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Affordable Housing

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by

Kelly Ostrom

on 13 January 2014

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Transcript of Affordable Housing

Affordable Housing
http://img.nrtwebservices.com/Thumbnail.ashx?p=http://media2.nrtwebservices.com/California/Properties/JPG_Main/222/3280222_2.Jpg&nif=http://www.californiamoves.com/NRTProducts/include/images/NoPropertyPhoto.gif&h=575&w=767
Conclusion
What is Affordable Housing?
Income
Median household income: $104,114

Median Incomes
West Davis + North Davis: $85,692 - 102,752
East Davis: $100k+
Lower Income families are located around Central/South Davis
Income per capita: $31,247
Median household income of California: $61,400

5.4% of families below poverty line
24.5% of people below poverty line

Median household income for houses/condos with a mortgage: $119,227
Median household income for apartments without a mortgage: $72,781

B
http://en.wikipedia.org/wiki/National_Register_of_Historic_Places_listings_in_Yolo_County,_California
http://www.zillow.com/homedetails/1833-Arena-Dr-Davis-CA-95618/16545838_zpid/
White: Vacant
Light Green: Rented
Affordable housing is housing that costs less than 30% of the gross income to those with a median household income as rated by country, province (state), region or municipality by a recognized Housing Affordability Index.
The Monthly Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent monthly price and income data.

Dark Green: Owned
Housing Inventory
Homelessness and Low Income
33 people in emergency and transitional shelters (with sleeping facilities) for people experiencing homelessness
120 homeless in 2004
Davis has non profit organizations that helps needs of low income families
Davis Community Meals
Habitat for Humanity
Interfaith Rotating Winter Shelter
Housing Vouchers - helps low income families: "The Housing Choice Voucher Program provides "tenant-based" rental assistance, so a tenant can move from one unit of at least minimum housing quality to another. "
Davis Housing
The median sales price for homes in Davis CA for Sep 13 to Dec 13 was $472,000, an increase of 1.5% since the year before
About 100-200 houses are sold each year
Average price per square foot for Davis CA was $299, an increase of 14.1% compared to the same period last year
70,000

56,000

42,000

28,000

14,000

0
White
All
Black or African American
Asian
Hispanic or Latino
American India and Alaska Native

Multirace

Other
Math Lesson
Davis housing is expensive because of the farmlands that surround the city. The city is unwilling to plow down the fields because of the environmental impact it would have.
30% of Median Income
Median income: $104,114
Median home price: $472,000
30% of median income = $31,234/year
$472,000/$31,234 = 15 years to pay off a median priced house on a median income affordably
Math Lesson II
30% of Median Income
Median income: $61,400
Median home price: $472,000
30% of median income = $18420/year
$472,000/$18420 = 25 years to pay off a median priced house on a median income affordably
0
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