moved
2018–19: 4.9%
2010–11: 4.7%
2000–01: 7.4%
1990–01: 8.8%
Percentage of renters who moved
2018–19: 19.7%
2010–11: 26.1%
2000–01: 30.5%
1990–01: 33.6%
Percentage of homeowners who moved
2018–19: 4.9%
2010–11: 4.7%
2000–01: 7.4%
1990–01: 8.8%
Between 2018–19, only 20.9 million renters moved. This is the smallest number since the Census Bureau began to collect data on mobility rates by housing tenure in the 1980s. Among homeowners, 10.4 million moved in 2018–19, down from about 15 million a year prior to the Great Recession.
Source: Census Bureau, Migration/Geographic Mobility
Tuesday, December 04, 2018
Mobility Rate of Renters Falls to 20.1%
The nation's mobility rate hit an all-time low of 10.1 percent in 2017–18, primarily because fewer renters are moving. The mobility rate of renters fell to 20.1 percent in 2017–18, down from more than 30 percent in the early 2000s. One reason for the decline in the mobility rate of renters is that fewer of them are moving after buying a house.
Number of renters aged 1 or older who moved after buying a house (in 000s)
2017–18: 2,350
2016–17: 2,554
2010–11: 1,544 (low)
2005–06: 3,415
2001–02: 4,334
2000–01: 3,942
In 2017–18, about 2.4 million renters moved after buying a house. While this number is higher than the post-Great Recession low of 1.5 million in 2010–11, it is well below the 4.3 million of 2001–02. What are the characteristics of renters who move after buying a house? The 57 percent majority are people aged 30 to 44 and children under age 16.
Source: Census Bureau, Migration/Geographic Mobility
Monday, October 30, 2017
Renters Would Like a Little Help
What is the biggest obstacle to buying a home today? According to a Fannie Mae survey, it's coming up with enough money for the down payment and closing costs—cited as a barrier to home buying by 45 percent of the nation's renters.
Most (82 percent) of today's renters expect to buy a home someday. But many just don't have the cash it takes to do so—unless they get financial help from their parents or other family members. Some renters think they can count on that help. Ten percent expect to receive financial assistance from their family when they buy a home, less than the 20 percent of current or former homeowners who say they received financial assistance from their parents/family members when they bought their home.
Many Americans plan to help out when the time comes. When asked whether they plan to help out financially when their children or other family members buy a home, a substantial 38 percent of respondents said yes and 16 percent had already done so. How important is this financial help? Among homeowners who received family help in the past, 25 percent said they could not have bought their home without it, and another 39 percent said it allowed them to buy a home sooner.
Source: Fannie Mae, National Housing Survey, Renters Report Future Home Buying Optimism, while Financial Assistance is Most Available to Populations with Higher Homeownership Rates
Most (82 percent) of today's renters expect to buy a home someday. But many just don't have the cash it takes to do so—unless they get financial help from their parents or other family members. Some renters think they can count on that help. Ten percent expect to receive financial assistance from their family when they buy a home, less than the 20 percent of current or former homeowners who say they received financial assistance from their parents/family members when they bought their home.
Many Americans plan to help out when the time comes. When asked whether they plan to help out financially when their children or other family members buy a home, a substantial 38 percent of respondents said yes and 16 percent had already done so. How important is this financial help? Among homeowners who received family help in the past, 25 percent said they could not have bought their home without it, and another 39 percent said it allowed them to buy a home sooner.
Source: Fannie Mae, National Housing Survey, Renters Report Future Home Buying Optimism, while Financial Assistance is Most Available to Populations with Higher Homeownership Rates
Tuesday, September 05, 2017
Year Moved into Home
Half of American households moved into their current home in 2008 or later, according to the American Housing Survey. For homeowners, 2003 is the median year they moved into their home. For renters, the median year is 2013. Here is the distribution of households by the year the householder moved into the unit...
