Housing Affordability_ The Foreclosure Crisis_ and The Housing

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Housing Affordability_ The Foreclosure Crisis_ and The Housing Powered By Docstoc
					Owning and Renting in Davidson County

Cost Burdened in Davidson County (2000-2008)
                                                                                                            Cost Burden increased over time
                                                                             56.2                            Similar to national trends, percentages
                        60                        53.3       52.9
                                                                                                               of cost-burdened households in
                        50         44.5
                                                                                                               Davidson County have increased
                                                                             50.2            Renters <50K
                                                             47.4                                              substantially from 2005 to 2008
Percent Cost Burdened




                        40
                                                  43.4
                        30
                                   39.4
                                                                                             Owners <50K     Households that earn less than $50,000
                                                                                                               per year have much higher degrees of
                        20                                                   11.3            Owners >50K       cost burden compared to households
                                   6.7            6.5         6.3
                        10
                                                                             5.2                               earning more than $50,000 per year
                         0         1.6                        1.7                            Renters >50K
                                                   0
                                                                                                             In 2008, the majority of both owners
                                   2000           2002      2005             2008
                                                                                                               and renters earning less than $50,000
                                                                                                               per year were cost burdened
Source: 2000 US Census and American Community Surveys 2002, 2005, and 2008




Percent differences in Income & Affordability (homeownership): Race & Ethnicity
                                                                                                     Affordability differed by race & ethnicity
                             20                                                                      compared to Davidson County medians
                        M
                             10                                                                       Affordability is the home value that a resident
                        e                12
                              0
                                              8            10 7
                                                                                                         can afford based on 30% of their income
                        d
                        i
                                                                                                      The median income of white households is
                             -10                                                    Income
                        a
                                                                                                         12% higher than the Davidson County median,
                                                                    -23
                        n
                             -20                                       -26          Affordability        & the median affordability of white
                                                  -29-30
                        s    -30                                                                         households is 8% higher
                                                                                                        White & Asian residents have higher median
                                                                                                         incomes and greater median affordability than
                                                                                                         Davidson County medians
Source: American Community Survey (ACS) 2006-2008                                                       Black & Hispanic residents have lower median
                                                                                                         incomes & lower median affordability than
                                                                                                         Davidson County
Supply and Demand
Supply and Demand of Units Available to Residents: For residents earning less than $75,000
   80,000                                      69,221
                                                                                            Davidson County does not have affordable
                                    65,053                                                  housing for low-income residents
   60,000                                                 49,204                             Nashville has less than one-half of the housing
                                                                                               units necessary for residents earning $20,000
   40,000                                                                                      or less to afford their rents or mortgage
                                                                       Supply: Occupied
                                      46,052                48,196     Housing Units           payments with 30% or less of their incomes
   20,000                13,120                  39,789
              10,262
                21,623     26,510
                                                                       Demand:               The supply of units exceeds the demand for
         0                                                             Households              those units for residents earning $20,000 -
                                                                                               $75,000
                                                                                             Assuming that residents may spend less than
                                                                                               30% of their incomes on housing costs, less
                                                                                               supply may exist for those at the lowest income
                                                                                               levels than presented on this graph
Source: American Community Survey (ACS) 2006-2008

Supply and Demand of Units Available to Homeowners: For homeowners earning less than $75,000
                                                                                            Davidson County does not have high levels of low-
   50,000
                                                40,113
                                                                                            income homeownership
   40,000                                                  33,728                              The supply of homes affordable to low-income
                                    28,212                                                      homeowners is lower than the demand for
   30,000                                                               Supply: Available       homeowners who earn less than $20,000
                                                                        Homes
   20,000
                                                              33,770
                                                                                               The supply of homes exceeds the demand of
   10,000
                          8,090        21,997     24,011                                        homeowners for homeowners earning
              2,752
                 5,267      9,140
                                                                        Demand: Owner-          $20,000 - $50,000
         0                                                              Occupied               The supply of homes and the demands of
                                                                        Households
                                                                                                owner-occupied households is approximately
                                                                                                equal for homeowners who earn $50,000 -
                                                                                                $75,000

