Thursday, August 14, 2014

Austin versus Akron

From the August 13th Financial Times - Battle Scars: US Housing (An improvement in the sector is crucial to economic recovery but is being jeopardized by a weak jobs market and wary buyers):

Austin

"Home sales jumped almost 20 percent in 2013 compared with the previous year while average prices increased almost 10 percent to above $200,000, according to the Austin Board of Realtors.  Some worry that Austin will tread the same path as New York or San Francisco, where affordable housing is in short supply."  Median home price/annual income - $200,000/$47,000.  Employment since 2000 - +21%.

Akron

""You don't build houses in the city if there aren't any jobs or if confidence isn't there.  It's as simple as that," says Carmine Torio of a regional housebuilders' association.  "The number of young families are not forming like they used to."  Median home price/annual income - $87,000/$32,000.  Employment since 2000 - -16%.

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