Immigration and the New Jersey Housing Market …...Immigration and the New Jersey Housing Market...
Transcript of Immigration and the New Jersey Housing Market …...Immigration and the New Jersey Housing Market...
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Immigration and the New Jersey Housing Market
2001-2010
Report Prepared for the
New Jersey Association of REALTORS®
Governmental Research Foundation
By
Richard W. Martin
Associate Professor of Real Estate
Terry College of Business
University of Georgia
September 2012
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Table 1
Household Counts
Household Counts Citizen, Non-Movers Noncitizen, Moved to NJ More Than One Year Ago Noncitizen, Moved to NJ From Abroad During Past Year
2001 11,649 1,054 11
2002 10,346 924 16
2003 11,595 1,099 84
2004 11,511 1,060 69
2005 30,937 2,752 213
2006 32,420 3,020 229
2007 32,905 3,072 189
2008 33,042 3,101 207
2009 33,452 3,199 175
2010 33,529 3,279 212
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Table 2
Country of Origin for New Immigrant Households
Country of Origin 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total Share
India 17 5 6 8 27 34 41 41 35 39 253 16.16%
Mexico 9 2 2 4 17 12 14 5 13 11 89 5.68%
South America, Not Specified 6 11 9 0 7 15 4 17 9 9 87 5.56%
South Korea 5 7 5 3 9 12 5 5 11 17 79 5.04%
China, Hong Kong, and Paricel Islands 6 0 4 0 14 14 7 10 9 11 75 4.79%
Dominican Republic 2 4 1 5 6 6 4 6 14 22 70 4.47%
Philippines 6 0 4 5 15 9 7 11 5 2 64 4.09%
Brazil 4 2 3 4 9 8 5 11 3 6 55 3.51%
Germany 1 3 4 2 11 7 9 5 8 3 53 3.38%
Japan 0 1 2 3 6 10 3 12 2 2 41 2.62%
Colombia 6 3 1 1 6 5 4 5 7 3 41 2.62%
Canada 0 0 3 2 5 6 6 7 4 4 37 2.36%
Central America, Not Specified 3 1 1 5 5 6 3 1 3 6 34 2.17%
South Central Asia or Asia, Not Specified 0 0 0 0 4 5 3 9 6 6 33 2.11%
Guatemala 1 0 1 1 4 9 6 6 2 2 32 2.04%
Jamaica 2 1 1 0 11 1 3 4 4 5 32 2.04%
United Kingdom 7 2 3 1 3 8 1 3 1 2 31 1.98%
Eastern Europe, Not Specified 5 3 0 0 4 5 5 2 2 4 30 1.92%
Northern Africa, Not Specified 1 2 4 2 2 5 2 5 4 1 28 1.79%
Western Africa, Not Specified 3 1 0 0 4 7 3 1 4 5 28 1.79%
Caribbean and North America, Not Specified 0 1 0 1 6 2 6 5 2 4 27 1.72%
Western Asia, Not Specified 0 1 2 1 3 4 1 6 4 1 23 1.47%
Poland 1 0 3 1 7 4 2 0 1 2 21 1.34%
Other Europe, Not Specified 3 2 0 0 1 3 6 0 3 3 21 1.34%
Northern Europe, Not Specified 1 2 4 1 0 2 2 3 1 3 19 1.21%
El Salvador 0 2 4 1 3 2 4 2 0 1 19 1.21%
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France 0 1 1 0 4 1 4 1 1 5 18 1.15%
Peru 0 0 0 0 2 1 5 4 2 4 18 1.15%
Russia 1 2 1 2 1 2 1 3 2 2 17 1.09%
Israel 1 4 0 1 0 7 1 0 0 3 17 1.09%
Cuba 4 2 0 0 2 0 0 1 1 6 16 1.02%
Ukraine 2 1 0 2 1 2 2 2 0 2 14 0.89%
Vietnam 1 1 2 3 0 1 2 0 0 2 12 0.77%
Western Europe, Not Specified 1 0 1 0 3 0 2 1 1 2 11 0.70%
Taiwan 0 0 2 1 2 0 4 1 1 0 11 0.70%
Australia 0 1 0 0 2 1 3 2 2 0 11 0.70%
