Housing 5. Introduction. Purpose

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1 Housing 5 Introduction As part of the General Plan, the Housing Element specifically addresses affordable housing needs in Woods Cross City. It addresses statutory requirements as well as overall community interests in this critical and important issue. It also addresses the range of housing options that are needed or should be available in the community including: Price ranges (affordable, moderate and upper-income); Product types (apartments, condominiums, single-family, etc.); Special needs housing (homeless, housing for the disabled, elderly housing, etc.); and Neighborhood issues (such as zoning and associated density.) The Housing Element is intended to broadly address current conditions of the housing stock and the housing market in Woods Cross and meet specific requirements for moderateincome housing planning included in state law. Purpose The State of Utah recognizes in Section of Utah Code that the availability of moderate-income housing is a statewide concern, and it requires municipalities to propose a plan for moderate-income housing as part of a general plan. Moderate-income housing is defined as housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80 percent of the median gross income of the metropolitan statistical area (MSA) for households of the same size. In the Salt Lake City - Ogden MSA, the median income for a household of four is $57,200. Moderate-income housing, then, will apply to a household of four with an annual income of $45,750. The spirit of the statute is to ensure that people who desire to live in the City of Woods Cross should not be unable to do so simply because they earn a moderate level of income. Rather, people should expect the City to offer a reasonable opportunity to a variety of housing which is located throughout the community. With such an opportunity, people with moderate incomes are allowed to benefit from and to fully participate in all aspects of neighborhood and community life. In this analysis, reasonable opportunity to a variety of housing is assessed using three criteria: in comparison to like-sized communities; in comparison to Davis County as a whole; and through an analysis of the current demand in the City. The housing analysis carefully follows the scope laid out by the City of Woods Cross to fulfill its obligations under Section of Utah Code. Specifically, compliance with Section requires the City to plan for moderate-income housing with an estimate of current supply and future need for moderate-income housing in the next five years. A survey of total residential zoning has been completed in order to evaluate how current zoning may influence or impede affordable housing. Also, the options for current programs to encourage an appropriate mix of housing are presented with recommendations for future policies needed to meet the requirements of the statute. Housing 5-1

2 The analysis demonstrates with housing and income data that Woods Cross meets the obligations for affordability under Section of Utah Code, and meets the requirements set forth in the spirit of the statute. It is important to keep in mind that Section does not define the total scope of housing planning efforts needed by Woods Cross, or any other city. A community must address the needs of all of its residents. Currently, approximately 26 percent of Woods Cross s households have an income below $34,320 (60 percent of AMI for a household of four). Woods Cross s general plan should take into account the needs of these residents as well. This study also provides information about these residents, what housing stock is available to them, and what their future needs will be. Methodology Data The analysis and recommendations are based on both demographic data and current market conditions. The majority of the data used in the analysis comes from public sources. Base data from the 2000 U.S. Census was updated with various sources. The population figures were updated using the Wasatch Front Regional Council s population projections. Housing data was updated using building permit information from the Bureau of Economic and Business Research. Information for current market conditions is based upon data provided by public and private sources. The Davis County Assessors office provided the assessed property values and computed taxes. Wasatch Front Multiple Listing Service provided housing values for residential properties sold from July 25, 2001 to July 25, Information for the rental market is compiled from two sources: EquiMark Properties provided rental information specific to rental units in Davis County, and the Apartment Association of Utah provided historical rental information for the County. Layout of the Housing Element As noted above, this section addresses the requirements of Section of Utah Code regarding the need for communities to provide moderate-income housing. The section first analyzes income levels for the area, and determines what level of housing costs would be affordable to Woods Cross residents at various income levels. It then discusses income and population demographics of the City of Woods Cross, and then summarizes the current housing inventory and market prices. A comparison of housing options currently available in Woods Cross with housing options required by Section of Utah Code shows that the City is fulfilling its obligations for affordability under the statute. There is concern, however, that current housing costs could outpace income growth. If this occurs, Woods Cross may then be in danger of not fulfilling the statute s requirements; this section therefore examines possible regulatory barriers to affordability, in addition to the available housing programs that may help reach affordability targets. Although the City is fulfilling its obligations for affordability under Section , its housing stock is already at or beyond the limits of affordability for those residents making less than 60 percent of area median income. This section suggests ways that Woods Cross Housing 5-2

3 could increase its ability to meet the needs of these residents through use of available housing programs. Affordability Analysis Household Income Section of Utah Code sets out an expectation for the establishment of a plan for moderate-income housing. It defines Moderate income housing as housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80 percent of the median gross income of the metropolitan statistical area for households of the same size. The U.S. Department of Housing and Urban Development (HUD) and the Utah Housing Corporation use three other benchmarks in their housing programs. These are: 60 percent of MSA median income (also known as area median income (AMI), 50 percent of AMI, and 30 percent of AMI. Table 5-1 shows the incomes of households at moderate income and below, distinguished by household size. The table also exhibits housing payments that would be affordable at the given income levels. Table 5-1 Income Limits and Affordable Housing Payments by Household Size FY 2002, Salt Lake City - Ogden MSA Household Affordable Payment at Income Size Level 80% of AMI 60% of AMI 50% of AMI 30% of AMI 1 Income Levels $32,050 $24,000 $20,000 $12,000 Affordable Payment $700 $498 $398 $198 2 Income Levels $36,600 $27,480 $22,900 $13,750 Affordable Payment $813 $585 $471 $242 3 Income Levels $41,200 $30,900 $25,750 $15,450 Affordable Payment $928 $671 $542 $285 4 Income Levels $45,750 $34,320 $28,600 $17,150 Affordable Payment $1,042 $756 $613 $327 5 Income Levels $49,400 $36,960 $30,900 $18,550 Affordable Payment $1,133 $822 $671 $362 6 Income Levels $53,100 $39,840 $33,200 $19,900 Affordable Payment $1,226 $894 $728 $396 7 Income Levels $56,750 $42,540 $35,450 $21,300 Affordable Payment $1,317 $962 $785 $431 8 Income Levels $60,400 $45,300 $37,750 $22,650 Affordable Payment $1,408 $1,031 $842 $465 Source: HUD & Wikstrom Economic & Planning Consultants, Inc. Note: Affordable housing costs are calculated as 30 percent of monthly income less $ for utility expenses Household size will affect the income level applicable under the 80 percent of median household income requirement of Section of Utah Code. For purposes of analysis, the base figure of $45,750 gross annual income - the income for a household of four - is used throughout the housing analysis as moderate income. Housing 5-3

