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HomeMy WebLinkAbout3. Topics #3 Commercial Center #4 Affordable Housing 1999 RENTAL HOUSING SURVEY Rosemount, Minnesota Average Rents: Rosemount Dakota County Efficiency Units $375/mo. $505/mo. 1-Bedroom Units $515/mo. $640/mo. 2-Bedroom Units $685/mo. $780/mo. 3-Bedroom Units $910/mo. $1,025/mo. All Units $655/mo. $740/mo. � From 1998-99, Rosemount's average rents increased $18 per month, or 2.8 percent. • The rental vacancy rate was 0.55 percent compared to 2.63% in 1998. • Rosemount has 3 percent of the county's rental units; the city with the � highest proportion is Burnsville at 32 percent, and the lowest two cities are Farmington and Mendota Heights at 1 percent. • The highest rents for 2-bedroom units in Dakota County include: (1) Lilydale at $1,160/mo., (2) Mendota Heights at $845/mo., and (3) Eagan at $835/mo. Note: The latest Livable Communities Act survey for 1998 identified monthly affordable rents as follows (based on 50% of inedian household income, or $30,400): Efficiency = $532 1-Bedroom = $607 2-Bedroom = $760 3-Bedroom = $821 The survey results shown above are from a report by the Dakota County HRA entitled, Dakota County 1999 Renfal Market Survey. For Rosemount, 182 units were the basis of its survey results...2 efficiency, 42 1-bedroom, 127 2-bedroom, and 11 3-bedroom units. HOUSING AFFORDABILITY ANALYSIS Rosemount, Minnesota DRAFT 3/31/99 The following information provides a general analysis of the cost and affordability of housing in the City of Rosemount. This report is being done as part of an effort to assess how future affordable housing units can best be distributed within the cify. The issue of affordable housing, however, must be clearly defined at the outset. Some people view affordable housing as only"subsidized" housing, which includes units that are assisted with government funding from a variety of programs. However, as shown below, "affordable" housing includes a large number of housing units that are based on price or rent ceilings rather than government subsidies. DE F I N I T I O N S----------------------------------------------------------------------------------------- A. Affordable: Owner-occupied housing units that are priced at $128,000 or less within the Twin Cities metropolitan area. Rental units that lease at $745/month or less within the Twin Cities Metropolitan area. B. Assisted Housing: Renter occupied units that are currently receiving some type of government subsidy in order to keep rents targeted to a specified income level for households. C. Average & Median Values. Average is a result of adding all values and dividing by the number of value units. Median is a result of listing all values low-to-high and taking the middle value, which is generally the more valid comparison. OWNER OCCUPIED HOUSING---------------------------- ------------------------------------- A. Annual Averaqe Sale Prices for Rosemount (sinqle familv onlv): 1990 Average Price = $100,535 1990 Median Price = $ 91,500 � 1998 Average Price = $148,780 1998 Median Price = $138,000 1990-98 Increase = 48 percent 1990-98 Increase = 51 percent Surroundinq citv comparisons from 1998: Apple Valley Average = $179,545 Median = $157,500 Eagan Average = $183,580 Median = $159,900 Farmington Average = $135,570 Median = $129,900 Hastings Average = $133,110 Median = $123,000 Inver Grove Heights Average = $183,235 Median = $151,000 Lakeville Average = $184,270 Median = $162,900 Rosemount Average = $148,780 Median = $138,000 Source: Southern Twin Cities Association of Realtors Housing Affordability Analysis Page 2 of 6 Rosemount, MN B. Median Value Home and Tax Comparisons in 1998: Apple Valley Value = $119,900 Tax = $1,620 Eagan Value = $127,500 Tax = $1,630 Farmington Value = $109,600 Tax = $1,585 Hastings Value = $102,100 Tax = $1,410 Inver Grove Heights Value = $109,400 Tax = $1,335 Lakeville Value = $131,400 Tax = $1,620 Rosemount Value = $122,200 Tax = $1,875 Source: St. Paul Pioneer Press, 3/21/99 Note: Median values include 1998 owner-occupied single family, duplexes, townhomes and condominiums; taxes are for payable 1999 and reflect ISD 196 boundaries. C. Actual Sales Summarv (sinqle and multi-familv unitsl for 207 units sold in Rosemount between 7/98 and 2/99: Units sold less than or equal to $128,000 = 32 percent (66 units) Units sold greater than $128,000 = 68 percent (141 units) Average price of all units sold less than $128,000 = $106,870 - Average price of all sold greater than $128,000 = $172,290 Average price of all units sold = $151,120 Source: Minneapolis StarTribune D. Housinq Listed For Sale in Rosemount (3/01/99), Includinq 32 Units: Units for sale less than or