The U.S. Census released estimates of local population change from 2010 to 2011 on Thursday. Among cities with core population centers greater than 50,000, the South and West dominated the rankings with seven metros in the South and the remaining three in the West. Not a single market in the Midwest or Northeast made the rankings, but markets in Texas have been a magnate for those searching for work.
For smaller cities, those with core population centers between 10,000 and 50,000, the South once again dominated with six of the top ten growing metros. However, three areas all of which are in North Dakota made the list. The reason for the sharp increase in population for these areas is likely a result of the ongoing oil boom in North Dakota’s Bakken Formation that has attracted many people in search of work.
Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage purchase applications and durable goods.
- Between 2007 and 2011, there were almost 3 million more doubled-up households.
- According to David Johnson and the Census Bureau data, the number and share of doubled-up households and adults sharing households across the country increased over the course of the recession. The “doubled-up” households are defined as those that include at least one “additional” adult, a person age 18 or older who is not enrolled in school and is not the householder, spouse or cohabiting partner of the householder.
- In spring 2007, there were 19.7 million doubled-up households, amounting to 17.0 percent of all households. In the spring of 2011, the number of such households jumped to 21.8 million, or 18.3 percent. In total, 61.7 million adults, or 27.7 percent, were doubled-up in 2007, rising to 69.2 million, or 30.0 percent, in 2011.
- Young adults were especially hard-hit, with 5.9 million people ages 25 to 34 living in their parents’ household in 2011, up from 4.7 million before the recession. The remaining 14.2 percent of young adults lived in their parents’ households in March 2011, up more than two percentage points over the period.
- These young adults who lived with their parents had an official poverty rate of only 8.4 percent, since the income of their entire family is compared with the poverty threshold. If their poverty status were determined by their own income, 45.3 percent would have had income falling below the poverty threshold for a single person under age 65.
- This data is available from the Annual Social and Economic Supplement to Current Population Survey. For more information: http://www.census.gov/cps/.
There are some markets with fewer jobs this year compared to last, a situation which is not helping the local housing market despite very high affordability conditions. However, there are also many markets that added jobs on net over the past 12 months. In fact, in total there are 1.3 million more jobs in the country as measured by asking companies about their payroll count – which is known as payroll employment. By another measure, taken by asking households whether they are working or not, there are 360,000 more people working – which is known as household employment. However, even in the job-creating markets, consumers have been hesitant to make a major purchase like buying a car or a home. Nonetheless, continuing job additions in the aggregate should lead to higher home sales at some point.
- The latest statistics released by the U.S. Census Bureau found that Maine and Vermont surpassed Florida and West Virginia as the states with the highest median age.
- Maine has the highest median age in the country at 42.7. Vermont came in second with a median age of 41.5.
- In 2010, the median age increased to 37.2 from 35.3 in 2000. The aging of the baby boom population, along with stabilizing birth rates and longer life expectancy, have contributed to the increase in median age.
Source: 2010 U.S. Census
Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 16-May 20, 2011, along with graphs that show the latest movement and overall trends.
Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 16-May 20, 2011, along with graphs that show the latest movement and overall trends.
Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 2-May 6, 2011, along with graphs that show the latest movement and overall trends.
Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights factory orders.
Birth and Deaths
It is said that one of the most widely-read newspaper sections in New York City is the obituary page, due to people eager to get into rent-controlled apartments that tenants refuse to give up – until death. While this is meant to be an amusing anecdote, death is a sad but inescapable fact of life, and it creates housing changes. A survey of home buyers has consistently ranked changes in family circumstances as one of the top reasons for buying a home.
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