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Posts Tagged ‘Census’

City Residents Make Unexpected Moves – Opportunity for MH?

March 31st, 2017 Comments off
CityResidentsMakeUnexpectedMovesOpportunityforMHcreditForbes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Forbes.

New data shows an interesting trend – popular cities like New York, Los Angeles, and Washington D.C., normally destinations for living, are actually losing people in mass.

According to a study by Bloomberg, in the 100 most populous U.S. metros, the New York City area ranked 2nd, losing about a net 163,000 residents, Honolulu came in fourth, and Los Angeles came in at 14th.

These areas also have the distinction of having some of the highest inflows of people coming in from outside the country, which has a net result showing a steadily growing population, despite people leaving.

I have an idea of what’s going on here,” said Michael Stoll, a professor of public policy and urban planning at the University of California Los Angeles.

Soaring home prices are pushing local residents out and scaring away potential new ones from other parts of the country.

And, when those people leave, most often those who move in from abroad fill vacant low skilled jobs. How? Stoll has an idea about that as well.

They are able to do so by living in ‘creative housing arrangements,’” said Stoll.

They pack six to eight individuals, or two to four families, into one apartment or home. It’s an arrangement that most Americans just aren’t willing to pursue, and even many immigrants decide it’s not for them as time goes by.”

High skilled foreign workers coming into the country, specifically in the technology industry, they earn enough to live in high cost areas.

They are compensated appropriately and can afford to live in these high-cost areas, just like Americans who hold similar positions,” said Stoll.

One example is Washington, D.C., which had a lot of people from abroad arriving to soak up jobs in the growing tech-hub.

CityResidentsMakeUnexpectedMovesOpportunityforMHcreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bloomberg.

Rust belt cities like Cleveland, Dayton and Toledo, didn’t fare so well.

Even though the cost of living is low, the cities did not get the same influx of people that the other major cities did, which potentially shows that locals were leaving for lack of jobs.

This is part of a multiple-decade trend of the U.S. population moving away from these manufacturing hubs to areas in the Sun Belt and the Pacific Northwest,” said Stoll.

Retiring baby boomers are also leaving the Northeast and migrating to more affordable places with better climates.

 

Opportunity for Manufactured Housing?

Credit: Yahoo.

Many of those retirees have chosen a familiar location.

According to the Census Bureau, The Villages, Florida, was the nation’s fastest-growing metro area for the fourth year in a row, with a 4.3 percent population increase between 2015 and 2016.” The Villages includes a significant amount of manufactured home communities.

The Daily Business NewsMHProNews and MHLivingNews have covered the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.

The myths, and the facts surrounding manufactured housing abound. To learn more, including why manufactured housing is the solution hiding in plain sight for many to achieve the American Dream, click here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Harvard Study, Baby Boomers to Spark Affordable Housing Boom

January 17th, 2017 Comments off
WillBabyBoomersbetheSparkforanAffordableHousingBoomcreditFOXBusiness-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: FOX Business.

As “baby boomers” eye retirement in large numbers, builders believe that they could jumpstart an affordable housing boom.

Per FOX Business, a report by the Harvard Joint Center for Housing finds that by 2035, more than one in five people in the U.S. will be aged 65 and older and one in three households will be headed by someone in that age group.

The report, entitled “Projections and Implications for Housing a Growing Population: Older Adults 2015-2035,” notes the growth will increase the demand for affordable, accessible housing that is well connected to services beyond what the current supply can meet.

Current census data shows that incomes drop significantly after the age of 75, from an average of $54,000 per year to $36,000 per year. Data also shows that this segment spends more than one-third of their income on housing.

Right now, more than 19 million older adults live in unaffordable or inadequate housing, and that problem will only grow worse in the next two decades as our population ages,” said Lisa Marsh Ryerson, president of AARP Foundation.

When asked what these numbers mean for the real estate industry, Lukas Krause, CEO of Real Property Management provided this response:

WillBabyBoomersbetheSparkforanAffordableHousingBoomcreditRealPropertyManagement-postedtothedailybusinessnewsmhpronewsmhlivingnews

Lukas Krause. Credit: Real Property Management.

People currently over the age of 55 have saved only $150,000 for retirement, per Fidelity and Vanguard estimates. This savings amount will generate only $500 per month in income, if the recommended 4% withdrawal standard is followed,” said Krause.

Social Security pays an average of $1,294 in benefits to retirees, so average monthly income will be $1,794 or $21,528 per year. If 34% – 38% is spent on housing, the average retiree will have a housing budget of $610 – $682 per month – half of todays average apartment rental cost of $1,100 per month. This means cohabitation and new forms of housing will be needed in the future.  It also means that retirees who have not already purchased a home, will be unlikely to afford one.

 

Manufactured Housing to the Rescue

As Daily Business News and MHLivingNews readers are already aware, manufactured homes provide the ideal solution to the challenges of affordable housing by delivering high quality quickly, and at significantly less cost than traditional site-built houses.

WillBabyBoomersbetheSparkforanAffordableHousingBoomcreditSFChronMHLivingNews-postedtothedailybusinessnewsmhpronewsmhlivingnews

See the video and report by clicking the image above. Photo of Lois Renquist. credit: SFChron. Text credit, MHLivingNews.

Overcoming the challenge of the stereotypes that plague the industry are now front and center in light of the rapidly retiring baby boomer population. Lois Renquist, a poet laureate who resides in the San Francisco Bay Area, has had to deal with those stereotypes in response to her recent downsizing.

I’m downsizing for the second time, and some folks think I’m ‘stepping down,’” said Renquist.

