Resolution No. 4834 Exhibit - Laserfiche WebLink

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Springfield Owner Renter 1970 60.6 39.4 1980 50.6 49.4 1990 49.3 50.7 2000 53.6 46.4 Eugene Owner Renter 1970 52.0 48.0 1980 49.1 50.9 1990 50.7 49.3 2000 51.8 48.2 Housing Demand Census 2000 data indicates that there were 82,944 total housing units in the Eugene- Springfield area. Housing and population projections by ESRI show that an additional 7,000 units will have to be constructed to meet the need in 2009 while maintaining a vacancy rate of 5.7%. ESRI projects that in 2009, 44.2% of the units will be rentals, and 50.1% of the units will be occupied by owners. Interestingly, ESRI projects that the largest increase (based on percentage) in owner-occupied units will occur in the market segment of $175,000-$300,000 homes. Historically Iow interest rates energized a stagnant housing market in 2002, and favorable interest rates continued through 2004. New single family housing construction is strong throughout Lane County, and especially in the Eugene-Springfield metro area. An unfortunate but expected side effect of this is that the available and easily buildable Single family homes ~s isseed: ~:~er~ land supply is diminishing and prices of vacant residential parcels have dramatically increased. This has severely impacted the ability for developers, especially non-profit housing providers, to build affordable rental and homeownership housing. Area non-profit developers such as the Neighborhood Economic Development Corporation (NEDCO), St. Vincent dePaul (SVdP), and Metropolitan Affordable Housing have had to seek larger subsidies from Federal sources such as HOME and CDBG, and be more creative in their fund-raising and development strategies. For-profit housing developers will pass on the increasing land and development costs to the buyers, the result being that fewer single-family homes below $150,000 will be built in the metropolitan area. Sales Data The National Association of Realtors published its 2004 second quarter report, showing the median sales price of a home and comparing it to the same period in 2003. For the Eugene-Springfield area, the median sales price was $150,647 in the second quarter of 2003, and increased to $163,000 in second quarter 2004. That represents an increase of 8.2%. A well-publicized study by the NAHB identified the Eugene-Springfield housing market as the second least affordable among 186 markets nationwide (fourth quarter, 3O