Congressional District Report

Congressional District Report For the 115th Congress Texas District 3 Honorable Sam Johnson (R) May 2017 Report National Association of REALTORS® 03 EFTA00307737 Congressional District Report For the 115th Congress Congressional Districts of the State of Texas ‘ToZ;T.7.,u Mtn, /44-.4 • EFTA00307738 Congressional District Report For the 115th Congress This report presents the most recent and relevant data at the District and State levels in support of the goal of the National Association of REALTOR? to sustain and strengthen home ownership. For many people, home ownership is the achievement of the American dream. From a policy perspective, home ownership is one of the most effective ways to reduce wealth and income disparity; home values provide the largest source of net worth for many Americans. Home ownership also brings tremendous social and economic benefits by encouraging the formation of stable and responsible neighborhoods.' Financial Benefits of Home Ownership 300 200 100 0 1989 1992 1995 1998 2001 2004 2007 2010 2013 Source: Federal Reserve Board, Survey of Consumer Finances 181.3 Median Family Net Worth (Thousands, in 2013 Dollars) ei Homeowner ■ Renter 263.7 160.6 158.1 3.5'5.3 226.6 227.8 188.9 187 195.4 5.4 Real estate, demographic, and economic data are presented to provide information about the status of home ownership, trends in the real estate market, and the economic conditions that underlie the demand for housing. Additional information on housing statistics is available at Information about the political advocacy of the National Association of REALTORS' is available at http://www.nar.realtor/political-advocacv 1/ "Social Benefits of Homeownership and Stable Housing", National Association of REALTORS°, December 2016, https://realtoru.edu/wp-content/uploads/2014/06/Homeownership-Stable-Housing.pdf EFTA00307739 HOUSING STATISTICS FOR THE 115TH CONGRESS Texas District 3 ai National Association of REALTORS District Level Information Honorable Sam Johnson (R) Homeownership in 20151 Total Housing Units 305,681 Occupied Housing Units 292,431 Owner Occupied Units 188,385 With Mortgage 135,637 Without Mortgage 52,748 Renter Occupied Units 104,046 Vacant Units 13,250 66.0% 64.0% 62.0% 60.0% 58.0% Homeownership Rate 64.4% 61.0% 63.6% District 03 TX U.S. Source: District-level data bat of 2015 WS 2015). State and U.S. data are n of 2017Q1 (CPS/1M surveys). FIX districts at.lafge, the annual and quarterly estimates will differ. Median Income, Owner Cost, and Rent in 20152 All Households Median Income $86,565 Owner Cost or Rent; Percent of Median Income Owner Occupied Units $111,599 $1,687 18% With Mortgage $121,440 $2,018 20% Without Mortgage $84,937 $768 11% Renter Occupied Units $53,571 $1,200 27% Median Value of Owner Occupied Unit $271,100 Employment in 20154 Civilian Labor Force, 16 yrs and over 441,842 Labor Force Participation Rate 70.5% Number of Unemployed 16,256 Employment, by Type 0.1% 9.5% ■ Private Wage & Salary ■ Government Self-Employed ■ Unpaid 6.0% 5.0% it 4.0% i 3.0%- 2.0% 1.0% 0.0% Unemployment Rate 4.9% 3.7% 4.7% District 03 TX U.S. Source: District-leveldata is as of 2015 (MS 2015). State and U.S. data are as of 2017W (845). for districts at-large, the annual and quarterly estimates will differ. EFTA00307740 HOUSING STATISTICS FOR THE 115TH CONGRESS Texas District 3 National Association of REALTORS® Mortgage Originations in 20155 Home Purchase First-Lien Loans