“The typical U.S. renter household earns an estimated $54,712 per year. That’s 17.3% less – or $11,408 in dollar terms – than the $66,120 a renter must earn to afford monthly rent for the median-priced U.S. apartment ($1,653),” said Bethany Blakely. When MHProNews previously published a report by Blakely on just how much housing costs had skyrocketed in terms of monthly payments, that article rocketed and stayed popular for weeks. Blakely cited the research that pointed to an 80 percent higher income needed to afford housing from just 4 years ago. Blakely is back with a new report that says that 61 percent of renters can’t afford a median apartment rent, and it cites the sources and data to back that up, provided in Part I. Part II is additional information with more MHProNews analysis and commentary.
Part I – per The Center Square to MHProNews is the following.
Report: 61% of renters can’t afford median apartment rate in U.S.
Homeowners, renters struggling with high housing costs
By Bethany Blankley | The Center Square contributor
(The Center Square) – Due to inflation eating away at earnings and less supply of affordable housing, the majority of Americans today cannot afford median rent prices, according to a new report by the real estate company Redfin.
The analysis comes as other reports indicate that both homeowners and renters are struggling with high housing costs due to inflationary pressures, an inflated housing market, low supply and demand for affordable housing.
“Just 39% of renters make enough to afford the median-priced apartment,” the report states, with renters needing $11,000 more to afford a typical apartment in major U.S. cities.
“The typical U.S. renter household earns an estimated $54,712 per year. That’s 17.3% less – or $11,408 in dollar terms – than the $66,120 a renter must earn to afford monthly rent for the median-priced U.S. apartment ($1,653),” according to the analysis.
“The amount renters must earn to afford the median-priced apartment is at the highest level since October 2022,” Redfin says.
Redfin analyzed rental data in 33 of the 50 most populous U.S. core-based statistical areas (CBSAs) where it has access to data. The data includes median asking rents of newly listed units in apartment buildings with five or more units over a three-month period ending in May. It uses a median household income benchmark based on U.S. Census Bureau and Atlanta Federal Reserve data. Apartments are considered affordable if a renter spends no more than 30% of their income on rent.
The least affordable U.S. metro areas for renters are New York City, Miami, Boston, Los Angeles and Riverside, California, according to the data.
In New York City and Miami, the typical renter earns roughly 40% less than they need to afford a typical apartment, the report states.
“New York is perennially one of the most expensive rental markets, but affordability challenges have been intensifying; rents rose 9.2% from a year earlier in May – one of the biggest increases in the nation,” Redfin says.
Although rental prices are rising in these metro areas, renters can still earn enough to afford a typical apartment in Austin, Dallas, Houston, Phoenix and Washington, D.C., the report notes.
Home buyers are also struggling in today’s economy. An analysis by Zillow found that home buyers in 2024 need 80% more income to purchase a home than they did in 2020, The Center Square reported.
In May, home prices hit a record high, “with low inventory continuing to spur bidding wars among home buyers in some markets,” The Wall Street Journal reported. Sales of previously owned homes dropped, showing a third consecutive month of decline.
Because homeowners refinanced their mortgages when interest rates were much lower, they aren’t selling now with interest rates more than double what they were a few years ago after the Federal Reserve increased the base rate to its highest level in decades.
This is described as the “lock-in” effect, a new report by Harvard explains, “whereby current homeowners with below-market interest rates are disincentivized to move … dramatically reducing the number of homes available for sale.”
Due to high inflationary costs, high interest rates, low inventory, the lock-in effect and other factors, “homeownership is increasingly out of reach,” Harvard’s “State of the Nation’s Housing 2024” report says.
It also notes that rents remain up by 26% nationwide since early 2020, with rents having increased faster than incomes for decades. Half of all renter households, 22.4 million, were cost burdened in 2022, the highest number on record, it says. Cost-burdened is defined as renters or homeowners spending more than 30% of their income on housing and utilities.
“Both homeowners and renters are struggling with high housing costs,” the report states. “On the for-sale side, millions of potential homebuyers have been priced out of the market by elevated home prices and interest rates. Homeowner cost burdens are also on the rise, driven by growing taxes and insurance costs. For renters, the number with cost burdens has hit an all-time high as rents have escalated.”
What’s happening in the residential market is “somewhat of a strange phenomenon, where we have low home-sales activity yet prices are hitting record highs,” Lawrence Yun, the National Association of Realtors’ chief economist told the Journal. “Affordability is a challenge.” ##
Part II – Additional Information with More MHProNews Analysis and Commentary
It should be obvious that manufactured housing has in principle a wide range of potential opportunities. While the pending Department of Energy (DOE) case, the lack of more competitive chattel lending challenge, and ‘image’ are all among the factors that limit the industry, perhaps the largest problem facing the industry is the zoning/placement issue that keeps HUD Code manufactured home producers, retailers, developers, and other supporting services from achieving their true potential in serving the potentially millions of units needed to meet the demand for more affordable homes. In no particular order of importance are the following observations.
