bae urban economics NORTH TAHOE REGIONAL WORKFORCE HOUSING NEEDS ASSESSMENT

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1 bae urban economics NORTH TAHOE REGIONAL WORKFORCE HOUSING NEEDS ASSESSMENT Tahoe Truckee Community Foundation (TTCF) & Community Collaborative of Tahoe Truckee (CCTT) January 5, 2015

2 MULTI-PHASED APPROACH Market Assessment Review background materials Assess local housing market conditions Evaluate future housing supply Local Employer and Employee Survey Employee survey to document characteristics and housing needs Employer survey to document workforce needs and characteristics Public Workshops and Focus Groups Informational workshops to discuss housing needs with general public Employee focus groups to further explore housing needs Estimate Workforce Housing Demand Number of employee households, accounting for seasonality Year-round workforce by income level Number of units needed to meet demand Opportunities and Recommendations to Improve Workforce housing Availability

3 STUDY AREA DEFINITION Graniteville Washington Kingvale Soda Springs Dollar Point Tahoe City Tahoe Vista Carnelian Bay Kings Beach Tahoma

4 STUDY AREA DEFINITION (CONTINUED) Graniteville Washington Kingvale/ Soda Springs Dollar Point Carnelian Bay/ Tahoe Vista/ Kings Beach Tahoe City Tahoma Auburn

5 PRELIMINARY DATA FINDINGS

6 TOTAL POPULATION (CENSUS 2000 & ACS) 500, , % (2.5% per Year) 340, , , , , % (-0.6% per Year) 32,450 30,251 North Tahoe Study Area North Tahoe Counties Census 2000

7 ANNUAL POPULATION CHANGE (CENSUS 2000 TO ACS) n.a. * -2.9% n.a. * -1.5% n.a. * n.a. * 0.4% -1.9% n.a. * 1.3% * Data unavailable from Census 2000

8 INDUSTRY EMPLOYMENT (EDD, 2000 & 2014) 31.6% 26.8% 6.2% 8.7% 12.6% 14.2% Health Care and Social Assistance Retail Trade Construction Arts, Entertainment, and Recreation Accommodation and Food Services All Other Industries* * Includes 15 industry sectors that each account for less than 5% of total

9 EMPLOYMENT GROWTH (EDD, 2000 & 2014) 60.0% 57.2% 50.0% 40.0% 30.0% 20.0% 10.0% 24.4% 7.1% 16.4% 25.2% 32.0% 0.0% * Includes 15 industry sectors that account for less than 5% each

10 January February March April May June July August September October November December Jobs in Study Area Jobs in Comparison Counties SEASONALITY OF EMPLOYMENT (EDD, 2000 & 2014) 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, , , , , , , , , ,000 North Tahoe Study Area North Tahoe Counties

11 SEASONALITY BY INDUSTRY (EDD, 2015) 4,000 3,500 3,000 2,500 2,000 1,500 1, Construction Real Estate and Rental and Leasing Arts, Entertainment, and Recreation Retail Trade Educational Services Accommodation and Food Services

12 COMMUTE FLOWS (CENSUS, ONTHEMAP, 2015) Employed in Region Living Within Region 6,554, 41% 9,271, 59% 6,554, 53% 5,723, 47% Live outside Region/In- Work Outside Region/Out-

13 COMMUTE FLOWS (CENSUS, ONTHEMAP, 2015) 65.0% 60.0% 55.0% 50.0% 45.0% 40.0% 35.0% 30.0% In-Commuters Out-Commuters

14 HOUSING BY YEAR BUILT ( ACS) 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 28.0% 18.2% 25.3% 17.7% 17.7% 19.0% 15.9% 14.1% 10.4% 4.7% 6.6% 4.1% 2.6% 4.6% 7.3% 2.3% 1.2% 0.4% Built Built Built Built Built Built Built Built Built or to to to to to to to or Earlier Later North Tahoe Study Area North Tahoe Counties

15 UNITS IN STRUCTURE ( ACS) 1.6% 4.9% 8.9% North Tahoe Study Area 1.3% 3.0% 0.2% 1.6% 78.5% Detached Single Family Attached Single Family 2 to 4 Units 5 to 19 Units 20 to 49 Units 50 Units or More Mobile Homes Boats, RV's, Vans, Other

