Business News
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- Written by: Lake County News Reports
That figure was down from 73 percent in the third quarter and 75 percent from a year earlier.
The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio.
That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below).
“Home prices rose across the country by 9 percent year-over-year in the fourth quarter of 2019, and the typical home remained a financial stretch for average wage earners. However, homes were actually a bit more affordable because of declining mortgage rates combined with rising pay to overcome the continued price run-up,” said Todd Teta, chief product officer with ATTOM Data Solutions. “As long as people are earning more money and shelling out less to pay off home loans, the market should remain strong with prices continuing to rise, at least in the near term. Those are big ifs, but for now this report offers some decent findings for both home seekers and home sellers.”
The largest populated counties where a median-priced home in the fourth quarter of 2019 was not affordable for average wage earners included Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL.
The 142 counties (29 percent of the 486 counties analyzed) where a median-priced home in the fourth quarter of 2019 was affordable for average wage earners included Cook County (Chicago) IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA and Cuyahoga County (Cleveland), OH.
Home price appreciation outpacing wage growth in 76 percent of markets
Home price appreciation outpaced average weekly wage growth in 369 of the 486 counties analyzed in the report (76 percent), with the largest counties including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; and San Diego County, CA.
Average annualized wage growth outpaced home price appreciation in 117 of the 486 counties (24 percent), including Orange County, CA (outside Los Angeles); Miami-Dade County, FL; Kings County (Brooklyn), NY; Queens County, NY and Santa Clara County (San Jose), CA.
At least 30 percent of wages needed to buy a home in two-thirds of markets
Among the 486 counties analyzed in the report, 311 (64 percent) required at least 30 percent of their annualized weekly wages to buy a home in the fourth quarter of 2019. Those counties that required the greatest percent included Marin County, CA (outside San Francisco) (111.2 percent of annualized weekly wages needed to buy a home); Kings County (Brooklyn), NY (103.6 percent); Santa Cruz County, CA, (outside San Jose) (103 percent); Monterey County, CA, (outside San Francisco) (88 percent) and Maui County, HI (84.9 percent).
A total of 175 counties in the report (36 percent) required less than 30 percent of their annualized weekly wages to buy a home in the fourth quarter of 2019. Those counties that required the smallest percent included Baltimore City/County, MD (11.2 percent of annualized weekly wages needed to buy a home); Bibb County (Macon), GA (12.4 percent); Rock Island County (Davenport), IL (14.4 percent); Wayne County (Detroit), MI (15.2 percent) and Richmond County (Augusta), GA (15.2 percent).
Fifty-three percent of markets more affordable than historic averages
Among the 486 counties in the report, 256 (53 percent) were more affordable than their historic affordability averages in the fourth quarter of 2019, up from 48 percent in the third quarter of 2019 and 29 percent from the fourth quarter of 2018.
Counties with at least 1 million people that were more affordable than their historic averages (indexes of at least 100 are considered more affordable compared to their historic averages) included Cook County (Chicago), IL (index of 119); Montgomery County, MD (outside Washington, D.C.) (118); New York County (Manhattan), NY (118); Suffolk County, NY (outside New York City) (114); and Fairfax County, VA (outside Washington, D.C.) (111).
Counties with the highest affordability indexes were Fairfield County, CT (outside New Haven) (index of 137); Baltimore City/County, MD (135); Lake County, IL (outside Chicago) (135); Onslow County (Jacksonville), NC (134) and Atlantic County (Atlantic City), NJ (131).
Counties with at least 1 million people that saw the biggest annual improvement in their affordability indexes included New York County (Manhattan), NY (index up 33 percent); Kings County (Brooklyn), NY (up 20 percent); Middlesex County, MA (outside Boston) (up 14 percent); Santa Clara County (San Jose), CA (up 13 percent) and Orange County, CA (outside Los Angeles) (up 11 percent).
The biggest annual gains among other counties included Butte County, CA (north of Sacramento) (index up 39 percent); Bay County (Panama City), FL (up 26 percent); Florence County, SC (up 26 percent); Cecil County, MD (outside Wilmington, DE) (up 23 percent) and Bristol County, MA (outside Providence, RI) (up 21 percent).