1) Hindsight has been described as 20/20, but that is only true when the past and present are viewed with clear eyes. MHProNews featured in 2018 a report by the National Association of Realtors (NAR) that usefully documented that most renters could afford the payments on a new manufactured home. That is arguably as true now as it was then.
2) MHProNews and our MHLivingNews sister site have been reporting for well over a decade the central role that zoning/placement barriers held in the industry’s discussion. Remarks like the ones below by Gary Adamek with Fayette Country Homes are sadly as accurate now as they were when first published.
3) The article that featured Adamek’s remarks shown above is linked from the collage posted below. It is dated 12.13.2015. It opened with these words.
“The one issue that will prohibit affordable housing in the future — not only manufactured homes, but site-built — is local zoning and covenants.” — Jay Hamilton, executive director of the Georgia Manufactured Housing Association (GMHA).
Hamilton has since moved on to a position now reportedly with one of the Big Three producers.
4) This information is no secret. As noted, MHProNews and MHLivingNews have been doing reports on this topic for over a decade. Adamek’s and Hamilton’s thinking are as valid now, perhaps more so, than they were when they first made those statements. The Pennsylvania Manufactured Housing Association (PMHA) is an MHI state affiliate. Gaiski is apparently a ‘loyal’ MHI member. Yet she said to a mainstream news outlet the following statement in 2020. “This year, we’ve had more calls about zoning discrimination than in the previous five to seven years.” “It’s getting worse instead of better.”
5) It is Gaiski and her peers’ job to know what the solution is to this issue. That solution was enacted in the Manufactured Housing Improvement Act of 2000 (a.k.a.: MHIA, 2000 Reform Act, 2000 Reform Law). But that 2000 Reform Law is not being properly enforced with respect to its enhanced preemption provision. There is widespread agreement on that between those in what might be called the MHI orbit and those who are in the MHARR orbit. Indeed, it would be hard to find an independent in manufactured housing not aligned with either of those two national trade groups to sincerely say, there is no zoning or placement issues. Third party researchers including Harvard, the Niskanen Center, the Lincoln Institute, and others have weighed in on this problem. Each have said at various times in their own words how important manufactured housing is as part of the solution to the affordable housing crisis and they have also said that zoning/placement barriers are all too often preventing that solution.
6) Like it or not, law professor Daniel R. Mandelker, known as an expert on zoning issues, authored a paper that MHProNews and MHLivingNews each featured. Mandelker, perhaps unwittingly, said that an organization is needed by the industry to advocate and litigate on behalf of the manufactured housing industry. Did Mandelker not realize that the Manufactured Housing Institute (MHI) claims on its home page on this date: that MHI “is the only national trade organization representing all segments of the factory-built housing industry. We are your trusted partner, advocate and industry leader” and “Manufactured housing is a solution to today’s affordable housing challenge.” While MHI’s claims may sound great, an apparent caveat is that Mandelker acted as if MHI didn’t exist, because there is no one litigating on behalf of the industry.
7) Sometimes when circumstances are challenging, the best that can be done is to document efforts and patiently persist as public (or industry, governmental, legal) moods change. That noted, the Manufactured Housing Association for Regulatory Reform (MHARR) offered in 2019 to litigate alongside an MHI state affiliate. MHARR indicated that neither MHI, nor any state affiliates of MHI, accepted their offer. That was September 2019, almost 5 years ago. Note that MHARR is a producers trade group, focused on federal regulations. It is MHI that claims to be the umbrella trade group representing “all segments” of the industry. As MHProNews has carefully documented through reports over the years, it is thus MHI’s job to litigate these issues. The fact that MHARR offered to ride shotgun with MHI and/or MHI state affiliates was going over and above their stated focus.
8) Beyond litigation, there is advocacy, as Mandelker noted. MHARR recently met with Acting HUD Secretary Adrianne Todman. MHARR’s account of that discussion, in which they offered Todman 3 different legal arguments on what her federal agency could do to mitigate the housing crisis plus a deeper dive by MHProNews into more details is linked below. That report covers similar ground, but in more detail and with plenty of examples. A reasonable and objective person who read that article and this one might conclude how badly MHI has failed the manufactured home industry in this critical area of post-production advocacy on zoning. Note that the article below includes extensive use of MHI’s own statements on zoning and federal preemption under the MHIA.
9) MHProNews stumbled across the following item a few days ago via recent online search using Google.
That post linked above said in part the following.
In fairness, let’s note that no association – or any other organization for that matter – can possibly make every single person happy all of the time.
Lots of people like the networking at MHI meetings. But what about the actual performance for getting regulatory relief on financing/CFPB loan regulations or other key topics pressing the MH industry?
