RISMedia's Real Estate Magazine

MAR 2017

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/790164

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Page 16 of 118

12 March 2017 RISMedia's REAL ESTATE {Did You Know?} #REalityCheck According to figures supplied by the U.S. Census Bureau, a typical new home measured 2,689 square feet in 2015. In 2016, it dropped to 2,634 square feet—the first drop in size since 2009. The rate of homeownership among Hispanics has again defied the national trend, growing for the second year in a row, according to the National Association of Hispanic Real Estate Professionals (NAHREP). Hispanics, in fact, represented the only ethnic demographic with a rising homeownership rate, at 46 percent in 2016, up from 45.6 percent in 2015. The national homeownership rate has remained obstinate at a 50-year low, most recently at 63.7 percent. According to the Joint Center for Housing Studies at Harvard University, homeowners are planning to spend more to improve their homes this year , up 6.7 percent to $317 billion. More remodeling activity generally indicates fit financials at the household level, as well as confidence and strength in the housing market. In San Jose, Calif., homebuyers in Palo Alto spend 75.4 percent of their income on housing, while homebuyers in Milpitas—15 miles away— spend 34.8 percent. In San Francisco, Calif., homebuyers in Berkeley spend 58.4 percent of their income on housing, while homebuyers in Antioch spend 21.9 percent. Source: Zillow

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