Understanding The Housing Market Rental And Homeownership
Understanding the Housing MarketRental and HomeownershipBill O’DellSeptember 10, 2013Florida Housing Coalition’s 26th Annual Conference
Florida’s affordability gap is growingPercent of Low-Income Households Paying 40% of Incomeor More for Housing, Florida, 2000-201175%70%65%60%RentersOwners55%All rce: U.S. Census Bureau, 2000 Decennial Census and 2005 through 2011 American Community Survey2011
Rents are up, incomes are downReal Median Gross Rent and Median Renter Income (2011 ), Florida, 2000-2011Source: U.S. Census Bureau, 2000 Census and 2005 and 2011 American Community Survey
More households are rentingChanges in Florida Households, 2005-201135%30%25%20%15%29%10%5%0%10%1%-3%-5%All HouseholdsOwnersSource: U.S. Census Bureau, 2005 and 2011 American Community SurveyRentersLow-Income CostBurdened Renters
Affordable housing needs are increasingLow Income ( 60% AMI), Cost Burdened ( 40%) Renters, e: U.S. Census Bureau, 2000 Census and 2005 and 2011 American Community Survey2011
ELI hardest hit; cost burden more commonfor others tooNumber of Households Paying More than 40 Percent of Income for Rent, Florida,2000-2011Source: U.S. Census Bureau, 2000 Census and 2005 and 2011 American Community Survey
Continuing Shortage of Affordable Rental UnitsTotal Rental Units and Units Affordable at 60% AMI, Florida, ,000Total UnitsAffordable 20002005200620072008200920102011Source: U.S. Census Bureau, 2000 Decennial Census and 2005 through 2011 American Community Survey. “Affordable” defined as costing no more than40% of income.
Statewide Trends% HomeownersHomeownership Rate by Household Type, Florida, 2005-2011Source: U.S. Census Bureau, 2005 and 2011 American Community Survey
Affordable/Available Compares number of renter households in an incomegroup (0-30% AMI, 0-40% AMI, 0-50% AMI, 0-60% AMI)with supply of rental unitsAffordable: with rent at or below AMI rent limit (40%monthly income)Available: vacant or occupied by income-qualifiedhousehold (at or below AMI income limit)
Affordable/Available Why affordable/available? Focus on supply; gap between supply and demandHighlights use of lower rent units by higher income householdsPoints up importance of income-restricted housing
Affordable/AvailableNumber of Affordable Units, Affordable/Available Units, and Renter Households by Income, Florida, 47141,611-0-30% AMI0-40% AMI0-50% AMI0-60% AMIUnits, Affordable not Available (Occupied by household above income threshold)Units, Affordable and Available (Occupied by household at or below income threshold or vacant)Total Renter Households in Income GroupSource: U.S. Census Bureau, 2009-2011 American Community Survey
Affordable/AvailableAffordable/Available Housing Units per 100 Renter Households at 0-30% AMI, Modified MSA and Non-MetropolitanAreas, 2009-2011Source: U.S. Census Bureau, 2009-2011 American Community Survey
Affordable/AvailableAffordable/Available Housing Units per 100 Renter Households at 0-40% AMI, Modified MSA and Non-MetropolitanAreas, 2009-2011Source: U.S. Census Bureau, 2009-2011 American Community Survey
Who lives in Florida’s assisted housing? Units with rental assistance (project-based Section 8, RD, vouchers) Average income 11,500 89% of households have incomes below 20,000 Evenly split between elderly and family Most households 1-2 person Typical rents 0-400/monthOther assisted units (e.g. LIHTC; no rental assistance or vouchers) Average income 24,900 Mostly family developments Most households 2-3 person Typical rents 600-1,000/month Most households with incomes below 50% AMI and no voucher are cost burdened
Special Needs Definition An adult person requiringindependent living services inorder to maintain housing or developindependent living skills and whohas a disabling condition; A young adult formerly in fostercare who is eligible for services unders. 409.1451(5); A survivor of domestic violence asdefined in s. 741.28; Or a person receiving benefits underthe Social Security Disability Insurance(SSDI) program or the SupplementalSecurity Income (SSI) program or fromveterans’ disability benefits.Section 420.0004 (13), Florida Statutes
Special Needs: Defining for Rental MarketStudy Disability/benefits definition: Age 18-64, with a disability, receiving Social Security (proxy forSSDI);Age 18 , with a disability, receiving SSI;Age 18 , with a VA service-related disability rating of 10percent or more.93,438 low-income, cost burdened renter householdsmeeting this definition (ACS)
Special Needs: Recipients of State Services Survivors of domestic violence 8,419 households using emergency shelter (DCF)Youth aging out of foster care 5,052 eligible for RTI (DCF)
Special Needs Core estimate 93,438 8,419 5,052 101,85714% of statewide total of 737,435 low-income, cost burdenedrenter households
Understanding the Housing Market Rental and Homeownership Bill O'Dell September 10, 2013 Florida Housing Coalition's 26th Annual Conference . . Affordable housing needs are increasing Source: U.S. Census Bureau, 2000 Census and 2005 and 2011 American Community Survey Low Income ( 60% AMI), Cost Burdened ( 40%) Renters, 2005-2011 .
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Rental Market Dynamics Rental households are getting larger, and owner occupancy is declining Fort Collins Rental and Occupancy Study 11 Over the past ten years, the size of rental households has increased notably from an average of 2.11 people people are living in rental units solely due to this increase. The result is that rental properties .
