Some Housing Data

The Cape Cod Commission provided the towns on the Cape with the following information on the housing affordability gap. In this post I will present the data, with no opinion or interpretation. In posts to follow I will try to bring the issue into focus.

The data from the Cape Cod Commission:

               CAPE HOME OWNERSHIP AFFORDABILITY GAP
                          1997 – 2013
 Cape Median Residential Single Family Home Sales Prices*
Year Median Price % Change
1997 $135,000
1998 $146,000 8.1%
1999 $161,950 10.9%
2000 $194,000 19.8%
2001 $226,050 16.5%
2002 $275,000 21.7%
2003 $324,250 17.9%
2004 $360,625 11.2%
2005 $390,000 8.1%
2006 $387,000 -0.8%
2007 $385,000 -0.5%
2008 $334,000 -13.2%
2009 $315,000 -5.7%
2010 $325,000 3.2%
2011 $315,000 -3.1%
2012 $322,750 2.5%
2013 $337,000 4.4%
Source: Banker & Tradesman/The Warren Group
(transfers of more than $1,000; excluding foreclosure deeds)
             Affordability Gap
Year Median Income Needed Affordability
Family To Buy Median Gap
Income** Priced Home***
1997 $44,700 $42,200 -$2,500
1998 $44,700 $43,700 -$1,000
1999 $46,300 $50,500 $4,200
2000 $47,700 $63,000 $15,300
2001 $51,700 $68,250 $16,550
2002 $56,500 $79,500 $23,000
2003 $58,700 $88,100 $29,400
2004 $61,800 $98,800 $37,000
2005 $65,650 $107,300 $41,650
2006 $66,800 $111,600 $44,800
2007 $70,400 $110,300 $39,900
2008 $73,500 $93,200 $19,700
2009 $75,400 $80,100 $4,700
2010 $75,300 $79,200 $3,900
2011 $79,000 $75,400 -$3,600
2012 $80,000 $70,600 -$9,400
2013 $74,900 $76,600 $1,700
** Source- Department of Housing and Urban Development
*** Assumptions- 5% down payment; 30% housing ratio; Freddie Mac national 30
year fixed annual average mortgage rate;  real estate taxes, house insurance, and
PMI at 1.5% of sales price.

 

MEDIAN SINGLE FAMILY HOME SALES COMPARISON

 

BARNSTABLE COUNTY AND STATE OF MASSACHUSETTS- 2000-2013

 

 

Year

Cape Median Single Family Home Sales Price

Massachusetts Median Single Family Home Sales Price

% Difference- Cape vs. State

2000

$194,000

$215,000

-9.8%

2001

$226,050

$239,325

-5.6%

2002

$275,000

$276,500

-0.5%

2003

$324,250

$305,000

6.3%

2004

$360,625

$337,500

6.9%

2005

$390,000

$355,000

9.9%

2006

$387,000

$345,000

12.2%

2007

$385,000

$345,000

11.6%

2008

$333,925

$305,000

9.5%

2009

$315,000

$285,000

10.5%

2010

$325,000

$295,000

10.2%

2011

$315,500

$286,000

10.3%

2012

$322,750

$290,000

11.3%

2013

$337,000

$320,000

5.3%

 

Source: Banker & Tradesman/The Warren Group (All sales greater than $1,000; foreclosure deeds and related party transactions excluded)

 

ANNUAL AVERAGE WAGE COMPARISON

 

BARNSTABLE COUNTY AND STATE OF MASSACHUSETTS- 2001-2012

 

 

Year

Cape Annual Average Wage

Massachusetts Annual Average Wage

% Difference- Cape vs. State

2001

$31,044

$44,980

-31.0%

2002

$32,032

$44,890

-28.8%

2003

$33,072

$46,332

-28.6%

2004

$34,632

$48,932

-29.2%

2005

$35,100

$50,076

-29.9%

2006

$36,400

$52,416

-30.6%

2007

$37,648

$55,276

-31.9%

2008

$38,844

$56,784

-31.6%

2009

$38,948

$56,264

-30.8%

2010

$39,156

$57,824

-32.8%

2011

$40,196

$59,644

-32.6%

2012

$40,820

$60,892

-33.0%

 

Source: Massachusetts Executive Office of Labor and Workforce Development- ES- 202 Reports- All Industries (Private and Public)

 

 

 

 

 

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