Home Prices Rising Twice As Fast In U.S. Cities With Highest Natural Hazard Risk Than In Lowest-Risk Cities

Homeowners in Highest-Risk Cities Have More Equity, Longer Homeownership Tenures; Appreciation Slower in Florida and Louisiana Cities with Highest Flood Risk, Bucking Trend

Irvine, CA – Sept. 21, 2017 (PRNewswire) ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its 2017 U.S. Natural Hazard Housing Risk Index, which found that median home prices in U.S. cities in the 80th percentile for natural hazard risk (top 20 percent with highest risk) have increased more than twice as fast over the past five years and over the past 10 years than median home prices in U.S cities in the 20th percentile for natural hazard risk (bottom 20 percent with lowest risk).

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For the report ATTOM indexed natural hazard risk in more than 3,000 counties and more than 22,000 U.S. cities based on the risk of six natural disasters: earthquakes, floods, hail, hurricane storm surge, tornadoes, and wildfires.

Median home prices in cities in the top 20 percent for natural hazard risk have appreciated 65 percent on average over the past five years and 9 percent on average over the past 10 years while median home prices cities in the bottom 20 percent for natural hazard risk have appreciated 32 percent on average over the past five years and 3 percent on average over the past 10 years.

“Strong demand for homes in high-risk natural hazard areas has helped to accelerate price appreciation in those areas over the past decade despite the potential for devastating damage to homes that can be caused by a natural disaster — as evidenced by the recent hurricanes that made landfall in Texas and Florida,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “That strong demand is driven largely by economic fundamentals, primarily the presence of good-paying jobs, although the natural beauty that often comes hand-in-hand with high natural hazard risk in these areas is also attractive to many homebuyers.”

Appreciation slower in Florida cities with highest flood risk

In the state of Florida, median home prices in cities with the highest flood risk were up 8 percent on average from a year ago and up 66 percent from five years ago while median prices in cities with the lowest flood risk were up 10 percent from a year ago and 70 percent from five years ago.

Median home prices in Florida cities with the highest hurricane storm surge risk were up 8 percent from a year ago and 47 percent from five years ago, while median prices in cities with the lowest hurricane storm surge risk were up 11 percent from a year ago and up 67 percent from five years ago.

Homeowners in highest-risk cities have more equity, longer homeownership tenures

Homeowners in cities in the top 20 percent for natural hazard risk have 32 percent home equity on average compared to 21 percent home equity on average for homeowners in cities in the bottom 20 percent for natural hazard risk.

Seriously underwater homes (LTV of 125 percent or higher) account for 6.4 percent of all homes in cities in the top 20 percent for natural hazard risk compared to a seriously underwater rate of 9.9 percent on average for homes in cities in the bottom 20 percent for natural hazard risk.

Homeowners who sold in the first six months of 2017 had owned for an average of 8.89 years in cities in the top 20 percent for natural hazard risk compared to an average homeownership tenure of 8.03 years in cities in the bottom 20 percent for natural hazard risk.

Counties and cities with highest natural hazard risk

Among the 735 U.S. counties included in the housing trends analysis, those with the highest overall natural hazard index were Oklahoma County, Oklahoma; Wakulla County (Tallahassee), Florida; Monroe County (Key West), Florida; Cleveland County (Oklahoma City), Oklahoma; and Nevada County (Truckee), California.

Among 50 U.S. cities included in the analysis with a population of at least 500,000, those with the highest overall natural hazard housing risk index were Oklahoma City, Oklahoma; San Jose, California; Los Angeles, California; Bakersfield, California; and Seattle, Washington.

View full report & methodology and county heat map.

About ATTOM Data Solutions

ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.

Media Contact

Jennifer von Pohlmann
(949) 502-8300, ext. 139
jennifer.vonpohlmann@attomdata.com

Data Licensing and Custom Reports
(800) 462-5125
datasales@attomdata.com

The State of the U.S. Advertising Market

According to PwC’s latest Entertainment & Media Outlook, online advertising in the United States is poised for further growth in the next few years. PwC estimates that internet ad revenue could grow to $116.2 billion a year by 2021, up from $86.4 billion this year.

Fortunately for traditional media outlets, i.e. TV and radio broadcasters, newspaper and magazine publishers, advertising is not a zero sum game and a dollar spent online is not necessarily pried away from a dying newspaper. In fact, traditional media outlets are profiting from the digital ad boom themselves.

As our chart illustrates, print publishers as well as TV and radio broadcasters are expected to generate a significant chunk of their ad revenue online by 2021.