Year householder moved into home
2010 or later: 44.2%
2005 to 2009: 16.0%
2000 to 2004: 11.8%
Before 2000: 28.0%
Source: Census Bureau, 2015 American Housing Survey
Year householder moved into home
2010 or later: 44.2%
2005 to 2009: 16.0%
2000 to 2004: 11.8%
Before 2000: 28.0%
Source: Census Bureau, 2015 American Housing Survey
Thursday, January 26, 2017
Projections of Homeowners and Renters to 2035
Since the bursting of the housing bubble in 2006, the homeownership rate in the United States has slumped, the number of homeowners has fallen, and the number of renters has surged. Will these trends continue, or will homeownership make a comeback? That's what the Joint Center for Housing Studies wanted to know. To answer the question, JCHS researchers created three sets of housing tenure projections to determine the range of possible homeownership trends through 2035.
1. Base scenario: According to this scenario, if homeownership rates by five-year cohort remain at 2015 levels, then the homeownership rate in 2035 will be almost identical to the 63.5 percent of 2015. But even with the same rates, the number of homeowners will grow more than the number of renters during the 2015-to-2035 time period, largely because of the aging of the population. Between 2015 and 2035, the number of homeowners would expand by 15.7 million and the number of renters by 9.4 million.
2. Low scenario: In this scenario, homeownership rates continue to decline until 2020 at the same rate of decline as occurred for five-year cohorts between 2010 and 2015, then remain constant through 2035. The additional years of declining rates would drive the overall homeownership rate down to 60.6 percent by 2035. The number of homeowners would increase, but not as much as renters. Between 2015 and 2035, the number of homeowners would expand by 11.5 million and the number of renters by a larger 13.5 million.
3. High scenario: In this scenario, homeownership rates for five-year cohorts recover and by 2035 return to the 1995 rates for most cohorts. The 1995 rates, say the researchers, "define the pre-boom levels that might reflect a longer-term equilibrium." The overall homeownership rate would rise slightly to 64.7 percent by 2035. The number of homeowners would grow much more than the number of renters. Between 2015 and 2035, the number of homeowners would expand by 17.7 million and the number of renters by 7.4 million.
Which of these scenarios is most likely? The fate of the housing market is at stake, with developers of rental housing poised to benefit from the low scenario and homeowners themselves poised to benefit from the high scenario. You decide.
Source: Joint Center for Housing Studies of Harvard University, Homeowner Households and the U.S. Homeownership Rate: Tenure Projections for 2015–2035
1. Base scenario: According to this scenario, if homeownership rates by five-year cohort remain at 2015 levels, then the homeownership rate in 2035 will be almost identical to the 63.5 percent of 2015. But even with the same rates, the number of homeowners will grow more than the number of renters during the 2015-to-2035 time period, largely because of the aging of the population. Between 2015 and 2035, the number of homeowners would expand by 15.7 million and the number of renters by 9.4 million.
2. Low scenario: In this scenario, homeownership rates continue to decline until 2020 at the same rate of decline as occurred for five-year cohorts between 2010 and 2015, then remain constant through 2035. The additional years of declining rates would drive the overall homeownership rate down to 60.6 percent by 2035. The number of homeowners would increase, but not as much as renters. Between 2015 and 2035, the number of homeowners would expand by 11.5 million and the number of renters by a larger 13.5 million.
3. High scenario: In this scenario, homeownership rates for five-year cohorts recover and by 2035 return to the 1995 rates for most cohorts. The 1995 rates, say the researchers, "define the pre-boom levels that might reflect a longer-term equilibrium." The overall homeownership rate would rise slightly to 64.7 percent by 2035. The number of homeowners would grow much more than the number of renters. Between 2015 and 2035, the number of homeowners would expand by 17.7 million and the number of renters by 7.4 million.
Which of these scenarios is most likely? The fate of the housing market is at stake, with developers of rental housing poised to benefit from the low scenario and homeowners themselves poised to benefit from the high scenario. You decide.
Source: Joint Center for Housing Studies of Harvard University, Homeowner Households and the U.S. Homeownership Rate: Tenure Projections for 2015–2035
Friday, March 25, 2016
Credit Scores by Housing Tenure
How do Americans' credit scores differ by housing tenure? The Urban Institute decided to find out by analyzing credit bureau and property records data. Researchers Wei Li and Laurie Goodman divided the adult population into six tenure types, listed below in order of size...