4 Housing Analysis of Affordability Targets for Rental and Ownership Options Based on the established figure of $45,750 to define moderate incomes, housing options available are assessed and used for later analysis. Typically, total monthly housing costs should not exceed 30 percent of monthly income. With this basic guideline, the maximum monthly housing cost outlay is $1,144 including utility payments. Based on average monthly utility payments of $56.75 for gas 1, and $44.94 for electricity 2, an expected utility bill of $ per month is subtracted from the maximum monthly housing payment; thus, the maximum monthly housing payment for a moderate-income household is $1,042. Single Family Housing Options - A maximum mortgage payment of $1,042 will allow, based on a 30-year term at 6.8 percent and including five percent down, the purchase of a lot and house for no more than $169,209. Table 5-2 Maximum Permitted Rent Levels, 2002 Including Utility Allowance, by Number of Bedrooms SL City - Ogden MSA: AMI 0 Bdrm (studio) 1 Bdrms 2 Bdrms 3 Bdrms 4 Bdrms HUD Fair Market Rents $490 $568 $721 $1,003 $1,175 Utah Housing Corporation Fair Market Rents 80% AMI $800 $858 $1,030 $1,189 $1,328 60% AMI Program Maximum $600 $644 $773 $891 $996 50% AMI $500 $536 $644 $743 $830 30% AMI $300 $322 $386 $446 $498 Source: UHC; Wikstrom Economic & Planning Consultants, Inc. Note: The rents established by UHC are set for program-qualifying income levels at 50% and 60% of AMI. Rent calculations for 80% and 30% of AMI have been estimated and are proportional to those at 50% and 60% of AMI. Multifamily Housing Options - The affordability guidelines established above provide a commonly used benchmark for determining acceptable rents. HUD and the Utah Housing Corporation (UHC) (formerly the Utah Housing Finance Agency) have established maximum rents for subsidized housing programs. These are summarized in Table 5-2. The permitted rent levels also include utility costs, except telephones. HUD Fair Market Rents (FMR s) determine the eligibility of rental housing units for the Section 8 Housing Assistance Payments program. Program participants cannot rent units whose rents exceed the FMR s. FMR s also serve as payment standards used to calculate subsidies under the Rental 1 Source: Questar Gas 2 U.S. Government Energy Information Administration (Utah data) Housing 5-4

5 Voucher program. UHC similarly established sliding scale FMR s for their housing assistance programs such as the Low Income Housing Tax Credit Program; these rents vary with income levels. For both the HUD and UHC programs, apartments must be of an appropriate size for the household; for example, a family of four would not be allowed to rent a studio apartment. Therefore, in evaluating the existing housing supply that is accessible to moderate-income four-person households in Woods Cross, a maximum home price of $169,209 is used along with rental figures as listed above by the Utah Housing Corporation. For example, to meet minimum requirements for moderate-incomes, the rent on a two-bedroom apartment should not exceed $1,030 per month, including utilities. Woods Cross Demographic Data The basic population and income demographic data for Woods Cross reveal that the need for moderate-income housing across the City of Woods Cross is fairly low; low-income housing, however, is less available. Income In 1989 the median household income in Woods Cross was $47,677 adjusted for inflation in 2002 dollars. The 2000 Census reported Woods Cross s 1999 median household income as $49,937, also adjusted for inflation in 2002 dollars. It is thus apparent that Woods Cross s median income has grown somewhat faster than inflation at an average annual growth rate (AAGR) of 1.6 percent. According to the Utah State Tax Commission Woods Cross s median household income has grown at an AAGR of 1.3 percent from 1996 to Meanwhile the mean household income has grown at a faster rate of 2.3 percent over the same period 3. Thus, for the less well-to-do households in Woods Cross (the 50 percent below median income), income growth has not kept pace with the income growth of those in the upper 50 percent. Some higher-income households, therefore, must be seeing a significant growth in income to account for the higher average or mean growth rate. To more clearly describe the quantity of Woods Cross citizens specifically affected by Section , the table below demonstrates from 1,936 households the general spread of median household incomes. The information in Table 5-3 implies that an estimated 38 percent of Woods Cross s households have incomes below $45,750, the moderate-income level for a four-person household. 3 The difference between a median value and mean (average) value is how it is calculated. A median is the value that is at the midpoint in a list of numbers; half of values in the list are greater than that value and half are less. The mean is what is typically called an average. The mean is the value that is equal to the sum of a list of values divided by the numbers of values in the list. The median can be more reflective of what is happening. An average can at times be skewed if there are a small percentage of the values that are extreme high or low values. Housing 5-5

