Posts Tagged ‘american community survey’

Seniors Comprise 42 Percent of Households, will Hit 46 Million by 2030

February 5th, 2016 Comments off

baby_boomers____howstuffworksWhile the spotlight has been on the Millennials in recent years as the housing market tries to lure them out of their parents’ basements, the National Association of Home Builders (NAHB) and American Community Survey has revealed more than 48 million households in the U. S. are headed by someone 55 and over, comprising 42 percent of all households.

In six states—Florida, Montana, Pennsylvania, West Virginia, Maine and Vermont—45 to 50 percent of all homes are headed by seniors. Moreover, in no state do seniors account for less than 34 percent nor more than 49 percent, as themreport informs MHProNews..

NAHB’s Housing Market Index for 55-plus had a reading of 60 for the third quarter, three points better than the previous quarter. “Like the overall housing market, we continue to see steady, positive growth in the 55+ market,” said David Crowe, NAHB chief economist. “With the economy and job growth continuing to improve gradually, many consumers are now able to sell their current homes at a suitable price, enabling them to buy or rent in a 55+ community.”

The Urban Institute states in 1990 there were 20 million household headed by seniors 65 and older. In 2010 that number had hit 25.8 million, and by 2030 it is expected baby boomer households will stand at 46 million, 34 million of whom will be senior homeowners, plus 12.2 million renters. ##

(Photo credit: howstuffworks–Baby Boomers)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Construction Workers in Short Supply in U. S.

December 15th, 2015 Comments off

Construction_Workers  FlickreviewR  creditEconomists at the National Association of Home Builders (NAHB) have determined from the 2013 American Community Survey that the average age of U. S. construction workers is 42, one year older than the overall work force average, according to what constructiondive tells MHProNews.

States with the highest median age of 45 are Connecticut, Maine and New Hampshire, while those with the youngest median age are Utah (36) and North Dakota (38), the latter likely due to the rigors of working in the oilfields.

The younger median ages tend to be laborers and helpers, while the older ages are in more supervisory and equipment operator positions.

Although statistics indicate 31,000 jobs were added in October and 46,000 in November, so many construction workers left during the recession for lack of work and moved to other fields that the industry will have to attract new workers. The Associated General Contractors of America has warned of this problem for sometime, and advocates for more technical school education. ##

(Photo credit: FlickreviewR–construction workers)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Falling Income may Stall Recovery

May 9th, 2013 Comments off

According to cbsnews, a report based on recent data from the Census Bureau American Community Survey states that the percentage of renters paying over 50 percent of their income increased from 22.8 percent to 26.4 percent. The foreclosure crisis, falling home prices, and tighter credit drove former homeowners into rentals and simultaneously prevented renters from moving on to homeownership, further increasing the demand for rentals and driving up costs. Renting expenses rose six percent from 2008 to 2011, while income of those renting dropped 3.2 percent. Although homeowners experienced a drop of 3.2 percent in housing costs, income fell 4.2 percent, increasing the burden of homeownership. Co-author of the report, Janet Viveiros says “We really need to be thinking about long-term solutions on the ownership side and making sure that renters have access to enough affordable communities.” Housing affordability affects the amount of money spent on food, healthcare, and other needs and wants that feed the economy, as MHProNews understands. Bottom line: The lack of job and income growth will keep the economic recovery in low gear.

(Image credit: Forbes)