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<br /> Consolidated Plan REDWOOD CITY 65 <br />OMB Control No: 2506-0117 (exp. 06/30/2018) <br />MA-15 Housing Market Analysis: Cost of Housing - 91.210(a) <br />Introduction <br />According to the San Mateo County Association of Realtors, the average sales price for a condominium <br />was $983,207 and $1,565,444 for a single-family home in September, 2017. These represent substantial <br />increases from just a few years ago. For single people and families earning less than an above-moderate <br />income, the median-priced home in Redwood City is unaffordable and rental housing provides the only <br />option. A household needs to earn about $175,000 per year to afford a condo, AFTER putting nearly <br />$200,000 down. A lack of affordable housing can lead to overcrowding or overpayment for lower- <br />income households, and may mean that lower-income people are forced to live elsewhere. <br />More than half of Redwood City households live in rental housing. Similarly to sales prices, rents in <br />Redwood City have increased dramatically over the last several years. According to Rent Café, a data <br />aggregator on housing trends, the average rent for a one-bedroom apartment in September, 2017 costs <br />$2,982 and a two-bedroom costs $3,913 per month. A household needs to earn almost $120,000 a year <br />to afford a one-bedroom apartment. In Redwood City, households of any size earning less than the <br />median income cannot afford the average rents. Given the high number of households earning under <br />the median income, the availability of affordable housing is a significant concern in Redwood City. <br />Cost of Housing <br /> Base Year: 2000 Most Recent Year: 2013 % Change <br />Median Home Value 487,600 765,400 57% <br />Median Contract Rent 1,014 1,423 40% <br />Table 30 – Cost of Housing <br /> <br />Data Source: 2000 Census (Base Year), 2009-2013 ACS (Most Recent Year) <br /> <br /> <br />Rent Paid Number % <br />Less than $500 659 5.0% <br />$500-999 1,702 12.9% <br />$1,000-1,499 5,134 38.8% <br />$1,500-1,999 3,140 23.7% <br />$2,000 or more 2,612 19.7% <br />Total 13,247 100.0% <br />Table 31 - Rent Paid <br />Data Source: 2009-2013 ACS <br /> <br /> <br />6.3.F. - Page 77