vital_signs_2015_web

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1 Housing Affordability Index Rank Out of 176 MSAs 2 Source: National Association of Realtors, 2014 Fair Market Rent U.S. Census, American Community Survey (ACS) U.S. Department of Housing and Urban Development, 2015 4 Residential Building Permits Source: U.S Census Bureau, 2004-2014 HOUSING & COMMUNITY 3 Louisville Kansas City Indianpolis $250,000 $200,000 $150,000 $100,000 Memphis Atlanta Tampa Raleigh Nashville Charlotte Austin Denver Affordability index 2014 246.1 240.3 238.5 224.3 221.7 205.6 193.1 191.4 174.1 169.9 135.9 Affordability index rank 2014 Median Home Sales Price in the Nashville MSA Source: Greater Nashville Asssociation of Realtors, 2011-2015 42 46 48 62 70 80 97 99 128 134 157 *5-year ACS **3-year ACS ***1-year ACS Cannon* Cheatham* Davidson*** Dickson* Hickman* Macon* Maury** Robertson** Rutherford*** Smith* Sumner** Trousdale* Williamson** Wilson** Montgomery** Trigg* Christian** Total # of 2-bedroom apartments 511 1,127 54,602 2,201 717 838 4,499 2,045 13,171 931 6,783 330 4,838 4,188 10,309 415 4,434 % above fair market value for 2-bedroom 4.6% 32.7% 53.0% 24.6% 36.1% 38.0% 28.8% 22.9% 47.9% 47.6% 41.4% 19.1% 62.7% 45.8% 44.7% 19.5% 31.6% Fair market rent varies from county to county. In our region, the values range from $581 to $850. 20,000 15,000 Clarksville MSA Nashville MSA 10,000 5,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 5 Housing Cost as a Percentage of Income Source: U.S. Census Bureau, American Community Survey (ACS), 2013 renters *5-year ACS **3-year ACS ***1-year ACS 35% homeowners 30% 25% 20% 1 2 Key Takeaway: The availability and affordability of housing is a key component of a region’s quality of life. Data show that our region is becoming less affordable over time, and nearly two out of three respondents to the 2015 Vital Signs poll think the region needs to focus on expanding affordable housing options. Renters spend more of their income on housing than homeowners by a considerable amount. Between 2013 and 2014, the Nashville region saw its housing become less affordable – both in absolute terms and in relation to how we compare to other metro regions in the country. On that measure, we fell 12 spots in the rankings. Fair market rent is an important measure for assessing the affordability of housing for a region. The U.S. Department of Housing and Urban Development annually estimates fair market rents based on rental unit rates in the local market; these are used to determine standard payment options for housing voucher programs, initial renewal rents for some Section 8 housing and rent ceilings for other housing assistance programs. In nine counties in the region – Davidson, Hickman, Macon, Montgomery, Rutherford, Smith, Sumner, Williamson and Wilson – more than one-third of rental units are above fair market value. These nine counties account for 86 percent of all rental housing in the region. $50,000 $0 2011 2012 2013 2014 2015 REGIONAL POLL RESULTS 64 percent of respondents think the region needs to focus on expanding affordable housing options. 77 percent of respondents with an income of less than $50,000 said the same thing. 74 percent of renters agreed. When asked what the region should do to build more affordable housing, 49 percent said local governments should work with private developers. This was favored over requiring all new development to include affordable housing (18 percent), relying on local governments alone (13 percent), relying on private developers alone (11 percent), or using rent control (1 percent). 15% 10% 5% 0% Cannon* Cheatham** Davidson*** Dickson** Hickman** Macon** Maury*** Robertson*** Rutherford*** Smith* Sumner*** Trousdale* Williamson*** Wilson*** Montgomery*** Trigg* Christian*** Nashville MSA*** Clarksville MSA*** 3 4 5 Over the last four years, median home sales in Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties have collectively increased by 42 percent – from $165,500 in 2011 to $234,900 in 2015. After a four-year decline in the number of new housing permits granted, Nashville has seen a steady increase in the number of building permits granted. Between 2013 and 2014, the city saw a 37.2 percent increase. Clarksville has seen a decline in the number of authorized private housing permits granted since 2012. In Middle Tennessee, owning a home allows you to spend a smaller percentage of your income on housing. It is 1.5 times as expensive to rent as it is to own a home in our region.
