Laserfiche WebLink
Impacts: Affordable housing impacts the structure and stability of <br />neighborhoods. Income diversified neighborhoods and neighborhoods that <br />are accessible to a mix of incomes have shown a greater potential to <br />maintain themselves as a viable community. That is, people are most <br />likely to maintain housing they own or when it is their housing of choice. In <br />2010, there were low percentages of homeownership among all races and <br />ethnicities2. Most important, a declining housing market and the lack of <br />income to acquire housing limit housing choice and increase the <br />probability of cost burdens. To the extent that household income <br />correlates to housing value, this limitation is even greater 3. The Census <br />data reveals high percentages of the city's overall population fall into the <br />lowest income groups and household incomes are insufficient to qualify for <br />the housing in San Marcos at any price without public assistance 4. An <br />analysis of household income and cost burden suggests that there is a <br />strong need for additional affordable housing to meet the needs of lower - <br />income households in the City. <br />Without adequate affordable housing, San Marcos households have also <br />shown higher incidents of cost burdened with regard to their monthly <br />mortgage (principal, interest, taxes, insurance, and utilities) or rent <br />payments for all income groups5. Based on 2006 — 2010 ACS data the <br />cost of housing has drastically increased. While the 2010 median <br />household income increased between 2000 and 2010, for many <br />households, it was lower than the income required to acquire the median <br />home priced at $121,700 and the median contract rent at $644 in 2010. <br />' Community Profiles page 20. <br />2 200 — 2010 ACS Census homeownership rates for the City of San Marcos, page 21 of the Community <br />Profiles. <br />3 Fair Housing Index Table 5.1 on page 85, shows a strong correlation between lower income groups <br />relative to housing values and rents. <br />4 2006 — 2010 ACS Census, Table 1.3 on page 11. <br />5 Comprehensive Affordability Strategy (CHAS) data presented in Table 1.11 on page 28 of the <br />Community Profile in year 2010. <br />We <br />