16 OCCUPANCY STATUS ( ACS) North Tahoe Study Area ( ) +9.1% 35.5% 64.5% North Tahoe Counties ( ) +1.8% 15.9% 84.1% Occupied Housing Units Vacant Housing Units Occupied Housing Units Vacant Housing Units

17 VACANCY STATUS ( ACS) North Tahoe Study Area 0.7% 0.0% ( ) 1.3% 1.4% 0.9% 1.5% 0.0% North Tahoe Counties ( ) 1.5% 1.3% 0.6% For rent 60.2% For sale only +7.7% +0.6% For rent 11.0% For sale only Rented or sold, not occupied For seasonal or occasional use For migrant workers Rented or sold, not occupied For seasonal or occasional use For migrant workers * Held vacant for any reason other than those listed above.

18 North Tahoe Carnelian Bay Dollar Point CDP Floriston CDP Kings Beach CDP Kingvale CDP Soda Springs Sunnyside- Tahoe Vista CDP Tahoma CDP Town of Truckee North Tahoe MEDIAN HOUSEHOLD INCOME (ADJUSTED TO 2014) $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $76,067 $72,083 $80,889 $73,896 $83,696 $77,772 $67,079 $67,556 $69,330 $72,159 $68,892 $56,607 $69,838 $63,295 $53,068 $50,499 $39,639 $50,568 $28, Census ACS

19 HUD INCOME LIMITS (FOR PLACER COUNTY) Income Level Extremely Low (30% MFI) Very Low (50% MFI) Low (80% MFI) Moderate (120% FMI) One Two Three Four Five $15,050 $17,200 $19,350 $21,450 $23,200 $25,050 $28,600 $32,200 $35,750 $38,650 $40,050 $45,800 $51,500 $57,200 $61,800 $60,120 $68,640 $77,280 $85,800 $92,760

20 HUD INCOME LIMITS (FOR NEVADA COUNTY) Income Level Extremely Low (30% MFI) Very Low (50% MFI) Low (80% MFI) Moderate (120% FMI) One Two Three Four Five $16,100 $18,400 $20,700 $23,000 $24,850 $26,850 $30,700 $34,550 $38,350 $41,450 $42,950 $49,050 $55,200 $61,300 $66,250 $64,440 $73,680 $82,920 $92,040 $99,480

21 AFFORDABLE SALE PRICE (FOR PLACER COUNTY) Income Level Extremely Low (30% MFI) Very Low (50% MFI) Low (80% MFI) Moderate (120% FMI) Three Four Five $73,442 $81,333 $88,009 $122,151 $135,656 $146,581 $186,337 $216,988 $234,438 $293,162 $325,482 $351,885

22 AFFORDABLE SALE PRICE (FOR NEVADA COUNTY) Income Level Extremely Low (30% MFI) Very Low (50% MFI) Low (80% MFI) Moderate (120% FMI) Three Four Five $78,601 $87,251 $94,231 $131,103 $145,519 $157,203 $209,401 $232,618 $251,282 $314,557 $349,154 $377,378

23 MEDIAN SINGLE-FAMILY PRICE (ZILLOW.COM) $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 $667,

24 MEDIAN SINGLE-FAMILY PRICE (LISTSOURCE.COM) JUNE-NOVEMBER 2015 $1,200,000 $1,000,000 $575,000 $529,500 $800,000 $620,000 $523,000 $520,000 $525,000 $575,000 $589,000 $600,000 $388,100 $400,000 $200,000 $0 $1,115,000 $1,101,000

25 AFFORDABLE RENTAL RATES (FOR PLACER COUNTY) Income Level One Two Three Four Five Extremely Low (30% MFI) $300- $310 $334- $354 $369- $388 $403- $421 $427- $447 Very Low (50% MFI) $550- $560 $619- $639 $690- $709 $761- $779 $813- $833 Low (80% MFI) $925- $935 $1049- $1069 $1173- $1192 $1297- $1315 $1392- $1412 Moderate (120% FMI) $1427- $1437 $1620- $1640 $1817- $1836 $2012- $2030 $2166- $2186

