The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.9% in the last quarter of 2022, which is statistically unchanged from the fourth quarter reading (66%). It is 0.4 percentage points higher than the rate in the fourth quarter of 2021. The national rental vacancy rate dipped slightly to 5.8%, and the homeowner vacancy rate inched… Read More ›

Dwindling housing affordability in the fourth quarter of 2022 caused the share of prospective home buyers who are actively engaged in the purchase process (i.e. who have moved beyond just the planning phase) to drop to 46%, down from 59% a quarter earlier. The share of prospective buyers fully engaged in the buying process declined in every region between the… Read More ›

NAHB’s analysis of headship rates from the latest 2021 American Community Survey (ACS) reveals that the Covid-19 pandemic unlocked some pent-up housing demand, especially among young adults ages 25 to 34. The pandemic-heightened desire for more spacious and independent living, as well as “excess” savings accumulated early in the lockdown stages of the pandemic, propelled headship rates of young adults… Read More ›

Buyers’ outlook for housing affordability took a sharp negative turn in the final quarter of 2022, when a record high of 87% reported being able to afford fewer than 50% of the homes for-sale in their markets.  The remaining 13% can afford the majority of homes available, less than half the 31% who could in the third quarter. Affordability expectations… Read More ›

The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.2% in December. The pace of personal income growth slowed after reaching a 0.8% monthly gain in October. Gains in personal income are largely driven by increases in compensation of employees in December. Real disposable income, income remaining after adjusted for taxes and… Read More ›

After a brief respite earlier in 2022, buyers’ expectations of housing availability soured again at the end of the year.  In the final quarter of 2022, the share of buyers who expect the home search to get easier in the months ahead dropped to 24%, down from 37% in the third quarter. In contrast, 66% expect the search to get… Read More ›

The U.S. economy continued to grow in the fourth quarter of 2022. As consumer spending and private inventory investment helped increase GDP, residential fixed investment dragged down the contribution to percent change in real GDP by 1.29 percentage points. More importantly, the data from the GDP report suggests that inflation is cooling. The GDP price index, rose 3.5% for the… Read More ›

While new home sales posted a modest gain in December, elevated mortgage rates and higher construction costs continue to hinder housing affordability and put a damper on consumer demand. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes in December at a 616,000 seasonally adjusted annual pace, which is… Read More ›

Housing’s share of the economy edged lower at the end of the fourth quarter of 2022. This is the second straight quarter where GDP increased in 2022, with overall GDP increasing at a 2.9% annual rate, following a 3.2% increase in the third quarter and 0.6% decrease in the second quarter. However, due to higher interest rates, housing’s share of… Read More ›

Mudrooms and laundry rooms are both functional spaces in a home that can benefit from careful interior design. These areas are often used for storing and organizing items and performing household tasks, so it’s important that these areas reflect the household’s needs and the available space.  There are a few key considerations when designing mudrooms, laundry rooms, or rooms that combine both functions:   Storage: Both mudrooms and laundry rooms should have plenty of efficient storage options, such as built-in…