About this tool
The New Home Bonus Explorer shows how many naturally occurring affordable homes (NOAH) new construction adds. It counts new starter homes plus the homes their buyers free up when they move out (the NOAH Dividend), and it shows who ends up in those homes. It matters because it shows how building new homes can help affordability beyond the new homes themselves.
- Shows
- The New Home Bonus (new starter homes plus the NOAH Dividend) for the US and 46 states, across five tabs: the New Home Bonus per 100 new starter homes, per 100 new higher-priced homes, for actual new homes 2015-2024, and for Greenlight Starter Homes; who buys the new homes (income, first-time status, race, children); the price of the home sold and the rent paid by buyers who move, compared with the starter line and Fair Market Rent (FMR); who gets the NOAH Dividend (next buyers of freed starter homes and next tenants of freed rentals); and a state map with a table.
- Places
- Nation, States
- Years
- New homes 2015-2024; buyer data from 2024 loans
Questions it answers
- How many affordable homes does building 100 new starter homes add once the homes their buyers leave behind are counted?
- How does the New Home Bonus from new higher-priced homes compare with that from new starter homes?
- Who buys new homes, by income, first-time buyer status, race and presence of children?
- What kinds of homes and rents do new-home buyers leave behind when they move?
- Who moves into the starter homes and rentals that new-home buyers free up, and how does my state compare?
Limits
- Alaska, Connecticut, DC, Hawaii and Vermont are not included because there were too few 2024 new starter-home buyers to estimate rates.
- Results for small samples are flagged: fewer than 300 new-starter-home loans, 100 moves or 100 freed rentals.
- Freed-home counts are estimates based on rates of prior ownership or renting among 2024 buyers of new homes.
- A starter home is one priced at or below 4 times the county median household income; affordable rentals are those at or below the county two-bedroom Fair Market Rent.
- The new-home counts for the US are rounded published figures.