Summit County Workforce Housing Needs. June 2013

Transcription

1 Summit County Workforce Housing Needs June 2013 Melanie Rees Rees Consulting, Inc. Wendy Sullivan Planning Consultant RRC Associates, Inc.

2 Purpose & Methodology Purpose Timeframe: Nov June 2013 Methodology: 819 Household Surveys 21 Employer interviews 14 additional Key Informant interviews Realtor/title company focus group

3 Demographic Trends Homeownership increased Housing occupancy increased Moderate growth in families with children significant variation by area Fastest growth in senior population in the State Significant growth in Hispanic/Latino population exceeds number of senior households in some areas

4 Housing Problems 36% of households lost income an average of $30,000 Tougher lending standards Rents have been on the rise average market rent at about 80% AMI; 1.7% vacancy rate Home prices began rising last year - $513,000 average sale price (162% AMI) Unemployment rose from under 4% to over 8% 4,570 (38%) are cost-burdened

5 Workforce Housing Inventory Basin # Units % of Total Lower Blue % Snake River % Ten Mile % Upper Blue % Grand Totals 2, % Dorms % Year Round Units 1,621 79%

6 Key Findings Deed restricted performed better than market rate, but prices may not be affordable to intended income groups Ownership market in equilibrium; rental market tight Good mix of housing in county as a whole over 2,000 workforce housing units County operates as an integrated housing market Significant inter-basin commuting Loss of homes to second homeowners and need to fill jobs of retiring employees impact future housing needs as much as new jobs

7 Needs by Category Low High Existing rental needs Existing commuter in-migration Replacement units: Retirees staying in County Lost to out-of-area owners New Employee Households 670 1,330 TOTAL 5-Year Need 1,715 2,975

8 Housing Needs and Gap Low: Summit County Lower Blue Snake River Ten Mile Upper Blue Total NEED 1, Total GAP 1, High: Total NEED 2, ,090 Total GAP 1, Own/Rent mix: 46% for sale; 54% for rent

9 Allocation of Need by Basin Imbalance in location of workers and jobs Upper Blue Snake River Lower Blue Ten Mile 26% 21% 24% 17% 14% 22% 36% 38% Where Workers Live Other/various 3% Location of Jobs 0% 10% 20% 30% 40%

10 Allocation of Need by Basin Where employees want to live Upper Blue 35% 36% Snake River 16% 26% Lower Blue Ten Mile 19% 24% 29% 14% Where Want to Live Where Workers Live 0% 10% 20% 30% 40%

11 Conclusion Operate as integrated housing market Water basin boundaries do not delineate housing market boundaries Coordination/cooperation needed to address imbalances and meet workforce needs New challenges: Retiring households, loss of locally owned homes to out-of-area owners equals or exceeds needs due to new jobs Existing affordable housing stock is aging

12 Characteristics of Units Needed: County-wide Own/Rent: 46%/54% Pricing (average 2.4-person household): Own: <= 120% AMI (under $400,000) Rent: <= 80% AMI (under $1,380/month) Type of units: Apartments Single family and townhomes/duplexes (ownership)

13 Characteristics of Units Needed: Lower Blue Basin 5-Yr Gap: 185 to 310 units 60-80% AMI rentals no more tax credit apartments beyond Villa Sierra Madre II % AMI ownership single family, duplex, few townhomes Phase ownership development of Smith Ranch

14 Characteristics of Units Needed: Snake River Basin 5-Yr Gap: 170 to 290 units Redevelopment, infill Low-income ownership (Habitat, etc.) - <60% AMI Dillon in most demand

15 Characteristics of Units Needed: Ten Mile 5-Yr Gap: 305 to 535 units Rentals about 55% of need, 80% AMI and below Ownership 60 to 120% AMI townhomes possible Focus in Frisco over Copper Inventory how much of the need can be addressed

16 Characteristics of Units Needed: Upper Blue 5-Yr Gap: 375 to 650 units Largest and most diverse inventory of workforce housing most balanced basin Continue to build for new job growth Greatest gap in rentals <= 60% AMI Preservation and rehab/upgrade for existing units

17 County-Wide Recommendations Countywide strategic housing plan Central deed restricted record keeping system One-stop shop for deed restricted buyers and sellers Rental clearinghouse Affordable price calculation methodology Housing rehabilitation program Retiree/senior housing considerations Housing preservation strategy for local-owned homes Revamp purchase/buy down program

18 Thank you. Questions?

19 Appendix

20 Income Distribution by Basin Income mix of households Summit Lower Snake Ten Mile Upper AMI County Blue River Blue <= 60% 27% 30% 34% 26% 19% % 11% 10% 12% 8% 11% % 36% 32% 34% 39% 40% Over 120% 26% 28% 20% 27% 30% Median $66,700 $65,000 $60,000 $70,000 $70,000

21 Allocation of Need by Basin Imbalance in location of workers and jobs Workers: Summit County Lower Blue Snake River Ten Mile Upper Blue Where live 17,000 4,100 4,400 2,400 6,100 Where needed 17,000 2,993 3,659 3,807 6,541 (Over)/under supply 0 (1,107) (741) 1, Housing needed

22 Status Quo vs. Recommendation Low: Summit County Lower Blue Snake River Ten Mile Upper Blue Status quo 1, Address imbalance 1, High: Status quo 2, ,140 Address imbalance 2, ,090

23 % of Households Housing Problems Cost-burdened and Severely cost-burdened 100% 85% 86% Over 50% of Income Spent on Housing 80% % of Income Spent on Housing 60% 50% 40% 20% 25% 0% 30% or less 30.1% AMI - 60% 60.1% AMI - 80% AMI 80.1% - 120% 120.1% - 150% More than 150% 6% 0%

24 Commuting Percentage of Basin Jobs Filled by Basin Residents Upper Blue 50% Snake River 34% Lower Blue Ten Mile 25% 28% Summit County: 37% 0% 10% 20% 30% 40% 50% 60%

25 Commuting % of Employed Households With At Least One Worker Who Lives and Works Within the Basin Upper Blue 82% Snake River 51% Lower Blue 45% Summit County: 64% Ten Mile 64% 0% 20% 40% 60% 80% 100%