This Summer Saw a Gain in Single-Family Permit Gains

/in

This summer saw a booming housing market. The year-over-year increase in single-family permits was 29.7% over July 2020. In July 2020 there were 525,623 single-family permits issued and in July 2021 there were 681,959 issued.

The uptick was also seen across the country in all four regions year-to-date in July 2021. The Northeast had the highest increase in single-family permits with 32.2%, followed by the south with a 30.4% increase, the West had a 29.8% and the Midwest came in the lowest bust till strong at 25.8%. AS for multifamily permits issued the West was the strongest at 29.8%, Northeast had a 25.6% increase, the South 18% and the Midwest with a 15.7%.

All 50 states and the District of Columbia had growth from July 2020 YTD and July 2021 YTD in single-family permits issued. The highest growth was in the District of Columbia with a 226.1% increase from 65 to 225. The highest 10 states made up 62.4% of the countries total.

Multifamily permits also saw an increase from 270,338 in July 2020 to 328,483 issued in July 2021 which was reported as a 21.5% increase. Thirty-eight states saw growth in multifamily permits while 12 states and the District of Columbia had a decline. New Mexico was the highest with a 295.8% increase from 427 to 1,690. Connecticut had the worst decline from 1,708 to 927 which was a 45.7% decrease. The top ten states totaled 63.2% of the multifamily permits issued.

Top Ten Metro Areas Issued Highest Number of  Single-Family Permits

Metropolitan Statistical Area Single-family Permits: Jan (Units #YTD, NSA)
Houston-The Woodlands-Sugar Land, TX 32,134
Dallas-Fort Worth-Arlington, TX 32,017
Phoenix-Mesa-Scottsdale, AZ 22,420
Atlanta-Sandy Springs-Roswell, GA 20,352
Tampa-St. Petersburg-Clearwater, FL 1,954
Austin-Round Rock, TX 15,427
Charlotte-Concord-Gastonia, NC-SC 11,493
Orland-Kissimmee-Sanford, FL 10,314
Jacksonville, FL 9,949
Nashville-Davidson–Murfreesboro–Franklin, TN 9,993

 

Top Ten Metro Areas Issued Highest Number of  Multifamily Permits
Metropolitan Statistical Area Multifamily Permits: Jan (Units #YTD, NSA)
New York-Newark-Jersey City, NY-NJ-PA 24.685
Dallas-Fort Worth-Arlington, TX 16,796
Austin-Round Rock, TX 16,170
Los Angeles-Long Beach-Anaheim, CA 12,565
Seattle-Tacoma-Bellevue, WA 10,573
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 10,307
Miami-Fort Lauderdale-West Palm Beach, FL 9,090
Phoenix-Mesa-Scottsdale, AZ 9,055
Nashville-Davidson–Murfreesboro–Franklin, TN 8,412
Houston-TheWoodlands-Sugar Land, TX 8,348

What Are the Costs of Home Ownership?

/in

Purchasing a home is one of life’s major events. Many believe it is out of reach financially because of the competitive market and high cost of homes. If you are up for the challenge, homeownership can be both personally rewarding and financially rewarding. There are several long-term financial benefits of owning a home.

There are many concerns when purchasing a home, in fact, a study showed that over half of millennial homeowners have at least one regret about purchasing their home. These regrets included not being happy with their rate, not being prepared for maintenance costs, high monthly payments and high home prices.

This should not detour you from taking on the financial responsibility of homeownership. In order for it to be a confident decision, get the aid of professionals in the industry who can help you fully understand the process and what surprising costs you may occur.

There are a lot of reasons why renting is best for some such as short-term living arrangements, others trying to improve their credit scores, and some people are just not in the financial position to take the plunge into buying a home.

If you can take the plunge then it is wise to do so. When you have to renew a lease, the rent usually increases around 3 – 5% per year. Also, the money you pay for rent goes into someone else’s pocket. If you own a home, you are paying into a mortgage on a home and will obtain equity.

Remember even if there are maintenance costs, every dollar you put into your home adds value. In the long run, homeownership is usually less expensive than renting. If you are in the market for a home, contact your local agent who can help you with getting a home for your needs at a great value.

Click Here For the Source of the Information.