equal to $128,000 = 9 percent (3 units) Units for sale greater than $128,000 = 91 percent (29 units) Average price of all units for sale = $337,960'` _ - Median price of all units for sale = $169,900 Source: Regional M.L.S. of Minnesota, Inc. Note: ;high average due to one house listed for$1,050,000 E. Current Housina Development Proiects in Rosemount: (1) Biscayne Pointe (34 single family lots) Price range = $130,000 - $160,000 ... average = $145,000 (2) Bloomfield (27 single family lots + 130 townhomes/twinhomes) Price range = $120,000 - $150,000 (t.h.'s) ... average = $130,000 Price range = $175,000 - $275,000 (s.f.) ... average = $190,000 Housing Affordability Analysis Page 3 of 6 Rosemount, MN (3) Broback Park (29 single family lots) Price range = $135,000 - $160,000 ... average = $145,000 (4) Enclave = (56 detached townhomes + 72 attached townhomes) Price range = $110,000 -$130,000 (attached) ... average = $120,000 Price range = $130,000 - $150,000 (detached) ... average = $140,000 (5) Geronime Pond (48 single family lots + 56 twinhome units) Price range = $150,000 -$180,000 ... average = $165,000 (6) Hawkins Pond (69 single family lots) � Price range = $175,000 - $250,000 ... average = $200,000 (7) Shannon Pond South (47 single family lots) Price range = $155,000 - $225,000 ... average = $180,000 (8) Wensmann 11th (98 townhomes) Price range = $125,000 - $160,000 ... average = $135,000 (9) Wensmann 12th (44 townhomes) Price range = $170,000 - $210,000 ... average = $185,000 Source: City of Rosemount and Developers RENTER OCCUPIED HOUSING---------------------------------------------------------------- A. Percent of Total Housinq Units: 1990 Census = 535 units, or 19.3% of all housing units 1999 Estimate = 730 units, or 15.9% of all housing units Source: U.S. Census Bureau and City of Rosemount B. 1998 Rental Market Survev Results (190 units): 0 BR 1 BR 2 BR 3 BR Number of Units 1� 36 143 10 Percent of Total 0.5% 19.0% 75.2% 5.3% Average Rent $410 $505 $655 $875 Housing Affordability Analysis Page 4 of 6 Rosemount, MN Average rent of all units = $640/month (Dakota Co. Avg. _ $695) Average vacancy rate of all units = 2.6 percent (Dakota Co. Avg. = 0.9%) Average increase in rent from 1997-98 = $15 (Dakota Co. Avg. _ $25) Source: Dakota County HRA C. Assisted Rental Housina Proiects in Rosemount: (1) Public Housing Single family = 7 units Duplexes = 4 units Townhomes* = 20 units (2) Section 8 Units** Apartments = 67 units (3) Tax Credits*** Townhomes = 36 units (4) HRA Housing**** Apartments = 44 units TOTAL ASSISTED UNITS = 178 (24% of all rental units) 83-elderly/ 95-family ' " Biscayne Avenue (family) ** Rosemount Plaza (39 elderly)+ Rosemount Green (28 family) *"` Kidder Park(family) **** Cameo Place (elderly) Note: HUD certificates and vouchers total 58 units in Rosemount, but these are not counted since they are used in some of the other assisted housing projects. HOUSING DISTRIBUTION------------------------------------------------------------------------ A. Owner Occupied Housinq: � The attached Figure A identifies residential properties that have market values (as determined by the county assessor) less than or equal to $125,000. This value was chosen since it depicts the average market value of homes during that year. Figure A shows a concentration of the more affordable housing units in Rosemount within the following general subdivisions: Urban: Rural: Broback Additions Birch View Terrace Carrollton Additions (portions) Jay Simons Addition (portions) O'Leary's Additions Lan-O-Ken Addition Rahn's Additions Oakwood Estates Housing Affordability Analysis Page 5 of 6 Rosemount, MN Urban (cont.): University Addition Valley Oak Addition (quadhomes) Wensmann Additions (townhomes) West Ridge Additions B. Renter Occupied Housinq: The attached Figure B identifies the locations of all "assisted" rental housing units as identified on Page 4 of this report. Five multi-family projects are located primarily along an east-west corridor near 145th Street from Shannon Parkway on the west side to Biscayne Avenue on the east side. Other single family units, owned by the Dakota County HRA, are scattered at various locations primarily between 145th Street and Highway 42. LIVABLECOMMUNITIES------------------------------------------------------------------------- Rosemount's city council approved a Housing Goals Agreement on December 5, 1995 as part of the Metropolitan Livable Communities Act. The goals relate to housing to be constructed between 1996 and 2010. After the city recently � evaluated housing as an element of the Comprehensive Plan update process, these goals were further amended. Three housing goal categories include: Housing Metro