England 0 0 0 0 0 3 0 2 3 2 10 0.64%
Eastern Asia, Not Specified 0 0 2 2 0 0 2 0 2 2 10 0.64%
Honduras 0 0 0 0 3 2 1 2 0 1 9 0.57%
Eastern Africa, Not Specified 0 0 0 2 1 2 1 1 0 2 9 0.57%
Africa 0 0 0 0 0 4 0 1 0 3 8 0.51%
Thailand 0 0 0 0 2 0 3 0 2 0 7 0.45%
Other Asia 3 4 0 0 0 0 0 0 0 0 7 0.45%
Ecuador 2 1 2 1 0 0 0 0 0 0 6 0.38%
Other Africa, Not Specified 0 0 0 0 1 0 0 2 1 2 6 0.38%
Italy 0 1 1 0 0 2 0 1 0 0 5 0.32%
Turkey 0 2 3 0 0 0 0 0 0 0 5 0.32%
Sweden 2 0 0 2 0 0 0 0 0 0 4 0.26%
Spain 1 1 0 0 0 0 0 0 0 0 2 0.13%
Other Southeast Asia 1 1 0 0 0 0 0 0 0 0 2 0.13%
Haiti 0 1 0 1 0 0 0 0 0 0 2 0.13%
South Africa 1 0 1 0 0 0 0 0 0 0 2 0.13%
Australia and New Zealand sub region, Not Specified, Oceania and At Sea 0 0 0 0 0 0 1 1 0 0 2 0.13%
Iraq 0 0 0 0 0 0 1 0 0 0 1 0.06%
Chile 0 0 0 1 0 0 0 0 0 0 1 0.06%
Venezuela 0 0 1 0 0 0 0 0 0 0 1 0.06%
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Table 3
Average Household Size by Group
(a)
Citizen
Non-Movers
(b)
Non-recent
Immigrants
(c)
New Immigrants
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 2.48 3.39 2.55 36.69% -24.78% 2.82%
2002 2.5 3.43 4.31 37.20% 25.66% 72.40%
2003 2.51 3.49 4.11 39.04% 17.77% 63.75%
2004 2.53 3.4 3.9 34.39% 14.71% 54.15%
2005 2.46 3.49 3.82 41.87% 9.46% 55.28%
2006 2.39 3.37 3.46 41.00% 2.67% 44.77%
2007 2.39 3.39 3.82 41.84% 12.68% 59.83%
2008 2.38 3.35 3.62 40.76% 8.06% 52.10%
2009 2.35 3.38 3.47 43.83% 2.66% 47.66%
2010 2.37 3.48 4.07 46.84% 16.95% 71.73%
Average 2.44 3.42 3.71 40.16% 8.48% 52.05%
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Table 4
Average Household Income by Group
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 $78,631 $75,915 $44,209 -3.45% -41.77% -43.78%
2002 $81,841 $78,162 $50,669 -4.50% -35.17% -38.09%
2003 $82,671 $78,125 $84,634 -5.50% 8.33% 2.37%
2004 $85,998 $79,495 $66,074 -7.56% -16.88% -23.17%
2005 $87,533 $79,480 $74,772 -9.20% -5.92% -14.58%
2006 $90,570 $82,291 $84,844 -9.14% 3.10% -6.32%
2007 $96,557 $89,519 $105,767 -7.29% 18.15% 9.54%
2008 $99,700 $91,667 $109,288 -8.06% 19.22% 9.62%
2009 $99,504 $88,990 $91,368 -10.57% 2.67% -8.18%
2010 $97,280 $86,262 $98,763 -11.33% 14.49% 1.52%
Average $90,029 $82,992 $81,039 -7.82% -2.35% -9.99%
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Table 5
Median Household Income by Group
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 $60,040 $59,075 $22,000 -1.61% -62.76% -63.36%
2002 $63,100 $62,000 $45,700 -1.74% -26.29% -27.58%
2003 $64,800 $62,000 $66,810 -4.32% 7.76% 3.10%
2004 $67,000 $61,000 $47,000 -8.96% -22.95% -29.85%
2005 $66,001 $60,000 $64,500 -9.09% 7.50% -2.27%
2006 $69,400 $63,000 $56,500 -9.22% -10.32% -18.59%
2007 $72,200 $67,000 $71,100 -7.20% 6.12% -1.52%
2008 $75,335 $66,550 $79,900 -11.66% 20.06% 6.06%
2009 $75,000 $68,600 $57,900 -8.53% -15.60% -22.80%
2010 $73,200 $65,020 $70,835 -11.17% 8.94% -3.23%
Average $68,608 $63,425 $58,225 -7.55% -8.20% -15.13%
