NAHB recently released an on-line tool that provides economic and housing statistics for all local associations. The tool allows users to easily compare local area statistics to other associations, state and national figures. In addition to providing members with information on the local market, executive officers may find this tool helpful when responding to requests from local media.
The statistics provided are NAHB tabulations based on an aggregation of county-level data from the 2012 American Community Survey (ACS) and 2013 Building Permits Survey. The ACS and Building Permits Survey are conducted by the Census Bureau. The tabulations are based on the latest available data.
The NAHB tabulated statistics are discussed below.
Population – Population is a count or estimate of the number of individuals residing in the specified geography. The higher the rank, the higher the population compared to other HBAs.
Number of Owner-Occupied Housing Units – An owner-occupied housing unit is a house, an apartment, a mobile home or trailer, a group of rooms, or a single room that is occupied. A high rank indicates more owner-occupied housing units.
Homeownership Rates – The homeownership rate is calculated by taking the total number of owner-occupied units divided by the total number of occupied units. A high homeownership rate implies a low rental rate. A high rank indicates a high homeownership rate. High home ownership rates are frequent in less urban areas, moderately priced areas and where fewer moves occur.
Homeowner Vacancy Rates – The homeowner vacancy rate is calculated by taking the total number of vacant units intended for owner-occupancy divided by the total number of owner-occupied and vacant units. A low vacancy rate indicates a tight housing market where demand for owner-occupied units is high relative to supply.
Single-Family Concentration – The share of homeowners living in single-family detached housing is calculated by taking the total number of single-family detached units divided by the total number of owner-occupied units. A high rank indicates a high concentration of single-family homes. Lower rates are typical of more urban locations with denser developments.
Value of Home Owned – The figure provides for all owner-occupied housing units the median home value. These figures along with income are critical components of housing affordability. The higher the rank, the higher the median value compared to other HBAs.
Income of Homeowners – The figure provides for all owner-occupied housing units the median income of the householder and all other individuals in the household. The higher the rank, the higher the median income compared to other HBAs.
Share of Homes Recently Built – The share of new owner-occupied units is calculated by taking the total number of owner-occupied housing units built since 2000 divided by the total number of owner-occupied housing units. The number indicates how fast the stock of owner-occupied housing is growing. The higher the rank, the higher the share of homes built since 2000 compared to other HBAs. Higher shares are indicative of faster growing, more recently developed areas while lower shares are signs of areas with slow or little growth.
Single-Family Permits Issued – The figure shows the number of building permits issued on new privately-owner residential construction for single-family housing units. The higher the rank, the more single-family permits issues compared to other HBAs. The number of permits per 1,000 population is another indicator of growth; the higher the ratio, the greater growth and growth potential.
Single-Family Permits Percent Change – The figure is calculated using the annual statistics for single-family permits issued in 2012 and 2013. The higher the rank, the higher the percent change in single-family permits issues from 2012 compared to other HBAs.
Multifamily Permits Issued – The figure shows the number of building permits issued on new privately-owner residential construction for multifamily housing units. The higher the rank, the more multifamily permits issues compared to other HBAs.
Multifamily Permits Percent Change – The figure is calculated using the annual statistics for multifamily permits issued in 2012 and 2013. The higher the rank, the higher the percent change in multifamily permits issues from 2012 compared to other HBAs.
Rank – The rank of the HBA in each category is out of a universe of 673.
In March 2014, NAHB published a special study allowing readers to compare local housing markets. The level of geography selected for that analysis is referred to as metropolitan area. The metropolitan area is also an aggregation of counties that share a local labor and housing market based on local commuting patterns. This tool complements the special study and is meant to provide another cut of the local housing market.