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Posts Tagged ‘households’

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.

FEMA’s Mission Ends in North Dakota

September 25th, 2013 Comments off

Following a story we last posted Nov. 27, 2012 regarding manufactured homes imported into Minot, North Dakota by the Federal Emergency Management Agency (FEMA) to house survivors of the Souris River flood in 2011, the FEMA mission ended Sept. 24 as the last households secured permanent housing. Over 2,000 manufactured homes were brought in to the region as FEMA established three manufactured home communities (MHCs), according to loansafe.org. Some of the homes were sited in five existing MHCs, and over 1,100 manufactured homes were placed on private property. As the program wound down, 265 of the housing units were sold to residents for permanent housing. In addition to organizing the housing mission, FEMA assisted Souris Valley residents to the tune of $90 million for repairs to homes, for rent for those whose homes were temporarily uninhabitable. In total, MHProNews understands FEMA provided $400 million in disaster assistance to individuals and local governments as a result of the flooding.

(Photo credit: minotdailynews–Souris River flood aftermath)

High Demand for Manufactured Homes in Manitoba, but limited spaces in MH Communities

August 23rd, 2013 Comments off

credit-cbc-news-Demand for Canada’s version of manufactured housing is rising rapidly in Manitoba, at the very time spaces in provincial land lease communities are scarce. With single family home sales in the region averaging $285,000, a new manufactured home in Manitoba for $115,000 looks very reasonable. So it is no surprise that sales rose 11% in 2012 over 2012, and sales are up some 20% in 2013 over 2012. However, the sad reality of the impact of rent control measures are playing out here in a dramatic fashion. Manufactured home community (MHC) owners are limited in their options for development due to laws that place a 1% annual caps on rate increases. Choking off return on investment options for MHC owners causes some to sell their property for other uses, which then displaces residents who are unable to find a space in another land lease MH Community. One such community is Kingsway Kort in Brandon, where resident Colleen Weisbrodt is one of 140 households forced to move due to the park’s closure. Weisbrodt can’t find a vacancy in another community, which Glendale MHC owner Kenny Choy, explains to CBC News is common. Choy’s community has 230 home sites on 30 acres of land and has been full for 10 years. Current law creates disincentives to develop, in spite of the market demand for affordable manufactured homes. ##

(Video credit: CBC news)

Affordable Rentals Rare in Rural America

August 14th, 2013 Comments off

Rapoza Associations reports nearly 30 percent of all rural households, which covers some 7.3 million families, are either unaffordable, overcrowded or substandard. Over 47 percent of all rural households are spending more than 30 percent of the their income on rent, which classifies them as cost-burdened; and almost 50 percent of those households pay over 50 percent of their income on housing costs. While costs related to housing are typically less in rural areas, rates of poverty are more than the national average. HousingWire reports rural renters have median incomes of $25,833, 35 percent below that of the average rural resident and 48 percent less than the national median income. In addition, MHProNews has learned 96 of the country’s poorest counties are in rural communities.

(Photo credit: ruralpovertyareas)

Wisconsin Land Lease Community Converts to Co-operative

July 18th, 2013 Comments off

With $1 million in financing from ROC (resident-owned communities) USA Capital, Prairie Lake Estates land lease community became Prairie Lake Estates Homeowners Cooperative, as the residents of this 70 homesite community became a Wisconsin limited-equity housing co-op corporation. The Northcountry Cooperative Foundation (NCF) provided leadership and technical support to the residents, marking the seventh conversion for the non-profit in Wis. and Minn., placing 530 homesites under resident control. Nearly all the households in Kenosha’s Prairie Lake Estates became members of the co-op. NCF will continue providing support and guidance to Prairie Lake, as MHProNews has learned from Warren Kramer, Exec. Dir. of the non-profit. ROC USA, also a non-profit but on a national scale, specializes in conversions to community ownership, and has assisted in converting 49 communities in 14 states, representing $116 million in financing.

