Housing Needs Assessment Nederland, Colorado 2014
Housing Needs Assessment Primary Work Elements Analyzed more than 100 demographic & economic metrics • Conducted nearly 30 community stakeholder interviews • Completed a resident survey of more than 200 residents • Surveyed 35 rental properties in Nederland (99 units) • Evaluated Nederland’s and Region’s for-sale housing data on 422 units • (85 available/337 sold) Evaluated various “other housing factors” affecting the PSA housing • market (i.e. community services, crime, education, etc.) Completed a housing gap analysis by tenure and affordability for • Nederland (PSA) and Region (SSA) Identified vacant land and buildings as potential opportunities for • future residential development Provided recommendations to address housing needs & establish • priorities
Geographic Study Areas Secondary Study Area: Primary Study Area: Region Region Note: SSA includes PSA
Demographic Highlights Various Demographic Comparisons Education Poverty Educational Attainment (2013) Population by Poverty Status (2006-2010) 35.0% 100.0% 30.0% 90.0% 80.0% 25.0% PSA 70.0% Share 20.0% SSA 60.0% 87.2% 87.8% Share 91.0% Boulder County Income at/above poverty 15.0% 92.9% 50.0% Colorado Income below poverty 10.0% 40.0% 5.0% 30.0% 20.0% 0.0% 10.0% No High High School Some Associate Bachelor Graduate 12.8% 12.2% 9.0% 7.1% School Graduate College, No Degree Degree Degree 0.0% Diploma Degree PSA SSA Boulder County Colorado Education Level Location Tenure Size Households by Tenure (2013) Persons per Renter Household (2013) 100.0% 55.0% 90.0% 50.0% 25.8% 37.6% 80.0% 40.4% 45.0% 42.9% 40.0% 70.0% PSA 35.0% 60.0% Share Renter-Occupied Share SSA 30.0% 50.0% Owner-Occupied 25.0% Boulder County 40.0% 74.2% 20.0% Colorado 62.4% 59.6% 30.0% 57.1% 15.0% 20.0% 10.0% 10.0% 5.0% 0.0% 0.0% PSA SSA Boulder County Colorado 1-Person 2-Person 3-Person 4-Person 5-Person Location Household Size
Demographic Highlights Population Trends PSA Population increased 2.9% from 2000 to 2010 (< SSA & County) PSA Population growth projected at 7.5% from 2010 to 2018 (fastest when compared with SSA and County) Largest share of PSA POP age 35 to 44 years Smallest share of PSA POP age 65 to 74 & 75+ years PSA greatest projected decline ages 35 to 44 years PSA greatest projected growth ages 65-74 years and 75+ years PSA median age (41 years) much higher than County (36.3 years) and State (36.5 years) Population Trends Population by Age (2013) 18.0% 35.0% 16.9% 16.0% 30.0% 14.0% 25.0% Percent Change 12.0% PSA Share 20.0% 10.0% SSA 2000-2010 9.2% 9.3% Boulder County 8.0% 2010-2018 15.0% 8.4% 7.5% Colorado 7.1% 6.0% 6.3% 10.0% 4.0% 5.0% 2.0% 2.9% 0.0% 0.0% <25 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75+ PSA SSA Boulder County Colorado Age Range Location
Demographic Highlights Household Trends PSA HHs grew 7.0% from 2000 to 2010 (slowest of the areas) Faster projected PSA HH growth 8.3% from 2010 to 2018 (faster growth than SSA and County) Largest share of HHs in PSA ages 35-44 and ages 45-54; smallest among ages 65-74 and ages 75+ Largest HH growth in PSA b/w 2013-18 ages 65-74 (31, 58.5%) Largest HH decline in PSA b/w 2013-18 ages 35-44 (-45, -28.7%) Household Trends Household Heads by Age (2013) 20.0% 30.0% 18.0% 19.0% 25.0% 16.0% Percent Change 14.0% 14.5% 20.0% PSA 12.0% Share 2000-2010 12.0% SSA 10.0% 15.0% 2010-2018 Boulder County 10.0% 8.0% 8.3% 7.9% Colorado 10.0% 6.0% 7.5% 7.0% 4.0% 5.0% 2.0% 0.0% 0.0% PSA SSA Boulder County Colorado <25 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75+ Age Range Location
Demographic Highlights Household Income Trends Households by Income (2013) PSA has highest share of high-income 35.0% 30.0% ($100K+) HHs, but 25.0% PSA lowest share of 20.0% Share SSA Boulder County 15.0% moderate-income ($40k Colorado 10.0% to $60k+) HHs in 2013 5.0% 0.0% <$20K $20K - $40K $40K - $60K $60K - $100K $100K+ Household Income Median Household Income (2000-2018) $70,000 PSA has (2013) & will $60,000 have (2018) the highest Median Income $50,000 2000 median HH income $40,000 2010 2013 $30,000 compared with other 2018 $20,000 study areas $10,000 $0 PSA SSA Boulder County Colorado Location
Demographic Highlights PSA AND SSA • Higher and increasing median age. • Lower share of younger residents (under age 25). • Faster growth rates among senior adult residents ages 65 and older. • Smaller household sizes. • Higher share of one- and two-person households. • Lower share of large household formations (five- person+). • Higher share of well-educated residents. • Lower share of residents living in poverty. • Higher share of households earning more than $60,000 annually. • Higher overall median household income.