Forty-seven percent of markets less affordable than historic averages
Among the 486 counties analyzed in the report, 230 (47 percent) were less affordable than their historic affordability averages in the fourth quarter of 2019, down from 52 percent of counties in the previous quarter and 71 percent of counties in the fourth quarter of 2018.
Counties with a population greater than 1 million that were less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to their historic averages) included Wayne County (Detroit), MI (index of 78); Tarrant County (Fort Worth), TX (83); Dallas County, TX (85); Oakland County, MI (outside Detroit) (86) and Travis County (Austin), TX (88).
Counties with the lowest affordability indexes were Vanderburgh County (Evansville), IN (index of 69); Genessee County (Flint), MI (72); Canyon County (Nampa), ID (74); Benton County (Kennewick), WA (76) and Blount County, TN (outside Knoxville) (77).
Among the counties with at least 1 million people, none saw their annual affordability indexes get worse. Counties that did see the biggest year-over-year fallback in their affordability indexes included Saint Louis County, MO (index down 16 percent); Jefferson County (Watertown), NY (down 16 percent); Saint Louis City/County, MO (down 15 percent); Jasper County (Joplin), MO (down 12 percent) and Saint Clair County, MI (outside Detroit) (down 10 percent).
The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 486 U.S. counties with a combined population of 235.2 million.
The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3 percent down payment, including property taxes, home insurance and mortgage insurance.
Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments.
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- Written by: California Department of Food and Agriculture
Each of the projects received strong support from commodities which could be affected by invasive pests.
A review committee composed of scientists from the U.S. Department of Agriculture, University of California, state government and private pest control advisors scored the proposals and made recommendations to CDFA.
Each of the following projects will last three years:
• Project leaders Dr. Mark Hoddle and Dr. Jocelyn Millar of the University of California, Riverside, will receive $348,893 for “Proactive Management of Avocado Seed and Stem Feeding Weevils, Heilipus spp. (Coleoptera: Curculionidae: Molytinae).” This project will develop pheromones, identify natural enemies in the host range, and quantify flight capacity of the avocado seed weevils. Native to Mexico and invasive in Ecuador, these weevils feed directly on avocados and could cause substantial damage to the California avocado industry. The California Avocado Commission pledged an additional $150,000 to support this project, a testament to their concern over this pest. The work will be conducted mainly at UC Riverside and in Mexico.
• Project leader Dr. Ian Grettenberger and his research collaborators from the University of California, Davis, will receive $499,847 for “A proactive approach to prepare for the invasion of Tuta absoluta into California.” T. absoluta, a tomato leafminer, is a serious pest throughout Europe, Africa, western Asia and South and Central America and could decimate California’s tomato industry. This project will proactively test targeted insecticides, identify native natural enemies that could be used in biological control, and conduct work to assist in breeding plants resistant to this pest. This project will be conducted at UC Davis, throughout California, and in Chile and Peru.
• Project leaders Dr. Alejandro Del Pozo-Valdivia, Dr. Ian Grettenberger and Dr. Daniel Hasegawa of the University of California, Division of Agriculture and Natural Resources, will receive $261,543 for “Detection, biology and control of the exotic Swede midge (Contarinia nasturtii) for California cole crops.” Swede midge is a pest of cole crops in the Northeastern U.S. and Canada and could cause significant management issues for California’s large cole crop industry. This project will collect important information about the biology of Swede midge, test low impact insecticides and botanical products as options for control, assess the possibility of weeds as alternative hosts, and work with growers to start monitoring for the pest. This project will be conducted mainly at UC Davis and in the Salinas Valley.
The goal of the Proactive IPM Solutions grant program is to anticipate which exotic pests are likely to arrive in California and to identify and test IPM strategies that can be rapidly implemented if the pests become established in California.
CDFA is responsible for preventing and mitigating invasive pests in California. Techniques resulting from the Proactive IPM Solutions Program will allow for rapid deployment of future management plans.