Source: American Community Survey (ACS) 2006-2008
Supply and Demand of Units Available to Renters: For renters earning less than $75,000
   40,000
                                                                                            Davidson County lacks affordable rental
                                     36,841                                                 housing for the lowest-income renters
   30,000
                                                29,108
                                                                                             The supply of affordable rental housing is
                                                                                                far lower than the demand for renters who
   20,000                                                               Supply: Available
                                                                        Rental Units
                                                                                                earn less than $20,000
                                       24,055              15,476                            The supply of rental units that is affordable
   10,000                                                               Demand: Renter
                 16,356     17,370                15,778      14,426                            to residents earning $20,000 - $50,000
               7,510
                                                                        Households
                          5,030                                                                 exceeds demand
          0
                                                                                               For residents who earn $50,000-$75,000,
                                                                                                there is a more equitable relationship of
                                                                                                supply and demand
Source: American Community Survey (ACS) 2006-2008
          Occupied Household Characteristics in Davidson County: Owners and Renters
                                                        Race           Educational        Family           Household       Income to        Median          Number of
                                                      Ethnicity        Attainment          Type             Income          Housing        Year Built       Bedrooms
                                                                                                                                                              0 (0.2%)
                                                   Hispanic (2.3%)                                                                          2000+
                       OWNERS                                                                                                                                 1 (2.3%)
                                                                                                                                           (13.4%)
                                                                                                           $75,000+           30%+
                                                     Black (18.8%)     Bachelor’s                                            (29.4%)
                                                                                                            (39.3%)                      1990-1999
                                                                       degree or         Married                                          (13.7%)
200,000




                                                                         higher          (50.6%)
                                                                        (41.8%)
                                                     Asian (2.3%)
                                                                                                                                         1980-1989
                       Without Mortgage                                                                                     20%-30%       (14.1%)               2-3
                                  Total: 42,346                                                          $50,000-$75,000     (24.3%)                          (74.5%)
                       Median Income: $46,106                                                                (21.8%)
                       Med Monthly Cost: $430                         Some College     Male Head (3%)
                               Value: $160,000                          (26.7%)                                                          1960-1979
                                                                                       Female Head
                                                                                                         $25,000-$50,000                  (28.3%)
                                                    White (77.3%)                        (10.6%)
                      With Mortgage                                                                          (25.4%)
                                 Total: 112,562
                                                                     High-school                                              < 20%      1940-1959
                        Median Income: $66,690
                      Med Monthly Cost: $1,315                       Grad (21.7%)                                            (45.7%)      (21.6%)
                                                                                        Non-family
                              Value: $161,500                                            (35.9%)            $0-$25,000                                          4+
                                                                                                              (13.6%)                                          (23%)
100,000




                                                                     < High School                                                       Before 1940
                                                                         (9.8%)                                                             (8.8%)
                                                                                                                                                             0 (2.3%)
                                                   Hispanic (8.3%)     Bachelor’s        Married         $75,000+ (9.7%)                 2000+ (7.9%)
                        RENTERS                                         degree or                                                        1990-1999
                                                                                          (18%)
                                                                     higher (26.4%)                      $50,000-$75,000      30%+        (12.6%)            1 (31.9%)
                                                                                      Male Head (5.1%)       (14.8%)         (45.6%)     1980-1989
                                                    Black (34.8%)                                                                         (19.3%)
                                                                     Some College
                                                                       (29.7%)         Female Head       $25,000-$50,000
                                                     Asian (2.1%)
                                 Total: 97,418                                            (19%)              (32.9%)
                      Median Income: $28,865                                                                                             1960-1979
                                                                                                                            20%-30%
                                                                     High-school                                                          (41.6%)
                      Med Monthly Cost: $757                                                                                 (25.4%)                            2-3
                                                                     Grad (26.5%)
                                                                                                                                                              (62.6%)
                                                    White (59.4%)
                                                                                        Non-family        $0-$25,000
                                                                                         (57.9%)            (42.5%)                      1940-1959
                                                                     < High School                                            < 20%       (13.7%)
                                                                        (17.4%)                                              (23.7%)
                                                                                                                                       Before 1940 (4.8%)    4+ (3.2%)
          Source: American Community Survey (ACS) 2006-2008

              Renters and owners in Davidson County vary strongly across demographic characteristics
                  Owners tended to be less racially and ethnically diverse than renters; owners were likely to be more highly educated
                    than renters; and owners tended to be married whereas renters had a higher percentage of “non-family” households
                  Owners earned more, had lower percentages of cost-burdened individuals, and lived in newer homes with more
                    bedrooms than renters

				
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