Tag: housing prices

Visualized: The Decline of Affordable Housing in the U.S.

This post is by Chris Dickert from Visual Capitalist

The following content is sponsored by Boxabl
Infographic showing how U.S. house prices have risen between 1984 and 2021, in terms of multiples of household incomes.

Visualized: The Decline of Affordable Housing in the U.S.

Over 80% of U.S. residents have chosen to live in an urban setting, as of 2023.

And with that number set to rise to nearly 90% by 2050, house prices are rising, with significant consequences to housing affordability. 

This visualization, the second in the Reimagining Home Series from our sponsor Boxabl, takes a deep dive into the evolution of the housing market in the U.S.

Housing Affordability At Its Lowest Ebb in Decades

The U.S. house-price-to-income ratio, which tracks house prices in multiples of annual income, has steadily climbed since the mid-1980s, when the market was recovering from a real estate crash earlier that decade.

Historically, the ratio has hovered between three and four. But in the early aughts, the ratio passed four and kept going, reaching a high of 5.11 in 2005. The ratio fell somewhat in the aftermath of the subprime mortgage meltdown, but never returned to historical averages. New records were set in 2014 (5.33), and again in 2021 (5.61).

Note that because median housing prices and median household incomes are released at different frequencies, quarterly versus annually respectively, in order to calculate the ratio, housing prices were averaged on an annual basis.

YearMedian House PriceMedian Household IncomeRatio
(Read more...)

Mapping U.S. Urbanization, by State

This post is by Chris Dickert from Visual Capitalist

The following content is sponsored by Boxabl
An infographic showing the percent urbaniztion of U.S. states with a heat map, accompanied by a graph showing the national urbanization statistics for 1790 to 2022.

Mapping U.S. Urbanization, by State

More and more U.S. residents are choosing to make their homes in urban settings.

And with the homeowner vacancy rate already at an all-time low of 0.8% at the end of 2022, this is putting increasing pressure on housing supply.

This visualization from sponsor Boxabl is part one of the Reimagining Home Series and asks which U.S. states are most urban?

The Social Fabric of the U.S. is Urban

At its founding and like many other countries at the time, the U.S. was largely a rural country. In 1790, only 5.1% of U.S. residents lived in urban settings.

Rising industrialization and immigration after the U.S. Civil War and Reconstruction (1861-1877) helped drive the growth of cities. As more and more people made their homes in cities, the U.S. became more urban than rural, some time in the late 1910s.

But it wasn’t only immigrants that drove this rapid growth—rural migration also played a part. Between 1880 and 1890, almost 40% of U.S. townships experienced a population decrease, according to the Library of Congress.

Fast forward to 2023, and 83.3% of people in the U.S. now live in an urban setting. Here are the state-by-state numbers from the 2020 U.S. Census.

StateUrban PopulationUrban Population (%)
Arizona (Read more...)