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94 <br />Housing Market Analysis <br />MA-05 Overview <br />Housing Market Analysis Overview <br />This section of the Consolidated Plan evaluates housing market conditions in Santa Ana <br />including housing supply, demand, condition, and cost. The data shows that that are single <br />detached-structures a are most prominent representing 47 percent of all structures. The <br />housing stock is relatively dated, 80 percent of units were constructed before 1980. <br />The data shows the housing market in Santa Ana is relatively tight and many households, <br />especially renters, are experiencing a housing cost burden. From 2020 to 2024 the median <br />value for homes in Santa Ana increased 41 percent, according to the Zillow Home Value <br />Index. ACS data shows median contract rent increased 32 percent over the last 10 years. <br />While CHAS data shows there are enough housing units affordable to people with incomes <br />up to 80 percent AMI the surplus of units is minimal. There are only 652 more units <br />affordable to households with income up to 80 percent AMI than there are households at <br />that income level. There is no assurance as to which unit a household occupies. This <br />situation is not new. For many years monthly rent increased at a faster rate than household <br />income. CHAS data shows 20 percent of households earning at or below 80 percent AMI <br />experience a housing cost burden greater than 50 percent of income. <br />Figure 7 – Change in Median Rent and Income <br />Source: 2016-2020 ACS <br />EXHIBIT 1