It’s on such key topics of bottom-line lobbying results at MHI, as well as how things are done (or not) which may contribute to a lack of positive, that are the concern a number of association pros voice. …”
It linked two items, which have had URL changes since that LinkedIn post.
One items at the correct URL (web address) is linked here.
Among the pull quotes from that post is this from a then MHI affiliated state association leader.
- “MHI is a joke, a bad one. One guy could make a phone call and fix all of the issues with CFPB. He owns 50% of the industry and refuses to lift a finger, they can kiss my ass if they think I am going to waste my time and energy.”
In response to this inquiry came the following from that same linked article.
Q – “Off the record, do you think it appropriate to mislead members on an issue?”
Examples of replies by MHI members:
Taken a step further the person/organization just smashed their own rep & cred and they will bust their hump to ever be trusted again“
One well-placed MHI member stated,
“I can only guess that they are trying to stay on the “good side” of CFPB and the consumer groups. Problem is, they don’t have (a) good side.
This kind of legislation (HR 650/S 682) will never pass with a Democrat administration in place;” (parenthetical not in the original, but was implied).”
Also from that same post which was dated 6.5.2016:
MHProNews editorially called upon MHI’s primary board to take steps to remove then-president and CEO Richard “Dick” Jennison and then EVP Lesli Gooch, Ph.D., as a result of the scandal of deliberately misleading the industry in what we now know as an apparent use of paltering. It could be argued that MHI didn’t lie, but they did fail to properly and accurately convey what occurred in that hearing with the CFPB. Their “Housing Alert” was so misleading that if someone relied upon it they would have a completely mistaken impression. So, as an insider and state association leader at that time expressed, MHI would never pass HR 650/S 682 also known as Preserving Access. Indeed, the vice president that Gooch replaced, Jason Boehlert, said something similar in an emailed statement for publication to MHProNews.
10) While it is unclear how long MHI has been actively using paltering or other arguably deceptive methods of communications with their members in the 21st century, it is clear in hindsight that what were described by members as “insiders” at MHI were misleading the rest of the association. What was perhaps not as entirely clear then as now is how consolidation factored into the picture.
11) Danny Ghorbani, a former MHI VP and an RV MH Hall of Fame inductee before Clayton et al began to arguably ‘big foot’ their domination of the Hall’s manufactured housing side, flatly told the industry in an Q&A with MHProNews that since MHI was asserting their role in post-production, it was up to MHI to sue and bring the zoning roadblock to a resolution.
12) It is absurd on its face to think that MHI is unable to get favorable existing laws properly enforced. But that isn’t just an opinion, it was the artificial intelligence logical stance stated by Copilot. See the context in the article below. As Copilot said: “Prioritizing enforcement of existing laws can have a more immediate impact on [housing] affordability and access to manufactured housing.” Copilot also said: “If MHI is genuinely committed to advancing the industry, consistent advocacy for existing laws should be a priority.”
But instead of litigating to enforce existing federal laws, MHI has for some time been openly teaming up with conventional housing nonprofit groups. That may benefit them, but how specifically has that benefited manufactured housing? Has the NAHB, or the MBA and other groups that MHI has signed on with come out and publicly called upon Congress, HUD, or the FHFA to enforce existing laws that could benefit the industry? In a word, NO.
13) Within a few months of the articles and post shown from LinkedIn above, MHI ousted this writer from their MHI Suppliers Division board. They then issued an unsigned letter that ended the membership of MHProNews’ parent company. To the point made in that same post from June 2016: “…you are either inside their circle, or not. As soon as you question leadership in a meeting or public, they’re routinely tagged as an outsider. There is no question that insiders get better treatment than those who question a path; even if that questioning is with the good intentions of the association and industry in mind.”
Again, flashing back to prior remarks by longtime MHI member Marty Lavin. MHI award winner Marty Lavin’s name can’t be found on the MHI website on 6.26.2024. Lavin was apparently viewed as a stealthy critic of the trade group and became an “unperson” in Orwellian fashion. Merriam Webster says an unperson is: “an individual who usually for political or ideological reasons is removed completely from recognition or consideration.” Lavin, via MHProNews, drew attention to the distinction between MHI (or any other person or organization that fits this description) of someone who says one thing but does another. Lavin also noted that MHI had insiders he called “big boys” and how their interests were not always the same as smaller members.
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14) Initially, for a variety of reasons, MHProNews exposing the disconnect between MHI’s posturing and MHI’s performance was handled as respectfully as seemed possible while still raising the evidence-based concerns. Even after MHI took steps arguably aimed against our platform and this writer, we still didn’t initially go what Ohio Manufactured Home Association leader Tim Williams would later describe as “scorched earth” against MHI.