The State of the U.S. Advertising Market

America’s Most Expensive Zip Codes By State

Los Angeles, CA – July 10, 2017 (PRNewswire) A new study finds the cost of living in the most expensive zip codes of every state.

Personal finance website GOBankingRates used data from Zillow to survey median home values and mortgage payments, as well as cost of living expenses such as groceries, transportation, utilities and healthcare for zip codes in 48 states and the District of Columbia. To find the total amount of money needed to live comfortably in each zip code, the study split the costs using the following metrics: necessities (50 percent), discretionary income (30 percent) and savings (20 percent).

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For full study results and more details on methodology, visit: What It Costs to Live in America’s Most Expensive Zip Codes

Top 5 Most Expensive Zip Codes

1. Atherton, California: 94027 – Total Income Needed: $668,078

2. Water Mill, New York: 11976 – Total Income Needed: $438,510

3. Alpine, New Jersey: 07620 – Total Income Needed: $330,756

4. Medina, Washington: 98039 – Total Income Needed: $297,905

5. Greenwich, Connecticut: 06830 – Total Income Needed: $222,002

Additional Study Insights

  • Honolulu, Hawaii (96821) sits at #6 on the list of most expensive zip codes across the country, with a total income of $202,798 needed to live comfortably there. This city also has utility, transportation and grocery costs that top the charts.
  • Of the most expensive ZIP codes in every state, the 25314 ZIP code in Charleston, West Virginia is the lowest, with a total income needed of just $61,100.
  • South Dakota and Maine have been excluded from the list due to lack of data (for example, only two ZIP codes exist in Maine).

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.

Contact:

Kim Dahlgren, Media Relations
GOBankingRates.com
kimd@consumertrack.com
(310) 297-9233 x138

Nine Out of Ten Americans and Canadians Call For Affordable Housing Solutions

Habitat for Humanity Affordable Housing Survey: Nine out of ten say it’s important to find a solution for the lack of affordable housing.

Cost is the top barrier to homeownership, followed by difficulty obtaining mortgages, and most expect costs to keep increasing over the next five years.

Eight out of ten say affordable housing has a positive impact on the community.

Atlanta, GA – June 20, 2017 (PRNewswire-USNewswire) A majority of Americans and Canadians have made it clear: we are not paying enough attention to affordable housing needs and solutions, according to Habitat for Humanity’s Affordable Housing Survey. With critical housing shortages across both countries, cost remains a top barrier preventing families from accessing decent homes with an affordable mortgage.

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“In many ways, housing is an invisible crisis. There are still too many families without access to safe, secure and affordable housing,” said Jonathan Reckford, CEO of Habitat for Humanity International. “This survey highlights the value all of us place on a decent place to call home and underscores the critical need to increase access to affordable housing. At Habitat, we are committed to continue partnering with communities, governments and the private sector to create affordable housing solutions and empower families working toward a path to homeownership.”

On behalf of Habitat for Humanity, PSB surveyed 1,000 people in the United States and Canada, examining the perceptions, challenges to and benefits of affordable housing in both countries. The survey was conducted ahead of Habitat for Humanity’s 34th Jimmy & Rosalynn Carter Work Project, which will build 150 homes in Canada this summer.

Affordable housing issues and aspirations

Homeownership remains a top achievement for most people, from renters to current homeowners. Nine out of ten of Americans (92 percent) say owning a home is one of their greatest achievements in life. Among renters, a majority of Americans (68 percent) cite owning a home as one of their top goals.

While homeownership is an aspiration for a majority, it remains out of reach for too many individuals and families. Nine out of ten Americans and Canadians recognize this, saying they believe it is important to find solutions to the lack of affordable housing. Moreover, compared with issues like safety (16 percent) and quality (11 percent) affordability is a top U.S. housing issue (59 percent), with 75 percent saying not enough attention is paid to the issue.

Affordable Housing Infographic

Barriers to homeownership

Compared with other challenges, high cost remains the top barrier to homeownership (84 percent in the U.S.), closely followed by the ability to obtain a mortgage (75 percent). Most do not expect the situation to get much better: A majority of U.S. (72 percent) and Canadian (84 percent) respondents say housing costs will go up in the next five years.

Most have struggled with housing costs at some point in their lifetime. One quarter of U.S. homeowners currently struggle to pay housing costs, while 65 percent say they have struggled with housing costs at some point in their lives:

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Benefits of homeownership

Homeownership fosters many positive personal benefits. Nine out of ten Americans (91 percent) report owning a home has made them more responsible, with four in ten reporting that it has also helped them build a nest egg (44 percent) and given them stability (41 percent).

