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Statement and Bill Volume (Part 2)

Delivered October 9th, 2019. Contributors: Stephanie B., Shahrukh K., Abhishek M., Sagar K., Rosemary N., Agnidip M. and

Part
01
of six
Part
01

Statement & Bill Volume - Auto Registrations

There were 276.1 million registered vehicles in the United States in 2018 and that number is expected to increase to 281.3 million in 2019. Below is a more complete view of this data.

REGISTERED VEHICLES

Data from Hedges and Company, a digital marketing and research agency for the automotive aftermarket industry, and corroborated with findings from the Federal Highway Administration and Statista states the following statistics surrounding automotive registrations in the United States:
  • In 2018, there were 276.1 million registered vehicles in the United States and that number is projected to reach 281.3 million in 2019.
  • Approximately 3% of the total registered vehicles are motorcycles.
  • Approximately 35% of the total registered vehicles are classified as cars and about 12% are classified as SUVs.
  • California boasts the highest number (and ratio) of registered vehicles — 32 million which is 12% of the country's total.
  • Wyoming ranks last in the number of registered vehicles with only about 593,000 registered in the entire state.
  • The top 5 states in numbers of registered vehicles are California, Texas, Florida, New York, and Ohio.
  • About 87% of American households own more than one car.
Part
02
of six
Part
02

Statement & Bill Volume - Landowners and Property Tax

While there is no publicly available information to comprehensively address the total number of landowners and annual property tax statements in the United States, there is some valuable data on average property taxes spent ($2,279/year) and additional data that might be useful in understanding the issue. Below is an outline of the research strategies used (to better understand why the information requested is publicly unavailable) as well as a deep dive into the findings.

HELPFUL FINDINGS

  • The average American household spends $2,279 on property taxes for their homes each year. Residents of 27 states with vehicle property taxes shell out another $440, annually.
  • According to data from the 2015 American Housing Survey, there are nearly 48.5 million rental units in the United States (43.9 million are occupied).
  • The RHFS identified two primary types of ownership (individual investors and business entities).
  • In an interesting data shortfall, researchers don’t know the precise number of landlords in the United States. However, based on the data above, the actual estimate is somewhere between 10 and 12 million. Researchers also note that the number likely grew during the foreclosure crisis.
  • State and local governments collected a combined $503 billion in revenue from property taxes or 17% of general revenue in 2016.

RESEARCH STRATEGY:

Despite our best efforts, the research team was unable to locate the information requested regarding land ownership and property tax statements. The data available for the United States is extremely limited (e.g., available data typically focused on land usage, property tax per person, home ownership/rental comparisons, etc.). None of these data points were adequate in developing targeted estimates.

The team determined that information was not available by combing through pre-compiled data within federal government sites like the US Census Bureau, and local and state government sites where we scanned property tax sections to find relevant data. However, none of the sites we visited had anything on total landowners or the total number of property tax statements sent. Our search, instead, revealed information on land usage and general US property tax information. When checking for landowners, we usually came across US forest taxes but there was nothing specific to statements within these sections.

The team also checked statistical reports via research sites like Nielsen, Kantar, Ipsos, etc. Through these reports, we were hoping to find the number of statements for landowners and property taxes in the United States. However, we only found statistical data and reports on home and land ownership but nothing had any relevant information. The team took this strategy further by checking with property associations (e.g., Forest Landowners Association) and strategic websites like McKinsey, Deloitte, and BCG. We were looking for specific publications that would lead us to assess the current state of property taxes in the United States. Such sites should provide strategic insights on changes in the industry or other strategic outlooks. However, the information found mainly covered the history of property taxes and the state of lands (specifically forest land).

Still, the team attempted a triangulation. We tried to deduce the number of property tax statements by assessing the total revenue accumulated through property taxes and then dividing this by the average tax per property. However, this method required multiple assumptions and roadblocks that would result in a cloudy estimate. Specifically, we were not able to obtain the average per property tax due to a large variation in the types of properties. Next, we couldn't assess an accurate measure of the number of property owners. This was followed by an impossibility in correctly identifying and listing the different forms of property ownership (i.e., though we were able to get the per person tax liability, we could not assure this to be the correct number of property owners in the United States). We also found land usage; however, no alternate data could be used from the source for an accurate triangulation.
Part
03
of six
Part
03

Statement & Bill Volume - Wastewater

The total number of wastewater accounts in the United States was 4,936,443 in 2018.

