Monday, July 1, 2019

The next post in my Mercatus series on housing affordability

Here is where you can see the entire series as it is posted:
https://www.mercatus.org/tags/housing-affordability-series

Here is the latest:
"The Myth About Bubble Buyers"

A lot of this particular post will probably be familiar to long-time IW readers.
(F)or households 45 to 54 years in age, the homeownership rate in 1982, when the Census Bureau started tracking it annually, was 77.4 percent. It bottomed out at 74.8 percent in 1991 and then recovered to 77.2 percent at the peak in 2004. By 2017, it was down to 69.3 percent!
…..
Rental expenses as a proportion of incomes (Figure 1), belie the conventional wisdom. The rental value of owned homes was more stable as a portion of owner income than the rental value of rented homes from the late 1990s to the mid-2000s. In other words, if there was an increase in relative spending on housing, it was among renters. The rental value of homeowners was rising in line with their incomes. There is no sign of marginal homebuyers being induced into homeownership and overconsumption.

2 comments:

  1. If you are going to make reasonable conjectures and deductions about US housing markets---- well, what is the fun in that?

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