Affordable housing is also the foundation for reducing poverty and achieving economic growth, with the potential to positively impact a wider range of larger societal issues. At least eight out of ten Americans and Canadians agree that having affordable, stable housing contributes to public health, community safety, economic growth and education.

Everyone deserve affordable housing

Habitat for Humanity partners with families and individuals to build or improve a place they can call home, working alongside volunteers paying an affordable mortgage. Through this model, Habitat homeowners achieve the strength, stability and independence they need to build a better life for themselves and their families.

There are several ways to support affordable housing: volunteer with a local Habitat for Humanity, advocate for better housing policies or donate to help more families build and improve a decent place to call home. Visit habitat.org for more information.

About Habitat for Humanity

Driven by the vision that everyone needs a decent place to live, Habitat for Humanity began in 1976 as a grassroots effort on a community farm in southern Georgia. The Christian housing organization has since grown to become a leading global nonprofit working in more than 1,300 communities throughout the U.S. and in more than 70 countries. Families and individuals in need of a hand up partner with Habitat for Humanity to build or improve a place they can call home. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage. Through financial support, volunteering or adding a voice to support affordable housing, everyone can help families achieve the strength, stability and self-reliance they need to build better lives for themselves. Through shelter, we empower. To learn more, visit habitat.org.

About Habitat for Humanity Canada

Founded in 1985, Habitat for Humanity Canada is a national, nonprofit organization working toward a world where everyone has a decent and affordable place to call home. Habitat for Humanity brings communities together to help families build strength, stability and independence through affordable homeownership. With the help of volunteers, Habitat homeowners and 56 local Habitats working in every province and territory, we provide a solid foundation for better, healthier lives in Canada and around the world. For more information, please visit www.habitat.ca.

U.S. Needs 4.6M New Apartments by 2030 to Keep Pace with Demand

Growing Demand is Due to Aging Population, Immigration, Declining Home Purchases

Washington, D.C. – June 12, 2017 (BUSINESS WIRE) Delayed marriages, an aging population and international immigration are increasing a pressing need for new apartments, to the tune of 4.6 million by 2030, according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). It’s important to note that:

  • Currently, nearly 39 million people live in apartments, and the apartment industry is quickly exceeding capacity;
  • In the past five years, an average of one million new renter households were formed every year, which is a record amount; and,
  • It will take building an average of at least 325,000 new apartment homes every year to meet demand; yet, on average, just 244,000 apartments were delivered from 2012 through 2016.

Based on research conducted by Hoyt Advisory Services and commissioned by NAA and NMHC, the data includes an estimate of the future demand for apartments in the United States, the 50 states and 50 metro areas, including the District of Columbia. For the purposes of this study, apartments are defined as rental apartments in buildings with five or more units. The data are available on the website www.WeAreApartments.org.

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The increased demand for apartments is due in large part to:

  • Delayed house purchases. Life events such as marriage and children are the biggest drivers of home ownership. In 1960, 44 percent of all households in the U.S. were married couples with children. Today, it’s less than one in five (19 percent), and this trend is expected to continue.
  • The aging population. People ages 65-plus will account for a large part of population growth going forward across all states. The research shows older renters are helping to drive future apartment demand, particularly in the northeast, where renters ages 55-plus will account for more than 30 percent of rental households.
  • Immigration. International immigration is assumed to account for approximately half (51 percent) of all new population growth in the U.S., with higher growth expected in the nation’s border states. This population increase will contribute to the rising demand for apartments. Research has shown that immigrants have a higher propensity to rent and typically rent for longer periods of time.

“We’re experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartments instead. More than 75 million people between 18 and 34 years old are entering the housing market, primarily as renters,” said Dr. Norm Miller, Principle at Hoyt Advisory Services and Professor of Real Estate at the University of San Diego. “But renting is not just for the younger generations anymore. Increasingly, Baby Boomers and other empty nesters are trading single-family houses for the convenience of rental apartments. In fact, more than half of the net increase in renter households over the past decade came from the 45-plus demographic.”

“Apartment rentals are on the rise, and this trend is expected to continue at least through 2030, which means we’ll need millions of new apartments in the U.S. to meet the increased demand. The western U.S. as well as states such as Texas, Florida and North Carolina are expected to have the greatest need for new apartment housing through 2030, although all states will need more apartment housing moving forward,” said NAA Chair Cindy Clare, CPM. “The need is for all types of apartments and at all price points.”

