|
�,q 1- i�
<br /> The largest housing problem in Redwood City is the lack of affordable housing followed
<br /> by a shortage in the supply of housing units in adequate size and available to the
<br /> households need with the greatest need. The majority of low income and minority .
<br /> households occupy housing built prior to 1960. These housing units may be exposed to �
<br /> minimal or significant amount of lead based paint hazards. A disproportionate number
<br /> of low income and minority renter households over pay for housing, are more likely to
<br /> . live in overcrowded conditions, more likely to occupy substandard housing, and at the
<br /> greatest risk of becoming homeless.
<br /> Housing Costs
<br /> The median home value in Redwood City has increased by 320% over the last 20
<br /> years. During the first quarter of 2005, the median price of a single family home in
<br /> Redwood City was $902,000 and condominiums were $543,000. The median rent price
<br /> increased by 40% from 1990 to 2005. The average rent of $1,460 per month requires
<br /> an annual household income of $52,560 to afford the rent. The U.S. Census reports that
<br /> 63% of all renter households are overpaying and with the largest burden on elderly
<br /> households where 76% pays more than 30% of their income for housing.
<br /> Median Household income for a family of four in 1995 was $40,200 and in 2005 it is
<br /> $58,800, an increase of 125% over the last 10 years. There are more low income
<br /> households in 2005 than there were in 2000. Many households whose incomes fell into
<br /> the 80% of inedian category in 2000 are counted today in the 50% or very low and
<br /> extremely low income category because their salaries did not escalate during the dot
<br /> com era and low income households remain concentrated at the bottom of the '
<br /> economic scale.
<br /> San Mateo County
<br /> INCOME LtMITS BY FAMILY SIZE
<br /> As of January 2005
<br /> ; � 2 3 4 5 6 � $ .
<br /> Extremely 23,750 27,150 30,550 33,950 36,650 39,350 42,050 44,800
<br /> Low
<br /> ' 30%
<br /> ; Very Low 39,600 45,250 50,900 56,550 61,050 65,600 70 100
<br /> I 74,650
<br /> � 50% �
<br /> � HOME Limit 47,520 54,300 61,080 67,860 73,260 78,720 84,120 89,580
<br /> 60%
<br /> ' Low Income 63,350 72,400 81,450 90,500 97,700 104,950 ��2,200 ��9 ,450
<br /> (80%
<br /> Since 1990, Redwood City has created 140 new affordable housing units, representing
<br /> only 5% of the total units produced during this 14 year period. Citizen comments that
<br /> affordable housing continues to be the number one community need is supported by
<br /> U.S. Census data which shows that 75% of low income renter households over 5
<br /> persons and 75% of low income elderly persons pay more than 30% of their income for
<br /> housing, overcrowding increases in minority households, and the majority of renters live
<br /> in housing with some type of health and safety problems or could benefit from
<br /> rehabilitation.
<br /> 8
<br />
|