STATEMENT & BILL VOLUME — WASTEWATER

  • The total number of wastewater accounts in the United States amounted to 4,936,443 in 2018. (Estimated)
  • Nearly 76% of the population in United States rely on treatment plants for wastewater sanitation.
  • According to Statista, US citizens paid a total of $57.6 billion for wastewater in 2018.
  • The average annual bill of wastewater in the United States is $972.36 per account. (Estimated)

ADDITIONAL INSIGHTS:

  • As of August 2018, the Water Infrastructure Finance and Innovation Act (WIFIA) program closed four transactions totaling over $1 billion in loans to help finance $2.1 billion for water infrastructure projects and create up to 5,500 jobs.
  • According to Hexaresearch, there are more than 16,000 publicly-owned treatment works (POTWs) catering to approximately 75% of the U.S. population. This means that these POTWs treat more than 32 billion gallons of wastewater every day.

Research Strategy:

We began our research by going through the website of the United States Environmental Protection Agency. We aimed to find information on the number of wastewater accounts in the United States. Unfortunately, most of the information we found pertained to funding, permits, and the organization's partnerships. We also consulted industry reports from Hexaresearch, IBISWorld, and Marketsandmarkets. While we were able to find information specific to wastewater, most of the available information was for the global market, with the breakdown per region available behind a paywall. As a last resort, we tried to identify any analysis made by industry experts on the US wastewater industry. However, we were only able to find information about the revenue generated from the US water industry, trends, and key players. As such, we decided to triangulate the information by using several details about the US wastewater market that we were able to identify throughout our research.

2. CALCULATIONS:

  • #1. Average Wastewater Bill for one account
According to the 2017 Infrastructure report Card, in a 2014 survey, of the US' 50 largest cities, the average monthly wastewater bills ranged from $12.72 in Memphis to $149.35 in Atlanta. We assumed that the rates remained relatively the same in the next years. We used the provided values to calculate the average cost of the monthly wastewater bill in the US.

Cost of the average monthly wastewater bill = ($12.72 + $149.35)/2 = $81.03
Annual wastewater bill per account = (monthly bill x 12) = ($81.03 x 12) = $972.36

  • #2. Total Annual Wastewater Bill, United States
According to Statista, US citizens paid a total of $57.6 billion for wastewater in 2018.

  • #3. Number of Wastewater Accounts in United States:
Number of wastewater accounts in the US = (total annual bill in the US/annual bill per account)/ 12
= ($57.6 Billion/$972.36)/ 12= 4,936,443.3

Part
04
of six
Part
04

Statement & Bill Volume - Home Loans

The total number of original mortgage loans in the U.S. in 2019 was 52.7 million. According to Black Knight, borrowers who would most likely qualify for refinancing swelled to 8.2 million in 2019. Below is an overview of the findings.

ORIGINAL MORTGAGE LOANS

  • The total number of original mortgage loans in the U.S. in 2019 was 52.7 million.
  • The percentage of mortgage loans provided by banks is 40%.
  • The percentage of mortgage loans provided by credit loans is 9%.
  • The percentage of mortgage loans provided by non-bank lenders is 51%.

HOME EQUITY LOANS

  • According to Phoenix Synergistics, about 23% of homeowners currently have home equity credit of some kind.
  • Major banking providers such as Wells Fargo, Chase, BofA, and the U.S. Bank dominate home equity lending with around 50% of the market.
  • Credit unions account for around 14% of the home equity loans market.
  • Mortgage brokers account for around 9% of the home equity loans market.

RE-FI MORTGAGE LOANS

  • According to Black Knight, borrowers who would most likely qualify for refinancing swelled to 8.2 million in 2019.

OTHER INFORMATION

  • In 2017, $262 billion was withdrawn in tappable equity through cash-out refinances and home equity lines of credit (HELOCs).
  • According to Black Knight, more than 600,000 homeowners chose not to tap their equity in 2017 with 300,000 being potential HELOC borrowers and 330,000 being cash-out refinancers.

RESEARCH STRATEGY

We started the research by searching for industry reports and market studies published by leading market research firms on original mortgage loans, re-fi mortgage loans (refinancing mortgage loans), and home equity loans. The idea here was to find information on the total number of loans and a breakdown of loan providers in these reports. We found a report published by Magnify Money that provided a detailed breakdown of mortgage loan providers in the U.S. Another report found was published by Black Knight and J.D. Power that provided general information on refinancing loans and home equity loans, but nothing relevant on the subject matter.