for 1- to 4-Family Properties Conventional FHA-insured VA-guaranteed FSA/RHS-guaranteed All Number of Loans 2013 2014 2015 9,934 10,074 10,005 2,334 1,736 1,882 637 413 417 3 1 1 12,908 12,225 12,305 Change (%) Share (%) 2014-2015 2015 -0.7% 81% 8.4% 15% 0.9% 3% -14.2% 0% 0.7% 100% Median Income of Applicants for Home Purchase First-Lien Loans for 1- to 4-Family Properties Conventional FHA-insured VA-guaranteed FSA/RHS-guaranteed Median Income 2013 2014 2015 $112,201 $113,023 $115,683 $69,583 $70,612 $72,340 $90,087 $93,937 $97,841 $61,648 $75,899 $65,001 Change (%) 2013-2014 2014-2015 0.7% 2.4% 1.5% 2.4% 4.3% 4.2% 23.1% -14.4% Median Loan Amount for Home Purchase First-Lien Loans for 1- to 4-Family Properties Conventional FHA-insured VA-guaranteed FSA/RHS-guaranteed Median Loan Amount Loan-to-Income Ratio 2013 2014 2015 2013 2014 2015 $219,019 $231,573 $250,868 2.0 2.0 2.2 $175,505 $178,443 $199,654 2.5 2.5 2.8 $235,534 $247,275 $272,266 2.6 2.6 2.8 $209,373 $219,245 $225,000 3.4 2.9 3.5 Loan Purpose of First-Lien Loans for 1- to 4-Family Properties Number and Distribution of Mortgage Originations By Loan Purpose in 2014 6,483, 34 12,418, 305, 1% 65% • Home Purchase • Home Improvement Refinance Number and Distribution of Mortgage Originations By Loan Purpose in 2015 10,179, 44% 488 , 2% — Home Purchase ni Home Improvement Refinance 12,471, 54% EFTA00307741 HOUSING STATISTICS FOR THE 115TH CONGRESS Texas District 3 03 National Association of REALTORS® Home Purchase First-Lien Loans for 1- to 4-Family Properties by Race and Ethnicity° Percent Distribution By Race 2013 2014 2015 2013 2015 American Indian/Alaskan Native 56 53 57 0.4% 0.5% Asian 2,372 2,638 2,933 18.5% 23.8% Black or African American 545 593 660 4.3% 5.4% Native Hawaiian/Pacific Islander 31 39 36 0.2% 0.3% White 8,629 7,812 7,451 67.5% 60.4% Information Not Provided 1,156 1,153 1,196 9.0% 9.7% Total 12,789 12,289 12,333 100.0% 100.0% By Ethnicity Hispanic 1,018 1,017 1,068 8.0% 8.7% Non-Hispanic 10,629 10,158 10,116 83.1% 82.0% Information Not Provided 1,140 1,113 1,147 8.9% 9.3% Total 12,788 12,289 12,331 100.0% 100.0% Sources/Notes: /1 Sources: Census Bureau, American Community Survey, 2015, 1.year Estimates, Table DP04; Census Bureau Housing Vacancy Surveys (CPS/HVS). /2 Source: Census Bureau, American Community Survey, 2015,1-year Estimates. Median income data are from Table 925119, Table 52506, and Table 52507. Owner cost and rent data are from Table DP04 and Table 825088. Median value of ownewoccupled units data are from Table DP04. /3 U.S Census Bureau calculates selected monthly owner cost as the sum of payment for mortgages, real estate taxes, various Insurance, utilities, fuels, mobile home costs, and condominium fees. Gross rent Includes contract rent, utilities, and fuels. /4 Sources: Census Bureau, American Community Survey, 2015, 1-year Estimates, Table DP03; Bureau of tabor Statistics. /5 Source: Federal Financial Insitutions and Examination Council (FFIEC) Home Mortgage Disclosure Act (HMDA) Loan Application Register (tAR) data. NAR converts the HMDA data at the census tract level into congressional district level data using allocation factors generated from the Missouri Census Data Center Mable/Geocorr 12 Geographic Correspondence Engine which allocates the 2010 Census housing units data at the census tract level to the boundaries of the 113th Congressional Districts (CD). Boundaries for the 114th and 115th Congressional Districts