The Wealth-Building Power of Homeownership

Homeownership plays a crucial role in a household’s accumulation of wealth. This article delves into the impact of owning versus renting by examining the balance sheets of homeowner and renter households across assets, debt, and net worth.The living room has tons of natural lighting that seeps through all the windows.

Households that own a primary residence build equity, while renters do not. In the third quarter of 2023, CoreLogic’s homeowner report revealed that U.S. homeowners with mortgages saw their equity increase by a total of $1.1 trillion, a 6.8% gain from the same period in 2022. Homeowners typically own additional assets beyond their primary residence.

In contrast, renters miss out on wealth accumulation from home price appreciation and mortgage paydown. Additionally, renters generally own fewer assets in aggregate compared to homeowners.

The wealth gap between homeowners and renters is influenced by both home equity and other asset ownership. Most households will experience periods as both renters and homeowners. According to prior NAHB analysis, about 9 out of 10 households will own a home at some point in their lives, highlighting the rental market’s role in the journey to homeownership.

In 2022, while nearly every family owned some assets, homeowners owned the majority. The Survey of Consumer Finances (SCF) shows that households owning a primary residence also tend to own other significant assets, such as additional real estate, vehicles, business interests, stocks, bonds, and retirement accounts.

Renters, on the other hand, own far fewer assets. For example, homeowners collectively owned 16 times more stocks and bonds and 15 times more business interests and retirement accounts than renters.

The median values of assets, debt, and net worth for homeowners and renters, broken down by age categories in 2022, reveal that homeownership and housing wealth are strongly age-associated. The median value of the primary residence increases for homeowners aged 35 to 54 and then declines slightly for those aged 55 and above. Similarly, the median value of homeowners’ other financial assets rises with age, while retirement account values peak for those aged 45 to 54.

Although the median values of business interests, other non-financial assets, and stocks and bonds among homeowners were zero for fewer than half of homeowners at any age, the value of these assets increased across age categories for those who owned them.

For renters, more than half owned some financial assets, but these did not accumulate with age. Notably, fewer than half of renters owned retirement accounts, additional real estate, other non-financial assets, or business interests at any age. Financial and non-financial asset values for renters aged 65 or older were nearly half the median value of those under 35.

Regarding debt, the primary home mortgage is the largest liability for homeowners. However, the median value of mortgage debt decreases between the ages of 35 and 64, with more than half of homeowners over 65 being mortgage-free and debt-free in other major categories.

For renters, credit card and installment debt are the largest liabilities. The median value of this debt declines between the ages of 35 and 64 and is zero for renters aged 65 or older.

Net worth, defined as the difference between assets and liabilities, is significantly higher for homeowners. In 2022, homeowners had a median net worth of $396,000, while renters had a median net worth of just $10,400. The primary residence equity is the largest component of homeowners’ net worth, whereas for renters, non-primary residence equity forms a larger portion, reflecting other accumulated assets.

Across all age groups, the median primary residence equity for homeowners increases, primarily due to lower mortgage debt rather than higher home values. In 2022, homeowners’ median net worth was approximately 38 times that of renters. Excluding primary residence equity, homeowners’ median non-residence equity was still 15 times that of renters.

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St. Tammany Parish Ranks Third in State for Visitor Spending

St. Tammany Parish has secured the third spot in the state for visitor spending, surpassing Baton Rouge, according to Donna O’Daniels, President and CEO of the St. Tammany Parish Tourist and Convention Commission.

This information was shared during O’Daniels’ staff report at the board’s June 25 meeting in Covington. In 2023, visitor spending in St. Tammany Parish reached $1.3 billion, marking a 1% increase from the previous year. This spending supported 13,907 jobs and generated $426 million in employment earnings. Additionally, visitors contributed $127 million in state and local tax revenues.

“Bottom line, that means that if it were not for the state and local taxes paid by tourists visiting St. Tammany Parish, each household would pay $1,345 more in taxes each year,” O’Daniels noted.

The financial report for April and May was presented by Finance and Administration Vice President Devan Richoux, who reported a year-to-date net surplus of $984 and a 3% decrease in year-to-date tax revenues.

