There are all kinds of information and data that you can use when evaluating housing markets for homebuilding and real estate purposes.
A Washington Post article provided some interesting insight about where the highest earning citizens live in our country. You can use the related color-coded map tool to quickly identify the wealthiest US Counties based on the most recent Census data, and also to search by county to see the breakdown of high income households in each county. Click here for the Map Search Tool. We like it because it is easy to use and a very visual way to compare this information across large geographic areas.
Household income can be useful information for builders, developers, brokers and other real estate professionals when evaluating the housing markets in which they already focus, as well as new markets that they are considering. Of course these decisions are very individual and depend on many factors like geography, market conditions, your product, etc. — everyone has their own formula and uses different data sources to thelp them make these decisions. And while wealth alone may not be the primary indicator for your business decisions, wealth can help you understand more about your housing markets, particularly if you are building or selling homes that are targeted at high income households.
Just another tool for you to use, because it’s always good to have as much useful information as possible when making these market-targeting and evaluation decisions. What kind of information do you like to use when evaluating housing markets?
- Lots and Land Development: How do you know when the market is ready? (lotnetwork.com)