Overview of Housing Trends in Florida

UF Signature Overview of Housing in Florida Anne Ray Affordable Housing Workgroup August 30, 2017

HOUSEHOLDS OVERVIEW Most Florida households own their homes, but renting is on the rise. Households by Owner/Renter Status, Florida, 2000-2015 Owner households peaked in 2005, then fell in following years. Net change, 2000-2015: +7% Renters grew steadily. Net change, 2000-2015: +42%. Homeownership rate fell from 70% in 2000 to 64% in 2015. % Owners 64% 70% 70% 68% 4,901,897 5,000,000 4,801,557 4,763,766 Owners 4,441,022 4,000,000 3,000,000 2,699,425 Renters 2,233,508 2,144,664 1,897,528 2,000,000 1,000,000 2000 2005 2010 2015 Source: U.S. Census Bureau, 2000 Census and 2005/2010/2015 American Community Survey 1-Year Public Use Microdata Sample (PUMS).

HOUSEHOLDS OVERVIEW The homeownership rate fell more for younger households and families with children. Homeownership Rate by Householder Age and Family Status, Florida, 2005-2015 Homeownership rates for the youngest households started low and dropped lower. Ownership also fell among families with children and 35-64 year olds. Older households continued to have high ownership rates. 100% 84% 84% 82% 65 and older 80% 74% 71% 66% 64% 61% 35-64 60% 55% Families w/Children 38% 40% 33% 28% Under 35 20% 2005 2010 2015 Source: U.S. Census Bureau, 2005/2010/2015 American Community Survey 1-Year Public Use Microdata Sample (PUMS).

HOUSEHOLDS OVERVIEW Most owner and renter households are small (1-2 people). Household Size by Owner/Renter Status, Florida, 2015 100% 7% 8% 9% 25% 80% 26% 28% 60% 40% 68% 66% 63% 20% 0% All Households Owners Renters 1 or 2 People 3 or 4 People 5 or More People Source: U.S. Census Bureau, 2015 American Community Survey 1-Year Public Use Microdata Sample (PUMS).

HOUSEHOLDS OVERVIEW Florida is projected to add over 1.8 million households headed by someone age 65 or older by 2040. Projected Households with Head of Household 65 Years and Older by Owner/Renter Status, Florida, 2015 2040 30% of Florida s households are headed by someone age 65 or older, compared to 25% nationwide. Florida s rate is projected to increase to 38% by 2035. 38% 38% 5,000,000 40% 37% 35% 35% 32% 4,000,000 30% 719,082 % of ALL Households with Head 65+ 30% 680,786 625,145 Households Age 65+ 25% 3,000,000 543,923 464,034 20% 396,461 2,000,000 15% 3,458,520 3,302,209 3,057,003 2,670,368 10% 2,279,100 1,000,000 1,947,193 5% 0 0% 2015 2020 2025 2030 2035 2040 Owner Source: Shimberg Center for Housing Studies, Affordable Housing Needs Assessment (AHNA)

HOUSING STOCK OVERVIEW Most homeowners live in single-family homes. Structure Type for Occupied Units, Owners, Florida, 2015 2-4 Units 99,457 2% Mobile Home/Other 449,936 9% 5-49 Units 266,143 6% Multifamily 424,450 9% Single-Family 3,789,923 80% 50+ Units 158,307 3% Source: U.S. Census Bureau, 2015 American Community Survey 1-Year Public Use Microdata Sample (PUMS).

HOUSING STOCK OVERVIEW While nearly half of renters live in multifamily (5+ unit) structures, over 1/3 live in single family homes. Structure Type for Occupied Units, Renters, Florida, 2015 The share of renters in single family homes rose from 30% in 2005 to 37% in 2015. Mobile Home/Other 162,222 6% 2-4 Units 355,492 13% 5-49 Units 895,788 33% Multifamily 1,185,709 44% Single-Family 996,002 37% 50+ Units 289,921 11% Source: U.S. Census Bureau, 2015 American Community Survey 1-Year Public Use Microdata Sample (PUMS).

HOUSING STOCK OVERVIEW Most occupied single-family homes were built after 1980. Occupied Units by Decade of Construction, Single-Family Homes, Florida, 2015 1,100,000 1,000,000 900,000 800,000 700,000 600,000 1,017,411 500,000 864,170 858,390 400,000 725,235 692,471 300,000 464,072 200,000 100,000 164,176 - Prior to 1960 1960-1969 1970-1979 1980-1989 1990-1999 2000-2009 2010-2015 Source: U.S. Census Bureau, 2015 American Community Survey 1-Year Public Use Microdata Sample (PUMS).

HOUSING STOCK OVERVIEW Multifamily construction was most active in the 1970s and 1980s. Occupied Units by Decade of Construction, Multifamily Structures, Florida, 2015 400,000 350,000 300,000 250,000 200,000 369,958 366,289 150,000 288,063 278,198 100,000 145,893 120,184 107,099 50,000 95,342 66,416 62,480 53,879 52,897 47,632 10,778 - Prior to 1960 Prior to 1960 1960-1969 1970-1979 1980-1989 1990-1999 2000-2009 2010-2015 1960-1969 1970-1979 1980-1989 1990-1999 2000-2009 2010-2015 2-4 Units 5+ Units Source: U.S. Census Bureau, 2015 American Community Survey 1-Year Public Use Microdata Sample (PUMS).

Sales under $200K to owners are still down post-boom. Single Family Home Sales by Price (2016 $) and Owner Status, Florida, 2000-2016 (partial) 450,000 400,000 90,217 46,001 350,000 26,108 61,765 93,375 39,363 18,061 300,000 94,127 27,031 12,986 17,696 250,000 55,901 9,267 110,660134,969 11,512 95,572 48,051 42,682 80,165 200,000 86,821 140,059 67,877 28,262 46,950 89,735 58,137 69,724 26,680 46,728 22,719 19,626 150,000 17,717 40,081 28,867 29,058 56,815 28,585 38,849 82,782 47,868 100,000 61,723 71,924 66,297 62,409 52,712 169,949 172,789 177,022160,778 46,155 58,304 44,223 41,033 149,168 121,366 56,044 50,000 73,976 69,273 65,374 62,664 60,837 60,576 60,156 59,356 56,718 56,320 28,620 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (partial) Owner (<=$200,000) Investor/2nd Home (<=$200,000) Owner (>$200,000) Investor/2nd Home (>$200,000) Sales price breakpoint is $200,000 in 2016 dollars. Owner status is determined by homestead status of property in year following sale. Arms length, single family sales only. Source: Florida Department of Revenue, Sales Data File

HOUSING STOCK OVERVIEW Links and Contact Shimberg Center for Housing Studies http://www.shimberg.ufl.edu Florida Housing Data Clearinghouse http://flhousingdata.shimberg.ufl.edu 2016 Rental Market Study http://www.shimberg.ufl.edu/publications/Full_RMS_final_2016.pdf Anne Ray 352-273-1195 aray@ufl.edu