are the same as the 113th Congressional Districts. NAR's use of the 2010 Census housing units in generating the allocation factors is consistent with FRECs use of the 2010 American Community Survey 5-year estimates when reporting demographic and social data from 2012-2016. For the next 5ryear period, 2017-2021, FFIEC will use the 2015 ACS 5-year Estimates. See https://www.ffiec.gcry/press/Pr101911_ACS.htm. Only financial institutions that meet asset threshold levels are required to submit reports to FFIEC. See https://www.ffiec.gov/hmda/history2.htm. /6 Race and ethnicity of Applicant 1. EFTA00307742 HOUSING STATISTICS FOR THE 115TH CONGRESS National Association of Texas REALTORS® State Level Information Honorable John Cornyn (R) Honorable Ted Cruz (R) Homeownership in 20152 Total Housing Units 10,588,236 Occupied Housing Units 9,421,412 Owner Occupied Units 5,752,826 With Mortgage 3,334,400 Without Mortagage 2,418,426 Renter Occupied Units 3,668,586 Vacant Units 1,166,824 Median Household Income $55,653 For Owner Occupied $71,728 For Renter Occupied $37,159 Median Value of Home $152,000 Selected Monthly Owner Costs3 Owned With Mortgage $1,453 Owned Without Mortgage $2,418,426 Renter Occupied (Rent) $932 Homeownership Rate By Race' All races 61.0% Hispanic (ethnicity) 55.7% White Alone 65.4% Black Alone 40.1% Alaskan Native/Amer. Indian 55.9% Asian Alone 59.7% Native Hawaiian/Pacific Is. 37.4% Some Other Race Alone 52.4% Two or More Races 51.1% Homeownership Rate as of 2017 Q12 75 65 55 45 35 TX US 61.0 63.6 Homeownership Rate ( in%) -TX —U.S. 7.--•••••Ne- O (8 9 en ce 9 0 0 0 0 0 2' 111 M Q N t•I °act a ct act:sac:ciao Cr O a a Cf Source: Census Bureau. CP5/HVS Unemployment Rate as of 2017 Q1 12.0 10.0 8.0 6.0 4.0 2.0 0.0 TX U.S. 4.9 4.7 Unemployment Rate -TX U.S. 8 8 0' 8 'es • • • • • • • • ,--„ - r, kg. cio ill 0 •-I IN en get V, 4eD 9 ...... CI °CC CI Cr C/ C/ Cf CI CJ C/ Cf CI a Source: Bureau of Labor Statistics /1 Sources of data : ACS 2015 (1-yr) Tables DP04,825119, B25103, 825090, 825003, 52506,52507. /2 The U.S. and state quarterly figures are from the Census Bureau's Housing Vacancies and Homeownership survey (CPS/HVS). /3 Selected monthly owner cost is the sum of payment for mortgages, real estate taxes, various insurance, utilities, fuels, mobile home costs, and condominium fees. Gross rent Includes contract rent, utilities, and fuels. /4 Not Available l e . ) because there is no reported race group In that state based on the ACS data. EFTA00307743 HOUSING STATISTICS FOR THE 115TH CONGRESS Texas Mortgages in Foreclosure as of 2016 Q4 70 .2 60 50 p_ 40 30 20 10 Foreclosure Inventory, End of Quarter 5.0 4.0 • 3.0 2.0 1.0 1111111. 0.0 m i oo N W 0 m m 8 o 0 ..... ra e'd CI O `6 fa ea 'a Source of data: Haver/MBA National Association of REALTORS® TX 0.81 U.S. 1.53 Percent of Loans In Foreclosure Inventory TX -U.S. „ ,,,,,,,,,, „ 0 el ea Crl d M1 b r, co 8 e, r, CV CO ct u1 WD 0 0 0 0 0 0 0 0 a a cs a a a ciao cr cacao' Cr O Source of data: Haver/MBA Home Purchase First-lien Loans for 1- to 4-Family Units by Type of Loan as of 20155 400,000 300,000 200,000 100,000 Conventional Loans IZ 0 el N 0, el el 0 0 0 0 N N N en et in rt 0 0 0 N N N 100% 100,000 80% 80,000 60% 60,000 40% 40,000 20% 20,000 0% ea Number of Loans —Share to Total Loans Source of data: HMDA-LAR 30,000 25,000 20,000 15,000 10,000 5,000 VA-Guaranteed Loans N IN CO 0 0$ 0 0 0 0 CNI N CC N 0 N 0 0 N 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% FHA-Insured Loans I § co 0 er rn a el el el 0 0 0 0 CC IN N IN IN IN N N 0 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% war Number of Loans —Share to Total Loans Source of data: HMO/I.