Housing and Construction Table 9 National Affordability Index (Third Quarter 2020)
Years
Median Price Existing Single Family Home
Mortgage Rate
Monthly P and I Payment
Payment as % of Income
Median Family Income
Qualifying Income
Composite
2019
274,600 316,200
4.04 2.95
1054 1,060
16
78,964 81,219
50,592 50,880
156.1 159.6
Sept. 2020
15.7
Description: • Composite Index measures affordability. An index of 150 means that a family earning the median family income has 150% of income necessary to quality for a conventional loan covering 80% of a median price family home. Analysis: • The median price of an existing home increased significantly over the last year while mortgage rates fell to historic lows. Affordability as measured by the composite index was little changed over the last year with home prices and interest rates moving in opposite directions.
Table 10 Median Home Prices and Home Sales
Wisconsin
Marathon
Portage
Wood
2020 Q3
% ∆ Yr. Ago
2020 Q3
% ∆ Yr. Ago
2020 Q3
% ∆ Yr. Ago
2020 Q3
% ∆ Yr. Ago
Median Home Prices
$230,100
12.8% $192,866 11.9% $217,193 17.12% $134,333 7.3%
Home Sales
28,479 10.6% 632
12.0% 281
-1.0% 293
8.0%
Table 11 Residential Construction: Stevens Point and Plover Area
Estimated Value of New Homes (000)
Number of Housing Units
Alteration Permits Issued
Estimated Value of Alterations (000)
Permits Issued
2020 Q3
2019 Q3
2020 Q3
% ∆ Yr. Ago
2020 Q3
2019 Q3
2020 Q3
2019 Q3
2020 Q3
% ∆ Yr. Ago
18
26 $6,173.84 -8.50% 19
24
569
443 $5,078.46 76.58%
Analysis: • The increase in both the number and estimated value of alterations may have been the result of the pandemic as households cancelled vacation plans and instead, stayed home engaging in home improvement projects.
Table 12 Nonresidential Construction: Stevens Point - Plover Area
Estimated Value of New Structures (000)
Alteration of Business Permits Issued
Estimated Value of Alterations (000)
Permits Issued
2020 Q3
2019 Q3
2020 Q3 503.0
% ∆ Yr. Ago -97.2%
2020 Q3
2019 Q3
2020 Q3
% ∆ Yr. Ago
3
14
157
121
$ 39,549.09
163.42%
Analysis: • While nonresidential construction numbers can be volatile from year to year, the steep decline in the number and value of new structures for the third quarter suggests that the pandemic may have played a role. Similar to residential construction, there was a dramatic increase in the estimated value of alterations this year over third quarter 2019.
12
Center for Business and Economic Insight
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