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99 <br />MA-15 Housing Market Analysis: Cost of Housing <br />Introduction <br />One of the most important factors in evaluating a community’s housing market is the cost <br />of housing and whether the housing is affordable to households who live there or would <br />like to live there. If housing costs are relatively high in comparison to household income, a <br />correspondingly high prevalence of housing cost burden and overcrowding will typically <br />occur. <br />Table 23 indicates the median home value and contract rent (not including utility or other <br />associated costs). These values are self-reported by residents through the ACS Survey and <br />the data reflects the 5-Year Estimate for 2016-2020. Looking to more current housing sales <br />and rental market data it becomes clear the cost of housing is growing rapidly. ACS data <br />shows median contract rent increased 32 percent from 2010 to 2020. In 2020, according to <br />ACS data, median home values in Santa Ana rose 26 percent greater than in 2010, during <br />the mortgage-backed securities housing foreclosure crisis. According to the Zillow home <br />value index, value increased 41 percent from $594,064 in November 2020 to $834,377 in <br />November 2024. <br />Figure 9 - Median Home Value <br />Data Source: 2021-2023 Zillow Home Value Index Research <br />Table 25 indicates the number of units currently affordable to households at different levels <br />of income. It is important to note that simply because a unit is affordable to residents at <br />that income level, it does not necessarily mean that a household at that income level is <br />occupying the unit. <br />EXHIBIT 1