Richoux also provided updates on the visitor center’s renovation, including the completion of interior demolition, exterior pressure washing and painting, installation of new plumbing lines, and the beginning of interior framing for a new restroom.

Chief Marketing Officer Katie Guasco updated the board on the new website, scheduled to launch on Aug. 28. The redesigned site will feature a new layout and include a community relations video for visitors.

After the meeting, the board celebrated administrative assistant Rae Shipley, who is retiring after 26 years with the commission.

The board’s next regular meeting is scheduled for Aug. 20 at 2 p.m., at the Harbor Center near Slidell.

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Major Renovations Underway at St. Tammany Parish Tourist and Convention Commission Headquarters

Renovations to the St. Tammany Parish Tourist and Convention Commission headquarters on La. 59 near Mandeville began on May 6, marking the start of a $468,000 overhaul of the 27-year-old building.

Ashley Smith Construction of Covington is the project contractor, and Piazza Architecture Planning of Mandeville is the architect.

Donna O’Daniels, executive director of the commission, said the project will start with exterior work to avoid the peak summer heat. Interior renovations will follow, with some offices receiving only cosmetic updates such as new carpet and paint.

However, other offices will undergo significant changes. Mold had previously grown on ceilings, and wildlife had burrowed into the insulation beneath the building and into the crawl space above it. The building’s HVAC system will also be replaced, and an additional restroom will be added.

The building, located between Interstate 12 and Koop Drive, serves as both a visitor center and office space for commission employees.

“The work is badly needed, so we’re happy it’s underway,” O’Daniels said. “We may have to close the office to the public for a few days, but it should be very brief. As work progresses around the building, we can stagger days when staff work from home. We also have some space available to us at the Northshore Community Foundation in downtown Covington.”

O’Daniels said the renovations are expected to be complete within three to five months.

“We’re hoping by the fall,” she said. “We’re excited about it. We’ve already received many compliments on just the new sign that’s been put up.”

In recent years, the Tourist Commission building had become secluded, with mature tree limbs obstructing it from view. O’Daniels explained that while the building was designed to blend with the natural marshy habitat, it had become “almost invisible” due to overgrown trees.

“The trees then were nowhere near as mature as they are now,” she said. “So, we had to cut back a bit within six feet of the building, mainly removing some low-hanging limbs which opened things up a little. You can see the exterior of the building now, and it’s going to be getting some brighter colors.”

“The whole project will give us better exposure,” she added.

Last year, the Tourist and Convention Commission’s board of directors allocated $1 million for extensive repairs, but they were pleasantly surprised earlier this year when the low bid came in at less than half that total. Ashley Smith Construction, who also built the current 3,137-square-foot visitor’s center/commission headquarters completed in 1997, won the bid.

For more information on the St. Tammany Parish Tourist and Convention Commission, visit www.VisitTheNorthshore.com.

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One-Third of Homes for Sale Are Newly Built

If you’re in the market for a home, there’s a good chance you’ll come across newly built properties. About 33.4% of single-family homes available for sale in the first quarter of this year were newly built, nearly double the pre-pandemic levels, according to a report by Redfin.

“It doesn’t mean necessarily that new construction has ramped up,” said Robert Dietz, chief economist of the National Association of Home Builders. Homebuilders are still constructing about 1 million single-family homes a year, he said. “What’s happened is that the level of resale inventory has shrunk.”

New Builds May Offer More Flexible Pricing

In a housing market plagued with low supply, buyers are increasingly turning to new construction because it offers more opportunities. Nicole Bachaud, senior economist at Zillow Group, recently told CNBC that builders are typically more flexible with pricing. Builders can offer incentives like rate buy-downs, price cuts, and covering closing costs.

Dietz noted that a little less than two-thirds of builders use some kind of incentive to promote sales, such as amenity upgrades, mortgage rate buy-downs, and limited price cuts. About a quarter of builders use price reductions, averaging around 5% to 6%.

The Price Gap Between Existing and New Homes

The median sales price for new houses sold in the U.S. in March was $430,700, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. While new builds still sell for slightly more than existing homes, the price gap has significantly narrowed.

