Planning for Tomorrows Housing Needs NH Office of Energy & - PowerPoint PPT Presentation

Planning for Tomorrow’s Housing Needs NH Office of Energy & Planning 21st Annual Spring Planning & Zoning Conference May 2, 2015 George Reagan, Administrator, Housing Awareness Program New Hampshire Housing

Source: AARP, 2010

10.0% 15.0% 20.0% 25.0% 0.0% 5.0% .1 to 4 years .5 to 9 years .10 to 14 years .15 to 17 years .18 to 19 years Most Seniors Do Age In Place Northeast US Annual Mobility by Age, 2012 to 2013 .20 to 24 years .25 to 29 years .30 to 34 years .35 to 39 years .40 to 44 years .45 to 49 years .50 to 54 years .55 to 59 years .60 to 61 years .62 to 64 years .65 to 69 years .70 to 74 years .75 to 79 years .80 to 84 years .85+ years

Mismatch With the Inventory — Small Households, Large Units — Downsizing to What? NH Households by Household Bedroom Count in Owner Size Occupied Units 200,000 200,000 180,000 180,000 160,000 160,000 Number of Households 140,000 140,000 120,000 120,000 100,000 100,000 80,000 80,000 60,000 60,000 40,000 40,000 20,000 20,000 0 0 1 2 3 4 5 6 7 Persons In Household Victims of our own success? 4

Dichotomy in NH • 2 out of 5 housing units in NH are more than 40 years old. 2nd Homes Hanover • Half of the housing units in the West and North Country are more than 40 years old.

Cost burden on renter households has increased

NH Seniors Overpaying For Housing, 2009 60% 54% 54% 50% 40% 31% 31% 30% 26% 20% 12% 10% 0% Owners With a Mortgage Owners Without a Mortgage Renters Paying 30% or More Paying 50% or More

1st Time Buyers Drive the Market 1st time home buyers are challenged, delaying entry  into the ownership market: › Job growth is slow and the jobs that are being created are of lesser quality than those lost › Stricter lending standards limit access to financing › High levels of student debt (1st or 2nd in the country) › Delayed relationships (Forming relationships often brings additional income to make the jump to ownership) › Affordability challenge, even with today’s interest rates

NH’s Changing Environment Has Consequences Environment Consequences • New Hampshire’s population • Fewer new households, and fewer growth is slowing down families • • Job quality has decreased Overpayment problems for low income renters • • Elder overpayment, service needs, Elders will be increasingly larger aging and mismatched housing share of owners and renters stock • Young home buyers are • Hampered move-up market and challenged pressure on rental market • Recent trend away from ownership • Multi-family production shortages and towards rental • One size solutions won’t apply. • Different problems in different regions • • General public, town officials and Town officials not comfortable business are not aware of issues changing existing regulations. affecting NH’s housing. Local regulations are retrospective.

 Watson Woods, Exeter  28 Unit-Mixed Income Development  6 Multi-Family Townhouse Buildings  In exchange for greater density, 20% of the units must remain affordable  30 year restriction

 Northwoods/So uthwoods, (Aspen Court & Balsam Lane) Amherst  25 Single Family Condos  Market Rate Affordable

 Peacock Brook, Amherst  Single Family Condo  Market Rate Affordable  Current unit on the market for $239,000

Hopkinton, NH Single Family Conversion to Multi-Family Rental

Hale Farm, Conway, NH Single Family Conversion to Multi-Family Rental (10 units)

West Peterborough

Newmarket Mills, Mixed Use

Single Floor Living/Universal Design