There will also be a growing need for renovations and improvements on existing apartment buildings, which will provide a boost in jobs (and the economy) nationwide. Hoyt’s research found that 51 percent of the apartment stock was built before 1980, which translates into 11.7 million units that could need upgrading by 2030. The older stock is highly concentrated in the northeast.

“The growing demand for apartments – combined with the need to renovate thousands of apartment buildings across the country – will make a significant and positive impact on our nation’s economy for years to come,” explained NMHC Chair Bob DeWitt. “For frame of reference, apartments and their 39 million residents contribute $1.3 trillion to the national economy. As the industry continues to grow, so will this tremendous economic contribution.”

Other highlights from the report include:

  • Demand is expected to be especially significant in Raleigh, N.C., with a 69.1 percent increase in new apartment units between now and 2030, Orlando, Fla. (56.7 percent), and Austin, Texas (48.7 percent). Also notable, the demand in the New York City metro area will call for an additional 278,634 apartment units, Dallas-Ft. Worth, Texas (266,296 new units), and Houston, Texas (214,176 new units).
  • Propensity to rent is higher in high-growth and high-cost states.
  • Hundreds of thousands of new rental units will be needed by 2030 in states such as California, Georgia, Arizona, Florida, North Carolina, Nevada, New York, Texas, Virginia and Washington.

In conjunction with the study’s release, the website www.WeAreApartments.org breaks down the data by each state and 50 key metro areas. Visitors can also use the Apartment Community Estimator – or ACE – a tool that allows users to see the trends in their state or metro area to determine the potential economic impact locally.

For more information, visit www.WeAreApartments.org.

For more than 25 years, the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 170 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. Today, more than one-third of Americans rent their housing and 39 million people live in an apartment home. For more information, please visit www.nmhc.org or www.naahq.org.

Contacts

Adrienne Walkowiak
(603) 659-9345
Adrienne@AdrienneWalkowiak.com

or

NMHC
Jim Lapides
(202) 974-2360
jlapides@nmhc.org

or

NAA
Carole Roper
(703) 797-0616
croper@naahq.org

Mortgage Payments are Unaffordable in Half of America’s Largest Markets

– Homes for sale in the six largest California metros have unaffordable mortgage payments

– The median price of homes for sale is higher than the median home value of all homes in all but three of the largest 35 U.S. metros.

– Monthly mortgage payments on for-sale homes in Los Angeles require 46.8 percent of the median income.

– Monthly payments for the median-valued U.S. home require 16 percent of the median income.

Seattle, WA – June 9, 2017 (PRNewswire) Buying the typical home listed for sale in more than half of the nation’s 35 largest markets will require a greater share of income than the median-valued home required historically, according to a new Zillow® analysis(i).

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One reason this home shopping season is so difficult for buyers is that the homes available for sale are generally more expensive than the median home value of all homes in the same market.

As home prices recovered and surpassed the peak values reached during the housing bubble, concerns about housing affordability also returned, despite low mortgage rates keeping monthly payments relatively affordable. The large down payments that come with high prices are a significant barrier to homeownership, and the monthly payments are taking up a larger share of income as well.

Nationally, mortgage payments on the median home for sale require 20 percent of the median income.

“Homes have gotten so expensive in many major cities that even with low mortgage rates, monthly costs for homes that are currently for sale are starting to be unaffordable,” said Zillow Chief Economist Dr. Svenja Gudell. “Down payments are a top concern for today’s homebuyers, but the reality is that monthly costs are becoming unaffordable as well. Low inventory is pushing sticker prices higher, and when mortgage rates start to rise, monthly payments will be driven further into unaffordable territory.”

Los Angeles homebuyers have to spend the highest share of income on mortgage payments – the typical home for sale would require 46.8 percent of the median income. In the years leading up to the housing bubble, Los Angeles homebuyers would have had to spend 35.2 percent of their income on mortgage payments for the typical home.

Cleveland homes for sale are more affordable than homes were historically. The median list price of about $144,000 would require 12.7 percent of the median income for monthly mortgage payments. In pre-bubble years, paying the mortgage on the typical Cleveland home required 20 percent of the median income.
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Zillow

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

(i) For mortgage affordability, Zillow assumed a 20 percent down payment and a 30-year, fixed-rate mortgage at prevailing mortgage rates pulled from the Primary Mortgage Market Survey® provided by Freddie Mac. We considered the median value of all homes in a given market – even those not listed for sale – and the median price of those actually listed for sale.