6 AMI Range: 30% or less $17,150 or less Table 5-3 Range of Household Incomes, 2002* 31% to 50% 51% to 60% 61% to 80% >80% $17,732 to $28,600 $29,172 to $34,320 $34,892 to $45,750 $45,750 or greater Number of Households Percent of Total 6.71% 13.27% 5.94% 11.67% 62.40% % Source: 2000 Census & BLS CPI Index; Wikstrom Economic & Planning Consultants, Inc. *Note: The breakdown by percentage of AMI is based upon 2002 Federal Adjusted Gross Income Figures. The percentage is then applied to the estimated number of 2000 households. State and federal public assistance programs generally target the range of population falling under 60 percent of median household income, representing 26 percent of all households. This data would suggest that approximately 11.7 percent of the citizens of Woods Cross fall into the percent range of median household income. This group will be the most affected by the City s efforts to provide moderate-income housing, for they are presently without the program assistance now required under Section of Utah Code; they are too well off to receive state and federal assistance, but continue to struggle to live up to the area s median standards. 4 As mentioned earlier, 38 percent of the Woods Cross households have incomes below $45,750. According to the 2000 Census, almost half of this population, or percent was paying more than 30 percent of their income towards housing cost. Table 5 4 below outlines the households in non-affordable housing by tenure. The table shows that there is an implied inverse relationship between income levels and the percentage of income that is used for housing costs; as income levels drop, a greater percentage of the population pay more of their income for housing. This is especially true for households that earn 30 percent or less of AMI. The households at this income level represent 6.71 percent of all Woods Cross households. Nearly 72 percent of these households live in housing that is not considered affordable. Due to the low-income levels for this group and the greater burden of housing expenses, this population is most at risk of homelessness. Housing seems to be less affordable for renters than for owners. A comparison of tenure populations by income levels reflects that a higher percentage of renters spend more of their income for housing costs than their owner counterparts. The exception is owner-occupied households that earn between 51 percent and 80 percent of AMI. Thirty-seven percent of the homeowners in this income level paid 30 percent or more of their income for housing. Only 31.2 percent of the renters in the same income category spent 30 percent or more of Total 4 The percentage of households that fall between the 60 percent and 80 percent of AMI for federal programs may be slightly different, since federal programs take into account household size as well as income. Because of existing data limitations for Woods Cross, we assume that a household consists of four persons; the actual number may be greater or smaller. Housing 5-6

7 their income for housing. Homeowners in this income level may be overextending themselves in order to become homeowners. Income Level by tenure Table 5-4 Households Paying More Than 30% of Income for Housing Costs, by Tenure % of Total 2000 Estimated Number of Households Households, 2000 Percentage of Households Paying 30% or More of Income for Housing Costs, 2000 Total Paying 30% or More Paying less than 30% 80% of AMI Owner Occupied 57.89% 37.66% Renter Occupied 42.11% 31.24% % of AMI Owner Occupied 40.38% 49.04% Renter Occupied 59.62% 66.96% % of AMI Owner Occupied 57.74% 69.31% Renter Occupied 42.26% % Total Households at 80% or below AMI Total 38.92% 52.58% Households Owner Occupied 70.29% 48.33% Renter Occupied 29.71% 55.80% Source: 2000 U.S. Census based on sample data; Utah Affordable Housing Model; Wikstrom Economic & Planning Consultants, Inc. Table 5-5 Affordable Housing Costs for Workers in Selected Occupations 2000, Salt Lake City - Ogden MSA Job Title Average (mean) Annual Wages (% of AMI) Affordable Housing Costs per Month* Police Officers $36,000 $900 (62.9%) Teachers, Elementary School $35,100 $878 (61.4%) Carpenters $31,220 $781 (54.6%) Licensed Practical Nurse $28,440 $711 (49.7%) Travel Agents $26,390 $659 (46.1%) Janitor $18,240 (31.9%) $456 Source: Bureau of Labor Statistics, Wikstrom Economic & Planning Consultants, Inc. *Note: Assumes one wage earner per household. Who are these citizens that have incomes below the moderate-income level? It is easy, when discussing different wage categories, to forget what people those categories include. Housing 5-7

