August 8, 2018

Community Developments: An Analysis by Zillow Looks at Changes in Rentership Rates Across the Country

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Community Developments

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  • An analysis of the U.S. Census Bureau’s Housing Vacancy Survey (HVS) by Zillow finds that as of June 2018, 35.7 percent of all occupied homes across the country were rented, which marks a slight decline from the end of 2016 share of 36.3 percent, but also shows an increase from the 2006 share of 32.5 percent. As previously reported in Community Developments, Enterprise has released an interactive report using the HVS to examine how tenure rates – that is, whether people own or rent – by age, race/ethnicity, and income differ from the national trend over time. According to Zillow’s analysis, 69.9 percent of homes in Miami were rented in June 2018 – the highest rate among the top 50 cities, followed closely by New York City (68 percent), Boston (65 percent) and Los Angeles (64.1 percent). However, the analysis explains that not all cities experienced substantial or consistent increases in rentership, pointing out that three of the nine most expensive cities in the country have seen their rentership rates decrease since 2000; San Francisco (3 percent decline), Boston (2.8 percent) and New York City (1.9 percent). (Zillow, August 8)
  • An article by NPR looks at the gap between white and black homeownership rates in Baltimore. The article notes that in Baltimore, which is a city where two-thirds of the population is African-American, there is a 31 percent gap between white and black homeownership rates. A 2017 study by Prosperity Now showed that for black Baltimore residents: unemployment rate is three times higher than white residents; two-thirds do not possess three months' worth of savings to cover expenses in the event of a job loss; and median income rates were half that of the city’s white residents. The Urban Institute’s Vice President for Housing Finance Policy Alanna McCargo notes that the black homeownership problem is not only about black households being able to purchase homes going forward, it is also about enabling black homeowners to maintain their ownership, as well as build and transfer equity and advance their overall wealth. (NPR, August 7) 
  • The California State Legislature is considering a number of bills that could ease the Bay Area’s affordable housing challenge. One of the bills would require the adoption of new transit-oriented development (TOD) zoning standards that would establish minimum local zoning requirements for TOD projects as well as allow the Bay Area Rapid Transit (BART) agency to permit housing development on its property. Another bill would expedite the permitting and approval processes for permanently supportive housing developments. The state legislature has until the end of this month to advance the proposed bills to Govender Jerry Brown’s desk for final approval. (The San Francisco Business Times, August 7)
  • CoreLogic has released its Home Price Index (HPI) data for June 2018, which show that home prices are up both year-over-year and month-over-month by 6.8 and 0.7 percent, respectively. The CoreLogic HPI Forecast predicts that home prices will increase by 5.1 percent between June 2018 and June 2019. According to the index, states with the highest year-over-year increases in June were Nevada (12.6 percent), Washington (12.1 percent), Idaho (11.5) and Utah (10.4 percent). (CoreLogic, August 7)

Upcoming Events

  • On Monday, August 13, the Federal Reserve Bank of San Francisco, in partnership with Enterprise Community Partners and PolicyLink, will host a half-day event on “Understanding Opportunity Zones in the Bay Area.” Enterprise Loan Fund’s President Lori Chatman will participate in a panel discussion on “What do we know about how Opportunity Zones and Funds will work,” which will take place at 9:45 a.m. PT. This event will be live streamed on Twitter and Facebook
  • On Tuesday, August 28, Enterprise will host a webinar on “Opportunity Zones: The Latest Insights from Across the Nation” to discuss the latest policy updates, our strategy for creating a platform of Opportunity Funds, and how local jurisdictions are planning for investing in Opportunity Zones and engaging local stakeholders. This webinar will feature Rachel Reilly of Enterprise Community Loan Fund and Olivia Barrow of Enterprise Community Partners, as well as Katie Kramer of the Council of Development Finance Agencies. Register here for the webinar

In Case You Missed it

  • In a recent episode of the Power Station Podcast, Enterprise’s Vice President for Public Policy Marion McFadden and the National Low Income Housing Coalition’s Senior Director of Policy Sarah Mickelson discuss Puerto Rico’s recovery from Hurricanes Irma and Maria and the broader role of the federal government in disaster recovery. McFadden points out that Enterprise, in partnership with other organizations and stakeholders, has been emphasizing the importance of mitigation, as well as advocating for permanently authorizing federal disaster recovery and resiliency programs to avoid significant delays in the arrival of critical recovery funds. McFadden and Mickelson urge the federal government not to shift responsibility for long-term recovery onto states and local jurisdictions, explaining that many hurricane survivors evacuated their homes in Puerto Rico to resettle in over 40 states nationwide -- which shows the need for federal assistance in helping natural disaster survivors rebuild their lives. (Power Station, August 6) 

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