Labor force participation rate of married women with children under age one: 57%.
Source: Bureau of Labor Statistics, Employment Characteristics of Families, 2012
Tuesday, April 30, 2013
First-Time Homebuyer Watch: 1st Quarter, 2013
Homeownership rate of householders aged 30 to 34, first quarter 2013: 48.9%
The homeownership rate of householders aged 30 to 34 climbed 0.3 percentage points between the fourth quarter of 2012 and the first quarter of 2013, reaching 48.9 percent. Although still below the 50 percent threshold, this rate is 0.6 percentage points higher than a year ago and may be good news for a housing market facing difficult demographics—downsizing boomers and indebted young adults.
The homeownership rate of the 30-to-34 age group is the bellwether for the housing industry. Historically, the majority of householders have become homeowners in their early thirties. That is no longer the case as young adults--many burdened by student loans--cannot afford to buy a home. On top of that, as those who resisted buying a home age into their late thirties, the homeownership rate of 35-to-39-year-olds is in steep decline. Over the past 12 months, the homeownership rate of the 35-to-39 age group fell by 1.1 percentage points, to 55.3 percent. Just two years ago, the homeownership rate of this age group exceeded 60 percent. The collapse of the housing market is a slow-motion debacle, and it's not over yet.
In the nation as a whole, the homeownership rate was 65.0 percent in the first quarter of 2013—0.4 percentage points below the 65.4 percent in the first quarter of 2012.
Source: Census Bureau, Housing Vacancy Survey
The homeownership rate of the 30-to-34 age group is the bellwether for the housing industry. Historically, the majority of householders have become homeowners in their early thirties. That is no longer the case as young adults--many burdened by student loans--cannot afford to buy a home. On top of that, as those who resisted buying a home age into their late thirties, the homeownership rate of 35-to-39-year-olds is in steep decline. Over the past 12 months, the homeownership rate of the 35-to-39 age group fell by 1.1 percentage points, to 55.3 percent. Just two years ago, the homeownership rate of this age group exceeded 60 percent. The collapse of the housing market is a slow-motion debacle, and it's not over yet.
In the nation as a whole, the homeownership rate was 65.0 percent in the first quarter of 2013—0.4 percentage points below the 65.4 percent in the first quarter of 2012.
Source: Census Bureau, Housing Vacancy Survey
Monday, April 29, 2013
Portrait of Gen Xers: Housing
Eighty-two percent of Gen Xers are homeowners, according to a MetLife study of Americans born between 1965 and 1976 (ages 36 to 47). Among Gen X homeowners...
Source: MetLife Mature Market Institute, Generation X: The MTV Generation Moves into Mid-Life
- Average home value is $238,000
- Average home debt is $130,000
- 17% are upside down on their mortgage
Source: MetLife Mature Market Institute, Generation X: The MTV Generation Moves into Mid-Life
The Retirement Expectations Gap
Percent distribution of retired workers by when they retired...
Earlier than planned: 47%
About when planned: 43%
Later than planned: 6%
Source: Employee Benefit Research Institute, Retirement Confidence Survey, 2013 Fast Facts
Earlier than planned: 47%
About when planned: 43%
Later than planned: 6%
Source: Employee Benefit Research Institute, Retirement Confidence Survey, 2013 Fast Facts
Sunday, April 28, 2013
Non-Hispanic Whites Sour on American Dream
The 55 percent majority of Americans agree with the statement: "The way things are in America, people like me and my family have a good chance of improving our standard of living."
Non-Hispanic whites are far less likely than blacks or Hispanics to agree with that statement. In 2012, 71 percent of blacks and 73 percent of Hispanics said their family had a good chance of getting ahead. Only 46 percent of non-Hispanic whites agreed, down from 75 percent in 2000.
Source: Survey Documentation and Analysis, University of California-Berkeley, General Social Survey
Non-Hispanic whites are far less likely than blacks or Hispanics to agree with that statement. In 2012, 71 percent of blacks and 73 percent of Hispanics said their family had a good chance of getting ahead. Only 46 percent of non-Hispanic whites agreed, down from 75 percent in 2000.
Source: Survey Documentation and Analysis, University of California-Berkeley, General Social Survey
Friday, April 26, 2013
Debt Free by Age
Overall, only 31 percent of American households are free of debt. Here is the percentage of households without debt by age of householder...
