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September 24, 2008

Housing costs and other interesting facts

What's the typical housing cost around here for homeowners? For renters? How many people moved in the last few years?

The Census Bureau has answers.

In its newest American Community Survey data, it estimates that the median housing cost last year was $1,728 a month for homeowners with mortgages in the Baltimore metro area. Nearly 30 percent of households with mortgages were paying $2,000 or more, while about 10 percent had costs under $1,000. (Nationally, half of homeowners with mortgages paid more than $1,464 a month and half paid less.)

Median rent in the metro area was $934, Census said. About 10 percent paid $1,500 a month or more. (Unaffordability is a problem for both renters and homeowners: Two in 10 homeowners with mortgages spent at least 35 percent of their income on housing costs, compared with nearly four out of 10 renters.)

About 28 percent of households moved to their home or apartment in 2005 or later. How many of them bought, I can't say, but 69 percent of Baltimore-area homes are owner-occupied.

Meanwhile, the vacancy rate for both rentals and homeowner properties is rising. It was 10 percent in the metro area last year, up from 8 percent in 2005, according to the bureau.

Posted by Jamie Smith Hopkins at 10:26 AM | | Comments (0)
        

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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