For the past eight years, the median household income in Montgomery County has remained below the level during the Great Recession. Moreover, median household incomes have yet to recover to the 1999 benchmark of $101,824 after the precipitous drop in 2010 to $96,913 (illustrated in Figure 1). The median household income – the income at which half of the households are above and half are below – adjusted for inflation, dropped 5.8 percent (-$6,063) from its peak in 2007 to $98,917 in 2015. The latest estimate is 2.9 percent lower than the adjusted 1999 median household income of $101,824.
Figure 1. Montgomery County Median Household Income 1999-2015 (constant 2015 dollars)
Still considered one of the wealthiest counties in … Continue reading
Initial findings show that Montgomery County’s housing market is unbalanced, particularly for low-income residents
Low income residents in Montgomery County face a shortage of rental units matching their ability to pay, according to an ongoing study of rental housing. So far, the study has found that the existing rental housing market in the county is unbalanced at both the lowest and highest ends of the market. The market is short 20,000 units priced appropriately for households earning less than 30 percent of area median income (AMI) or $28,900. In addition, it is short 13,000 units priced to target households earning more than 120 percent of the area median income or $115,560.
Figure 1.) Supply/Demand Equilibrium for All … Continue reading
The Great Recession had a profound impact on industry and labor conditions throughout the United States. The ensuing recovery has been uneven – both geographically and across time – and today, many places have not recovered or have economies that differ from the pre-recessionary period.
Montgomery County’s economy was also affected by the Great Recession, however, its employment shrank less than those of other jurisdictions during the height of the recession. Our research shows that employment in the county declined 1.8 percent between 2008 and 2011, compared to 3.9 percent nationwide.
The reason for this tempered loss is the role played by the federal government in the county’s economy. Industries such as finance, construction, retail and others were supported … Continue reading
The Montgomery County Planning Department, in cooperation with the Metropolitan Washington Council of Governments (MWCOG), recently developed a new forecast of population, households and employment from 2010 to 2045. These data-based forecasts are used by government entities and the private sector for various uses, including transportation, water and air quality modeling, and analyzing commercial and residential markets. This latest forecast, known as Round 9.0, is a major reassessment of assumptions made about people, households and jobs in the county.
The draft Round 9.0 forecast anticipates that Montgomery County households, defined as occupied housing units with related or unrelated persons, are expected to increase from about 374,800 in 2015 to 461,900 in 2045, an increase of 87,100 households or 23 … Continue reading