Thursday, April 10, 2014

2012 Metro Homeownership Data PLUS Comparisons of Renter Median HH Income to HO Median HH Income.

NAHB has published an interesting piece HERE on metro area rankings on various home ownership metrics, using 1 year 2012 ACS data.

I extracted that metro data from a related PDF file and imported into Excel and THEN added median household income by tenure also from the 2012 ACS. That workbook is HERE and embedded below.

Some observations:

  1. NAHB data shows that the median home value ($249,300) for Portland ranks as the 41st highest among metro areas while the Portland metro median owner occupied income ($75,576) ranks only the 59th highest.  The Portland metro home ownership rate (60.5%) ranks as the 305th among 384 metro areas in the NAHB data.
  2. I calculated that the ratio of renter median household income to owner occupied median household income for most of Oregon's metro areas is 45-46%, which is also the unweighted median I calculated for all US metro areas I analyzed (366 metro areas vs 384 metro areas in NAHB's universe). However, the calculated renter to homeowner household income ratio for the Corvallis metro area was only 27%, substantially lower than Eugene's 46%.
  3. Using this ratio of renter median household income to owner occupied median household income the Portland metro area ranked 178 out of 366 metro areas I analyzed, just about in the middle while the renter to homeowner median household income ratio for Corvallis ranked dead last among all 366 metro areas I analyzed. 

Originally created and posted on the Oregon Housing Blog.

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