Takeaways from housing study

• Midrange growth estimates an additional 21,000 people will live in the county by 2035. This equals 5,200 new households = 5,200 net new housing units required. To stabilize the market where prices do not escalate rapidly there will need to be some excess in the market
• In Lancaster, the largest single group of homeowners falls between 65 and 74 years old
  • Signals an era of residential change, primarily driven by an aging population, coming to the area regardless of population growth
  • Housing stock conditions need to be considered as 60% of this population live in housing older than 1990 -- 4,900 live in housing built before 1970
  • Some portion of these units will meet some of the growth demands however the quality of this housing stock to attract new families is questionable
  • Aging population will trigger need for some forms of supported living – additional 350-450 assisted living units by 2035 (35-45 units annually)
• Changes in marital status will require approximately 400 new households annually
• Housing is considered affordable when a household spends no more than 30% of its gross income on housing costs
  • Renters = rent and basic utilities
  • Homeowners = mortgage, property taxes, insurance, basic utilities
  • If a household must spend more than 30%, they are considered cost-burdened
• Affordability issues are primarily concentrated among households aged 65+ (renters and homeowners) as well as the very low-income renters. These homeowners and renters have an average yearly income below $35,000.
  • For very low-income individuals this is due to lack of units. County needs 1,200 units at rents they can afford given their income levels
• New homeownership is increasingly more difficult
  • Historically an income level of $50,000 would enable homeownership, however that’s no longer feasibility due to current elevated home prices on new construction and existing housing
  • This shift may increase demand for family-sized rental units (2+ bedrooms)
• There are 600 existing units in disrepair that need rehabilitation
  • Annually 26 units of the 2,600 units listed in fair condition will now fall into the poor condition each year
• New housing construction is required to provide options for types not presently existing including:
  • downsizing ownership options
  • new family-sized housing
  • replacement of older housing stock that may be too expensive to update
  • multifamily housing construction to relieve economic pressure on rental market

By the numbers for Fairfield County and Lancaster

• 5,200 new housing units are required by 2035 to meet the growth estimates.
• 16,000 units are owned by our oldest and poorest residents. As these homes become available, some housing needs will be met, however, the quality of the housing stock in terms of being able to meet some of the needs of residents should be considered.
• Aging population is triggering the need for 350-450 assisted living units by 2035
• Housing is considered unaffordable if a household spends more than 30% of its gross income on housing costs.
• Unaffordability primarily affects those 65+ years old (renters and homeowners) and very low-income renters. The county needs 1,200 units at rents they can afford on their income levels.
• Home ownership is increasingly more difficult.
• There are 600 units in disrepair that need rehabilitation. Each year 26 units fall from fair condition to poor condition.
• There’s a need for new housing construction to provide housing types that do not presently exist.