1. Renters without a mortgage in past 16 years (39% of adults)
2. Owners with a mortgage now (27% of adults)
3. Owners with a mortgage in past 16 years but not now (12% of adults)
4. Renters with a mortgage in past 16 years but not now (8% of adults)
5. Owners without a mortgage in past 16 years (9% of adults)
6. Renters with a mortgage now (5% of adults)
The researchers then examined the demographics, credit use, and credit scores of each tenure type. Owners with a mortgage in the past 16 years but no mortgage now (12 percent of adults) had the highest credit score, a median of 785. Renters without a mortgage in the past 16 years (39 percent of adults) had the lowest credit score—a median of 619. Notes the study: "52 percent of all renters have a credit score below 650, generally not high enough to qualify for a mortgage."
Source: Urban Institute, Comparing Credit Profiles of American Renters and Owners
1. Renters without a mortgage in past 16 years (39% of adults)
2. Owners with a mortgage now (27% of adults)
3. Owners with a mortgage in past 16 years but not now (12% of adults)
4. Renters with a mortgage in past 16 years but not now (8% of adults)
5. Owners without a mortgage in past 16 years (9% of adults)
6. Renters with a mortgage now (5% of adults)
The researchers then examined the demographics, credit use, and credit scores of each tenure type. Owners with a mortgage in the past 16 years but no mortgage now (12 percent of adults) had the highest credit score, a median of 785. Renters without a mortgage in the past 16 years (39 percent of adults) had the lowest credit score—a median of 619. Notes the study: "52 percent of all renters have a credit score below 650, generally not high enough to qualify for a mortgage."
Source: Urban Institute, Comparing Credit Profiles of American Renters and Owners
Friday, November 13, 2015
Still Stuck: Mobility Rate Near Record Low in 2014-15
Americans still aren't moving much. Only 11.6 percent of U.S. residents aged 1 or older as of March 2015 had moved in the previous 12 months, according to the Census Bureau. This mobility rate is just 0.1 percentage points above the all-time low of 11.5 percent recorded in 2013-14. The tiny increase was due to a bump up in movers from abroad.
Among homeowners, only 5.1 percent moved in the 2014-15 time period, higher than the all-time low of 4.7 percent in 2010-11. Among renters, the mobility rate fell to an all-time low of 24.0 percent in 2014-15.
Source: Census Bureau, Migration/Geographic Mobility
Wednesday, October 28, 2015
How Many Renters Want to Buy?
The number of renter-occupied homes grew by more than 1.3 million in the past year, according to the Census Bureau's Housing Vacancy Survey, while the number of owner-occupied homes inched up by just 123,000. From the third quarter of 2014 to the third quarter of 2015, the nation's homeownership rate fell from 64.4 to 63.7 percent.
Clearly the number of renters is surging, which begs the question: how many of those renters are wannabe homeowners who could potentially energize the housing market? Shedding some light on that question is the Federal Reserve Survey of Household Economics and Decisionmaking, fielded in 2013 and 2014. The survey asked renters why they rent. In 2013, 10 percent of renters identified themselves as wannabe homeowners, looking to buy a house. When the Feds surveyed the same respondents in 2014, one-third of the renters who wanted to buy had become homeowners. Among renters who had not expressed a desire to buy, only 3 percent had bought a home.
Source: Federal Reserve Board, Report on the Economic Well-Being of U.S. Households in 2014
Clearly the number of renters is surging, which begs the question: how many of those renters are wannabe homeowners who could potentially energize the housing market? Shedding some light on that question is the Federal Reserve Survey of Household Economics and Decisionmaking, fielded in 2013 and 2014. The survey asked renters why they rent. In 2013, 10 percent of renters identified themselves as wannabe homeowners, looking to buy a house. When the Feds surveyed the same respondents in 2014, one-third of the renters who wanted to buy had become homeowners. Among renters who had not expressed a desire to buy, only 3 percent had bought a home.
Source: Federal Reserve Board, Report on the Economic Well-Being of U.S. Households in 2014
Tuesday, August 11, 2015
More Renters in Single-Family Homes
"The recent growth of single-family rentals is unprecedented," reports the Joint Center for Housing Studies in its report, The State of the Nation's Housing 2015.
