2018 Housing Snapshot Purpose of Annual Snapshot Point

2018 Housing Snapshot

Purpose of Annual Snapshot Point in time review of best available data Evaluate if Strategy and Needs Assessment are still valid

Housing Strategy – endorsed in 2017 Based in the 2016 Housing Needs Assessment Used data from 2015 to make projections and recommendations through 2025 Set targets for: Senior Housing Rental serving below median income For Sale Homes under and over $200 k Student Beds Housing Strategy – still valid

Housing Strategy Targets there has been progress in addressing the housing shortage results are starting to be measurable, BUT housing production continues to fall short of Housing Strategy targets

Development Focus Areas 63% of new units completed in 2016 -2018 are in DFAs

Housing Supply Housing production has increased since the Housing Strategy was endorsed, but production of subsidized rental and low-cost for-sale housing is not meeting strategy targets. 900 Total New Housing Units Completed Per Year 800 700 600 500 400 300 200 100 0 2015 2016 2017 2018

Fair Market Rents (HUD Survey of 40 th Percentile Rent) in Tompkins County Rental Market 40 th Percentile Rents have been relatively steady for one- to three -bedroom units since 2015. $ 2 000 $ 1 800 $ 1 600 $ 1 400 $ 1 200 $ 1 000 $ 800 $ 600 $ 400 $ 200 $- 2015 40 th Percentile Rents have been increasing for studio and fourbedroom units. Studio 1 Bedroom Studio Average Annual Change 2016 2017 2 Bedroom 1 Bedroom 4. 0% 0. 4% 2018 2019 3 Bedroom 2020 4 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 0. 3% -1. 2% 3. 8%

For-Sale Market Median Sale Price of Single-family Homes in Tompkins County $ 300 000 NYS Median $ 250 000 National Median sale price in the county is $ 200 000 rising, but county median is $ 150 000 below the state and national median. Cortland County Median $ 100 000 $ 50 000 $- 2015 2016 2017 2018

Tompkins County Vacancy Rate 8, 0% Vacancy Rate Healthy Rental Vacancy 7, 0% 6, 0% 5, 0% Overall the vacancy rate remains low. 4, 0% 3, 0% Since mid-2015 the vacancy rate has increased only very slightly, indicating continued significant demand for housing. 2, 0% Healthy Ownership Vacancy 1, 0% 0, 0% 2010 2012 2017 TC Rental Vacancy TC Homeowner Vacancy City Rental Vacancy City Homeowner Vacancy

Percentage of households spending more than 30% of income on housing Cost burden 60, 00% TC Renters 50, 00% Renters in Tompkins County are significantly more likely to be cost burdened compared to homeowners. The renter cost burden rate is higher than state and national averages; the homeowner cost burden rate is lower. NYS Renters USA Renters 40, 00% 30, 00% NYS Owners 20, 00% USA Owners TC Owners 10, 00% 2000 2012 2017

Employment & Population Growth Employment growth averaged 0. 6% annually from 2015 to 2018. Population estimates show a slight decrease in 2018. Both are lower than expected, but annual data has poor reliability. TCDPS will continue to monitor the situation.

Trends Impacting Strategy Targets The trends projected from 2015 to create the Housing Strategy have been mostly borne out in the first few years since the Strategy’s endorsement. Assumptions about the need for new housing units continue to be valid. Department of Planning & Sustainability will continue implementing the Housing Strategy and continue to monitor data to ensure assumptions and recommendations remain valid in the future.