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Table 6
Labor Force Participation Rate by Group
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 64.27% 68.72% 71.43% 6.92% 3.94% 11.14%
2002 64.38% 71.27% 41.18% 10.70% -42.22% -36.04%
2003 65.09% 67.45% 56.82% 3.63% -15.76% -12.71%
2004 64.45% 69.70% 39.66% 8.15% -43.10% -38.46%
2005 64.24% 70.63% 43.90% 9.95% -37.85% -31.66%
2006 64.99% 71.93% 54.71% 10.68% -23.94% -15.82%
2007 64.49% 70.90% 53.76% 9.94% -24.17% -16.64%
2008 66.40% 73.66% 60.63% 10.93% -17.69% -8.69%
2009 66.48% 72.79% 55.23% 9.49% -24.12% -16.92%
2010 66.04% 72.78% 58.29% 10.21% -19.91% -11.74%
Average 65.1% 71.0% 53.6% 9.06% -24.51% -17.67%
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Table 7
Unemployment Rate by Group
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 4.32% 6.18% 30.00% 43.06% 385.44% 594.44%
2002 5.82% 7.05% 0.00% 21.13% -100.00% -100.00%
2003 5.67% 8.42% 16.00% 48.50% 90.02% 182.19%
2004 5.34% 7.33% 8.70% 37.27% 18.69% 62.92%
2005 4.52% 6.41% 14.44% 41.81% 125.27% 219.47%
2006 4.30% 5.45% 17.21% 26.74% 215.78% 300.23%
2007 4.38% 5.88% 15.05% 34.25% 155.95% 243.61%
2008 4.21% 5.24% 10.45% 24.47% 99.43% 148.22%
2009 7.73% 9.56% 22.11% 23.67% 131.28% 186.03%
2010 8.95% 10.36% 18.70% 15.75% 80.50% 108.94%
Average 5.52% 7.19% 15.3% 30.25% 112.80% 177.17%
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Table 8
Percent with College Degrees by Group
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 32.69% 36.14% 50.00% 10.55% 38.35% 52.95%
2002 32.80% 33.92% 47.06% 3.41% 38.74% 43.48%
2003 34.14% 34.27% 45.45% 0.38% 32.62% 33.13%
2004 35.25% 35.55% 51.72% 0.85% 45.49% 46.72%
2005 35.63% 35.12% 47.81% -1.43% 36.13% 34.18%
2006 35.37% 33.15% 54.26% -6.28% 63.68% 53.41%
2007 35.70% 35.91% 59.54% 0.59% 65.80% 66.78%
2008 36.63% 33.61% 56.11% -8.24% 66.94% 53.18%
2009 36.90% 32.56% 60.47% -11.76% 85.72% 63.88%
2010 37.91% 31.94% 48.34% -15.75% 51.35% 27.51%
Average 35.30% 34.22% 52.08% -3.06% 52.19% 47.54%
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Table 9
Homeownership Rates by Group
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 76.00% 49.24% 9.09% -35.21% -81.54% -88.04%
2002 77.01% 50.87% 12.50% -33.94% -75.43% -83.77%
2003 77.96% 53.87% 51.19% -30.90% -4.97% -34.34%
2004 78.87% 54.62% 33.33% -30.75% -38.98% -57.74%
2005 77.94% 52.25% 33.80% -32.96% -35.31% -56.63%
2006 77.85% 51.32% 30.77% -34.08% -40.04% -60.48%
2007 78.00% 53.15% 38.59% -31.86% -27.39% -50.53%
2008 77.93% 50.39% 34.80% -35.34% -30.94% -55.34%
2009 76.68% 48.86% 32.16% -36.28% -34.18% -58.06%
2010 76.22% 48.21% 34.16% -36.75% -29.14% -55.18%
Average 77.45% 51.28% 31.04% -33.79% -39.47% -59.92%
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Table 10
Percentage of owners with lot bigger than one acre
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 13.14% 12.27% 0.00% -6.62% -100.00% -100.00%
