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6.0. - Page 79 of 179 <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 Cafe, 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 />Table 29 — Cost of Housing <br />Data Source: 2000 Census (Base Year), 2009-2013 ACS (Most Recent Year) <br />Rent Paid <br />Base Year: 2000 <br />Most Recent Year: 2013 <br />% Change <br />Median Home Value <br />487,600 <br />765,400 <br />57% <br />Median Contract Rent <br />1,014 <br />1,423 <br />40% <br />Table 29 — Cost of Housing <br />Data Source: 2000 Census (Base Year), 2009-2013 ACS (Most Recent Year) <br />Rent Paid <br />Number <br />% <br />Less than $500 <br />659 <br />5.0% <br />$500-999 <br />1,702 <br />12.9% <br />$1,000-1,499 <br />5,134 <br />38.8% <br />$1,500-1,999 <br />3,140 <br />23.7% <br />$2,000 or more <br />2,612 <br />19.7% <br />Total <br />13,247 <br />100.0% <br />Table 30 - Rent Paid <br />Data Source: 2009-2013 ACS <br />Consolidated Plan REDWOOD CITY 73 <br />OMB Control No: 2506-0117 (exp. 06/30/2018) <br />435 <br />