Detailed information on this program, including the application process and application requirements, is available at https://www.cdfa.ca.gov/oefi/opca/proactive-ipm.html.
Funding for this grant program was allocated to CDFA’s Office of Pesticide Consultation and Analysis, or OPCA, to help California’s farmers transition away from the insecticide chlorpyrifos.
OPCA provides consultation to the California Department of Pesticide Regulation on pesticide regulatory matters with a focus on potential pesticide regulatory impacts and pest management alternatives that may mitigate or prevent such impacts on production agriculture.
OPCA staff are also involved in other projects relating to pesticide use and alternatives.
Information on the Office of Pesticide Consultation and Analysis is available at: https://www.cdfa.ca.gov/oefi/opca/.
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- Written by: California Department of Fish and Wildlife
All three agencies will be participating in two roundtable discussions and hosting an information table with cannabis-permitting materials, wildlife-friendly literature and a suggestion box.
"We are thrilled to be participating in this event," said Jennifer Nguyen, CDFW's acting Cannabis Program Director. "Our cannabis permitting team along with our sister state agencies will be speaking on two panels, connecting and listening to the cultivator community and sharing wildlife-friendly practices."
Roundtable topics and times:
Saturday, Dec. 14, from 11:15 a.m. to 12 p.m.
Regulator to Cultivator: Keeping an Open Dialogue
State agencies, cultivators and industry stakeholders all have an investment in today's cannabis market. Keeping the lines of communication open during California's historic transition to a regulated commercial cannabis market is crucial. While a regulated market offers many new and exciting opportunities for California's cannabis industry, there are also many challenges to work through by engaging in conversations and receiving feedback from each other.
Saturday, Dec. 14, from 1 to 1:45 p.m.
Environmentally Friendly Cannabis: What Industry Experts Have to Say
With the passage of Proposition 64, thousands of new cultivators are entering the regulated cannabis market. Many are unaware that seemingly harmless farming activities can have big impacts to the environment. Learn more about the state's role in protecting California's natural resources and how some traditional cultivators are raising the bar with their wildlife-friendly practices.
Please note, times are subject to change based on conference schedule adjustments.
Cannabis cultivators with questions can always email CDFW at
Learn more about the Emerald Cup at http://theemeraldcup.com.
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- Written by: Elizabeth Larson
Johansson spoke Monday during the 101st CFBF Annual Meeting in Monterey.
Noting the recent 75th anniversary of the D-Day invasion that led to the end of World War II, Johansson pointed to the crucial role farmers and ranchers had played in the immediate aftermath of the war.
“When it came time to rebuild the world, re-establish stability, agriculture was where they turned,” he said, adding that scientific and technological advancements had made that possible.
“We have succeeded because agriculture has defended the change science has brought, and adopted it and adapted to it, in the last 75 years,” he said. “The challenge before Farm Bureau now is defending the science on our farms.”
Johansson noted Gov. Gavin Newsom’s veto this year of Senate Bill 1, which sought to preserve state environmental and labor standards from federal changes initiated by the Trump administration.
“We’re not going to freeze the science,” he said. “We’re going to move our science forward.”
Johansson expressed optimism about a planned House of Representatives vote this week on the Farm Workforce Modernization Act, which would address short- and long-term shortages of agricultural employees, and urged the House to vote before the end of the year on the U.S.-Mexico-Canada Agreement on trade.
He counseled farm groups to work together in assuring production of nutritious food products.
“It’s not about whether you eat an organic carrot or a conventional carrot. It’s about eating the carrot and not the Cheeto,” he said.
Johansson said Farm Bureau would maintain the active advocacy that drew farmers and ranchers to the organization.
“At the core of what makes a California Farm Bureau member is not an individual who accepts the current politics of our state and nation, but an individual who wants to change the politics and the direction of our state and our country,” he said.
The California Farm Bureau Federation works to protect family farms and ranches on behalf of nearly 34,000 members statewide and as part of a nationwide network of nearly 5.6 million Farm Bureau members.
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