Households without debt
Under age 35: 27.8%
Aged 35 to 44: 20.4%
Aged 45 to 54: 21.1%
Aged 55 to 64: 27.0%
Aged 65 to 69: 39.6%
Aged 70 to 74: 47.2%
Aged 75-plus: 69.3%
Source: Census Bureau, Debt of Households: 2011
Households without debt
Under age 35: 27.8%
Aged 35 to 44: 20.4%
Aged 45 to 54: 21.1%
Aged 55 to 64: 27.0%
Aged 65 to 69: 39.6%
Aged 70 to 74: 47.2%
Aged 75-plus: 69.3%
Source: Census Bureau, Debt of Households: 2011
Thursday, April 25, 2013
Death on the Job
How many workers die on the job? The federal government knows not only how many but also how they died in gory detail. The most recent statistics show that 4,693 workers died on the job in 2011. These were the top four causes of death...
1. Transportation incidents: 1,937 workers died in a transportation incident, such as a car or truck wreck (1,103), a rail incident (50), a boating incident (70), or an airplane crash (146).
2. Violence: 791 workers died by violence, including 468 homicides (three out of four involving guns), more than 200 suicides, and 37 deaths due to animals or insects.
3. Contact with objects or equipment: 710 workers died after being struck by objects or equipment, including more than 200 who were struck by falling objects.
4. Fatal falls or slips: 681 workers died after falling, including 553 who died from a fall to a lower level. Among those who died from a fall to a lower level, the 57 percent majority fell from a height of 20 feet or less.
Source: Bureau of Labor Statistics, Census of Fatal Occupational Injuries
1. Transportation incidents: 1,937 workers died in a transportation incident, such as a car or truck wreck (1,103), a rail incident (50), a boating incident (70), or an airplane crash (146).
2. Violence: 791 workers died by violence, including 468 homicides (three out of four involving guns), more than 200 suicides, and 37 deaths due to animals or insects.
3. Contact with objects or equipment: 710 workers died after being struck by objects or equipment, including more than 200 who were struck by falling objects.
4. Fatal falls or slips: 681 workers died after falling, including 553 who died from a fall to a lower level. Among those who died from a fall to a lower level, the 57 percent majority fell from a height of 20 feet or less.
Source: Bureau of Labor Statistics, Census of Fatal Occupational Injuries
Political Donations
Overall, 16 percent of Americans donated money to a political campaign or cause in the past 12 months. The 56 percent majority of donors gave $100 or less, 32 percent gave between $101 and $500, and 8 percent gave more than $500. Here is the percentage who contributed by age...
Aged 18 to 49: 12%
Aged 50 to 64: 19%
Aged 65-plus: 27%
Source: Pew Research Center, Civic Engagement in the Digital Age
Aged 18 to 49: 12%
Aged 50 to 64: 19%
Aged 65-plus: 27%
Source: Pew Research Center, Civic Engagement in the Digital Age
Wednesday, April 24, 2013
Household Income Stable in March 2013
Median household income was stable in March 2013, according to the latest monthly update from Sentier Research. The March median of $51,320 was not statistically different from the February median. According to Sentier's Gordon Green, this stability is largely due to a 0.2 percent decline in consumer prices between February and March 2013.
Median household income in March 2013 was 5.4 percent lower than the median in June 2009, the end of the Great Recession. It was 7.2 percent lower than the median in December 2007, the start of the Great Recession. It was 8.2 percent lower than the median in January 2000. The Household Income Index for March 2013 was 91.8 (January 2000 = 100.0).
An Excel spreadsheet of the entire household income time series is available from Sentier's web site for $25.00.
Source: Sentier Research, Trends in Household Income: March 2013
Median household income in March 2013 was 5.4 percent lower than the median in June 2009, the end of the Great Recession. It was 7.2 percent lower than the median in December 2007, the start of the Great Recession. It was 8.2 percent lower than the median in January 2000. The Household Income Index for March 2013 was 91.8 (January 2000 = 100.0).
An Excel spreadsheet of the entire household income time series is available from Sentier's web site for $25.00.
Source: Sentier Research, Trends in Household Income: March 2013
The Borrowers
A surprisingly large number of Americans borrow money from "alternative financial services," a term coined by researchers to describe the murky world of payday loans, auto title loans, refund anticipation loans, pawn shops, and rent-to-own stores. In the last five years, a quarter of the population has used at least one of these high-cost methods of borrowing, including 32 percent of 18-to-24-year-olds and an even larger 35 percent of 25-to-34-year-olds. The question is why.
