Agenda - Council - 06/28/2016 - Laserfiche WebLink

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ANOKA COUNTY HOUSING STUDY CONCLUSIONS • Based on homeownership trends in 2000 and 2010 in Anoka County submarkets and specifically among non -senior households, the total housing demand is apportioned between renter and owner products. The rate of homeownership ranges 5% to 60% depending on the characteristics and demographic patterns of each submarket. Demand in Anoka County overall is calculated for about 3,360 general occupancy rental units (18.5%) and 14,805 general occupancy ownership units (81.5%). • For rental housing, demand is calculated for deer subsidy (less than 50% AMI), shallow subsidy (50% to 80% AMI), and market rate (greater than 80% AMI) housing products. Percentages are calculated based on current income limits for the various housing products and tenure by income rates in each submarket as of 2010 (Table A-19). Further, adjustments were calculated by Maxfield Research Inc. to account for utilization of Housing Choice Vouchers (Section 8) at market rate properties and the age of existing market rate properties, which increase the affordability of existing developments and therefore indirectly satisfy subsidized housing demand. All considered, general occupancy rental demand in Anoka County is calculated for about 1,565 market rate units, 730 shallow subsidy units, and 1,065 deep subsidy units. • For for -sale housing, demand is calculated by product type (single-family and multifamily) and price point. First, an analysis of building permit trends by submarket, resale trends, and recent new home closings offers insight into the demand for single-family and multifamily product types. These statistics are also considered in light of land availability in the various submarkets to accommodate different housing products. Demand from 2010 to 2020 is calculated for 10,060 single-family units (68.0%) and 4,745 multifamily units (32.0%) in Anoka County. • Single-family housing is classified into three primary categories: modest or entry-level housing, which includes housing below $250,000; move -up housing, which ranges from $250,000 to $450,000; and executive housing, which has a housing cost of $450,000 or greater. Based on a review of household income by tenure (Table A-19) and trends among actively marketing subdivisions, percentages are assigned to each price point in each submarket. In Anoka County overall, demand is calculated for about 2,330 modest single- family units (23.1%), 5,630 move -up single-family units (56.0%), and 2,100 executive single-family units (20.9%) through 2020. • Similarly, multifamily housing is also classified into categories: modest or entrv-level multifamily housing includes homes below $225,000 and move -up multifamily housing includes homes above $225,000. Based on a review of household income by tenure (Table A-19) and trends among actively marketing subdivisions, percentages are assigned to each price point in each submarket. In Anoka County overall, demand is calculated for about 2,950 modest multifamily units (62.3%) and 1,785 move -up multifamily units (37.7%) through 2020. The figure on the following page displays a summary of demand calculations for various general occupancy housing products in Anoka County from 2010 to 2020. MAXFIELD RESEARCH INC. 108