housing and income in the Louisville MSA
I blogged on the subprime mortgage "crisis" quite a bit ten days ago, including some of the data (including local numbers), the moral/ethical angles, the racial angle, and policy possibilities.
Now, some more interesting local and racial numbers on housing and income from Business First on the Metropolitan Housing Corporation and its 2007 State of Metropolitan Housing Report (hat tip: Chris Thomas)...
- The 2007 Fair Market Rent for a two-bedroom unit in the Louisville MSA is $584 a month, up 16% from the 2000 FMR. To afford this, a family would need to have an annual income of $23,360, or $11.45 an hour. To afford the FMR on a three-bedroom unit ($816 a month), annual income would have to be $32,640, or $16 an hour.
According to the U.S. Bureau of Labor Statistics, more than a third of workers in the Louisville MSA make less than $12 an hour.
- The 2006 median household income for Jefferson County was $43,335. The median for the Louisville MSA was $45,115.
The median household income for African-American households in Jefferson County was $25,991. The median for Hispanic/Latino households was much closer to the overall median at $40,737.
- Foreclosure rates have jumped in every Louisville MSA county except for Meade County, which saw foreclosures drop 13%. The foreclosure rate in Jefferson County rose 8% from 2005 to 2006. Trimble County's rate shot up 52% during the same period. Rates increased 13% in Oldham County, 25% in Nelson County, 24% in Henry County, and 17% in Shelby County.
Rates also rose in Indiana counties from 2005 to 2006, increasing 84% in Washington County, 36% in Clark County, 25% in Floyd County and 5% in Harrison County.
- From 2000 to 2006, the rate of homeownership for both the Louisville MSA and Jefferson County grew 1%. The homeownership rate for Jefferson County is 65%.
While 82% of the Louisville MSA is white and 13% is black, 90% of homeowners in the area are white and 8% are black.