1 Poverty Rates by MSA Source: U.S. Census Bureau, American Community Survey (ACS),2013 2 Per Capita Personal Income by MSA Source: Bureau of Economic Analysis, 2013 3 Cost-of-Living Index by MSA (U.S. Average = 100) Source: C2ER, 2014 Annual Averages Denver 107.5 Denver Raleigh $51,946 Kansas City 100 Nashville Denver $45,759 Atlanta 99.6 Kansas City Kansas City $45,558 Charlotte 95 Nashville Austin $44,760 Austin 94.6 Louisville Raleigh $43,947 Indianpolis 93.5 Austin Indianpolis $42,542 Raleigh 93.3 Charlotte Charlotte $41,645 Tampa 92.4 Indianpolis Louisville $41,477 Louisville 91.9 Tampa Atlanta $41,307 Nashville 90.2 Atlanta Memphis $40,987 Memphis 85.6 Memphis Tampa $40,425 Clarksville Clarksville $39,591 Tennessee $39,558 0% 5% 10% 15% 20% 4 Household Income Distribution by County Source: U.S. Census Bureau, 2013 *5 year ACS **3 year ACS ***1 year ACS 5 Household Income by Age of Householder Source: U.S. Census Bureau, 2013 *5-year ACS **3-year ACS ***1-year ACS 15 to 24 years 25 to 44 years 45 to 64 years 65 years and older Cannon* $35,250 $49,241 $46,000 $26,861 Cheatham** $28,577 $52,259 $51,281 $46,379 Davidson*** $30,006 $48,558 $51,691 $42,638 Dickson** $29,896 $44,031 $47,344 $36,198 Hickman** $23,972 $43,777 $39,336 $26,731 Macon** $25,216 $42,588 $39,387 $23,543 Maury*** $35,703 $44,083 $55,855 $32,728 Robertson*** $33,078 $60,859 $51,658 $29,996 Rutherford*** $28,526 $66,199 $67,996 $39,629 Smith* $34,044 $48,186 $48,160 $31,313 Sumner*** $31,941 $60,252 $67,928 $39,437 Trousdale* $13,875 $51,125 $48,149 $35,119 Williamson*** $22,117 $95,215 $104,751 $43,181 Wilson*** $21,556 $62,432 $62,098 $41,986 Montgomery*** $32,153 $52,033 $57,477 $38,047 Trigg* $32,833 $54,459 $48,510 $33,340 Christian*** $26,414 $50,726 $44,123 $34,174 Nashville MSA*** $28,627 $56,905 $60,906 $39,235 Clarksville MSA*** $31,655 $51,434 $56,309 $34,668 1 2 3 4 5 PROSPERITY & AFFORDABILITY Key Takeaway: Overall, living in our region not only means that you earn more money than residents in peer regions; it also means that every dollar you earn here goes further. However, one in seven residents in Davidson County lives below the poverty line, meaning our prosperity isn’t shared equally. One in seven Davidson County residents lives below the poverty line. Although this rate is lower than the majority of our peer regions, it will be important to ensure all of our residents have access to the economic prosperity the region is experiencing. The Nashville region is fortunate to have a per capita income that outpaces nearly all of our peers. Additionally, cost of living remains below the national average. This means that not only do our residents earn more; it also means that every dollar they earn here goes further when it comes to spending on products and services, buying homes or pursuing their dreams of starting or growing a