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.
Just want to unpack this statistic:
ReplyDeleteThe 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.
To me this doesn't seem clear - I can't really tell immediately what the difference in homeownership is between the area's black and white populations.
If 8% of the 65% of the homeowners are black, then 5.2% of the area's population are black homeowners. Since 13% of the area's population is black, that should indicate that 40% of the black population of the area are homeowners.
If 90% of the homeowners are white, then 58.5% of the area's population are white homeowners. Since the area's white population makes up 82% of area's population, that should indicate that about 71% of the white population are homeowners.
That seems to say that the home ownership rate in this area is more than 30% higher among the white population than among the black population.