2002 13.44% 13.30% 0.00% -1.04% -100.00% -100.00%
2003 13.50% 10.27% 13.33% -23.93% 29.80% -1.26%
2004 13.65% 9.94% 6.06% -27.18% -39.03% -55.60%
2005 14.22% 9.46% 16.25% -33.47% 71.78% 14.28%
2006 14.16% 10.03% 11.24% -29.17% 12.06% -20.62%
2007 14.07% 9.82% 15.56% -30.21% 58.45% 10.59%
2008 14.00% 10.55% 10.81% -24.64% 2.46% -22.79%
2009 14.06% 10.56% 6.15% -24.89% -41.76% -56.26%
2010 13.85% 9.59% 9.52% -30.76% -0.73% -31.26%
Average 13.81% 10.58% 8.89% -23.39% -15.95% -35.61%
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Table 11
Average Gross Rent
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 $828 $904 $890 9.18% -1.55% 7.49%
2002 $836 $893 $1,105 6.82% 23.74% 32.18%
2003 $881 $966 $1,144 9.65% 18.43% 29.85%
2004 $914 $1,027 $1,296 12.36% 26.19% 41.79%
2005 $950 $1,081 $1,267 13.79% 17.21% 33.37%
2006 $998 $1,100 $1,298 10.22% 18.00% 30.06%
2007 $1,045 $1,206 $1,377 15.41% 14.18% 31.77%
2008 $1,090 $1,229 $1,477 12.75% 20.18% 35.50%
2009 $1,130 $1,289 $1,495 14.07% 15.98% 32.30%
2010 $1,144 $1,245 $1,476 8.83% 18.55% 29.02%
Average $982 $1,094 $1,283 11.45% 17.23% 30.65%
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Table 12
Average Property Value for Owner-Occupied Properties
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2008 $426,941 $451,968 $487,268 5.86% 7.81% 14.13%
2009 $404,639 $393,219 $442,673 -2.82% 12.58% 9.40%
2010 $389,650 $392,393 $560,783 0.70% 42.91% 43.92%
Average $407,077 $412,527 $496,908 1.34% 20.45% 22.07%
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Table 13
Median Property Value for Owner-Occupied Properties
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2008 $350,000 $370,000 $410,000 5.71% 10.81% 17.14%
2009 $330,000 $350,000 $400,000 6.06% 14.29% 21.21%
2010 $320,000 $350,000 $350,000 9.38% 0.00% 9.38%
Average $333,333 $356,667 $386,667 7.00% 8.41% 16.00%
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Table 14
Gross Rent as a Percentage of Income
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 33.62% 30.44% 49.67% -9.46% 63.17% 47.74%
2002 33.26% 31.18% 40.14% -6.25% 28.74% 20.69%
2003 35.17% 32.21% 35.18% -8.42% 9.22% 0.03%
2004 37.18% 33.75% 37.26% -9.23% 10.40% 0.22%
2005 38.86% 36.46% 38.24% -6.18% 4.88% -1.60%
2006 38.44% 36.33% 40.60% -5.49% 11.75% 5.62%
2007 38.35% 35.63% 36.00% -7.09% 1.04% -6.13%
2008 38.84% 35.15% 33.90% -9.50% -3.56% -12.72%
2009 40.07% 37.32% 36.63% -6.86% -1.85% -8.58%
2010 41.38% 39.14% 38.10% -5.41% -2.66% -7.93%
Average 37.52% 34.76% 38.57% -7.35% 10.96% 2.81%
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Table 15
Owner Costs as a Percentage of Income
(a)
Citizen
Non-Movers
(b)
Non Citizen Non-
Movers
(c)
Non-Citizen Moved from
Abroad
Percentage Difference
(a vs. b)
Percentage Difference
(b vs. c)
Percentage Difference
(a vs. c)
2001 26.27% 29.98% 44.00% 14.12% 46.76% 67.49%
2002 26.14% 28.91% 57.50% 10.60% 98.89% 119.97%
