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Resolution No. 4834 Exhibit
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2005 No. 4820-4855
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Resolution No. 4834 Exhibit
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6/10/2010 4:49:47 PM
Creation date
5/19/2005 7:43:14 PM
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Template:
City Recorder
CMO_Document_Type
Resolutions
Document_Date
5/11/2005
Document_Number
4834
CMO_Effective_Date
5/11/2005
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Springfield Owner Renter <br />1970 60.6 39.4 <br />1980 50.6 49.4 <br />1990 49.3 50.7 <br />2000 53.6 46.4 <br />Eugene Owner Renter <br />1970 52.0 48.0 <br />1980 49.1 50.9 <br />1990 50.7 49.3 <br />2000 51.8 48.2 <br /> <br />Housing Demand <br />Census 2000 data indicates that there were 82,944 total housing units in the Eugene- <br />Springfield area. Housing and population projections by ESRI show that an additional <br />7,000 units will have to be constructed to meet the need in 2009 while maintaining a <br />vacancy rate of 5.7%. ESRI projects that in 2009, 44.2% of the units will be rentals, and <br />50.1% of the units will be occupied by owners. Interestingly, ESRI projects that the <br />largest increase (based on percentage) in owner-occupied units will occur in the market <br />segment of $175,000-$300,000 homes. <br /> <br />Historically Iow interest rates energized a stagnant housing market in 2002, and <br />favorable interest rates continued through 2004. New single family housing construction <br />is strong throughout Lane County, and especially in the Eugene-Springfield metro area. <br />An unfortunate but expected side effect of this is that the available and easily buildable <br /> <br />Single family homes <br />~s isseed: ~:~er~ <br /> <br />land supply is diminishing and prices of vacant residential <br />parcels have dramatically increased. This has severely <br />impacted the ability for developers, especially non-profit <br />housing providers, to build affordable rental and <br />homeownership housing. Area non-profit developers such <br />as the Neighborhood Economic Development Corporation <br />(NEDCO), St. Vincent dePaul (SVdP), and Metropolitan <br />Affordable Housing have had to seek larger subsidies <br />from Federal sources such as HOME and CDBG, and be <br />more creative in their fund-raising and development <br />strategies. For-profit housing developers will pass on the <br />increasing land and development costs to the buyers, the <br />result being that fewer single-family homes below <br />$150,000 will be built in the metropolitan area. <br /> <br />Sales Data <br />The National Association of Realtors published its 2004 second quarter report, showing <br />the median sales price of a home and comparing it to the same period in 2003. For the <br />Eugene-Springfield area, the median sales price was $150,647 in the second quarter of <br />2003, and increased to $163,000 in second quarter 2004. That represents an increase <br />of 8.2%. A well-publicized study by the NAHB identified the Eugene-Springfield housing <br />market as the second least affordable among 186 markets nationwide (fourth quarter, <br /> <br />3O <br /> <br /> <br />
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