Units by Year Acquired
Why is this important?
Data indicating when owner-occupied housing units were acquired may reveal trends about a community’s housing context when considered along with other market and demographic trends. A high percentage of units acquired during times of population growth may indicate a strong housing market with high demand from new residents. Periods of high home acquisition may also indicate broader market trends where lower interest rates make homeownership more accessible. New households are created during periods of economic strength when individuals are confident in their financing ability to live alone, increasing demand for housing units [i]. More housing supply on the market, including both new units and a high number of listings, may also correlate to periods of high home acquisition.
Existing homeowners may additionally move on to purchase other more expensive homes during robust market periods as a result of equity generated from appreciation; housing mobility may be high during these periods. Alternatively, a high proportion of housing units acquired in the past may indicate stable housing with a potentially aging population, or a community where incomes are not rising to support upward mobility.
[i] Lehner, Josh. “Oregon Household Formation and Housing Outlook.” Oregon Office of Economic Analysis. 20 June 2017. Web. 28 June 2017 https://oregoneconomicanalysis.com/2017/06/20/oregon-household-formation-and-housing-outlook/