Next, we searched through various official government sources to find reports and publications on original mortgage loans, re-fi mortgage loans, and home equity loans. The idea here was to find government databases or publications that provided the requested information. However, after checking through numerous reports and articles published by organizations including, but not limited to, the Federal Reserve, the Mortgage Bankers Association, Federal Trade Commission, and USA.gov, no relevant information could be found.

Next, we searched through websites specializing in home loans and housing markets. The idea here was to find articles or publications that provided commentary from industry experts, market participants, and working professionals on the total number of loans and the providers for each type. We found an article on Investopedia that provided information on the number of mortgage loans in the U.S. Similarly, we found an article published by The Financial Brand that provided information on the providers of home equity loans in the U.S. Also, we found an article published by Scotsman Guide that provided information on the candidates eligible for refinancing, however, no relevant information was found through this search.

Other articles found were from Discover, Housing Wire, Bloomberg, and The Washington Post that provided general information on re-fi mortgage loans and home equity loans. Not the specific information we were searching for.

After exhausting the above-mentioned strategies, we concluded that limited information is available on the number of re-fi mortgage loans and home equity loans. A possible reason for the limited availability of such information in the public domain could be that the government does not collect information related to re-fi mortgage loans and home equity loans. It could also be possible that banks in the U.S. do not disclose information related to the number of such loans for privacy reasons.


Part
05
of six
Part
05

Statement & Bill Volume - Student Loans

The total number of student loans in the United States is approximately 44.7 million.

Key findings

  • About $1.5 trillion debt is owed by student in the United States.
  • The total number of student loans in the U. S is approximately 44.7 million. "About 2 million of those people owe more than $100,000 and 0.5 million of them have a loan for more than $200,000." 
  • The total number of federal student loans is 44.5 million. 
  • According to Forbes, debt from student loans has become the second highest consumer debt category.
  • According to news.cuna, credit unions represent about 13% of loans offered in the US.
  • A publication from Forbes indicates that, traditional banks have exited the student loan lending market.

RESEARCH STRATEGY

To provide the total number of student loans in the United States, we started by reviewing industrial articles, blogs and press release Some sources search include Forbes, Ibis world, PRNewswire and many more. We aimed to find any publications relating to the total number of student loans offered annually and also the segmentation of the data by traditional banks, credit unions, and specialty lenders. From this search, we could only retrieve data relating to the total amount of loans owed by students in the United States.

Next, we search through government databases such as USAGov, United Nations Statistics Division, Date.gov. These databases are known to provide statistical data about the United States. We were able to find that the total number of student loans in the U. S is approximately 44.7 million. Unfortunately, data about the annual student loan and segmentation could not be found.

As our last resort, We tried finding the percentage of student loans offered annually in the United States by the segments such as traditional banks, credit unions, and specialty lenders. We intended using the data to triangulate the total number (not new) of student loans annually by using the percentage of student loans from each of the segments and the total number of student loans for 2019 to find the annual total number of student loans. Unfortunately, we could not retrieve the percentage of student loans by segments. Our team found that credit unions represent about 13% of loans offered in the United States.
Part
06
of six
Part
06

Statement & Bill Volume - Personal Loans

According to a Transunion consumer credit report, there are 21.1 million outstanding personal loans in the U.S. Below is an overview of the findings.

PERSONAL LOANS

TOTAL NUMBER
  • As per a Transunion consumer credit report, there are 21.1 million outstanding personal loans in the U.S.
  • The total amount of outstanding personal loan debt in the United States stands at $143 billion.
  • The number of U.S. consumers with at least one outstanding unsecured personal loan was 19.3 million at the end of the first quarter of 2019, which was up by more than two million consumers compared to 2017.

SEGMENTATION
  • In 2018, fintech companies issued 38% of all U.S. personal loans.
  • The traditional banks' share of personal loans declined to 28% in 2018 from 40% five years ago.
  • The share of credit unions in the U.S. personal loan market decreased to 21% in 2018 from 31% in 2013.

PAYDAY LOANS

TOTAL NUMBER
  • As per the Community Financial Services Association of America, approximately 18,600 payday advance locations in the U.S. have provided credit to $38.5 billion to 19 million households.
  • In 2017, over 11 million payday loans were requested and granted in the United States.

