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75-057
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75-057
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1/3/2012 12:34:43 PM
Creation date
6/26/2003 10:46:47 AM
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City Clerk
Doc Type
Resolution
Doc #
75-57
Date
5/5/1975
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former prices and former interest rates, so their <br />monthly ownership obligations are relatively low, <br />especially in relation to their alternatives in the <br />housing market. <br /> <br /> Not all households which could afford to own their <br /> own homes chose to do so. Mobility, residential <br /> location, .transportation, asset conversion, number <br /> of dependents, and other factors contribute to <br />· decisions to rent completely apart from income. <br /> <br />Homeownership rates are generally higher among older <br />and larger households and among husband-wife families <br />than among other household types. Among the elderly, <br />however, homeownership rates are substantial at all <br />income levels and all household sizes. <br /> <br />ABILITY TO AFFORD RENTAL ROUSING <br /> <br />Few rental units rented for less than $50 in 1970. <br />The median gross rent was $133 in Santa Aha and <br />$150 in Orange County. <br /> <br />From 1970 to 1974, mean rents rose from approximately <br />$133 to $190 per month in Santa Aha, an increase of <br />43%. Multiple units (apartments) in Santa Aha rented <br />for an average'monthly rent of $161 in 1974. <br /> <br />Almost all very low income renter households pay more <br />than 35% of their incomes for rent. As income in- <br />creases, the percentage of renters paying substantial <br />percentages of their incomes for rent decreases. <br />Among high income renters, most pay less than 10% of <br />their incomes for,rent. <br /> <br />While only minimum estimates can be made by gross <br />rent category of how many additional low rent units <br />are needed, the need clearly is very large. <br /> <br />The lower the value or gross rent, the more likely <br />the housing unit is occupied by a low income house- <br />hold, a non-high school graduate, or a person <br />receiving old age or aid to dependent children <br />assistance. <br /> <br />00001'7 <br /> <br /> <br />
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