8 The following table shows some sample salaries earned by people in various occupations in the Salt Lake City - Ogden MSA, and defines housing costs that would be considered to be affordable to the wage earner: As the table shows, many people with what most people think of as good jobs would have a hard time finding appropriate and affordable housing, particularly if they are trying to support a family on one income. Another way of looking at need is to evaluate the poverty status of Woods Cross residents. When the 2000 Census was conducted, poverty status was determined for both families and individuals. This helps to identify those most vulnerable in the population. In Woods Cross, 4.7 percent of individuals and 4.0 percent of families fall below a level of poverty established by family size. 5 These numbers are down from the 1990 Census when 10.1 percent of individuals and 9.2 percent of families fell below the poverty level. In 1999, the poverty threshold ranged from $8,501 for a family unit of one to $17,029 for a family unit of four. At the time of the 2000 Census, there were 64 families living below poverty in Woods Cross. All of the families below the poverty level had children under the age of 18, and 13 percent of these families had children under the age of five. Of the 304 individuals living in poverty in 2000, exactly half were children 17 years and under; 23 percent were children under eleven, and 5.6 percent were 65 years-old or over. Persons 65 years-old or over constituted 7.5 percent of the householders in the city; however, a higher percentage, 11.5 percent, of senior-run households lived in poverty. Population In 2000, the City of Woods Cross had a total population of 6,419 people. The estimated 2002 population is 6, It is estimated that Woods Cross will have a population of 8,299 by the year Woods Cross is predicted to grow somewhat faster than Davis County through 2010 with a average annual growth rate (AAGR) of 2.75 percent compared to the county s 2.15 percent. Woods Cross s growth will slow from 2010 to 2020 with an AAGR of 1.45 percent while the County will slow mildly with an AAGR of 1.75 percent. Woods Cross s population growth may continue to increase in the future because there is availability of land for new development. Currently there remains 500 acres of land on which to build residential structures in Woods Cross 7. If an average density of 6 units per acre is assumed, this translates into an additional 3000 units of housing that can be built in 5 The income cutoffs used by the Census Bureau to determine the poverty status of families and unrelated individuals included a set of 49 thresholds arranged in a two-dimensional matrix consisting of family size cross-classified by presence and number of family under 18 years-old. 6 Calculated using the Census 2000 population and population growth rates from the Wasatch Front Regional Council s population projections for Woods Cross. 7 Available land was calculated by taking the sum of all land without improvements that was categorized as residential by the Davis County Assessor in Housing 5-8

9 Woods Cross. This density will result in a maximum increase in population of 9,960 persons assuming an average household size of 3.32,which according to the Census, was the average household size in If Woods Cross continues to build an average of 104 units of housing per year as it has done over the past ten years, there is not a risk of build-out until after 2020, with a max population of 16,726. The following sections on housing will seek to understand if the current and projected supply of residential units will keep pace with the population growth and affordability demands of the community. Supply of Housing in Woods Cross The supply of residential housing in Woods Cross is described by structural characteristics, by occupancy, and by age of housing stock. Housing Units and Occupancy Within Woods Cross s current boundaries there are a total of 2,239 housing units as of April This inventory updates the 2000 U.S. Census total of 2,021 by adding 278 building permits, which have been authorized for new housing unit construction since April of A descriptive breakdown of Woods Cross s housing is provided in Table 5-6, listing units by their structural characteristics and occupancy type. Note that totals do not include the new units because their occupancy status could not be determined. The data demonstrate that in Woods Cross, 73.5 percent of all housing units are single-family units (detached and attached) and 26.5 percent are multifamily, mobile home units and other units. With such a ratio of single family to multifamily units (73:27), Woods Cross s ratio is somewhat lower than the Davis County ratio as a whole, which has a single- to multifamily unit ratio of 88:12. Table 5-6 Occupied Housing Units in Woods Cross, 2000 By Tenure and Number of Units Type Owner Occupied Renter Occupied Vacant Total Single Family 1, % of Type 10% of Type 8% of Type (Occupied units) (Occupied units) 1533 Units 2 to 4 Units % of Type 90% of Type (Occupied units) (Occupied units) 186 Units 5 to 9 Units % of Type 74% of Type 26% of Type (Occupied units) (Occupied units) 81 Units 10 or more Units % of Type 95% of Type 5% of Type (Occupied units) (Occupied units) 204 Units Mobile Home & Other % of Type 0% of Type (Occupied units) (Occupied units) 81 Units Housing 5-9

10 Table 5 6 cont. Occupied Housing Units in Woods Cross, 2000 By Tenure and Number of Units All Units 1,363 units 576 units 146 units 65% of All 28% of All 7% of Type Occupied Units Occupied Units 2,085 Units Percentage of Unit Type by Tenure Owner Occupied Renter Occupied Vacant Total Single Family 92.74% 26.91% 78.08% 73.52% 2 to 4 Units 1.32% 29.17% 0.00% 8.92% 5 to 9 Units 0.00% 10.42% 14.38% 3.88% 10 or more Units 0.00% 33.51% 7.53% 9.78% Mobile Home & Other 5.94% 0.00% 0.00% 3.88% All Units % % % % Source: U.S. Bureau of the Census; Wikstrom Economic & Planning Consultants, Inc. *Note: These are ONLY occupied housing units. Table 5-7 below shows the differences among Woods Cross and its four neighbors, Bountiful, West Bountiful, North Salt Lake, and Centerville. Woods Cross has a lower ratio of single to multifamily housing than the County and all its neighbors except North Salt Lake. Table 5-7 Type and Occupancy Comparisons -- Percentage of All Housing Units, 2000 Woods Cross, Davis County, Bountiful, West Bountiful, North Salt Lake, and Centerville Woods Cross Davis County Bountiful West Bountiful North Salt Lake Centerville Single Family Units, % of Total 72.6% 87.6% 78.1% 92.3% 59.1% 87.6% Multifamily Units, % of Total 27.4% 12.4% 21.9% 7.7% 40.9% 12.4% Owner Occupied Units, % of Total Renter Occupied Units, % of Total 69.5% 26.3% 4.2% 74.5% 21.6% 3.9% 75.0% 21.6% 3.5% 90.0% 7.5% 2.5% 68.2% 26.9% 4.9% 86.4% 10.2% 3.3% Vacant Units, % of Total Source: U.S. Bureau of the Census; Wikstrom Economic & Planning Consultants, Inc. Similarly, Table 5-7 shows that, with the exception of the City of North Salt Lake, Woods Cross has fewer owner occupants than its neighbors and the County. Table 5-8 below looks at housing tenure by race. Housing 5-10