SEGMENTATION
  • In the U.S., payday loan providers are either 1) small credit merchants with physical locations or 2) online lenders.
  • The most recent available report published by the Center for Financial Services Innovation in 2016 mentioned that out of the total $6.1 billion revenue registered by payday loan providers, $3.3 billion or 56% [= (3.3/6.1)*100%] was earned by "Storefront Payday" providers.
  • The remaining amount of $2.8 billion or 44% was earned by "Online Payday" providers.

RESEARCH STRATEGY

To find the information requested, we searched through the websites of financial research organizations (such as Center for Financial Services Innovation), organizations researching loans (such as Debt), reputed business and financial publications (such as CNBC and Chamber of Commerce), and finance regulators (such as the Federal Reserve Bank of St Louis). From these sources, we were able to find the requested information.

We found that the categories for payday loan providers were not the same as for personal loan providers (traditional banks, credit unions, and others). Payday loans have two types of specialty lenders, Storefront Paydays and Online Paydays.

Sources
Sources
From Part 01

US VIO Vehicle Registration Data 2018, Fast Quote on Car Data

hedgescompany.com
Publication Year: 2019

Number of cars in U.S. | Statista

statista.com
Publication Year: 2018

Table MV-1 - Highway Statistics 2015 - Policy | Federal Highway Administration

fhwa.dot.gov
Publication Year: 2017
From Part 02

2019’s Property Taxes by State

wallethub.com
Publication Year: 2019

Landlords | HUD USER

huduser.gov
Publication Year: 2018

Land Use and Land Cover Estimates for the United States

ers.usda.gov
Publication Year: 2019

Property Taxes

urban.org
Publication Year: 2019
r

Major Uses of Land in the United States

researchgate.net
Publication Year: 2017
Quotes
  • "The United States has a total land area of about 2.3 billion acres. "
  • "In 2012, the major land uses were grassland pasture and rangeland at 655 million acres (29 percent of U.S. total); forest-use land at 632 million (28 percent); cropland at 392 million acres (17 percent); special uses (primarily parks and wildlife areas) at 316 million acres (14 percent); miscellaneous uses (such as wetlands, tundra, and unproductive woodlands) at 196 million acres (9 percent); and urban land at 70 million acres (3 percent)."

State and Local Taxes | USAGov

usa.gov
Publication Year: 2019
From Part 03
e

Wastewater Management Annual Report

epa.gov
Publication Year: 2018

North America Water & Wastewater Treatment Market, 2015-2025

hexaresearch.com
Publication Year: 2019
Quotes
  • "There are more than 16,000 Publicly Owned Treatment Works (POTWs) catering to approximately 75% of the U.S. population. These plants treat more than 32 billion gallons of wastewater every day. "

3 Water/Wastewater Efficiency Trends To Watch In 2018

wateronline.com
Publication Year: 2018
i

Infrastructure report Card

infrastructurereportcard.org
Publication Year: 2017

Topic: U.S. Wastewater and Sewage Industry

statista.com
Publication Year: 2019
From Part 04

2018 U.S. Mortgage Market Statistics - MagnifyMoney

magnifymoney.com
Publication Year: 2018
Quotes
  • "Share of mortgages originated by banks: 40%"
  • "Share of mortgages originated by credit unions: 9%"
  • "Share of mortgages originated by nonbank lenders: 51%"
s

HELOC Market Share Poised to Rise

s2.q4cdn.com
Publication Year: 2018
Quotes
  • "An estimated $262 billion in tappable equity was withdrawn in 2017 via cash-out refinances and home equity lines of credit (HELOCs), reaching a new post-recession peak"

2018 U.S. Home Equity Line of Credit Satisfaction Study

jdpower.com
Publication Year: 2018

The Fed - Mortgage Debt Outstanding, March 2019

federalreserve.gov
Publication Year: 2019

Forecasts and Commentary

mba.org
Publication Year: 2019

Home Equity Loans and Credit Lines

consumer.ftc.gov
Publication Year: 2019

Mortgages | USAGov

usa.gov
Publication Year: 2019

American Debt: Mortgage Debt Reaches $8.94 Trillion

investopedia.com
Publication Year: 2019
Quotes
  • "The total number of mortgage accounts is up to 52.7 million from 52.0 million in the fourth quarter of 2016."

