AgdaPkt 2016-12-12 Closed and Joint SA PFA

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6.3.A. - Page 73 MA -15 Housing Market Analysis: Cost of Housing - 91.210(a) Introduction According to data from Zillow (www.zillow.com), in October 2013 the median sales price for a single- family home in Redwood City was $916,800 and the sale price for a condominium was $656,000. For single people and families earning less than a moderate income, the median -priced home in Redwood City is unaffordable and rental housing provides the only option. However, a family of four earning a moderate income may be able to afford a condominium or townhome. A lack of affordable housing can lead to overcrowding or overpayment for lower-income households, and may mean that lower-income people are forced to live elsewhere. The average price of a single family home in San Mateo County increased between 2005 and 2013 by about $150,000 (from $1,095,951 in 2005 to $1,246,121 in 2013). The average priced condominium remained stable during that same time period. Almost half (47 percent) of Redwood City households live in rental housing. Rents in Redwood City are generally slightly more affordable than in the county as a whole. According to RealFacts LLC, a firm that conducts monthly surveys of rents for complexes over 50 units in size, in 2013 a studio in Redwood City cost $1,100, a one -bedroom $1,900, a two-bedroom $2,200, and a three- bedroom $3,800. Rents in San Mateo County have significantly exceeded pre -housing crisis rates as of 2013. RealFacts most recent report, prepared in October 2013 concludes "Bay Area apartment rents slowed their march upward in the third quarter in a sign that the worst may be over in a region that has been slammed by two years of increases." Between 2005 and 2013, rent for a one -bedroom, one -bath home increased 25.9 percent, and rent for a two-bedroom, one -bath home increased 26 percent in Redwood City. In Redwood City, households of any size earning less than the median income cannot afford the average rents. Given the high number of households earning under the median income, the availability of affordable housing is a significant concern in Redwood City. Cost of Housing Base Year: 2000 Most Recent Year: 2011 % Change Median Home Value 487,600 798,100 64% Median Contract Rent 1,014 1,308 29% Table 29 — Cost of Housing Data Source: 2000 Census (Base Year), 2007-2011 ACS (Most Recent Year) Rent Paid Number Less than $500 780 6.0% Consolidated Plan REDWOOD CITY 70 OMB Control No: 2506-0117 (exp. 07/31/2015)