Housing Differences and the Election - Red States vs Blue States.

Red States vs Blue States: Housing Differences and the Election.

It seems apropos in this pre-election period to look at some of the differences between blue and red states, with regards to housing.  Here we go:

The median household income in blue states is $62,564, about 23% higher than in red states, where it is $50,820.  In those blue states, 1.4% of households bring home $500k or more (think: tech

fortunes in California’s Silicon Valley, and seven-figure bonuses on New york’s Wall street).  These 1.4% seem small, but it is 133% more than the percentage of households that bring in $500k or more in right-leaning states.

The median price of homes is $301k in blue states, which is 91% more than in red states.

Ohio has the least expensive homes (although it is a swing state).

Homeownership is highest in red states, where it costs less to have a home.  However, (- exception), the city with the highest homeownership rate is San Jose (CA) even though the median list price of homes is $767k, according to Realtor.com.  Washington DC has the lowest homeownership rate.  In red states, people spend 26% of their median household income to buy a place, while it takes 32% of a household’s income to buy a place in a blue state.

Renting takes an average of $1,381 a month in blue states.  This is  52% more than in red states where it costs an average of $904 per month.  “The cost of housing is directly tied to how much land is available”, Realtor.com’s Chief Economist Jonathan Smoke says.  “The parts of the country that have an abundance of land have the lowest housing costs”.

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The median size of houses in red states is about 2,000 sq.ft.  – about 210 square feet larger than in blue states. 

Oldest houses: in blue states. Many of the blue state cities are older than their red counterparts.

Mobile homes: the highest concentration of mobile and manufactured homes are based in the red state of Mississippi.  The city with the lowest percentage of these homes is San Francisco.

Solar panels:  liberal states tend to have more eco-friendly residents, who are 12% more likely to

have solar panels installed on the roof of their homes.  The most panels (in number) were installed in California, while Hawaii has the highest percentage of residences with the solar power source.  San Jose (CA) is the city with the highest percentage of homes with solar panels.  The fewest panels are in the (red) state of Wyoming. Memphis, Tennessee, was the city with the smallest percentage of residents invested in them.
Thank you for reading!

Francis

Originally posted on Realtor.com, by Clare Trapasso.

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Nearly 21 million U.S. homeowners are mortgage free

With all of the problems associated with real estate, and for new homebuyers the difficulty of getting a loan, one wonders: how difficult is it to own a place in the US.  Well, taking a step back, and seeing the big picture is always a bit surprising and informative, as evidenced by the article below.

Almost 21 million Americans, or 29.3 percent of homeowners, own their homes outright, unencumbered by a mortgage, according to a recent Zillow analysis of mortgage data.

Analyzing data through the third quarter of 2012, Zillow found that 20.6 million homeowners nationwide own their homes free and clear of mortgage debt.

Among the nation's 30 largest metro areas included in the study, Pittsburgh, Tampa, Fla.; New York, Cleveland, and Miami had the highest percentage of free-and-clear homeowners. Washington, D.C., Atlanta, Las Vegas, Nev.; Denver, and Charlotte, N.C. had the lowest percentage.

It is good to keep things in perspective.

Thanks for reading!

Francis

Silicon Valley real estate

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Voters place high value on homeownership !

Voters place high value on homeownership.

By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a national survey conducted on behalf of the National Association of Home Builders. The survey gauged voters’ attitudes towards homeownership and housing policy issues.
The poll shows that three out of four voters – both owners and renters -- believe it is appropriate and reasonable for the federal government to provide tax incentives to promote homeownership. This sentiment cuts across regional and party line.

Highlights of the survey include:
Two-thirds of respondents say that the federal government should help home buyers to afford a long-term or 30-year, fixed-rate mortgage.

Nearly 75 percent of voters oppose eliminating the mortgage interest deduction.

Sixty-eight percent would be less likely to vote for a congressional candidate who proposed to abolish the deduction.

Ninety-six percent of homeowners are happy with their decision to own, and 84 percent who are “underwater” expressed the same sentiment.

Job uncertainty and saving for a downpayment and closing costs are the biggest barriers to buying a home.

More info on this article from the National Association of Home Builders.

Thanks for reading !
Francis

Silicon Valley Real Estate

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