Understanding the current housing market conditions and recent trends in a particular community is valuable for any planner or local government official dealing with issues related to older adults. Perhaps the best resource available for current data can be found on the Department of Housing and Urban Development’s website. HUD creates Comprehensive Housing Market Analyses for specific market areas. Not all markets are available, but currently there are reports for close to 200 markets, with approximately 60 from the last two years. Each report presents detailed information and statistics on housing inventory, population, households, ownership status, estimates of employment, home sales, new construction, and trends.
The reports share all the relevant factual information, findings, and conclusions about housing trends that a local planner might need. The information is also often used by builders, mortgagees, and others concerned with local housing conditions and trends. For each analysis, HUD looks at changes in the economic, demographic, and housing inventory characteristics of a specific housing market area during three periods: from 1990 to 2000, from 2000 to the as-of date of the analysis, and from the as-of date to a forecast date.
The reports include information like:
- Overall Economic Conditions, including economic activity, home sales, rentals, employment picture, sectors and sector growth rates, and major area employers.
Population and Household data, including growth and components of changes, as well as forecasts.
- Housing Market, including single-family sales, price ranges, building permits, rental activity, vacancy rates, and multi-family building permits.
- Data Profile, which summarizes the trend data used for the overall report. Plus, additional annual data is available for every market featured in a Comprehensive Housing Market Analysis report on a separate page on the HUD site.
How to Use
These detailed and up-to-date reports provide local planners necessary information about the housing market in their area. Any long-term program to help older adults in a community will need to address housing. This resource enables planners to assess their market quickly and easily, with fact-based data and conclusions. Also, if it is important to track other markets, it is easy to compare and contrast any of the markets listed on the website.