Rancho Benicia is a highly rated and gated retirement community (55 and older only), very well kept, with a pool and hot tub, a clubhouse and many activities for the residents. It’s almost crime free. It’s a mobile home park. A block from the Benicia Marina, it’s often seen as another world.

‘Trailer trash? Is that what you’ve come to?’ someone asked.

‘That’s really stepping down,’ my brother, who lives in Idaho, said.

You can find the full story, along with the story of Terry Reynolds, whose home is located in a development with conventional houses that he says range from $300,000 to $400,000, double or more what he has invested in his home. Yet visitors to his home can’t tell the difference between his residence and that of others in the same location, linked here. ##

(Editor’s note: those same stereotypes that hamper manufactured home acceptance with boomers are slowing millennials from accepting manufactured housing too, see a report, linked here.

Fortunately, their are industry leaders who seek to change those realities.  For some examples, see the new report, linked here.)

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Passages: Mitzi Olson

June 5th, 2012 Comments off

TwinCities reports the woman who with her husband helped found Landfall, Minnesota’s “premier manufactured housing community”, died May 26 at 82. After WWII she and her husband, James, moved to the property and lived in a mobile home James had built, when it was “just cows and country out there,” she once said. Landfall became Minnesota’s smallest town in 1959 and earned recognition for its MH status. In the early 1990s when the community was set to be developed into a mall or housing development, the Washington County Housing and Redevelopment Authority (HRA) bought the city to save its affordable housing. When it was later sold to Landfall HRA, Mrs. Olson discounted the price significantly in order for the financing to go through. MHProNews.com has learned of the current dwellings 284 are factory-built homes. The 2010 census revealed 686 people live in Landfall.

(Photo credit: cityoflandfall–Landfall City Hall

Credit Union Loaning to Lower Denominator

March 5th, 2012 Comments off

A credit union in Michigan is reaching out with their Turning Point Home Loan to people with lower credit scores but with enough financial stability worth the risk. Michigan First CU’s vice president of lending, Chris Maynard says, “Take members who lost their job at the height of the financial crisis. They may have a low credit score because they were forced to make some difficult decisions, and now are back on their feet. But their credit score has yet to catch up. These people are good risks. They have verifiable income and the capacity to pay. We believe it is a good move to give them a chance a little bit ahead of schedule. By starting now at 580 we feel we can appeal to this new and growing segment of borrowers.” The 2010 census indicated 20,000 fewer homes in the Detroit metro area than ten years ago. “So many homes are vacant and Turning Point will help a lot more people get into a home,” he says. NationalMortgageNews tells MHProNews.com Michigan First offers five to six percent APR loans for 10-, 15- and 20-year fixed rate terms with a ten percent down payment.

(Graphic credit: Michigan First CU)

Homeownership at 1997 Levels

February 1st, 2012 Comments off

Open House Sign, Eric Miller PhotoFrom Housingwire, MHProNews.com learns that the homeownership rate is now at 65.5 percent, a new low. The last time the rate was that low was 1997. Also from the report, vacant units that were held off market comprised 5.4 percent of the total housing stock. Of these, 1.7 percent were for occasional use, 1 percent were temporarily occupied by persons with a usual residence elsewhere, and 2.7 percent were vacant for a variety of other reasons. In a related article at MSNBC, who took another look at the report, the number of houses occupied by renters rose faster than the pace of new vacancies created by homeowners moved out. The number of housing units occupied by renters rose by 749,000 in the fourth quarter of 2011 compared while 91,000 fewer homes were owner-occupied.

(Photo Credit: Eric Miller)

New Home Sales Up

December 23rd, 2011 Comments off

real estate sign, Dec 23, 2011, Eric Miller PhotoMHProNews.com learned from CNNMoney that new home sales rose in November. The report, released by the U.S. Census Friday, indicates the annualized rate of 315,000 is up 1.6 percent compared with the revised October rate of 310,000 and 9.8 percent higher than November 2010. It all may be adding up to a rebound of sorts for the housing industry. The Census report follows a rise in sales of existing homes of 12 percent year-over-year; a 21 percent spike in homebuilding and record low mortgage rates. Inventory is also lower, which could aid the market for manufactured homes.

(Image Credit: Eric Miller)

Realtors Say Home Sales Up, But Downwardly Revises Recent Data

December 21st, 2011 Comments off

Real Estate Sign, Dec, 21, 2011, Eric Miller PhotoMHProNews.com has learned from the National Association of Realtors (NAR) that existing-home sales rose again in November and remain above a year ago. The latest monthly data shows total existing-home sales increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010. The trade group also downwardly revised sales and inventory data since 2007, led by a decline in for-sale-by-owners. NAR says although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. NAR says there are no changes to home prices or month’s supply. The 2010 benchmark shows there were 4,190,000 existing-home sales last year, a 14.6 percent revision from the previously projected 4,908,000 sales. For the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent. The revisions are expected to have a minor impact on future revisions to Gross Domestic Product. The Realtors say a divergence developed over time between sales reported by MLSs and sales determined by a U.S. Census benchmark; the variance began in 2007. Reasons include growth in MLS coverage areas from which sales data is collected, and geographic population shifts. NAR consumer survey data in 2000 showed FSBOs accounted for a 16 percent market share, which fell to a record low 9 percent in 2010.

(Photo Credit: Eric Miller)

Seniors Staying in the Sunbelt Year-Round

December 27th, 2010 Comments off
Senior Housing News reports that retirement areas are becoming year-round residences. The website highlights census statistics that show states with the highest percentage of population increases between 2000 and 2010 were heavily concentrated in popular retirement areas that include the southern and southwestern areas of the United States. The data show a 17.6 percent increase in Florida, a 24 percent increase in Arizona and a 35 percent increase in Nevada.