11 Table 5-8 Tenure by Race, Woods Cross, 2000 Percent of Race Percent of Occupied Housing Units by Race Percent of Owners Percent of Renters Percent of Total Households Owner Occupied Renter Occupied White 97.72% 87.38% 94.89% 74.74% 25.26% Non-White 2.28% 12.62% 5.11% 32.32% 67.68% Black 0.28% 0.94% 0.46% 44.44% 55.56% American Indian/Eskimo 0.21% 0.75% 0.36% 42.86% 57.14% Asian/Pacific Islander 0.71% 1.32% 0.88% 58.82% 41.18% Other 1.07% 9.60% 3.41% 22.73% 77.27% Total Households 1, , % 27.43% Percentage of Hispanic Origin 5.84% 11.30% 7.33% 57.75% 42.25% Source: U.S. Bureau of the Census; Wikstrom Economic & Planning Consultants, Inc. Note: 1) Percentages will not total 100 percent because data is by race only, not including peoples of Hispanic origin. The basic examination of occupancy by race reveals that in Woods Cross whites are more likely to own their own homes than are minorities. While 75 percent of whites are homeowners, only 32 percent of minorities are homeowners. Age of Housing Units There seems to be a good mixture of housing in Woods Cross in terms of age of housing stock. This graph reflects the nature of housing in the City. One third of Woods Cross s housing was constructed during the 1970s and 1980s and another third has been constructed since Age of Housing Stock in Woods Cross City '60 to '69 19% Pre '60 14% '70 to '79 18% Apr. '00 to Apr. '02 12% '80 to '89 17% '90 to Mar. '00 20% Figure 1 Age of Housing Recent Trends in Construction Single and Multifamily Construction The data on permit-authorized construction in Woods Cross presents a picture of change occurring in the City in the last 10 years. Figure 2 shows that Woods Cross has generally followed Davis County s building patterns, with a spike in the mid Housing Unit Construction (% of Decade High) to late 1990s and a rebound since then. In 2001 a 120.0% decade high of 169 new housing units were 100.0% approved in Woods Cross. Table 5-9 below shows 80.0% all housing units approved in Woods Cross over the 60.0% past ten years by type. Interestingly, only one multifamily unit has been built in the last decade and 40.0% 20.0% 0.0% only two duplexes. However, as mentioned earlier, Woods Cross still has a higher percentage of multifamily units than its neighboring Woods Cross Davis County cities. Figure 2 Housing Construction Housing 5-11

12 Table 5-9 Building Permits Issued for Housing Units, City of Woods Cross Totals and Percent Change from Prior Year ( ) Year Single Family Units Duplex Dwellings Multi-Family Units Mobile/ Manufactured Total Constructed Units Permitted % Change from Prior Year Permitted Permitted Permitted Permitted % Change from Prior Year % % % % % % % % % % % % % % % % % % Total Source: Wikstrom Economic & Planning Consultants, Inc., Bureau of Economic & Business Research Table 5-10 below summarizes the building permits issued in Davis County. The comparison is meant to detect whether Woods Cross s rates of construction diverge from or are consistent with the rates of the County. Indeed, the County also peaked and declined from the mid to late 1990s, as did Woods Cross City. As shown by Figure 2 however, Woods Cross s rebound in 2000 and 2001 resulted in a decade high building pace in 2001 and was of a greater magnitude than the County. Year Single Family Units Permitted % Change from Prior Year Table 5-10 Building Permits Issued for Housing Units, Davis County Totals and Percent Change from Prior Year ( ) Duplex Dwellings Multi-Family Units Mobile/ Manufactured Permitted % Change from Prior Year Permitted % Change from Prior Year Permitted % Change from Prior Year Total Constructed Units Permitted % Change from Prior Year , , , % % % % 1, % , % % % 0 na 1, % , % % % 2 na 1, % , % % % % 2, % , % % % % 3, % , % % % % 2, % , % % % % 2, % , % % % % 1, % , % % % % 2, % Total 18, , ,795 Source: Wikstrom Economic & Planning Consultants, Inc., Bureau of Economic & Business Research A combination of data from the above two tables is represented in Table 5-11 below to illustrate the City s new residential construction in proportion to that of Davis County. Woods Housing 5-12

13 Cross, over the past five years, has issued a much higher number of building permits as a percentage of the Davis County total. Table 5-11 Woods Cross Building Permits as Percent of County Year Single Family Units Total Constructed Units % 1.0% % 0.5% % 1.3% % 1.2% % 1.1% % 2.6% % 3.6% % 2.4% % 7.1% % 6.6% Total 3.4% 2.8% Source: Wikstrom Economic & Planning Consultants, Inc., Bureau of Economic & Business Research To summarize the housing supply, the construction of new residential housing units over the past decade has been almost exclusively single-family housing. Woods cross has averaged 104 residential permits per year over the past five years. As stated earlier, Woods Cross has 500 acres of land available for residential structures. This amount of land for residential units, based on the current average building pace, will be sufficient for the foreseeable future. Costs of Housing In Woods Cross Does current supply meet the guidelines for affordability under Section of Utah Code? The following section can now begin answering this question with an analysis of the costs of housing in Woods Cross. Property Values Assessed Property Values - The property base of the City of Woods Cross is fairly mixed. Of the City s total commercial, industrial, public and residential properties; residential properties form percent of the total market value. Table 5-12 Assessed Property Values, Woods Cross, 2001 Property Type Market Value % of City Total Residential $299,444, % Commercial $148,833, % Agricultural $5,934, % Vacant Residential Land $9,999, % Other $26,743, % City Total Values: $490,955,040 Source: Davis County Assessors Office; Wikstrom Economic & Planning Consultants, Inc. Housing 5-13

