MA-15 Housing Market Analysis: Cost of Housing - 91.210(a)
Introduction
Cost of Housing
|
Base Year: 2000
|
Most Recent Year: 2009
|
% Change
|
Median Home Value
|
67,200
|
91,900
|
37%
|
Median Contract Rent
|
280
|
380
|
36%
|
Table – Cost of Housing
Data Source:
|
2000 Census (Base Year), 2005-2009 ACS (Most Recent Year)
|
Rent Paid
|
Number
|
%
|
Less than $500
|
3,284
|
75.7%
|
$500-999
|
1,038
|
23.9%
|
$1,000-1,499
|
0
|
0.0%
|
$1,500-1,999
|
0
|
0.0%
|
$2,000 or more
|
15
|
0.4%
|
Total___4,337___100.0%__Table_-_Rent_Paid'>Total
|
4,337
|
100.0%
|
Table - Rent Paid
Housing Affordability
% Units affordable to Households earning
|
Renter
|
Owner
|
30% HAMFI
|
725
|
No Data
|
50% HAMFI
|
1,650
|
1,095
|
80% HAMFI
|
2,720
|
1,590
|
100% HAMFI
|
No Data
|
2,320
|
Total
|
5,095
|
5,005
|
Table – Housing Affordability
Data Source:
|
2005-2009 CHAS
|
Monthly Rent
Monthly Rent ($)
|
Efficiency (no bedroom)
|
1 Bedroom
|
2 Bedroom
|
3 Bedroom
|
4 Bedroom
|
Fair Market Rent
|
0
|
0
|
0
|
0
|
0
|
High HOME Rent
|
0
|
0
|
0
|
0
|
0
|
Low HOME Rent
|
0
|
0
|
0
|
0
|
0
|
Is there sufficient housing for households at all income levels?
Among owner-occupied households, 75% reported no housing conditions, while for renter households less than half (43%) reported no housing conditions. This data is a strong indication that increasing the availability of affordable housing, especially rental housing, that is decent and safe is a high priority.
How is affordability of housing likely to change considering changes to home values and/or rents?
Since 2000, median mortgage and contract rent have both increased by almost 40%. Due to the poor economy, wages have certainly not risen at the same pace. This trend of increase is another indicator that housing may become even less affordable as time passes.
How do HOME rents / Fair Market Rent compare to Area Median Rent? How might this impact your strategy to produce or preserve affordable housing?
According to the ACS data in Table 31, over three-fourths (75.7%) of the renter population pays less than $500. When compared to HOME fair market rents (See Table 33), this amount is affordable for only up to a one bedroom apartment. This data is an indication that rental housing is not affordable for families, which would require, at minimum, a t two bedroom apartment.
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