26 AFFORDABLE RENTAL RATES (FOR NEVADA COUNTY) Income Level One Two Three Four Five Extremely Low (30% MFI) $335- $346 $375- $392 $413- $433 $451- $470 $478- $497 Very Low (50% MFI) $603- $614 $683- $700 $759- $779 $835- $854 $893- $912 Low (80% MFI) $1006- $1017 $1141- $1158 $1275- $1295 $1409- $1428 $1513- $1532 Moderate (120% FMI) $1543- $1554 $1757- $1774 $1968- $1988 $2177- $2196 $2344- $2363

27 MARKET RATE APARTMENT COMPLEXES Name The Aspens of Truckee Evergreen Apartments Sierra Village (Mkt. Rate) Numbe r of Units Bed s Bath s Sq. Ft. Rent/Month $1, ,100 $1, $950-$1, $1,300-$1, TBD TBD

28 CURRENTLY LISTED RENTALS (ALL UNIT TYPES) Studio One Bedroom Two Bedroom Three Bedroom Four Bedroom Average $852 $1,225 $1,472 $2,237 $2,425 Median $850 $1,263 $1,350 $2,198 $2,500 Count

29 AFFORDABLE RENTAL COMPLEXES Name Address City Numbe r of Units Affordabilit y Level Kings Beach Housing Now 204 Chipmunk St. Kings Beach 77 Low & Very Low Frishman Hollow Rue Ivy Truckee 32 Very Low Henness Flats Waters Way Truckee 92 River View Homes Village Way Truckee 38 Low & Very Low Low & Very Low Sawmill Heights (Afford.) 7646 Highlands View Rd Truckee 96 Low & Moderate Sierra Village (Afford.) Martis Valley Rd Truckee 59 Low & Very Low

30 AFFORDABLE RENTAL COMPLEXES (CONTINUED) Name Address City Numbe r of Units Truckee Donner Senior Estates Dr Truckee 60 Truckee Pines Estates Dr Truckee 104 Affordabilit y Level Low & Very Low Age 62+ Low & Very Low

31 Number of Sites Number of Units SITE DEVELOPMENT CAPACITY 140 4, ,069 4,000 3,500 3,000 2, ,733 1, ,000 1,500 1, du./ac du./ac. >10 du./ac. Number of Sites Anticipated Yield (Units)

32 QUESTIONS OR COMMENTS? BAE Urban Economics nd Street, Suite A Davis, CA (530) Matt Kowta, Principal mkowta@bae1.com Aaron Nousaine, Senior Associate aaronnousaine@bae1.com

33 INDUSTRY EMPLOYMENT (EDD, 2000 & 2014) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, n.a

34 COMMUTE FLOWS (CENSUS, ONTHEMAP, 2015) Employed in Region (2003) Living Within Region (2003) 6,391, 45% 7,875, 55% 6,391, 62% 3,935, 38% Live Outside Region/In-Commuters Live Within Region Work Outside Region/Out-Commuters Work Within Region

35 COMMUTE FLOWS (CENSUS, ONTHEMAP, 2015) Employed in Region (2013) Living Within Region (2013) 6,554, 41% 9,271, 59% 6,554, 53% 5,723, 47% Live Outside Region/In-Commuters Live Within Region Work Outside Region/Out-Commuters Work Within Region

36 OCCUPANCY STATUS (CENSUS 2000) North Tahoe Study Area (2000) North Tahoe Counties (2000) 55.4% 44.6% 14.1% 85.9% Occupied Housing Units Vacant Housing Units Occupied Housing Units Vacant Housing Units

37 VACANCY STATUS (CENSUS 2000) North Tahoe Study Area 1.1% 0.0% % 0.5% (2000) 0.9% 0.0% North Tahoe Counties (2000) 0.8% 1.3% 0.6% For rent 52.5% 10.4% For rent For sale only Rented or sold, not occupied For seasonal or occasional use For migrant workers For sale only Rented or sold, not occupied For seasonal or occasional use For migrant workers * Held vacant for any reason other than those listed above.