14 Current Market Values Single Family Home Market - Of the 123 single family homes sold in the Woods Cross area 8 from July 25, 2001 to July 25, 2002, prices ranged from a low of between $30,000 and $39,999 to a high of between $250,000 and $259,000. The average or mean home price was $152,496. Units Sold Single Family Home Prices in the Woods Cross Area to 49K 50K to 75K to 100K to 120K to 140K to 160K to This graph demonstrates the range of 75K 100K 120K 140K 160K 180K Source: Wasatch Front Multiple Listing Service Price Range prices for single-family homes sold in the last year. As is apparent from the Figure 3 Single Family Home Prices curve of the graph, the bulk of units cost between $120,000 and $180,000. Eighty-three percent of homes sold, or a total of 102, fall into this range K to 200K 200K to 220K 220K to 240K 240K to 260K The great majority of homes sold last year in the Woods Cross area, or an estimated 83.8 percent, fall within a price range that is affordable to those with household incomes between sixty and eighty percent of AMI, while only an estimated 13.8 percent of the homes sold cost more than $169,209 and therefore would not be affordable to households earning 80 percent or less of AMI. Table 5-13 Single Family Homes sold in Zip Code within Income Levels Income Level Home Value Number of Homes Sold, July 25, 01 - July 25, 02 % of Homes Sold, July 25, 01 - July 25, 02 80% of AMI $122,810 to $169, % 60% of AMI $99,590 to $122, % 50% of AMI $53,109 to $99, % 30% of AMI Less than $53, % Below 80% of AMI Less or equal to $169, % Above 80% of AMI Greater than $169, % Total % Source: Wasatch Front MLS; Wikstrom Economic & Planning Consultants, Inc. Note: Includes West Bountiful While home prices appear competitive in the current market, it has experienced rapid price increases. The U.S. Census shows that the inflation adjusted (2002 dollars) median home value in Woods Cross has increased from $94,784 in 1990 to $155,680 in 2000 at an average annual growth rate of 5.1 percent. And according to the Wasatch Front Multiple Listing Service, the average home price of all homes sold in the Woods Cross area between July 25, 2001 and July 25, 2002 was $152,496. This rise in house prices could be 8 The geographic area used for this analysis was Zip Code 84087, which includes both Woods Cross City and West Bountiful City. It was not possible to separate the data for the two cities. Housing 5-14

15 problematic for the future of affordability, and will be discussed in relation to income changes over the same period after an analysis of trends in the rental market. Rental Market - The 2000 Census shows that the median rent in Woods Cross is slightly lower than all of its neighboring cities with the exception of West Bountiful. It is also very close to the Davis County median. Note that the median rents in Table 5-14 are for both multi-family and single-family units and are thus higher than one might expect for just multifamily units. Table Median Rents (Multi-family & Single Family) Adjusted to 2002 Dollars Place Median Rent Centerville $711 North Salt Lake $673 Bountiful $672 Woods Cross $669 Davis County $665 West Bountiful $655 Source: U.S. Census, WEPC Table 5-16 shows how multi-family rents in Davis County compare to those in other counties on the Wasatch Front. Although average multi-family rent data is not available for Woods Cross itself, in can be assumed, as Table 5-15 shows, that Woods Cross rents are very similar to Davis County s rents. Table 5-15 June 2002 Multi-family Average Rents by Unit Type by County 1 Bed 1 Bath 2 Bed 1 Bath 2 Bed 2 Bath 3 Bed 2 Bath Overall Davis County $521 $589 $671 $782 $594 Salt Lake County $569 $631 $775 $843 $649 Utah County $539 $604 $791 $780 $636 Weber County $501 $571 $704 $738 $574 Source: EquiMark Properties, Inc. Table 5-16 Estimated Rentals in Woods Cross in 2000 w/in Income Levels* Income Level Monthly Rents % of the Units 80% of AMI $757 to $1,042 20% 60% of AMI $614 to $756 41% 50% of AMI $328 to $613 37% 30% of AMI Less than $327 0% Below 80% of AMI Less or equal to $1, % Above 80% of AMI Greater than $1, % Total 100.0% Source: U.S. Census, WEPC *Note: It is not known how many of the units were appropriate for a household of four. Housing 5-15