“Prices are much closer to parity than during any point in the last three decades,” said Matthew Walsh, assistant director and economist at Moody’s Analytics.

Over the last six months, the median price for a new home has been only about 4% higher than the median price of an existing house. Before the pandemic, the median price of a new home was more than 40% higher than an existing house.

The low supply of existing homes has caused prices to rise dramatically, while prices for new builds tend to fluctuate based on interest rates, housing demand, competition for existing homes, and construction costs, Dietz explained.

What to Keep in Mind When Buying a Newly Built Home

If you decide to explore new construction, keep in mind that only about 10% of new homes available for sale are completed and move-in ready, according to Dietz. Most new homes range from empty lots ready to be built on to various stages of construction.

Today’s buyer needs “to be strategic, patient, and flexible,” said Dietz, suggesting that buyers consider different types of housing and locations and make thoughtful design decisions. Here are four things to pay attention to:

  1. Consider a Smaller House: Since 2021, homebuilders have been constructing slightly smaller homes to address affordability issues. Reducing square footage can help lower construction, utility, and maintenance costs. Townhouses made up almost 18% of single-family housing starts in the first quarter of the year.
  2. Be Open About Geographic Location: New construction can be more affordable in rural areas due to lower regulatory costs and greater land availability.
  3. Keep Construction Costs Down: Major factors like lumber and labor costs impact the cost of a new house. Homeowners can control finishes added to the house. To save on costs, focus on completing structural elements and opt for basic or lower-cost features during construction.
  4. Be Mindful of Future Costs: Allow room in your budget for costs that may change significantly after the first year, such as property taxes. Research how often your county reassesses property taxes and what the formula is based on.

Despite potential future costs, new homes often offer long-term savings. “When you’re buying a newly built home, you’re typically buying a home that’s more resilient and more energy efficient,” said Dietz, which can mean lower operating costs over time.

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Revitalizing Old Mandeville: North Star Theatre Reopens After a Decade

The cozy North Star Theatre in Old Mandeville has been dark for more than a decade, long enough for its owner to be hazy on the name of the last production it hosted. But that is about to change in just five weeks when the house lights dim once again for a troupe of actors starring in a local production of “Chicago.”

A New Era for the North Star Theatre

Starting on May 30, the theater’s reopening is set to breathe new life into the North Star Theatre. This event will also highlight the older building connected to it, which has been meticulously renovated over the past four years.

A hotel dating back to the 1920s, this building at the corner of Girod and Madison streets in Old Mandeville has undergone an extensive renovation led by Jill McGuire, who is also a councilwoman in Mandeville. The project, which cost over $2 million, has transformed the 96-year-old Allenton Hotel building into the North Star Cultural Arts Center.

Seeking Artistic Tenants

Jill McGuire hopes to attract galleries or other art-centered tenants to complement the theater, which is attached by a walkway through a wide hall suitable for exhibitions. McGuire envisions events where audiences can enjoy a reception in the open space on the first floor before moving into the theater for a show.

“Think about an event here, a reception, where the audience would then flow into the theater for the show,” said McGuire, as she showed off the 3,400 square feet of open space on the first floor of the two-story building. “At least that’s the dream, right?”

Historical Transformation

The main building dates to 1927, originally opening on New Year’s Eve as the Allenton Hotel. Built by E.J. Allen, the hotel was intended to serve passengers on a rail line that was planned to run along Girod Street. Although the rail line never materialized, the hotel managed to survive through the late 1950s, primarily accommodating workers constructing the Causeway Bridge.

Over the decades, the hotel closed, and in the late 1970s, the first floor housed several small businesses and was dubbed the “Small Mall.” The building’s wooden exterior was eventually covered in drab vinyl siding.

Restoration Challenges and Triumphs

Jill McGuire and her former husband, Barrett McGuire, purchased the complex in 2020 and embarked on the renovation, with Barrett conducting much of the research to match the original materials used in the hotel’s construction.

“This place has had a lot of lives. Now it has another one,” Jill McGuire said. She added that the building is rumored to have been a brothel at one time and that it is still haunted, though she hasn’t seen any ghosts herself.

