Why is this important?

How income levels affect rates of home ownership is an indicator of housing affordability and security within Spokane County. For most U.S. families, the home is the greatest asset in their portfolio. A recent study commissioned by the Consumer Federation of America and Fannie Mae concluded that homeownership is the main path to wealth and housing security for lower-income and minority Americans.

This indicator illustrates how home ownership rates in Spokane County vary by two different income brackets: those households with incomes above $35,000 and those below that threshold. A community with high home ownership rates usually exhibits different socio-economic indicators than a community with low home ownership rates. It is important for community leaders to be aware of how income distribution affects local families and the community in general.

Where are we?

In 2011, the homeownership rate in Spokane County for households whose income was $35,000 or more was 79.4%, increasing 4.1 percentage points since 2000, when the series began. County homeownership rates for those households earning less than $35,000 was much lower. In 2011, this group had a homeownership rate of 40.3%. This represents a relative decrease of 4.1 percentage points since 2000.

In Washington State, those with household incomes of $35,000 or more had a homeownership rate of 72.7%, down 2.1 percentage points since 2000, while those with household incomes of less than $35,000 had a homeownership rate of 40.1%. In the United States, 75.3% of households who are homeowners had incomes $35,000 or more, showing a drop of 1.5 percentage points since 2000. Households with incomes less than $35,000 within the United States had a homeownership rate of 45.2%. This is a drop of 4.5 percentage points since 2000.

The U.S. had the highest rate of households with income less than $35,000, at 45.2%. Spokane County had the highest rate of households with an income of $35,000 or higher, at 79.4%.

http://www.communityindicators.ewu.edu/graph.cfm?id=239