7,000 to 13,5000 Housing Units
A McGill University Study claims that AirBnB took thousands of housing units out of New York City’s long-term rental market, causing median rent to increase by 1.4% over the past 3 years. The authors say AirBnB hosts earn 55% more than long-term landlords. Nearly 300 unique listings earned $100,000 or more last year.
Seattle Times says that’s the number of 65+ driver’s license holders in Washington State, out of a total of 5.8 million licensed drivers.
Holy cow. Calculated Risk Blog reports that framing lumber prices are up 31% from a year ago.
2 weeks vs 6 months
Crosscut says Seattle City Light is way behind on hookups for new housing. 3 years ago, the process took as little as 2 weeks. Nowadays it’s up to 6 months, adding greatly to home builders’ financing costs and reducing their financing capacity for new projects. City Light also has a backlog of 12,000 move requests.
According to ATTOM Data, that’s Seattle’s average home sale profit. ATTOM says nationwide, home sale ROI is at its highest since 2007. That’s partly because homeowners are staying put longer. The 8.18 year average tenure is at its longest since 2000.
36% vs 29%
Zillow reports that for the first time since 2005, there’s been a 2%+ (1.52 million total) annual increase in new households that own their homes. The gain is led by households headed by someone under 35, 36% of which own their homes. In Seattle, though, the story may be different. Curbed says between 2006 and 2016, renter share increased by 13.6%, while ownership share decreased by 10.1%. Only 29% of young adults are homeowners, which is no wondering considering…
According to IRS data, almost half of Seattle-area tax-payers made less than $50,000 in 2015. Even in Sammamish, which had the smallest proportion of low-income tax-filers, 28% were below the $50,000 mark.