AFFORDABILITY LISA GOVONI MONTGOMERY COUNTY HOUSING RESEARCH - PowerPoint PPT Presentation

TAKOMA PARK HOUSING MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT AFFORDABILITY LISA GOVONI MONTGOMERY COUNTY HOUSING RESEARCH PLANNER LISA.GOVONI@MONTGOMERYPLANNING.ORG Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

HOUSEHOLD INCOME (DOLLARS) MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (ACS 2010-2014) $120,000 $98,704 $100,000 $78,106 $80,000 $60,000 $51,939 $40,000 $20,000 $0 Median Household Income Takoma Park, Maryland Montgomery County, Maryland United States • Although Takoma Park’s median i ncome is lower than Montgomery County’s, it is still a high income area with a median income 52% higher than the U.S. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

HOUSING TENURE MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (ACS 2010-2014) 70% 67% 60% 52% 48% 50% 40% 33% 30% 20% 10% 0% Owner-occupied Renter-occupied Takoma Park, Maryland Montgomery County, Maryland • Takoma Park has an almost even split of owner-occupied and renter-occupied households (52% owner-occupied, 48% renter-occupied). Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

HUD AREA MEDIAN FAMIL Y INCOME (HAMFI) MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT DISTRIBUTION (CHAS 2008-2012) 100% 18% 90% 39% 80% 13% 70% 73% 76% 17% 60% 12% 50% 14% 25% 40% 30% 16% 7% 6% 20% 8% 6% 28% 10% 20% 7% 6% 5% 5% 0% Takoma Park Owner Montgomery County Owner Takoma Park Renter Montgomery County Renter Household Household Household Household Household Income <= 30% HAMFI Household Income >30% to <=50% HAMFI Household Income >50% to <=80% HAMFI Household Income >80% to <=100% HAMFI Household Income >100% HAMFI • Only 12% of Takoma Park owner households earn less than 50% of the Area Median Income • Over 50% of Takoma Park renter households earn less than 50% of the Area Median Income. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

AVERAGE RENTS OF ALL RENTAL FACILITIES BY TYPE MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (2014 DHCA RENT AL FACILITY SURVEY) $2,000 $1,787 $1,800 $1,544 $1,600 $1,334 $1,400 $1,313 $1,160 $1,200 $1,007 $1,000 $859 $811 $800 $600 $400 $200 $- Efficiencies 1 Bedroom 2 Bedrooms 3 Bedrooms Takoma Park Montgomery County • The DHCA (Department of Housing and Community Affairs) conducts an annual survey of all multi-family rental facilities (meaning two or more units in structure, not all rental units) throughout the county, reporting information from 799 facilities in 2014. • Takoma Park has lower average rents compared to Montgomery County, with an average 1-bedroom in Montgomery County averaging around the same cost for a 3-bedroom in Takoma Park. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

GROSS RENT MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (ACS 2010-2014) 70% 60% 57% 50% MEDIAN GROSS RENT: 44% MONTGOMERY COUNTY – $1,611 40% TAKOMA PARK – $1,069 31% 30% 23% 20% 17% 15% 10% 5% 5% 2% 1% 0% Less than $200 $200 to $749 $750 to $999 $1,000 to $1,499 $1,500 or more Takoma Park, Maryland Montgomery County, Maryland • Takoma Park’s median gross rent is over $500 less than Montgomery County’s. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

HOME VALUE MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (ACS 2010-2014) 50% 45% 44% 40% 38% 34% 34% 35% MEDIAN HOME VALUE: MONTGOMERY COUNTY – $448,700 30% TAKOMA PARK – $475,800 25% 20% 14% 15% 9% 10% 8% 5% 4% 5% 2% 2% 2% 2% 1% 1% 0% 0% Less than $50,000 to $100,000 to $150,000 to $200,000 to $300,000 to $500,000 to $1,000,000 or $50,000 $99,999 $149,999 $199,999 $299,999 $499,999 $999,999 more Takoma Park, Maryland Montgomery County, Maryland • Takoma Park has a higher median home value than Montgomery County as a whole. • 46% of Takoma Park homes are valued greater than $500,000, compared to 42% for Montgomery County as a whole. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

HOUSING COST BURDEN MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (CHAS 2008-2012) 100% 9% 12% 17% 90% 22% 16% 80% 18% 70% 25% 25% 60% 50% 40% 73% 70% 30% 56% 51% 20% 10% 0% Takoma Park Owner Montgomery County Owner Takoma Park Renter Montgomery County Renter Household Household Household Household Cost Burden <=30% Cost Burden >30% to <=50% Cost Burden >50% • Housing analysts suggest that household costs should not be more than 30% of total household income. • Renter households in Takoma Park are less severely rent burdened than the Countywide renters. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

UNIT TYPE MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (ACS 2010-2014) OWNER-OCCUPIED HOUSING UNITS 100% 87% 67% 80% 60% 40% 21% 20% 4% 5% 5% 3% 3% 3% 3% 0% 1-unit, detached 1-unit, attached 2 to 9 units 10 to 49 units 50 or more units Takoma Park, Maryland Montgomery County, Maryland • Owner-occupied housing units in Takoma Park are predominantly 1-unit detached homes. RENTER-OCCUPIED HOUSING UNITS 100% 80% 60% 35% 30% 29% 28% 40% 22% 15% 15% 13% 12% 20% 1% 0% 1-unit, detached 1-unit, attached 2 to 9 units 10 to 49 units 50 or more units Takoma Park, Maryland Montgomery County, Maryland • Renter-occupied housing units in Takoma Park are predominantly located in 50 or more unit buildings. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

NUMBER OF BEDROOMS MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (ACS 2010-2014) OWNER-OCCUPIED HOUSING UNITS 100% 85% 80% 80% 60% 40% 17% 11% 20% 3% 3% 0% 0% 0% Efficiencies 1 bedroom 2 bedrooms 3+ bedrooms Takoma Park, Maryland Montgomery County, Maryland • Owner-occupied housing units most commonly have 3 or more bedrooms. RENTER-OCCUPIED HOUSING UNITS 100% 80% 60% 39% 37% 37% 31% 40% 28% 19% 20% 5% 4% 0% Efficiencies 1 bedroom 2 bedrooms 3+ bedrooms Takoma Park, Maryland Montgomery County, Maryland • Renter-occupied housing units are primarily 1 or 2 bedroom units. Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission

YEAR STRUCTURE BUILT MONTGOMERY COUNTY PLANNING DEPARTMENT MONTGOMERY COUNTY PLANNING DEPARTMENT (ACS 2010-2014) OWNER-OCCUPIED HOUSING UNITS 60% 44% 35% 35% 40% 30% 19% 20% 12% 10% 8% 5% 1% 1% 0% 0% 2010 or later 2000 to 2009 1980 to 1999 1960 to 1979 1940 to 1959 1939 or earlier Takoma Park, Maryland Montgomery County, Maryland • Almost 80% of owner-occupied housing units were built before 1959 in Takoma Park. RENTER-OCCUPIED HOUSING UNITS 60% 49% 34% 40% 32% 25% 16% 15% 14% 20% 9% 4% 1% 1% 1% 0% 2010 or later 2000 to 2009 1980 to 1999 1960 to 1979 1940 to 1959 1939 or earlier Takoma Park, Maryland Montgomery County, Maryland • 65% of Takoma Park renter-occupied housing units were built before 1959, only around 10% have been built after 1980. • Takoma Park has an older housing stock for both renter-occupied and owner-occupied units Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission Maryland-National Capital Park and Planning Commission