The renovation faced significant challenges, including delays caused by the pandemic and Hurricane Ida, which damaged the foundation and increased the cost of building supplies. Much of the original pine siding had to be replaced with custom-made boards from Gulfport, Mississippi, colored rust-red to match old photographs.

“It seems like everything just takes longer,” McGuire said. “But the bones were really good.”

Community Excitement and Future Plans

Local resident Nancy Clark, who has compiled histories of numerous old buildings in the area, praised the renovation. “The exterior is absolutely beautiful,” Clark said. “I have high hopes for it.”

While McGuire dreams of the building being filled with artsy types, most interest so far has come from prospective renters seeking small office space. “We’ll just have to see what happens,” she said.

Showtime at the North Star Theatre

One certainty is the reopening of the theater. Built in the late 1980s, the auditorium seats around 100 and previously hosted a regular season of shows. This tradition is set to return with the production company Evangeline Theater Co. handling the shows. “Chicago” will run for eight performances, and McGuire said more productions will follow.

“We’re going to have a regular season,” she said. “I hear a lot about it. I think people are really excited.”

The revitalization of the North Star Theatre and the Allenton Hotel building marks a significant milestone for Old Mandeville, promising to bring cultural enrichment and community engagement back to the heart of the town.

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New Home Sales Rise in March Despite Higher Interest Rates

Despite higher interest rates last month, new home sales saw an unexpected rise in March due to limited inventory of existing homes. However, the pace of new home sales is expected to face pressure in April as mortgage rates have moved above 7% this month. This increase is anticipated to moderate sales and push builders to use more sales incentives this spring.

March Sales Performance

According to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in March rose 8.8% to a seasonally adjusted annual rate of 693,000 units from a downwardly revised reading in February. This pace is up 8.3% compared to the same period last year.

“Although consumer demand has been somewhat dampened due to higher interest rates, builders continue to supply new homes to the market to lift inventory to make up for the low resale supply,” said Carl Harris, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Wichita, Kansas. “Rates moving above 7% however, will move some home buyers to the sidelines as the spring progresses.”

The Impact of Higher Mortgage Rates

NAHB Chief Economist Robert Dietz emphasized the significance of increasing housing supply to address shelter inflation and lower interest rates. “Shelter inflation remains the largest, lingering obstacle to lower inflation. More housing supply will ultimately tame shelter inflation growth and lower interest rates. This will improve the cost of financing for land developers and home builders and enable more attainable housing supply.”

Understanding New Home Sales

A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction, or completed. The March reading of 693,000 units represents the number of homes that would sell if this pace continued for the next 12 months, adjusted for seasonal effects.

Inventory and Prices

In March, new single-family home inventory remained elevated at 477,000 units, up 2.6% from February. This represents an 8.3 months’ supply at the current building pace, supported by the ongoing shortage of resale homes. In contrast, data from the National Association of Realtors indicate just a 3.1 months’ supply of existing single-family homes in March, with a balanced market typically having a 5 to 6 months’ supply. The inventory of newly built single-family homes is up 10.2% year-over-year.

The median new home sale price in March was $430,700, up nearly 6% from February, though down 1.9% compared to a year ago.

Regional Performance

Regionally, new home sales on a year-to-date basis show varied performance across the country:
– Northeast: Up 15.1%
– Midwest: Up 17.8%
– West: Up 28.1%
– South: Down 6.6%

While new home sales experienced a boost in March, the rise in mortgage rates to above 7% in April is likely to temper this growth. Builders are expected to increasingly offer sales incentives to attract buyers amidst affordability challenges. The continued efforts to increase housing supply will be crucial in addressing shelter inflation and stabilizing the market for both homebuyers and builders.

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Single-Family Home Construction Sees Turnaround in Urban Markets, Multifamily Declines in Coastal Areas

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The housing construction landscape is shifting, with recent data from the National Association of Home Builders (NAHB) indicating a gradual turnaround in single-family home construction, particularly in larger urban metro markets. The fourth quarter of 2023 saw a modest rebound in these areas, driven by moderating mortgage rates and a persistent shortage of existing homes on the market. This shift comes despite a backdrop of broad declines across various market segments earlier in the year.