The answer may be because they don't know any better. The root of the problem, according to NBER researchers Annamaria Lusardi and Carlo de Bassa Scheresberg, is a lack of financial literacy. The researchers discovered this by asking a representative sample of the American public to answer three financial literacy questions and then probed the survey respondents' use of the five types of alternative financial services (AFS) listed above. Among those who had not used AFS in the past five years, 45 percent answered the three questions correctly. Among those who had used AFS, only 26 percent answered all three questions correctly. Financial literacy remained a statistically significant determinant of the use of AFS after controlling for all sorts of demographic and economic factors.
"One way in which we may affect AFS use is through promoting financial literacy and financial education," conclude the authors. "This could be particularly important among the young, who are shown to be making heavy use of alternative financial services."
Source: National Bureau of Economic Research, Financial Literacy and High-Cost Borrowing in the United States, NBER Working Paper 18969 ($5)
The answer may be because they don't know any better. The root of the problem, according to NBER researchers Annamaria Lusardi and Carlo de Bassa Scheresberg, is a lack of financial literacy. The researchers discovered this by asking a representative sample of the American public to answer three financial literacy questions and then probed the survey respondents' use of the five types of alternative financial services (AFS) listed above. Among those who had not used AFS in the past five years, 45 percent answered the three questions correctly. Among those who had used AFS, only 26 percent answered all three questions correctly. Financial literacy remained a statistically significant determinant of the use of AFS after controlling for all sorts of demographic and economic factors.
"One way in which we may affect AFS use is through promoting financial literacy and financial education," conclude the authors. "This could be particularly important among the young, who are shown to be making heavy use of alternative financial services."
Source: National Bureau of Economic Research, Financial Literacy and High-Cost Borrowing in the United States, NBER Working Paper 18969 ($5)
Tuesday, April 23, 2013
How Much Debt?
The 69 percent majority of American households are in debt, owing a median of $70,000 in 2011. Here is the distribution of the nation's households by how much they owe...
Debt free: 31.0%
Less than $5,000: 9.2%
$5,000 to $9,999: 5.0%
$10,000 to $24,999: 8.9%
$25,000 to $49,999: 7.1%
$50,000 to $99,999: 10.3%
$100,000 to $249,999: 18.6%
$250,000 to $499,999: 7.7%
$500,000 or more: 2.2%
Source: Census Bureau, Debt of Households: 2011
Debt free: 31.0%
Less than $5,000: 9.2%
$5,000 to $9,999: 5.0%
$10,000 to $24,999: 8.9%
$25,000 to $49,999: 7.1%
$50,000 to $99,999: 10.3%
$100,000 to $249,999: 18.6%
$250,000 to $499,999: 7.7%
$500,000 or more: 2.2%
Source: Census Bureau, Debt of Households: 2011
Computers Not a Top Priority
Here are the top six answers when Americans were asked the open-ended question, "What one subject should K-12 schools emphasize more than they do now?"
Math: 30%
English: 19%
Science: 11%
History: 10%
Art/Music: 6%
Computers: 4%
Source: Pew Research Center, Public's Knowledge of Science and Technology
Math: 30%
English: 19%
Science: 11%
History: 10%
Art/Music: 6%
Computers: 4%
Source: Pew Research Center, Public's Knowledge of Science and Technology
Monday, April 22, 2013
No Benefits
Percentage of all workers with neither medical nor retirement benefits: 23%
Percentage of low-wage workers with neither medical nor retirement benefits: 51%
Source: Bureau of Labor Statistics, Retirement and Medical Benefits: Who Has Both?
Percentage of low-wage workers with neither medical nor retirement benefits: 51%
Source: Bureau of Labor Statistics, Retirement and Medical Benefits: Who Has Both?
Births Outside of Marriage
Among parents aged 15 to 44, percent who have had a child outside of marriage...
Men: 47.3%
Women: 49.3%
Source: National Center for Health Statistics, Fertility of Men and Women Aged 15-44 in the United States: National Survey of Family Growth, 2006-2010
Men: 47.3%
Women: 49.3%
Source: National Center for Health Statistics, Fertility of Men and Women Aged 15-44 in the United States: National Survey of Family Growth, 2006-2010
Sunday, April 21, 2013
Visitors from Abroad
When travelers from abroad visit the United States, most do not venture beyond a single state, according to the Office of Travel and Tourism Industries. For visitors from selected countries, here is the number who flew into the United States in 2011 (and the percentage of travelers who visited only one state)...