(Photo credit: ROC USA)

Harvard’s Housing Study: Affordable Senior Housing may be Scarce

June 28th, 2013 Comments off

Although the aging-in-place movement for seniors is very strong, an estimated 16 million senior households will be relocating within the next decade, while the number of 65-and-older households is estimated to increase by 9.8 million in the same time span. “Most of these households will opt to age in place and may therefore need to modify their homes to accommodate their changing needs. But a large number will look for different housing opportunities, creating demand for new types of units in communities where they currently live as well as in the areas that traditionally attract retirees,” according to the Joint Center for Housing Studies of Harvard University. Their State of the Nation’s Housing report for 2013 says home modification, transportation networks and other supportive services will also have to be reconfigured to meet the needs of aging seniors. As MHProNews has learned from seniorhousingnews, many seniors are entering retirement with little savings, which may make it challenging to find suitable housing. The report concludes, “Expanding the range of housing options available to the country’s growing senior population will require concerted efforts from both the public and private sectors.”

(Photo credit: masterfile)

Housing Recovery should help Middle Class

April 19th, 2013 Comments off

CNNMoney informs MHProNews Federal Reserve Governor Sarah Bloom Raskin says now that the housing market is improving, middle class families who have not been able to take advantage of the low interest rates may now have that opportunity. Speaking at the Levy Economics Institute’s Minsky Conference, Raskin said, “As house prices rise, more and more households have enough home equity to gain renewed access to mortgage credit and the ability to refinance their homes at lower rates.” She said Federal Reserve research indicates a home price increase of ten percent could be sufficient to propel 40 percent of underwater homeowners into the black.

(Image credit: Joshua Scott/CNNMoney)

ROC Strikes Again

April 4th, 2013 Comments off

Updating a story we posted Feb. 27, 2013 concerning residents of Wheel Estates MHC in North Adams, Mass. trying to buy their community, iberkshires informs MHProNews the nearly $4 million loan went through, financing managed by ROC (resident-owned communities) USA of New Hampshire. For years residents have allegedly complained the 42-year-old community, owned by Morgan Management LLC, needed repairs that were not done, and once Morgan sent notice it wanted to sell, the residents had 45 days to come up with a financing plan to buy the property. 105 households, over half the community, paid the $100 fee to become shareholders of the not-for-profit corporation, which virtually guarantees the deal is sealed, allowing the co-op to move ahead and elect its board of directors. In addition to ROC, Wheel Estates is receiving technical and start-up assistance from the Cooperative Development Institute of Shelburne, Mass.

(Photo credit: ROC USA)

Government Releases Housing Data for First Time

January 11th, 2013 Comments off

MHProNews has learned the U.S. Census Bureau and the Dept. of Housing and Urban Development (HUD) have for the first time made public their findings on the quality of housing in the U.S., available on the Census Bureau’s American FactFinder. The survey of the nation’s 115 million households includes apartments, manufactured housing, single-family homes, new construction, and vacant housing units, and documents information about everything from sewage and value to mortgage, safety features and socioeconomic status of the occupants. Statistics include: The median year the homes were built is 1974; owner occupied single-family detached and manufactured homes’ median size is 1,800 square feet, while renters units are 1,300 square feet (newly constructed homes are 2,200 square feet); 71 residents have a high rating of their homes, while residents of newer constructed homes gave their homes an 84 rating; 52 percent of the homes surveyed have two or more bathrooms, and 83 percent have a washing machine; and households pay on average $927 a month for housing, while the median of new construction residents pay $1,340 a month—both take 24 percent of household income. To access the full report click here.

(Image credit: theatlanticcities)

Home Affordability Index to Set Record

January 9th, 2013 Comments off

According to the National Association of Realtors (NAR), the first 11 months of 2012 is setting the stage for what is anticipated to be a record year for the housing market, once Dec. numbers are in. HousingWire says NAR’s Housing Affordability Index through Nov. 2012 stood at 198.2, and expects the average for 2012 will be 194, a record high, up from 186 in 2011, the previous record. The index is based on a compilation of median home price, median family income and average mortgage interest rate. MHProNews has learned as prices and mortgage rates increase, NAR expects the average in 2013 will hit 160, the third highest, which means a median-income family would need 160 percent of the income required to buy a median-priced single-family home. NAR president Gary Thomas says, “A more sensible lending environment that makes it easier for other financially qualified buyers to get a mortgage would allow many more households to enter the market, boosting home sales as much as 10% to 15%.”

(Image credit: ehow)