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4.2 Population and Household Summary

The population of Monroe County, New York has remained fairly consistent over the last 3 decades. In 1980 the population stood at 735,343 people and in 2011 the population is estimated to be 748,587, an increase of only 1.8% over the 30 odd years. In contrast, the population for the entire State of New York has grown from 18,976,457 in 1980 to 19,465,197 which represents a change of 2.6%. When it comes to the median age of the population, both New York State as well as Monroe county come in right around 38 years.

Clearly, the fact the population of Monroe county, New York is not growing as quickly as the rest of the State has implications for Real Estate Funding Solutions. The demand for housing is directly related to the growth of the population and a population growing slowly or a target market with a decline in it's population affects the overall demand for housing and related businesses like realty and real estate financing. A 1.8% growth rate however is not insignificant and does translate into a steady demand for housing.

Analysis of other metrics in the population and housing statistics summary show that the male and female distribution of the population in Monroe County is about the same as the State of New York with males representing about 48% of the population and females about 52%. The population distribution of folks above the age of 16 when combined with the amount of folks in the labor force shows that roughly the same 64% of the population is in the labor force which of course means that the remaining 36% are not. This is a good metric since it shows that roughly two third of the residents of Monroe County are employed and employment is of course one of the key drivers for the demand for housing and housing related businesses like realty and real estate financing.

The size of the average household in Monroe County is 2.45 persons which is slightly lower than the state wide average of 2.59. This has certain implications for a business like Real Estate Funding Solutions - the larger the size of the average household, the greater the need for multi unit homes. A smaller household size indicates that the demand for housing will most likely be concentrated in single family homes as opposed to 2 unit, 3 unit and 4 unit residential properties.

A lower median household income of $51k for Monroe County, as opposed to $55k for the State of New York also implies that the county is not as wealthy as the the rest of the state and further analysis of the housing stock will need to be conducted to ascertain the value of homes. Household incomes have a very high correlation with house values and is important for a business like Real Estate Funding Solutions to understand - homes with lower market values tend to imply a smaller overall mortgage and therefore a lower profit on each mortgage financing - higher household incomes in contrast imply higher market values of homes resulting in larger mortgages and higher profit on each mortgage financing.

Per Capita income in Monroe County, New York echoes the household income numbers, with the per capita income for the average Monroe county resident coming in at $27k compared with almost $31k for the rest of the State. The Poverty rate of 13.6% for the county however is better than the State which has a poverty rate of 14.4%.

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