16 Almost all (98 percent) of the rental units in Woods Cross in 2000 were affordable to a moderate-income family. Conditions were also favorable for households that earned sixty percent of AMI, with an estimated 78 percent of rental units in Woods Cross affordable to them. The situation worsens with lower incomes. Across Davis County, the rental market has seen consistent price increases. Depending on the apartment size, there has been an average annual rent increase of between -0.8 and 4.3 percent since January of Table 5-17 below summarizes apartment rental rate trends in Davis County for the period January 2000 to July Table 5-17 Davis County Apartment Rental Rate Summary, January 2000 to July 2002 Jan July 2000 Jan July 2001 Jan July 2002 Average Annual Increase Jul 00- Jul 02 Total % Increase 00 to 02 Studio $369 $370 $368 $364 $364 $ % -1.4% One Bedroom $502 $506 $509 $519 $518 $ % 3.8% Two Bdrm One Bath $554 $566 $576 $583 $583 $ % 6.3% Two Bdrm Two Bath $653 $660 $661 $672 $668 $ % 2.8% Three Bedroom $705 $719 $723 $731 $726 $ % 10.9% Overall $565 $575 $579 $587 $585 $ % 5.1% Source: EquiMark Properties, Wikstrom Economic & Planning Consultants Rent increases are highest for three-bedroom units and lowest for studio apartments; onebedroom and two-bedroom, two bath apartments have seen about the same rate increases over the time period. Interestingly, from July of 2000 to July of 2002, the consumer price index increased at an average annual rate of 2.0 percent, indicating that overall rental rate increases in Davis County are exceeded by the national price increases for the same period of time. Analysis Meeting the Current Requirements of Section of Utah Code With the descriptions of current supply and current costs laid out in the housing element thus far, the analysis is now at a point to discuss how housing that is currently available in Woods Cross relates with housing that is required under Section of Utah Code. The analysis demonstrates that the City is meeting the requirements of Section of Utah Code, and draws comparisons of affordability to other cities and to the County. Demand for Affordable Housing - The pricing data indicate that the City of Woods Cross easily meets the requirements for affordability under Section of Utah Code. At 80 percent of median family income, the moderate-income household with an annual gross Housing 5-16

17 income of $45,750 can afford to rent in the City. With a thirty-year mortgage at current interest rates, the same household can afford to live in the City as a whole. Table 5-18 below summarizes the current housing cost information alongside the affordability requirements determined at the beginning of the housing element. Table 5-18 Home Price Comparisons, 2001 Affordable and Current Assessed Market Rates Home Purchase Home Prices Affordable at 80% AMI: Average Assessed Market Price Difference Woods Cross City $169,209 $154,734 $14,475 Source: Davis County Assessor; Wikstrom Economic & Planning Consultants, Inc. The intention of Section of Utah Code is to ensure that a reasonable opportunity exists for people with moderate incomes to live in the community of their choice. This reasonable opportunity clearly exists in Woods Cross on the basis of the pricing data. Comparisons of Affordability - The reasonable opportunity to moderate-income housing also exists in Woods Cross in comparison to levels of housing affordability in nearby communities and in the County as a whole. Housing affordability can be assessed generally by the ratio of median home price to median income. The following table demonstrates the affordability of housing using this ratio. An increase in the ratio signals a decrease in affordability. Community Table 5-19 Housing Affordability Comparisons, 2000 Home Price 2000 Income 1999 Affordability Ratio 2000 Affordability Ratio 1990 Woods Cross $149,100 $46, Bountiful $176,000 $55, West Bountiful $154,100 $61, North Salt Lake $172,600 $47, Centerville $186,700 $64, Davis County $156,400 $53, Utah $146,100 $45, United States $119,600 $41, Source: U.S. Census Bureau; Wikstrom Economic & Planning Consultants, Inc. In comparison to affordability ratios for local communities, and the county, Woods Cross is actually one of the less affordable communities, primarily due to its lower median income. However, Woods Cross s affordability ratio is almost exactly the same as the State s. While Woods Cross s affordability ratio was less than the national ratio in 1990 it is now greater. As the table shows, this increase has affected the entire region. Davis County as a whole is now much less affordable than it was in 1990 while the nation is only slightly less affordable. Woods Cross s decrease in affordability is the result of a divergence between income and house price. While inflation adjusted median income has grown at an AAGR of 0.5 percent from 1990 to 2000, the inflation adjusted median house price has climbed at a much faster rate of 4.9 percent per year over the same period. Housing 5-17

18 Housing Affordability in the Future The data indicate that although Woods Cross is considered affordable presently in terms of home ownership, it has seen a decrease in affordability over the past decade. $160 $140 $120 Woods Cross Home Prices & Income Growth Comparison, Single Family Home Affordability - The $80 affordability of single-family homes in the City $60 is the most critical part of the plan. This graph $40 indicates the rates at which home costs have $20 $0 out paced increases in income, during the period of 1990 to As noted in the Home Prices Income discussion of income above, this discrepancy is particularly problematic for those at or below Figure 4 Home Price & Income Growth Woods Cross s actual 2000 median income of $46,271 (not the Salt Lake-Ogden MSA median income); for these households, income growth after adjusting for inflation was only 0.5 percent annually, compared to housing cost increases of 4.9 percent annually after inflation adjustment. Multifamily Affordability - Renters, who earn 80 percent AMI or $45,750 per year, are able to afford above current market rents for 3 Bedroom and 2 bedroom/1 bath apartments. The difference between income and rent is estimated to be $260 for a 3-bedroom apartment and $453 for a 2-bedroom/1-bath apartment. If recent trends continue, rents in Davis County look to become even more affordable as time goes on because rent increases in the County have not kept pace with inflation. In June of 1998 the average overall rent in Davis County was $547. In 2002 the average overall rent had increased at an AAGR of only 2.1 percent to reach $594. Meanwhile, the consumer price index has grown at an AAGR of 2.5 percent per year. Table 5-20 Davis County Apartment Rental Rate History, July 1998 to July 2002 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 AAGR Jul 98- Jul 02 Two Bdrm One Bath $553 $560 $566 $583 $ % Three Bedroom $723 $689 $719 $731 $ % Overall $547 $567 $575 $587 $ % Source: EquiMark Properties, Wikstrom Economic & Planning Consultants As noted above, however, a significant portion -- about 26 percent -- of Woods Cross s households earn less than $34,320 (60 percent or below AMI). These residents could afford to purchase a home, which cost no more than $122,809, and to rent an apartment, which cost no more than $756 per month. For these residents, home ownership is already difficult. In fact, only four (3.25 percent) of all the homes sold from July 25, 2001 to July 25, 2002 in the Woods Cross area sold for below $120,000. Rent differences between that possible for a $34,320 annual gross income and average rental rates for Davis County are -$33 to $160 per month, for a 3 Bedroom and 2-bedroom/1 baths, respectively. In other words, a two bedroom apartment, which costs about $589 per month in Davis County, is well within the range of affordability for households at 60 percent or less of AMI. However, three bedroom Housing 5-18 Thousands $100

