YELLOW SPRINGS, OHIO SETTING HOUSING DEVELOPMENT GOALS Presented - PowerPoint PPT Presentation

YELLOW SPRINGS, OHIO SETTING HOUSING DEVELOPMENT GOALS Presented By: Patrick M. Bowen, President Bowen National Research August 20, 2018 www.bowennational.com 614-833-9300

Housing Needs Assessment Estimates  The number of housing units needed by various income levels over the next five years, based on current trends and conditions (~300 Rentals & ~200 For-Sale) Rental Demand Potential by Income Level & Rent (Five-Year Estimates) Yellow Springs Primary Study Area Household Income Range < $20K $20K-$34K $35K-$49K $50K-$74K $75K+ Rent Affordability < $500 $500-$874 $875-$1,249 $1,250-$1,849 $1,850+ 111 83 11 58 39 HNA – Need for Rental Units For-Sale Housing Demand by Income Level & Price Point (Five-Year Estimates) Yellow Springs Primary Study Area Household Income Range $30K-$49K $50K-$74K $75K+ $100K-$149K $150K-$224K $225,000+ Housing Price Affordability HNA – Need for For-Sale Units 40 22 128  Note: Housing Needs Assessment estimates ignore stakeholder and resident input, and do not attempt to address housing segments that the community may want to attract or retain  Housing Goals are based on a combination of housing needs estimates, units needed to make the market more balanced with surrounding region and healthy market norms, and takes into account resident and stakeholder interests

Housing Choices – Many Factors Influence Where People Live YOUNG COUPLE EMPTY NESTER EMPTY NESTER MILLENNIAL COUPLE SENIOR SENIOR SINGLE NO DEPENDENTS SINGLE COUPLE WITH DEPENDENTS COUPLE SINGLE RENTALS FOR SALE RENTALS FOR SALE SENIOR CARE HIGH END HIGH END AFFORDABLE AFFORDABLE

Potential goals for the number of new units by bedroom type Rental Household Sizes by Geography GEOGRAPHY 1-Person 2-Person 3-Person 4-Person 5-Person Yellow Springs 54.1% 23.8% 16.1% 6.0% 0.0% Secondary Study Area (Surrounding Area, Excludes YS) 40.3% 25.5% 15.3% 10.1% 8.8% Dayton MSA 41.9% 25.7% 14.5% 10.3% 7.6% State of Ohio 41.9% 26.2% 14.5% 9.7% 7.6% Yellow Springs Goal – 5-Year 51%-53% 24%-25% 15%-16% 7%-8% 3%-4% One-Bedroom Two-Bedroom Three-Bedroom+ Yellow Springs 5-Year Goal ~100 ~140 ~60 New Rental Units Owner Household Sizes by Geography 3-Person 4-Person GEOGRAPHY 1-Person 2-Person 5-Person Yellow Springs 28.9% 43.3% 12.7% 13.0% 2.0% Secondary Study Area (Surrounding Area, Excludes YS) 26.0% 39.8% 15.4% 11.7% 7.1% Dayton MSA 26.1% 39.2% 15.2% 12.0% 7.5% State of Ohio 24.0% 38.9% 15.5% 13.2% 8.5% Yellow Springs Goal – 5-Year 27%-28% 41%-42% 13%-14% 12%-13% 3%-5% One-Bedroom Two-Bedroom Three-Bedroom+ Yellow Springs 5-Year Goal ~40 ~80 ~80 New For-Sale Units

Potential goals for the number of new units by Age Group Rental Household by Age by Geography GEOGRAPHY <25 25-34 35-44 45-54 55-64 65-74 75+ Yellow Springs 4.5% 23.9% 18.4% 16.2% 28.1% 3.7% 5.1% Secondary Study Area 17.9% 23.9% 16.9% 16.7% 11.1% 5.9% 7.6% (Surrounding Area, Excludes YS) Dayton MSA 12.7% 24.7% 18.3% 17.8% 13.0% 6.5% 7.0% State of Ohio 12.5% 24.5% 18.4% 17.6% 12.4% 6.6% 8.0% Yellow Springs Goal – 5-Year 7%-8% 24%-25% 17%-18% 16%-17% 23%-24% 5%-6% 6%-7% Millennials/Young Adults Middle-Aged, Older Adults, Empty Nesters Yellow Springs 5-Year Goal & Families Established Families & Seniors New Rental Units ~120 ~100 ~80 Owner Household by Age by Geography GEOGRAPHY <25 25-34 35-44 45-54 55-64 65-74 75+ Yellow Springs 0.4% 2.5% 11.1% 21.2% 23.4% 19.6% 21.8% Secondary Study Area 1.2% 9.4% 14.4% 21.1% 23.1% 16.0% 14.8% (Surrounding Area, Excludes YS) Dayton MSA 1.1% 9.2% 15.4% 22.5% 22.1% 15.3% 14.3% State of Ohio 1.0% 9.7% 16.7% 23.2% 22.0% 14.3% 13.0% Yellow Springs Goal – 5-Year 0.5%-1.0% 4%-5% 12%-13% 21%-22% 22%-23% 17%-18% 20%-21% Millennials/Young Adults Middle-Aged, Older Adults, Empty Nesters & Yellow Springs 5-Year Goal & Families Established Families Seniors New Owner Units ~70 ~70 ~60

Potential goals for the number of new units by Income Group Rental Household by Income by Geography – Share of Renter Households Household Income Range < $25K $25K-$34K $35K-$49K $50K-$74K $75K+ Yellow Springs 41.7% 16.0% 8.4% 20.6% 13.4% Secondary Study Area (Surrounding Area, Excludes YS) 43.6% 12.9% 15.2% 14.7% 13.6% Dayton MSA 42.2% 14.8% 15.4% 14.4% 13.3% State of Ohio 42.6% 14.3% 15.3% 15.2% 12.7% Yellow Springs Goal – 5-Year 41%-42% 14%-15% 11%-12% 17%-18% 12%-13% Total Potential PSA (Yellow Springs) 111 83 11 58 39 Support for New Units Yellow Springs 5-Year Goal ~100 ~70 ~40 ~50 ~40 New Rental Units 2017-2022 For-Sale Housing Demand by Income Level & Price Point Yellow Springs Primary Study Area Household Income Range $30K-$49K $50K-$74K $75K+ Housing Price Affordability $100,000-$149,999 $150,000-$224,999 $225,000+ Yellow Springs 13.0% 21.4% 57.1% Secondary Study Area (Surrounding Area, Excludes YS) 18.3% 20.6% 43.3% Dayton MSA 17.7% 20.8% 44.6% State of Ohio 17.5% 20.3% 45.4% Yellow Springs Goal – 5-Year 14%-15% 20%-21% 53%-54% Total Potential PSA (Yellow Springs) 40 22 128 Support for New Units Yellow Springs 5-Year Goal ~50 ~40 ~110 New For-Sale Units

REMINDERS  Demand goals are simply goals, and shouldn’t be used as an end- all; Instead, demand goals should be used to help provide some direction & focus 0n establishing housing priorities, incentives, policies, etc.  The Village needs to be flexible in its approach to addressing housing:  As new housing product is added (or lost) in the market, priorities and goals may need to change  Be aware of unpredictable market changes (e.g. home mortgage interest rates, drastic shifts in mobility patterns, etc.)  Be aware of unpredictable housing industry changes (e.g. Air BnB growth, state or federal housing programs/incentives, etc.)