Australia: 1,038,000 (39%)
Brazil: 1,508,000 (60%)
China: 1,089,000 (48%)
France: 1,504,000 (63%)
Germany: 1,824,000 (61%)
India: 663,000 (57%)
Italy: 892,000 (67%)
Japan: 3,250,000 (87%)
Spain: 700,000 (65%)
United Kingdom: 3,835,000 (72%)
Source: Office of Travel and Tourism Industries, International Visitation in the United States, 2011 U.S. Travel and Tourism Statistics (Inbound)
Australia: 1,038,000 (39%)
Brazil: 1,508,000 (60%)
China: 1,089,000 (48%)
France: 1,504,000 (63%)
Germany: 1,824,000 (61%)
India: 663,000 (57%)
Italy: 892,000 (67%)
Japan: 3,250,000 (87%)
Spain: 700,000 (65%)
United Kingdom: 3,835,000 (72%)
Source: Office of Travel and Tourism Industries, International Visitation in the United States, 2011 U.S. Travel and Tourism Statistics (Inbound)
Friday, April 19, 2013
Student Debt Has Consequences
Student loans are crowding cars and homes out of the lives of young adults, according to a Liberty Street Economics analysis by Meta Brown and Sydnee Caldwell of the Federal Reserve Bank of New York.
In their analysis, Brown and Caldwell track the decline of mortgage debt held by 30-year-olds and auto debt held by 25-year-olds. Both have plunged, particularly among young adults with student loans. In fact, young adults with student loans are now less likely to have either mortgage or auto debt than those without student loans--a reversal from the pattern prior to the Great Recession.
Young adults with student loans have been shedding other debt as their student loans grow. Between 2003 and 2012, the percentage of 25-year-olds with student loan debt climbed from 25 to 43 percent, and the average amount owed grew from $10,649 to $20,326. But the refusal--or (perhaps more important) inability--of these 25-year-olds to buy cars and houses has resulted in a decline in their other debt. This decline has been greater than the increase in their student loans. Consequently, 25-year-olds with student loans reduced their overall debt by $5,687 between 2008 and 2012. That's good news for them, but bad news for the nation's automotive and housing industries.
Source: Federal Reserve Bank of New York, Liberty Street Economics, Young Student Loan Borrowers Retreat from Housing and Auto Markets
In their analysis, Brown and Caldwell track the decline of mortgage debt held by 30-year-olds and auto debt held by 25-year-olds. Both have plunged, particularly among young adults with student loans. In fact, young adults with student loans are now less likely to have either mortgage or auto debt than those without student loans--a reversal from the pattern prior to the Great Recession.
Young adults with student loans have been shedding other debt as their student loans grow. Between 2003 and 2012, the percentage of 25-year-olds with student loan debt climbed from 25 to 43 percent, and the average amount owed grew from $10,649 to $20,326. But the refusal--or (perhaps more important) inability--of these 25-year-olds to buy cars and houses has resulted in a decline in their other debt. This decline has been greater than the increase in their student loans. Consequently, 25-year-olds with student loans reduced their overall debt by $5,687 between 2008 and 2012. That's good news for them, but bad news for the nation's automotive and housing industries.
Source: Federal Reserve Bank of New York, Liberty Street Economics, Young Student Loan Borrowers Retreat from Housing and Auto Markets
Thursday, April 18, 2013
Pedestrians Killed by Motor Vehicles
The next time you dash across a busy street, think about this: between 2001 and 2010, an astonishing 47,392 pedestrians were killed by motor vehicles. That's 1.58 deaths per 100,000 people per year.
Not surprisingly, the pedestrian death rate is higher in large metropolitan areas (2.01 deaths per 100,000 people per year) than in small metros (1.38) or nonmetropolitan areas (1.47). Males account for a disproportionate 7 out of 10 pedestrians killed by motor vehicles, and the male death rate is more than twice the female rate (2.29 versus 0.92).
Interestingly, among both males and females the risk of pedestrian death rises with age. It peaks among men aged 85 or older, at 6.35 per 100,000 men in the age group—more than three times the overall rate. Behind the higher pedestrian death rate of older Americans is the fact that "older adults take longer than younger adults to cross roadways," says the CDC. Also, older adults are more likely to die from their injuries, and cognitive declines may cause older adults to take greater risks. Knowing these facts may make you a bit less impatient the next time you sit in your car waiting for an elderly pedestrian to hobble across the street.
Source: CDC, Motor Vehicle Traffic-Related Pedestrian Deaths -- United States, 2001-2010
Not surprisingly, the pedestrian death rate is higher in large metropolitan areas (2.01 deaths per 100,000 people per year) than in small metros (1.38) or nonmetropolitan areas (1.47). Males account for a disproportionate 7 out of 10 pedestrians killed by motor vehicles, and the male death rate is more than twice the female rate (2.29 versus 0.92).
