“It’s Going to Be Awhile”

photo credit: Joe Mabel

Yesterday’s New York Times discussed some of the connections between local housing markets and economic health.  It’s a relatively short, but illustrative example of DC suburbs who soared during the housing boom and now struggle with anemic consumer spending.

One major issue centers around the connection between average consumer spending and home mortgages.  

BLS: Consumers Spending Less on Housing

photo credit: BLS (USDL-11-139) http://www.bls.gov/news.release/pdf/cesan.pdf

A couple posts back, I showed how housing affordability has been challenged during the last decade, using the places along the NC2SD Bike & Build route as subjects.  Across many communities, the costs of housing have increased more rapidly than household incomes, squeezing out potential homeowners.

We can trace lines to some of the more obvious effects, like decreased homeownership and increased renting.  But what about a more intermediate figure (versus own/rent), such as consumer spending on housing?