2003 27.34% 30.21% 30.95% 10.50% 2.45% 13.20%
2004 28.10% 33.50% 41.13% 19.22% 22.78% 46.37%
2005 29.21% 34.33% 36.14% 17.53% 5.27% 23.72%
2006 30.40% 35.07% 36.06% 15.36% 2.82% 18.62%
2007 30.82% 36.70% 33.68% 19.08% -8.23% 9.28%
2008 31.10% 37.94% 35.45% 21.99% -6.56% 13.99%
2009 31.83% 36.67% 34.07% 15.21% -7.09% 7.04%
2010 31.73% 37.75% 33.29% 18.97% -11.81% 4.92%
Average 29.29% 34.11% 38.23% 16.43% 12.08% 30.49%
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Table 16
Average Household Income by Immigrant Cohort
Year of Entry
Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2001 $83,061
2002 $73,004 $61,682
2003 $72,282 $77,248 $73,376
2004 $73,962 $71,088 $67,853 $58,474
2005 $77,111 $66,074 $77,329 $76,333 $79,820
2006 $70,384 $72,935 $69,886 $69,115 $82,875 $73,955
2007 $80,668 $85,861 $96,386 $89,413 $83,009 $93,200 $102,915
2008 $94,880 $97,201 $95,960 $88,749 $88,264 $84,665 $111,176 $106,517
2009 $83,283 $89,347 $84,750 $88,823 $87,516 $89,533 $86,326 $96,872 $76,425
2010 $89,167 $72,838 $89,173 $80,720 $94,772 $82,432 $88,333 $85,281 $95,670 $82,805
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Table 17
Median Household Income by Immigrant Cohort
Year of Entry
Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2001 $55,300
2002 $60,100 $47,200
2003 $60,240 $62,000 $56,500
2004 $64,600 $52,000 $52,850 $45,450
2005 $60,000 $50,000 $55,000 $60,000 $65,000
2006 $54,000 $52,000 $59,600 $57,000 $56,000 $55,000
2007 $66,700 $65,950 $68,000 $66,150 $64,500 $68,000 $70,200
2008 $71,400 $76,900 $68,650 $55,000 $66,300 $68,530 $75,700 $80,000
2009 $65,900 $66,050 $73,690 $62,250 $73,350 $75,000 $68,200 $70,000 $50,150
2010 $65,300 $61,200 $60,500 $61,700 $62,000 $65,500 $63,000 $66,040 $73,900 $60,000
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Table 18
Homeownership Rates by Immigrant Cohort
Year of Entry
Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2001 43.24%
2002 28.99% 27.50%
2003 34.48% 32.97% 54.76%
2004 40.66% 26.23% 38.33% 31.25%
2005 31.36% 31.32% 31.77% 37.08% 33.33%
2006 34.15% 34.20% 31.71% 26.09% 29.07% 25.23%
2007 39.73% 38.05% 39.05% 36.11% 34.78% 36.71% 38.94%
2008 46.08% 36.00% 33.16% 23.16% 30.99% 28.57% 32.56% 31.19%
2009 39.27% 41.89% 43.27% 39.78% 30.28% 25.76% 25.13% 32.00% 36.96%
2010 49.69% 44.77% 40.52% 30.86% 33.79% 34.74% 27.51% 28.00% 34.92% 36.11%
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Figure 1:
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
1 2 3 4 5 6 7 8 9 10
Average Household Income
Average Income
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49
Figure 2:
56000
58000
60000
62000
64000
66000
68000
70000
72000
1 2 3 4 5 6 7 8 9 10
Median Household Income
Median Income
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Figure 3:
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
1 2 3 4 5 6 7 8 9 10
Homeownership Rate
Homeownership Rate