Pop. Age 55+ Renter Share Demographic Highlights Theme Maps Pop. Age 20-34 Owner Share
Pop. Density Drive Times Demographic Highlights Theme Maps Median Income Crime Index
Economic Highlights Retail Trade (19.8%) and Accommodation & Food Service • (17.2%) represents largest shares of the PSA labor force. From 2008 to 2010, Boulder County employment base • declined by 7,984 (4.7%) County employment base has grown each of past 4 years • 2013 employment base surpassed pre-recession levels • Total Employment Unemployment Rates
Housing Supply – Existing Challenges Overcrowded and Cost-Burdened Housing Percent of Overcrowded Owner Households (2006-2010) 1.2% Share (0.8%) PSA 1.1% 1.0% owner households live in 0.8% 0.8% 0.8% Percent overcrowded* housing 0.7% 0.6% similar to region & county 0.4% 0.2% *More than one person per room 0.0% PSA SSA Boulder County Colorado Location Renter-Occupied Housing by Percent of Income Paid Towards Rent (2006-2010) One-third of all PSA 60.0% 55.9% 55.5% 48.0% renter-households are Percent of Households 50.0% 40.0% 34.5% cost burdened * 32.7% 30.0% 24.0% 20.1% 20.4% 21.8% 19.5% 17.7% *Pay over 30% of income 16.6% 20.0% 15.0% towards housing costs 7.5% 6.2% 10.0% 4.5% 0.0% (29.0% of owner-households) PSA SSA Boulder County Colorado Location <20% 20%-30% 30%+ Unknown
Housing Supply – Rental (Apartments) Surveyed Rental Housing Inventory By Bedroom Type FEW VACANT Occup. Rent Average OPTIONS: PSA Bedrooms Units Vacant Rate Range Rent has 3 vacancies Studio 12 0 100.0% $510-$610 $538 One-Bedroom 29 1 96.6% $400-$1,395 $783 MISMATCH: Two-Bedroom 46 1 97.8% $400-$1,395 $944 Majority of Three-Bedroom 11 0 100.0% $610-$1,900 $1,255 Supply not Affordable to Four-Bedroom 1 1 0.0% $2,500 $2,500 Most Renters Totals 99 3 97.0% - - Nederland Average Rent by Bedroom Type Nederland Rental Units by Bedroom Type 50 $2,500 $2,500 45 46 40 $2,000 Number of Units 35 Average Rent 30 $1,500 29 25 $1,255 20 $1,000 15 $944 $783 10 $500 12 11 $538 5 1 0 $0 Studio One-Br. Two-Br. Three-Br. Four-Br. Studio One-Br. Two-Br. Three-Br. Four-Br. Bedroom Type Bedroom Type
Housing Supply – Rental (Apartments) Rental Housing Inventory By Year Built MOSTLY OLDER Occup. Rent PRODUCT: Nearly 2/3 of Year Built Units Vacant Rate Range identified rentals were Pre-1970 32 2 93.7% $510-$1,750 built prior to 1980; 1970-1979 30 0 100.0% $400-$1,100 highest share built prior 1980-1989 29 0 100.0% $460-$1,900 to 1970 1990-1999 6 1 83.4% $1,100-$2,500 2000-2009 2 0 100.0% N/A 2010-2014 0 0 - - Nederland Rental Units by Year Built Totals 99 3 97.0% 35 30 32 30 29 Number of Units 25 20 15 10 5 6 2 0 0 Pre-1970 1970-1979 1980-1989 1990-1999 2000-2009 2010-2014 Year Built
Housing Supply – Rental (Apartments) Nederland, Colorado Surveyed Rental Housing Inventory By Quality Level Quality Occupancy Rent LIMITED AMOUNT OF Level Units Vacant Rate Range GOOD QUALITY A 0 0 - - PRODUCT: Half of the B 18 0 100.0% $460-$1,900 product “Fair” and one- C 58 3 94.8% $515-$2,500 fourth “Poor” D 23 0 100.0% $400-$850 F 0 0 - - Nederland Rental Units by Quality Level Totals 99 3 97.0% 60 58 50 Number of Units 40 30 20 23 18 10 0 0 0 A B C D F Quality Level
Housing Supply – Rental (Apartments)
Housing Gap Estimates - Rental Methodology considered household growth, units for balanced market, • substandard housing, and demolitions; conducted by income level Rental housing demand for at least 60 new PSA units by 2018 • Note: Demand estimates represent potential units by 2018 (would • assume all product types, prices and locations developed) 2013 - 2018 Rental Demand Potential by Income Level & Rent Nederland, Colorado Primary Study Area Less Than $30,000- Household Income Range $30,000 $60,000 $60,000+ Less Than Rent Affordability $750 $750-$1,500 $1,500+ New Income-Qualified Renter Household -14 20 27 Units Needed for Balanced Market 10 8 8 Total Replacement Housing Needed by 2018 176 62 3 Less Residential Units in the Development Pipeline 0 0 0 Overall Region (SSA) Units of Potential Support by 2018 172 90 38 Total Units of Potential Support in Nederland (PSA) 26-34 14-18 6-8
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