business. The household income distribution varies significantly throughout the region. Overall, about half of all households in the region earn $50,000 or less. Less than $5,000 $5,000 to $9,999 $10,000 to $14,999 $15,000 to $19,999 $20,000 to $24,999 $25,000 to $34,999 $35,000 to $49,999 $50,000 to $74,999 $75,000 to $99,999 $100,000 to $149,999 $150,000 or more Cannon* 5.3% 6.6% 5.2% 6.9% 6.6% 12.3% 17.4% 20.2% 10.5% 6.6% 2.3% Cheatham** 3.2% 2.6% 3.2% 5.7% 5.5% 12.5% 16.6% 23.1% 12.0% 11.1% 4.6% Davidson*** 4.0% 3.3% 4.4% 6.1% 6.1% 11.9% 17.1% 17.7% 11.7% 10.7% 7.0% Dickson** 4.0% 4.9% 4.4% 9.5% 5.1% 12.8% 17.9% 17.3% 11.0% 9.4% 3.7% Hickman** 3.2% 5.7% 9.2% 9.0% 7.0% 15.5% 18.4% 16.0% 7.1% 5.5% 3.4% Macon** 2.6% 9.5% 8.1% 6.1% 8.4% 17.2% 17.8% 16.5% 6.7% 6.1% 0.9% Maury*** 1.6% 2.5% 5.1% 6.9% 9.3% 11.1% 17.1% 20.4% 11.5% 10.2% 4.3% Robertson*** 2.1% 2.7% 3.5% 6.4% 6.2% 14.4% 13.9% 23.2% 13.9% 9.5% 4.2% Rutherford*** 1.9% 3.3% 3.7% 4.4% 5.1% 9.2% 16.0% 20.6% 15.5% 13.3% 7.1% Smith* 4.3% 6.6% 8.4% 6.3% 4.3% 11.4% 15.7% 21.1% 10.2% 6.8% 4.9% Sumner*** 1.6% 2.1% 4.9% 5.0% 5.7% 8.3% 16.7% 21.2% 13.4% 12.6% 8.6% Trousdale* 2.8% 4.6% 11.1% 3.6% 8.2% 12.6% 15.2% 22.5% 8.2% 6.6% 4.8% Williamson*** 1.1% 0.8% 3.5% 1.9% 4.0% 6.6% 8.6% 15.9% 14.6% 17.3% 25.9% Wilson*** 4.2% 1.2% 3.7% 5.3% 6.1% 8.4% 15.9% 19.5% 16.6% 11.8% 7.3% Montgomery*** 4.5% 3.7% 4.3% 4.0% 4.7% 11.5% 16.0% 26.0% 11.5% 10.3% 3.5% Trigg* 2.6% 4.5% 7.3% 7.5% 5.0% 12.2% 15.4% 20.2% 14.9% 7.4% 3.1% Christian*** 4.2% 6.2% 5.3% 4.7% 6.8% 11.0% 17.1% 20.1% 8.6% 8.9% 7.1% Nashville MSA*** 3.1% 2.8% 4.4% 5.3% 5.8% 10.7% 15.7% 18.9% 12.9% 11.8% 8.5% Clarksville MSA*** 4.2% 4.7% 5.0% 4.2% 5.1% 11.4% 16.0% 24.0% 10.5% 10.2% 4.5%
Page 1 and 2: NASHVILLE REGION’S VITAL SIGNS 2
Page 3 and 4: Executive Summary There are many th
Page 5 and 6: WHAT IS REQUIRED OF OUR LABOR FORCE
Page 7 and 8: Percentage of Population with a Bac
Page 9 and 10: Drive to 55 in Middle Tennessee Sou
Page 11 and 12: Tennessee Promise - A Look at the R
Page 13 and 14: Field of Degree Source: U.S. Census
Page 15 and 16: HOW DOES THE WELL-BEING OF OUR RESI
Page 17 and 18: MSA-Level Health and Health Behavio
Page 19 and 20: Access to Health Care and Coverage
Page 21 and 22: Commercially Insured Healthcare Ser
Page 23 and 24: Percent of Beds Above or Below Nati
Page 25 and 26: HOW WELL ARE WE CONNECTING PEOPLE T
Page 27 and 28: However, due to increased congestio
Page 29 and 30: Transit Ridership in Middle Tenness
Page 31 and 32: Funding Challenges Contributing to
Page 33: VITAL SIGNS DASHBOARDS Each year, t
Page 37 and 38: 1 Fitness Index Rankings by MSA Sou
Page 39 and 40: 1 ACT 21+ Rates by County Source: T
Page 41 and 42: 1 Violent and Property Crime Rates
Page 43 and 44: 2015-2016 Vital Signs Action Team C
Page 45: 211 Commerce Street, Suite 100 Nash

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