According to data from the American Housing Survey, the number of renters who live in a single-family house grew 30 percent between 2007 and 2013. This is twice as fast as the growth in renter households overall and far surpasses the 8 percent increase in the number of renters who live in multi-family buildings...
According to data from the American Housing Survey, the number of renters who live in a single-family house grew 30 percent between 2007 and 2013. This is twice as fast as the growth in renter households overall and far surpasses the 8 percent increase in the number of renters who live in multi-family buildings...
Renter-occupied housing units in 2013 (and % change since 2007)
Total renter-occupied housing units: 40,201,000 (15%)
Renter-occupied single-family homes: 14,222,000 (30%)
Renter-occupied units in multi-family buildings: 24,420,000 (8%)
Renter-occupied mobile homes: 1,559,000 (4%)
Source: Joint Center for Housing Studies of Harvard University, The State of the Nation's Housing 2015; and Census Bureau, American Housing Survey
Monday, August 10, 2015
Nearly 6 Million More Renters, 2010 to 2015
The number of renter-occupied housing units is growing by the millions, while the number of owner-occupied housing units is shrinking. Here is the number of owner and renter households in the United States in the second quarter of 2015 (and the numerical change since the second quarter of 2010)...
Owners: 74,407,000 (-328,000)
Renters: 42,878,000 (+5,945,000)
Source: Census Bureau, Housing Vacancy Survey
Owners: 74,407,000 (-328,000)
Renters: 42,878,000 (+5,945,000)
Source: Census Bureau, Housing Vacancy Survey
Thursday, March 19, 2015
Geographic Mobility, 2013-14
Many will be disappointed with the latest report on the nation's geographic mobility. Fewer Americans moved between 2013 and 2014 than in the previous year, and the mobility rate fell to a record low. Although the Census Bureau calls the trend in mobility "stable," the numbers are not good news for housing and other industries awaiting the return of the mobile American.
Only 11.5 percent of people aged 1 or older moved from one house to another between March 2013 and March 2014—an all-time low. The number who moved fell by 237,000 between 2012-13 and 2013-14. Here is the trend in the mobility rate since 2006-07, before the start of the Great Recession…
Geographic mobility rate
2013-14: 11.5%
2012-13: 11.7%
2011-12: 12.0%
2010-11: 11.6%
2009-10: 12.5%
2008-09: 12.5%
2007-08: 11.9%
2006-07: 13.2%
The mobility rate fell slightly for both homeowners and renters. Among homeowners, only 5.0 percent moved between 2013 and 2014. While this rate is above the record low of 4.7 percent recorded in the years 2010-11 and 2011-12, it remains far below the 7 to 9 percent that was typical in the the years prior to the Great Recession. Renters account for the 71 percent majority of movers. Among renters, 24.5 percent moved between 2013 and 2014, an all-time low. Before the Great Recession, the renter mobility rate typically exceeded 30 percent.
Source: Census Bureau, Geographic Mobility: 2013 to 2014
Only 11.5 percent of people aged 1 or older moved from one house to another between March 2013 and March 2014—an all-time low. The number who moved fell by 237,000 between 2012-13 and 2013-14. Here is the trend in the mobility rate since 2006-07, before the start of the Great Recession…
Geographic mobility rate
2013-14: 11.5%
2012-13: 11.7%
2011-12: 12.0%
2010-11: 11.6%
2009-10: 12.5%
2008-09: 12.5%
2007-08: 11.9%
2006-07: 13.2%
The mobility rate fell slightly for both homeowners and renters. Among homeowners, only 5.0 percent moved between 2013 and 2014. While this rate is above the record low of 4.7 percent recorded in the years 2010-11 and 2011-12, it remains far below the 7 to 9 percent that was typical in the the years prior to the Great Recession. Renters account for the 71 percent majority of movers. Among renters, 24.5 percent moved between 2013 and 2014, an all-time low. Before the Great Recession, the renter mobility rate typically exceeded 30 percent.
Source: Census Bureau, Geographic Mobility: 2013 to 2014
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