Interestingly, among both males and females the risk of pedestrian death rises with age. It peaks among men aged 85 or older, at 6.35 per 100,000 men in the age group—more than three times the overall rate. Behind the higher pedestrian death rate of older Americans is the fact that "older adults take longer than younger adults to cross roadways," says the CDC. Also, older adults are more likely to die from their injuries, and cognitive declines may cause older adults to take greater risks. Knowing these facts may make you a bit less impatient the next time you sit in your car waiting for an elderly pedestrian to hobble across the street.
Source: CDC, Motor Vehicle Traffic-Related Pedestrian Deaths -- United States, 2001-2010
Hard Times after High School
Among the 3.2 million young people who graduated from high school in 2012, about a third (or 1.1 million) did not enroll in college. Their unemployment rate as of October 2012...
Total: 34.4%
Men: 37.5%
Women: 29.9%
Blacks: 56.6%
Hispanics: 41.4%
Whites: 27.7%
Source: Bureau of Labor Statistics, College Enrollment and Work Activity of 2012 High School Graduates
Total: 34.4%
Men: 37.5%
Women: 29.9%
Blacks: 56.6%
Hispanics: 41.4%
Whites: 27.7%
Source: Bureau of Labor Statistics, College Enrollment and Work Activity of 2012 High School Graduates
Wednesday, April 17, 2013
Americans Abroad
In 2011, more than 27 million Americans traveled abroad by air, according to the Office of Travel and Tourism Industries. Thirty-nine percent were traveling on vacation, 35 percent were visiting friends or relatives, and 18 percent were doing business.
Among U.S. residents who traveled abroad by air, 84 percent visited only one country. The most popular destinations (excluding Mexico and Canada) were the United Kingdom (9 percent), France (7 percent), Italy (6 percent), and Germany (6 percent).
Americans who traveled abroad had an above-average median household income of $96,500. The average traveler spent $1,351 on airfare and $1,320 at their destination.
Source: Office of Travel and Tourism Industries, Profile of U.S. Resident Travelers Visiting Overseas Destinations: 2011 Outbound
Among U.S. residents who traveled abroad by air, 84 percent visited only one country. The most popular destinations (excluding Mexico and Canada) were the United Kingdom (9 percent), France (7 percent), Italy (6 percent), and Germany (6 percent).
Americans who traveled abroad had an above-average median household income of $96,500. The average traveler spent $1,351 on airfare and $1,320 at their destination.
Source: Office of Travel and Tourism Industries, Profile of U.S. Resident Travelers Visiting Overseas Destinations: 2011 Outbound
Rental Vacancy Rates by Metropolitan Area
Nationally, the rental vacancy rate was 7.4 percent in 2011. Among all metropolitan areas, the lowest rental vacancy rate (0.0 percent!) was in Bismarck, North Dakota. Among the top 50 metropolitan areas, the vacancy rate was lowest in San Jose (2.7 percent). At the other end of the scale, these ten large metros had double-digit rental vacancy rates...
Atlanta-Sandy Springs-Marietta, GA: 10.8%
Cincinnati-Middletown, OH-KY-IN: 11.3%
Houston-Sugar Land-Baytown, TX: 11.6%
Jacksonville, FL: 10.1%
Las Vegas-Paradise, NV: 12.6%
Memphis, TN-MS-AR: 10.7%
Orlando-Kissimmee, FL: 11.7%
Phoenix-Mesa-Scottsdale, AZ: 10.1%
Richmond, VA: 13.2%
Tampa-St. Petersburg-Clearwater, FL: 11.2%
Source: Census Bureau, Rental Housing Market Condition Measures: A Comparison of U.S. Metropolitan Areas from 2009 to 2011
Atlanta-Sandy Springs-Marietta, GA: 10.8%
Cincinnati-Middletown, OH-KY-IN: 11.3%
Houston-Sugar Land-Baytown, TX: 11.6%
Jacksonville, FL: 10.1%
Las Vegas-Paradise, NV: 12.6%
Memphis, TN-MS-AR: 10.7%
Orlando-Kissimmee, FL: 11.7%
Phoenix-Mesa-Scottsdale, AZ: 10.1%
Richmond, VA: 13.2%
Tampa-St. Petersburg-Clearwater, FL: 11.2%
Source: Census Bureau, Rental Housing Market Condition Measures: A Comparison of U.S. Metropolitan Areas from 2009 to 2011
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