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    NJ Re

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    kettle1
    1) The document contains graphs showing housing affordability trends in New Jersey from 1999-2008, including declining home price to income ratios, increasing percentage of income spent on housing, and diverging median home sales prices and incomes. 2) Sales volume peaked in 2005 while inflation-adjusted median sales prices peaked in 2006 and then declined. 3) Median home sales prices significantly outpaced median household income growth from 1999-2008.

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    Attribution Non-Commercial No-Derivs (BY-NC-ND)
    Download as DOC, PDF or read online from Scribd

    NJ Re

    Uploaded by

    kettle1
    16 views2 pages
    1) The document contains graphs showing housing affordability trends in New Jersey from 1999-2008, including declining home price to income ratios, increasing percentage of income spent on housing, and diverging median home sales prices and incomes. 2) Sales volume peaked in 2005 while inflation-adjusted median sales prices peaked in 2006 and then declined. 3) Median home sales prices significantly outpaced median household income growth from 1999-2008.

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    NJ RE

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    1) The document contains graphs showing housing affordability trends in New Jersey from 1999-2008, including declining home price to income ratios, increasing percentage of income spent on housing, and diverging median home sales prices and incomes. 2) Sales volume peaked in 2005 while inflation-adjusted median sales prices peaked in 2006 and then declined. 3) Median home sales prices significantly outpaced median household income growth from 1999-2008.

    Copyright:

    Attribution Non-Commercial No-Derivs (BY-NC-ND)
    Download as DOC, PDF or read online from Scribd
    Download as doc or pdf
    16 views2 pages

    NJ Re

    Uploaded by

    kettle1
    1) The document contains graphs showing housing affordability trends in New Jersey from 1999-2008, including declining home price to income ratios, increasing percentage of income spent on housing, and diverging median home sales prices and incomes. 2) Sales volume peaked in 2005 while inflation-adjusted median sales prices peaked in 2006 and then declined. 3) Median home sales prices significantly outpaced median household income growth from 1999-2008.

    Copyright:

    Attribution Non-Commercial No-Derivs (BY-NC-ND)
    Download as DOC, PDF or read online from Scribd
    Download as doc or pdf
    of 2

    Gross income / Mortgage (PI)

    for NJ 1999-2008

    6.0
    5.5
    5.0
    4.5
    4.0
    3.5 Home Price / Gross Income 95% LTV
    Home Price / Gross Income 90% LTV
    3.0 Home Price / Gross Income at 80% LTV
    2.5
    1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
    Data source: US Census and NAR

    Note: PI was calculated using the average annual interest rate for each as supplied by
    Fannie Mae data

    % Income Spent on Housing


    Median Income Vs Median Home Price

    75%
    % of Net Income Spent on Housing
    65%
    % of Grosst Income Spent on Housing
    55%

    45%

    35%

    25%
    1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
    Data source: US Census and NAR

    Note: Assumes net income = 80% gross income; 80% LTV was used for calculating PITI;
    TI (taxes and insurance) was calculated as 3.5% of mortgage amount
    NJ Sales Volume Vs Inflation Adjusted Median Sales Price

    90,000 $410,000

    80,000 $390,000

    Inflation Adjusted Median Sales Price


    70,000
    $370,000
    60,000
    $350,000
    Sales Volume

    50,000
    $330,000
    40,000
    $310,000
    30,000
    $290,000
    20,000

    10,000 $270,000

    0 $250,000
    2001 2002 2003 2004 2005 2006 2007 2008 2009

    Sales Volume Median Home Price

    New Jersey Median Income Vs Median Sales Price


    (all #'s adjusted to 08$)
    $450,000
    $400,000
    $350,000
    $300,000
    $250,000
    Median Home Sales Price
    $200,000
    Median NJ Household Income (Adj 08$))
    $150,000
    $100,000
    $50,000
    $0
    1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
    Data source: US Census and NAR

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