According to the NAHB Home Building Geography Index (HBGI) for Q4 2023, the improvement in single-family construction was notable in smaller metro outlying counties, which experienced a growth rate of 0.4%. “While all urban, rural, metro, and county area single-family markets saw double-digit production declines in the third quarter, construction began to turn the corner in the final quarter of the year,” explained NAHB Chairman Carl Harris. He attributes this positive trend to the easing of interest rates and a mortgage “lock-in” effect, where homeowners with low mortgage rates are hesitant to sell, thus reducing existing home inventory.

NAHB Chief Economist Robert Dietz also highlighted the recovery in single-family construction, contrasting it with the multifamily sector. “New multifamily building in large, metro suburban counties posted a negative growth rate of 20% in the fourth quarter, reflecting the tail end of an apartment building boom that reached its highest level in more than 50 years,” Dietz said. This downturn in multifamily construction was most acute in large metro areas, whereas more rural and outlying areas showed stronger performance.

The HBGI, a quarterly measurement using county-level data on housing permits, shows that single-family home building market shares varied significantly across different types of metro and county areas in the fourth quarter:
– Large metro core counties: 16.0%
– Large metro suburban counties: 25.0%
– Large metro outlying counties: 9.6%
– Small metro core counties: 28.7%
– Small metro outlying areas: 10.0%
– Micro counties: 6.5%
– Non-metro/micro counties: 4.2%

In terms of geography, approximately 25% of single-family construction consistently occurs in U.S. coastal counties, with these areas accounting for about one-third of new multifamily building. The market share for coastal counties in single-family construction has remained remarkably steady since 2014, with a slight decrease in multifamily construction market share in coastal regions from 36.6% in 2014 to 30.3% in 2023.

This ongoing shift in multifamily building toward non-coastal areas, particularly since the Covid pandemic, reflects broader trends in housing demand and development, with many people moving away from dense urban centers to more spacious suburban and rural settings.

As we move into 2024, the housing construction industry appears poised for continued adaptation, responding to shifts in demographic preferences, economic conditions, and the availability of construction resources. The recovery in single-family home building, especially in metro areas, is a promising sign for potential homebuyers looking for new opportunities in a challenging market.

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Early 2024 Sees Boost in New Home Sales Thanks to Stable Mortgage Rates

The housing market has started 2024 on a strong note with an increase in new home sales, as stable mortgage rates have spurred buyer interest in January. According to the latest data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose by 1.5% to a seasonally adjusted annual rate of 661,000 units, compared to a revised December figure. This pace marks a 1.8% increase from the same period last year, reflecting a modest but steady upward trend in the housing market.

New home sales are counted at the moment a sales contract is signed or ahttps://www.census.gov/ deposit is accepted. These homes can range from not yet started, to under construction, to completed. The report adjusts for seasonal variations, projecting that if the current sales pace continues unabated, around 661,000 new homes would be sold over the next year.

In terms of inventory, the stock of new single-family homes in January was recorded at 456,000, up 3.9% from January last year. This level translates to an 8.3 months’ supply at the current sales pace, which is somewhat above the six months’ supply that is traditionally viewed as a marker of a balanced housing market.

The median sale price of new homes in January stood at $420,700, a 1.8% increase from December and a slight decrease of 2.6% from the previous year. Despite the general affordability challenges in the housing market, the proportion of new homes priced below the $300,000 entry-level mark has continued to shrink, comprising just 15% of all sales. Conversely, 34% of new homes were priced above $500,000, indicating a shift towards higher-end market dynamics, with the majority of homes falling in the $300,000 to $500,000 price range.

Regional variations in new home sales were also significant. On a year-over-year basis, the Northeast saw a rise of 4.9% in new home sales, while the West experienced a substantial increase of 57.0%. In contrast, sales in the Midwest declined by 4.1%, and the South saw a decrease of 13.5%.

The early 2024 data suggests a housing market that is adjusting to economic conditions, with stable mortgage rates providing a critical support for new home sales. While the market continues to deal with inventory issues and shifting affordability, the overall upward trend in new home sales offers a positive outlook for the U.S. housing sector as it navigates through the year.