15) It should be clear that MHI leaders know that the industry is underperforming, because Cavco Industries (CVCO) CEO William “Bill” Boor said as much to Congress. Boor is now MHI’s chairman. Per informed sources, not only Boor, but others at Cavco and MHI are readers of MHProNews. Additionally, MHProNews has asked them directly for responses to the evidence and allegations against their management of the trade group (or for that matter, their own companies, which may not always be in the best interests of shareholders and other stakeholders). Silence is the typical direct reply.
16) MHARR’s recent meeting with HUD’s Todman should be viewed through this evidence-laced prism. MHI knows what is needed. They only acted on the DOE energy rule after months of public pressure from MHARR, MHProNews, and MHLivingNews. It is no surprise that MHI linked trade media and bloggers don’t raise these issues, and/or don’t do so with this level of precision and clarity. That said, in fairness, apparently notorious MHI member Frank Rolfe has also public said on numbers of occasions that MHI bears responsibility for the industry’s extended 21st century malaise. Rolfe had a point when he said that “special interests” don’t want a solution to the affordable housing crisis.
17) This article began with facts from the Center Square on the subject of how unaffordable even rental apartments are for some 61 percent of the population. Those souls represent millions of potential customers for manufactured housing. The evidence, direct and indirect, that manufactured housing ought to be soaring instead of snoring is abundant. By implication, that evidence stands as an indictment of MHI’s board and senior staff. Independent community owner/operator David Roden, with obvious ties to SECO, directly asked MHI why they aren’t properly promoting the industry (see the reports linked below for the specifics).
18) Flagship Communities REIT, linked to prominent MHI member Nathan Smith (a former MHI chairman), made it clear that meetings and events were occasions for doing ‘off market deals.’ So, besides MHI meetings being a profit center for MHI, besides giving MHI an aura of working for smaller firms and not just consolidators, there also appears to be clear evidence that meetings are deal making occasions.
19) Looking at the evidence, Strommen came to the conclusion that MHI and key members were violating in a “felony” antitrust violation. Given that fact-backed premise asserted by Strommen, that has been a pattern underway for much of the 21st century. To learn more, see the linked and related reports. ##
Part III – Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.
This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report at the closing bell, so that investors can see-at-glance the type of topics may have influenced other investors. Our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines for a more balanced report.
The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.
In minutes a day, readers can get a good sense of significant or major events while keeping up with the trends that may be impacting manufactured housing connected investing.
Headlines from left-of-center CNN Business – 6.25.2024
- Tesla is recalling the Cybertruck again, this time because a piece can fly off
- A piece of equipment with the Nvidia logo seen in Taipei, Taiwan, in June 2024.
- Nvidia shares rebound after steep sell-off
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- Americans felt shakier about the economy in June
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- “Inflation in the US remains elevated and I still see a number of upside inflation risks that affect my outlook,” Bowman said at an event hosted by the Policy Exchange think tank in London.
- Fed officials are talking down the chance of rate cut this year
- Cars sit on a Chevrolet dealership’s lot on June 20, 2024 in Chicago, Illinois. A cyber attack on CDK Global, a software provider that helps dealerships manage sales and service, has crippled the workflow at approximately 15,000 dealerships across the United States and Canada.
- ‘Months to correct, if not years’: Car dealerships and customers feel the impact as CDK outage drags on
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- Travelers could see higher fares, fewer available seats as Airbus cuts number of planes it expects to make this year
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Headlines from right-of-center Newsmax – 6.25.2024
- VP Candidate J.D. Vance
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- Hezbollah, Iranian-Backed Group That Could Go to All-Out War
- Setback for Talks, Worries of War for Israel, Lebanon Escalate
- 7 Survivors Sue UNRWA
- Experts Say Gaza at ‘High Risk’ of Famine
- EU Agrees to More Sanctions on Hamas, Violent Israeli Settlers
- Netanyahu: Won’t Agree to a Deal That Ends Gaza War
- Netanyahu: Winding Down Gaza Operations; Lebanon Next?
- Newsmax TV
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- Col. Kedar: U.S. Needs to Deter ‘Iranian Octopus’ | video
- Newsfront
- Julian Assange Stops on His Way to US – and Freedom
- A plane carrying WikiLeaks founder Julian Assange departed Bangkok after refueling Tuesday, taking him to Saipan to enter a plea deal with the U.S. government that will free him and resolve the long legal case over the publication of a trove of classified documents…. [Full Story]
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- More Newsfront
- Finance
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- Rasmussen Poll: 59% Expect Full Social Security
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2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.
====================================
Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other manufactured housing professional services, click here.
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- Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
- Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
- Note 3:
APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities, KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 (on 5.22.2024) and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but in fairness CNN and Fox sites get more much more total traffic). Statistics – Data – Infographics – Research – Facts – Evidence – Trends – and manufactured housing industry expert Analysis make us and keep us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.
