75A - PUBLIC HEARING 5 YR CONSOLITATED PLAN

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MA-15 Housing Market Analysis: Cost of Housing - 91.210(a) Introduction A critical factor in evaluating a city's housing market is the cost of housing and, even more importantly, if the housing is affordable to households living there. High housing costs result in more households experiencing housing cost burden (paying more than 30%) or overcrowding. The data below provides a summary of housing costs as reported by households through the American Community Survey. However, in looking at more current housing sales and rental market data —the cost of housing has risen tremendously over the past five years. According to Zumper, a rental listing aggregator, average rents for studios, 1-bedroom, 2-bedroom, and 3-bedroom all rose from December 2014 to January 2020 and significantly exceeded the median contract rent as reported by the ACS 2011-2015 estimates documented in the Cost of Housing table below. Similarly, owner -occupied housing costs have also increased over the past five years. According to Zillow, from October 2014 to October 2019, the median sales price rose from $384,800 to $527,400 (an increase of 37%), far outpacing the ACS estimates for median home value. Cost of Housing Studio $1,060 $1,399 1W 32% 1-bedroom $1,350 $1,682 25% 2-bedroom $1,798 $2,148 19% 3-bedroom $2,500 $2,800 12% Table — 37 — Average Rents Data Source: Zumper Research (accessed 1/31/2020) Median Home Value Median Contract Rent 1,121 Table 38 — Cost of Housing Data Source: 2005-2009 ACS (Base Year), 2011-2015 ACS (Most Recent Year) Less than $500 $500-999 $1,000-1,499 $1,500-1,999 $2,000 or more Total Consolidated Plan C7e101rJel01ra 2,470 9,985 18,200 7,625 2,765 41,045 1,228 6.0% 24.3% 44.4% 18.6% 6.7 % 100.0% OMB Control No: 2506-0117(exp. 06/30/2018) 75A-93