-1AR 8,000 6,000 4,000 2,000 FSA/RHS Loans 0 N 0 N Ol a o 0 0 0 0 0 0 0 N N N N a Number of Loans —Share to Total Loans sea Number of Loans —Share to Total Loans Source of data: HMDA-LAR Source of data: HMDA-IAR /5 Source: NAR tabulation of HMOA Loan Application Register (tAR) data. Some data may not be available for the state. 4.0% 3.0% 2.0% 1.0% 0.0% EFTA00307744 HOUSING STATISTICS FOR THE 115TH CONGRESS rn National Association of Texas 43 REALTORS® Number of Home Purchase Loans for 1- to 4- Family Units 500 In ro 400 3 0 ,c 300 200 100 0 E 28 28 § § IN — N IN N Source of data: HMDA-LAR Of 10 in 0 N CV IN N N 100% 50% 0% Home Purchase, Refinancing, and Home Improvement Loans for 1- to 4-Family Units 0 0 0 0 0 0 N N N N N 01 a n vt • Purchase • Refinancing Home Improvement Source of data: HMDA-IAR Home Purchase Loans Originated by Income of Household in 20156 Average Applicant Income and Loan Amount, 2015 Lower Income Households Middle Income Households Higher Income Households Avg. Income $41,000 $66,000 $163,000 Number of Loans and Percent Distribution by Income Group 2005 Share (%) 2015 Share (%) Lower Income Households 93,505 24% 49,585 17% Middle Income Households 101,092 26% 65,333 23% Higher Income Households 191,986 50% 171,445 60% Avg. Loan Amount $129,447 $173,340 $276,098 uR 0 Number of Home Purchase Loans or 1- to 4-Family Units By Income Level of Applicant 500 400 300 200 ( 100 § n8 § § ° N IN IN 0 IN IN 0 • High Income • Middle income N rn 0 0 IN Low income N source of data: HMDA-LAR /6 Source: NAR tabulation of HMDA Loan Application Register (LAR) data. Low income appkants were defined as those with incomes less than 80 percent of the median family Income of the metropolitan statistical area (MSA) where the census tract is located. High income applicants are those with incomes above 120% of the median family income. Middle income applicants are those with incomes from 80% to 120% of the median family income. EFTA00307745 HOUSING STATISTICS FOR THE 115TH CONGRESS Texas National Association of REALTORS® Home Purchase Mortgage Loans Originated in 2015, by Race of Main Applicant' Thousands 500 400 300 200 100 Number of Home Purchase First-lien Loans for 1- to 4-Family Units By Race NE INN a NIB IMO 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 : Amer. Indian/Alaska Native ■ Asian la Black or African American _ Native Hawaiian/Pacific Is. White ■ Information not provided Source: HMDA-LAR. For First lien, one -to-four family units, by race of Applicant 1. Number of Loans and Percent Distribution by Race and Ethnicity of Applicant, 2005 vs. 2015 2005 Share (%) 2015 Share (%) Amer. Indian/Alaska Native 3,479 0.9% 1714 0.6% Asian 19,250 4.8% 23967 7.8% Black or African American 35,758 8.9% 19523 6.3% Native Hawaiian/Pacific Is. 1,985 0.5% 988 0.3% White 302,983 75.6% 234687 76.1% Information not provided 37,123 9.3% 27622 9.0% Total, by race 400,578 100% 308,501 100% Hispanic/Latino 85,009 21.3% 60317 19.6% Not Hispanic/Latino 277,701 69.5% 221709 71.9% Information not provided 37,126 9.3% 26433 8.6% Total, by ethnicity 399,836 100% 308,459 100.0% /7 Race is alone or in combination with other races. Totals for race and ethnicity may not equal. Count excludes 'Not applicable responses. EFTA00307746