How Homeownership Has Changed Since the 1960s

first_imgHome / Daily Dose / How Homeownership Has Changed Since the 1960s Data Provider Black Knight to Acquire Top of Mind 1 day ago How Homeownership Has Changed Since the 1960s Racial disparity has widened since 1960 — Citing a report from the U.S. Department of Housing and Urban Development (HUD), The Zebra reported that, while both white and Black Americans now have higher homeownership rates than they did in 1960, the gap between these two groups has widened.In 1960, 64.4% of white Americans and 38.4% of Black Americans owned homes, a difference of 26 percentage points. In 2020, 75.8% of white Americans and 46.4% of Black Americans owned homes, a difference of 29.4 percentage points.More single women own homes —  Less than 0.1% of women ages 18–34 lived alone in their own homes 60 years ago, but that same group now represents 1% of all homeowners in the United States.Living alone is more common among all Americans — just 6.4% of Americans lived alone in 1960, whereas 28.3% of Americans now live alone.Fewer Americans live with spouses — more than 70% of Americans lived with a spouse in 1960, but today that group comprises only 51.5% of adults. By contrast, many more Americans now live as unmarried partners — 7.3% in 2020 compared to only 0.4% 60 years ago.More than half of all young Americans now live with their parents — Among 18 to 34 year olds, nearly twice as many people live at home with their parents in 2020 than in 1960. 22% of 18-34 year old men live at home now as opposed to just 10.9% in 1960.Older Americans live alone rather than with family — in 1960, 20% of men and 40% of women over age 75 lived with their families. In 2020, just 6% of men and 19% of women over 75 live with their families. Today, one of every two older American women live alone, and 4.5% of all Americans over 65 live in nursing homes or other similar facilities.The authors of the report surmise that 2021 presents its share of obstacles for Americans who hope to achieve and maintain homeownership and those who represent them.”With growing housing issues related to affordability, foreclosure, eviction, racial disparity and homelessness, the coming years represent a formidable challenge for politicians and community leaders hoping to provide stable lives for Americans,” the researchers conclude. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 1 day ago About Author: Christina Hughes Babb in Daily Dose, Featured, Market Studies, News Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Best Markets For Residential Property Investors 2 days ago Previous: Recognizing the Top Women of Law Next: Biden to Release Billions in Puerto Rico Disaster Relief While rural areas of the United States have maintained the same approximate population (54 million in 1960 and 57 million in 2020), urban areas have gained nearly 150 million inhabitants in the last six decades, according to a study by The Zebra, a home insurance comparison site. Analysts for The Zebra dove deep into today’s most pressing housing matters to understand how they compare to the same issues some 60 years ago.”We wanted to dig deeper into the ways that housing has affected the lives of Americans both historically and in the present,” The Zebra’s researchers said. “Using U.S. Census Bureau data, we explored how housing has changed for Americans since 1960.”And here are some of the main things The Zebra’s analysts discovered:An increasingly unaffordable dream of homeownership — 3 million homeowners will have delinquent mortgages in 2021; 5% of homeowners are in serious danger of losing their homes; communities of color are disproportionately affected by issues of housing security, with Black and Latinx individuals making up 80% of those facing eviction.One common measure of housing affordability is the relationship between the median cost of a home and the median income (price-to-income ratio). The Zebra used Census intel to calculate the price-to-income ratio for Americans in 1960 as well as 2019 and found that in 1960, the median home cost $11,900, while the median income was $5,600, indicating a price-to-income ratio of 2.1. By contrast, in 2019 the median home cost $240,500 with an estimated median income of $68,703, a price-to-income ratio of 3.5.Housing costs have far exceeded growth in wages — the median house of 1960 would cost just $104,619 in 2020 dollars, far below the actual cost of $240,500, meaning housing costs have increased by 229%. Median household income has only grown by 140% in that same time period, from $49,232 (2020 dollars) in 1960 to $68,703 today.Black Americans face an even greater challenge when it comes to housing affordability, as Black families earn an average of $29,000 less annually than white families, which would represent a price-to-income ratio of 6.1. The Zebra 2021-02-02 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 1 day ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 1 day ago February 2, 2021 1,222 Views Tagged with: The Zebra The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

