Housing by the Numbers: Jan 21, 2018

$1.4 trillion

According to the Brookings Institution, student debt is the only kind of debt that continued to grow after the recession. There are currently $1.4 trillion in outstanding student loans. National Association of Realtors estimates that educational borrowing could delay home ownership by 7 years. The Brookings study included some scary findings on race and wealth. Black college graduates have a median net worth of $23,400, vs $180,500 for their white counterparts. Black holders of graduate degrees have a median net worth of $84,000, versus $293,100 for their white counterparts.

-$1 trillion vs +$671 billion

Slightly old news, but this April 2017 report by the Federal Reserve Bank of New York puts student loans in a bigger picture context. The current level of total household debt ($12.6 trillion) is close to what it was during the previous peak in 2008. By whereas housing related debt has declined by $1 trillion, educational debt has increased by $671 billion. Recent graduates with student loans leave school with an average balance of $34,000, up 70% over the last decade. There goes saving up for home ownership.

$10,370 vs $4,320

Apartment List surveyed 11,000 millennials and found that 80% would like to own a home at some point. College grads with no student debt have a huge advantage, with an average of $10,370 in savings. Student loan borrowers have less than half in their bank accounts.

6 minutes

I’m tired of Seattle’s dark winter days but it could be worse! NPR says Moscow only had 6 minutes of sun light during the whole month of December, 2017.

2.4 cents per mile

KIRO 7 reports that Washington State is starting a pay-per-mile gas tax pilot. Gas tax revenues are projected to drop 45% by 2035 because cars are getting better gas mileage. The 2.4 cents per mile rate is based on what a 20.5 MPG car pays under the current 49.4 center per gallon gas tax.

44%

According to Crosscut, only 44% of Seattle Section 8 voucher recipients were able to find housing in 2017. Section 8 covers the difference between fair market rent and what recipients are able to pay (up to 30% of their income). But Seattle recipients only have 180 days to find a willing landlord.

Posted on January 21, 2018 at 12:59 pm
Isabel Wang | Category: Uncategorized

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