Housing
The housing market is an important economic indicator. It is often one of the first sectors to rise or fall when economic conditions improve or decline. Home construction is an important source of middle-class jobs in the North San Joaquin Valley. In addition, a limited supply of housing can lead to high housing costs (i.e. rents and home sale prices) which can reduce the attractiveness of the region for new business investment and create affordable housing challenges. Limited affordable housing can result in long commutes, limited free time, and increased traffic congestion. Finally, high housing costs can make meeting other financial needs a challenge for households.
2018 NSJV Review
Data for this indicator was obtained from the Census Bureau’s Building Permits Survey. It is important to note that this indicator is showing data on the number of units built, not the number of structures built.
Data for this indicator was obtained from the Census Bureau’s Building Permits Survey. The five year average of permits by type was then estimated for California and the NSJV. It is important to note that this indicator is showing data on the number of units built, not the number of structures built.
Data for this indicator was obtained from the Census Bureau’s American Community Survey, 1-year estimates.
Data for this indicator was obtained from Zillow.com. Zillow data shows the median sale price for homes monthly, so this data was averaged for each year.
Average first-time home buyer affordability index
| 2016 | 2017 | 2018 (Q1-Q3) | |
|---|---|---|---|
| Merced County | 67.5% | 62.3% | 60.7% |
| San Joaquin County | 54.8% | 60.5% | 56.7% |
| Stanislaus County | 66.5% | 64.8% | 64.3% |
| California | 50.8% | 48.0% | 46.7% |
Data for this indicator was obtained from the California Association of Realtors (CAR). CAR provides the percent of first time homebuyers that can afford to purchase an entry-level home as defined by CAR. This data is presented quarterly so the quarters were averaged to arrive at the annual average.
Data for this indicator was obtained from the Census Bureau’s American Community Survey, 1-year estimates.