Democratic Assembly Candidates to Visit Ocean City on Sept. 2

first_imgDemocratic First District Assembly candidate Robert “Bruce” Land.Democratic candidates for the state Assembly Bob Andrzecjzak and Robert “Bruce” Land will speak at a public event 7 p.m. Wednesday, Sept. 2, at the Ocean City Free Public Library.Anybody, regardless of political affiliation, is invited to come out and meet the candidates and ask questions, according to Bob Barr, president of the Democratic Club of Ocean City.The November election will decide all 80 seats in the New Jersey General Assembly, and Barr called the First District race one of the most competitive in the state.Democratic incumbent Andrzecjzak and Land will face Republican incumbent Sam Fiocchi and Jim Sauro.Democrats currently hold 48 of the Assembly’s 80 seats.Land, a first-time candidate, is a Vineland resident and retired captain with the state Department of Corrections. He served as sergeant in Vietnam and was the recipient of two Bronze Stars, one with valor, and the Soldier’s Medal, according to a biography on VanDrewTeam.com.Andrzecjzak, who was first appointed to the Assembly in 2013, is a Middle Township resident.  He lost his leg in combat on his second U.S. Army deployment in Iraq. He was awarded the Bronze Star for service during his first tour of duty, and the Purple Heart in his second tour.The First District represents Cape May County and parts of Atlantic and Cumberland counties.last_img read more

Govt to develop 30,000 hectares of farmland in North Sumatra

first_imgThe government is planning to develop 30,000 hectares (ha) of farmland in Humbang Hasundutan district, North Sumatra, next year in an effort to secure the country’s food supply, a senior official has said.A variety of crops will be grown on the land, including garlic, shallots and potatoes, according to the soil’s potential, Agriculture Minister Syahrul Yasin said.The plan seeks to address the government’s concerns about a looming food crisis as a consequence of the COVID-19 pandemic, heeding an earlier warning from the Food and Agriculture Organization (FAO).“The global supply chain is threatened by export restrictions. The COVID-19 pandemic is disrupting food distribution at home and is hitting people’s purchasing power,” Syahrul said in a virtual briefing on Monday. “We need the right strategy so that this country can survive and come out of this pandemic.”To develop the land, the ministry will provide farmers with tractors, tillers and hybrid corn seeds, among other forms of assistance.The COVID-19 crisis has aggravated Indonesia’s food security issues. In late April, a month after the country’s first outbreak, President Joko “Jokowi” Widodo reported that key commodities, such as garlic, sugar, chili and chicken eggs, were in short supply in more than 20 provinces, while rice, a staple food for Indonesians, was lacking in seven provinces.Making matters worse, the dry season looms on the horizon and may impact the overall output of the agricultural sector, which employs more than a quarter of the nation’s workforce. The Indonesia office of the World Food Programme (WFP) has estimated that that the country experienced a decline in rice production of 13.2 percent year-on-year to 16.1 million tons in the first half of 2020.Statistics Indonesia (BPS) data shows that the country’s rice production had already fallen by 7.75 percent to 31.31 million tons in 2019, compared to 2018. In the same year, the land area used to cultivate rice fell by 6.15 percent year-on-year to 10.68 million hectares.To ensure food availability in the country, the agriculture minister previously revealed a plan to develop 164,598 ha of farmland, including scrubland, in Pulau Pisang Regency, Central Kalimantan. About half of the land already serves as farmland.The development is expected to be completed in 2022 and is expected to raise rice and corn production, with an expected yield of 2 tons of rice per hectare.The Jokowi administration has also brought the rice-planting season forward this year, to May and June, so that the harvest season will be in August and September.It estimates a harvest of 12.5 million to 15 million tons of rice by December.Although the farmland being developed may help offset declining productivity, the government should ensure the development does not come at the expense of the environment by, among other things, banning the use of harmful pesticides, said Galuh Octania, a researcher focusing on food security at the Center for Indonesian Policy Studies (CIPS), a Jakarta-based think tank.“The use of pesticides harmful to the environment may cause damage to the soil,” Galuh told The Jakarta Post by text message on Monday.Topics :last_img read more