Tips to Help Financial Marketers Get More Home Equity Lending Business

thefinancialbrand.com
Publication Year: 2018
Quotes
  • "Major banking providers — notably Chase, BofA, Wells Fargo, and U.S. Bank — dominate home equity lending with around half the market."
  • "Credit unions have 14% of the market, while mortgage brokers hover around 9%, according to a report from Phoenix Synergistics."
  • "Less than one in four homeowners currently have home equity credit of some kind, according to Phoenix Synergistics."

‘Refinanceable’ borrower population swells to 8.2 million

scotsmanguide.com
Publication Year: 2019
Quotes
  • "'Refinanceable' borrower population swells to 8.2 million"
  • "That’s according to Black Knight’s latest Mortgage Monitor report, which revealed that the number of "refinanceable" borrowers — defined by the company as borrowers who could likely qualify for a refinance and save at least 75 basis points off their current loan by doing so — swelled to 8.2 million when mortgage rates fell."

How to Tap Home Equity | Discover Home Equity Loans

discover.com
Publication Year: 2019

Why aren’t more people tapping into their home equity?

housingwire.com
Publication Year: 2019
b

Home-Equity Loans in U.S. Cost Most in 11 Years

bloomberg.com
Publication Year: 2019
w

Cash-out refinancings, HELOCs are down. Economists aren’t totally sure why

washingtonpost.com
Publication Year: 2019
Quotes
  • "Based on a benchmark in 2017, Black Knight estimates that more than 600,000 homeowners may have chosen not to tap their equity last year — 300,000 potential HELOC borrowers and 330,000 cash-out refinancers."
From Part 05

Student Loan Debt Statistics In 2019: A $1.5 Trillion Crisis

forbes.com
Publication Year: 2019

Student Loan Statistics

chamberofcommerce.org

5 Tools, Tips and Resources To Help You Tackle Student Debt

forbes.com
Publication Year: 2019

Is student loan debt the next financial crisis?

news.cuna.org
Publication Year: 2019

Student Loan Debt Statistics In 2019: A $1.5 Trillion Crisis

forbes.com
Publication Year: 2019
From Part 06

Personal Loan Statistics

chamberofcommerce.org
Publication Year: 2019
Quotes
  • "Not long ago, the personal loan was considered by most people to be a last-ditch solution to pressing money issues. Now, it is the fastest-growing form of consumer lending in the United States, growing 19.2% in Q1 2019 year-over-year, according to a recent Transunion consumer credit report. "
  • "Total outstanding personal loan debt in the United States is $143 billion."
  • "There are 21.1 million outstanding personal loans in the U.S. "

Fintechs help boost US personal loan surge to a record $138 billion

cnbc.com
Publication Year: 2019
Quotes
  • "Last year, fintech companies issued 38 percent of all U.S. personal loans, according to TransUnion. That’s up from 35 percent a year earlier and just 5 percent as recently as 2013. Banks’ market share however, is heading in the other direction."
  • "Traditional banks’ share of those loans is down to 28 percent from 40 percent five years ago. Credit unions are down to 21 percent from 31 percent in the time period. While their market share shrank, they still saw overall growth in total loan balances, according to Laky."

Unsecured Personal Loans Get a Boost from Fintech Lenders | St. Louis Fed

stlouisfed.org
Publication Year: 2019
Quotes
  • "A record-breaking number of American consumers—19.3 million—had at least one outstanding unsecured personal loan at the end of the first quarter of 2019. This is an addition of more than two million consumers when compared to 2017"
n

CONSOLIDATE PAYDAY LOANS AND SETTLE YOUR DEBT

nationalpaydayrelief.com
Publication Year: 2018
Quotes
  • "Citizens all over America borrow payday loans. It is estimated, that last year, over 11 million payday loans were requested and granted in the United States. "

Payday Loans: Disadvantages & Alternatives

debt.org
Quotes
  • "According to the Community Financial Services Association of America, there are an estimated 18,600 payday advance locations nationwide that have extended $38.5 billion in credit to 19 million households."

Payday Loan

investopedia.com
Publication Year: 2019
Quotes
  • "Payday loan providers are typically small credit merchants with physical locations that allow onsite credit applications and approval. Some payday loan services may also be available through online lenders."
f

Payday Lending Breakdown

finhealthnetwork.org
Publication Year: 2016