19 apartments are $33 dollars above the affordable limit for these households. Fortunately, as mentioned above, rental rates in Davis County are increasing slower than inflation. It seems that at least for the near future, apartments in Woods Cross will remain at current levels of affordability or become more affordable. If growth rates stay as they have been since the summer of 1998, three bedroom apartments will be within the price range of these households in Special Needs Housing Affordable housing is an issue for special needs groups as well as for the population at large. The lack of affordable housing, and particularly of affordable housing targeted to those at or below 50 percent of AMI, is a major cause of homelessness. Affordable housing targeted at very low income households must be rental housing; many families trying to survive on $17,150 - or even $28,600 a year simply cannot qualify for homes. There are 20 percent of the households in Woods Cross that are below 50 percent of AMI. According to the 2000 Census, 16.6 percent of all Woods Cross households 1,936 households - earned $28,600 or less and also paid 30 percent or more of their income for housing (See Table 4). Homelessness Prevention - Additional emergency rental and utility assistance, pre-purchase workshops and foreclosure counseling, and legal advice to those faced with eviction or foreclosure are all essential. In addition, programs that provide assistance in home repair or rehabilitation can ease the financial burdens on homeowners. Specialized Housing for Homeless Families and Families Transitioning out of Homelessness There is a lack of affordable housing for people to move into when emerging from homelessness. There is a trend towards providing decentralized, neighborhood-based transitional housing which gives a more supportive environment to families and individuals. 9 Such housing, which should include supportive services and case management, can be smoothly integrated into neighborhoods with careful planning and coordination among service providers and the City. There are no estimates for Woods Cross as to the number of additional transitional housing that is necessary. Elderly Housing -- Many seniors prefer to live in the same community when circumstances require that they move out of their homes. Unfortunately there is a lack of senior housing in Woods Cross. The need for senior housing is real. According to the 2000 census, 1.5 percent of all Woods Cross households were headed by persons 65 years of age or older who were paying 30 percent or more of their household income for housing. Of these households, which rented, 100% were paying greater than 30% of their income towards rental costs. Of the households with mortgages only 10% of the persons 65 and older were paying over 30% of their income. Of these households 82 percent owned their homes while the remaining 18 percent rented. Currently there are no assisted units targeted for the elderly population. Assisted units for the elderly, as well as programs such as the Home Repair Program can help to keep the elderly in affordable housing. 9 See Crusade for the Homeless Information Packet. 515 East 100 South, Ste. #2, Salt Lake City, UT. Housing 5-19

20 Filling the Gaps of Affordability The housing analysis thus far has shown that Woods Cross is fulfilling the requirements for affordability established under Section of Utah Code. This said, the analysis also presents a cautious optimism in the future. The rising costs of homes will lessen the City s affordability. How can these gaps in affordability be planned for and avoided? The following sections will seek to answer this question. First, a residential zoning analysis is conducted to examine if there are regulatory barriers in place, which would limit affordability. Second, the current program options available are examined to encourage affordability into the next century. Zoning The Woods Cross City zoning ordinance provides for housing either as a permitted or conditional use in eight 10 of its twelve zones. The city has a Euclidian zoning ordinance that generally separates commercial, industrial and residential uses, but does not broadly allow for mixtures of uses such as residential and commercial or residential and industrial. Planned Unit Developments, which do allow for a mix of uses, are allowed but only as a conditional use. The major functions of the code are to establish densities, building height and (by implication) mass, and in some cases establish parking requirements. Does Woods Cross s zoning encourage affordable housing? In order to create affordable housing, one needs to be able to take advantage of economies of scale. One means is to reduce the land cost per unit through building more units on a piece of land (increased density) or allowing for smaller lots (smaller minimum lot sizes or reduced yard requirements). Other economies can be achieved through more efficient use of labor, as occurs in manufactured housing, or reduced foundation expenses and unit size (mobile homes). Another way to increase affordability opportunities is to designate a sufficient amount of Side Yard Minimum Rear Yard Maximum House Footprint Side Yard the city s land area in zones that encourage affordability. An ordinance could provide for affordability in a specific zone, but severely limit the amount of land devoted to this zoning district; this would be contrary to promoting affordability. The Woods Cross code generally meets these requirements by providing for a fair range of densities up to 11.2 units per acre (higher densities may be Minimum Front Yard approved by the City Council in Planned Unit Developments), allowing for moderately sized lot development (8,000 SF lots) and providing for manufactured housing. The City has designated a large portion of its land area to the R-1-8 zone, which allows 5.45 units per acre. The relative affordability of this zone will be discussed below. A community s zoning ordinance can impact affordability of units if it establishes lot-size or home-size requirements that do not allow housing to be built at affordable levels. This 10 Residential units are allowed in C-1" and C-2" zones as part of a Mixed Use Center. Housing 5-20

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