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Understanding Mortgage Rate Movements: What Homebuyers and Sellers Need to Know

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The landscape of mortgage rates has been a rollercoaster, especially following the near 8% peak witnessed last fall. Presently, there’s a silver lining as rates have exhibited a downward trend, a critical shift for those in the market to buy or sell homes.

Despite the day-to-day fluctuations driven by various economic factors like inflation and the consumer price index (CPI), it’s important not to get sidetracked by short-term volatility. According to industry experts, the overall trajectory for mortgage rates is expected to continue downward throughout the year.

Dean Baker, a Senior Economist at the Center for Economic Research, highlights, “While we may not revisit the pandemic-era lows, we could see rates dip below 6% soon, which would be considerably low by standards set before the Great Recession.”

Supporting Baker’s assertion, recent projections from Fannie Mae also suggest the possibility of mortgage rates falling below the 6% mark by year’s end. These forecasts, regularly updated in response to ongoing market and economic developments, reinforce the optimism that rates could ease, particularly if inflation continues to cool down.

Implications for Prospective Homebuyers and Sellers

For potential homebuyers and sellers, the key takeaway is the broader market trend rather than momentary rate changes. If you’re contemplating purchasing a home and have found one that aligns with your budget and requirements, attempting to “time the market” for a further rate decrease might not be advisable. Given the current lower rates compared to last fall, acting now could prove advantageous, as even minor reductions in rates can significantly enhance your buying power.

Acting Now Could Be Beneficial

For those who postponed their homebuying plans last year with hopes of lower rates, this could be your moment to reevaluate and act. Engaging with a real estate professional can provide you with updated information and guidance tailored to your specific situation.

In conclusion, while navigating the housing market can seem daunting amid fluctuating mortgage rates, focusing on the long-term trends and consulting with experts can help you make informed decisions. With the possibility of rates dipping further, staying informed and ready to act could position you favorably in the current market landscape.

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Covington Anticipates Economic Boost with New Costco Development

The much-anticipated $45.8 million Costco warehouse is on track to open its doors by the end of this year, marking the Fortune 500 company’s first entry into St. Tammany Parish. This development, positioned off Pinnacle Parkway, is expected to significantly bolster the local economy and provide numerous job opportunities.

Chris Masingill, head of St. Tammany Corporation, the parish’s economic development agency, revealed that construction for the sprawling 159,000-square-foot facility is slated to commence in the second quarter of this year. While Costco has remained tight-lipped about the project specifics, Masingill hints at a potential opening towards the late third quarter.

Strategically located in the bustling Nord du Lac shopping district adjacent to Interstate 12, the new store is anticipated not only to enhance the shopping landscape but also to generate substantial employment. The opening of the store is expected to bring about 75 full-time jobs offering an average annual salary near $60,000, alongside 75 part-time positions.

The introduction of Costco into the region is projected to inject $60 million in new sales and property taxes into the local economy over the next decade, according to St. Tammany Corporation. This new establishment joins Costco’s existing location in Mid-City, New Orleans, expanding the retailer’s footprint in the region.

The Covington area, particularly the Nord du Lac and adjacent River Chase shopping districts, is already a retail hub featuring stores and restaurants like Kohl’s, Academy Sports and Outdoors, and Texas Roadhouse. The addition of Costco is set to amplify this retail synergy, attracting more shoppers and potentially spurring further developments.

Commercial real estate circles are abuzz with the news, as evidenced by Hayden Ingram, a commercial agent with Property One, noting increased interest in nearby properties due to the impending Costco launch. “Investors are excited that Costco’s going to be a neighbor,” said Ingram, highlighting the positive ripple effect expected from the store’s opening.

Moreover, the region is undergoing significant infrastructure improvements with a $189 million state project to expand Interstate 12. This enhancement aims to alleviate traffic congestion, particularly from shoppers frequenting the Nord du Lac and River Chase areas, further facilitating access to the new Costco.

As western St. Tammany’s commercial corridors continue to grow, the arrival of Costco represents a significant milestone for the community, promising a blend of employment opportunities, enhanced retail offerings, and increased tax revenues. Local residents and businesses alike are eagerly anticipating the doors opening to what promises to be another anchor in the parish’s flourishing commercial landscape.

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