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Tuesday, October 7, 2008

Survey finds expansion of housing in the U.S.

WASHINGTON – Oct. 7, 2008 – The Census Bureau’s 2007 American Housing Survey reports that total residential units across the United States hit 128.2 million last year, up about 4 million from 2005. Detached single-family homes accounted for 80 million units, with manufactured or mobile homes making up 6.3 million units.

Of the total number of residential units, 68 percent were occupied by owners and 32 percent by renters. Another 27 percent had only one resident, while almost 3 percent housed three generations of one family.

The report shows a 16-percent jump in the median home price to $191,471 last year from $165,344 in 2005, and a 20-percent jump in the number of units worth $300,000 or more.

Occupants shelled out 24 percent of their incomes overall on housing last year, with shelter costs consuming 33 percent of renters' income. Co-op residents paying mortgages devoted 28 percent of their earnings to housing costs, while homeowners without mortgages spent 13 percent on this expense.

The Census Bureau has posted the complete survey on its Web site in PDF format. To download it, go to: http://www.census.gov/prod/2008pubs/h150-07.pdf.

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