Initial Revised Category Benchmark Goals Goals ---------------------- ---------------------- ---------------------- ---------------------- Affordabilitv: Ownership 69-70 percent 69 percent 69 percent Rental 35-40 percent 35 percent 35 percent _ Life-Cyle: Multi-family 35-38 percent 35 percent 25 percent Owner/Renter 72/28 percent 75/25 percent 80/20 percent Densi : Single Family 2.0 units/acre 1.9 units/acre 2.4 units/acre Multi-family 10.0 units/acre 10.0 units/acre 6.5 units/acre The revised goals are based in large part on the city's policy to achieve a housing mix from 1995-2020 of 75% single family and 25% multi-family housing units. The majority of multi-family units will be owner-occupied townhomes.. Housing Affordability Analysis Page 6 of 6 Rosemount, MN SUMMARY & CONCLUSIONS--------------------------------""""'""' ---------------------- The following summary conclusions are made as a result of the preceding information about Rosemount's housing supply and affordability: A. An estimated 45-50 percent of all owner-occupied housing units in Rosemount are currentiy affordable ... 1,900 to 2,200 units. B. A minimum of 35-40 percent of all renter-occupied housing units in Rosemount are currently affordable ... 300 to 350 units. C. An estimated 3.8 percent of all housing units in Rosemount are assisted with some form of government subsidy ... 2.0% family and 1.8% elderly. D. Compared to other surrounding cities in Dakota County, Rosemount is near the middle of the group in relationship to median value of all owner housing units. E. Based on sale information, Rosemount will likely be averaging between $150,000 and $175,000 as the price of housing units (new and existing). Those urrits sold as "affordable" will likely be less than 25 percent of all sales. F.. Based on the 1999 median family income of$63,600 in the Twin Cities, the low- to-moderate income range is $31,800 to $50,900. However, over 45 percent of all new jobs being created in Dakota County result in an average annual income of$25,000. A household with that income level would be able to afford $625 per month for housing. This �S 5/month in DakotanCountuse a{I e St�27,800/ ear. an average apartment ($69 ) y ••• y G. In order to reach the "initial goals" that were established by Rosemount for the Livable Communities program, the following actions would need to be taken: (1) Substantially increase the number of new rental units being constructed over the next ten years, since the current proportion is only 17 percent with no new rental units within an existing 750+ unit lot inventory. (2) Increase the percentage of multi-family units over the next ten years, which would result in another 400 units more than currently planned (this change would also bring the overall density up, although most of these added units should be ovenumber o affo dable owner-occupied housing (3) Substantially increase the units over the next ten years, since all indications show that the 25% estimate as affordable will be far less than the target of 69 percent. 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'3 l71tl}9�1�:��► ����t��;��`a��������•�\\�� _ �q'nlltll��3�R1 �1��� ���'��`\�� - 9 ' aituLl I�II3 I����\���Iul�l1• ��. _� ��� �.ax�a r a� j%wm1��//unm��\\ �, • � ♦ � . � ��5t QG � � i. •• ' • � • " 'L •�• •• �� • �� • C r► •� �• � � - � � • G � �'�� - 1 � ��,YE4o SAINT PAUL PIOYEER PRESS SUNDAY MARCH 21 1999 1 , . . ' , � . � h, 'T�`�i�� . p —=`�} Im act� of 1999 � ro ert taxes � p p p y . . ' ; ` � �``�� '��-�K""�,�:`=r 5� Bills mailed last week will show modest increases or � `," �DAKOTA COUNTY k' { f •��� -�j decreases in property taxes for most East Metro home- INE x � �, �. �x,, �`�' � ,�`� �, �� �'�bp�q�"49t� x�� owners.The exceptionS are people who live in previously �R , �(}�)���� �y�Iggg��,��y�gg:qg" rural townships with ezpensive new construction or school -��-.� ?AppleVa(ley/191 $119900 �1162 -3.6%� districts with new tax levies approved in referendums last }. ' �� �/CppfeYailey/19G,�„>'i;�119,900�;ES2�,�2I,��s�1%„�� Year. ,MpY7wP� �`�, � ` , r << Bumsville%191 �122000 �1144 4.6%� k�� ' {,+ :;BumsvilleY194 =-s�z�oaa,�aY$21 O 1%',Y `��s�. � � � Burnsville/196 �122000 E1599 81��= �Q'� �pRl�y, `•':SKaREViEW�' we � � " �'" - Cast�e Rtick"fwpl14�,�139�60,4;�2�6L,a 2.3�,�; 'i' ` � " . " 's�u.wat�ttwP��,�'r� ;�CastleRockTivpJ195$139,400 �1743 -1.8%� �� �MouH v1Ew � oE U � `�' � r --CastleRockTwpJ559;��39,400�Sf,�25�,�21%��-''. i ,� '� "'''_: "` c�taxrtwP �-,�� � � Coates/196 $95 800 �1002 91% �; �,�� N� .', wNt�EeFa�W E r ? BRIGHTDN A I 5` %, �• Douglas,TwpJ195=;$132,20Q;Ei 511 0 696,�;� � aotucs►rts. :. � .. Douglas Twp/200 5132 200 E1664 18 3°,G; AROEN HI1�S . � wHi��H ERNiE ' � Q , ;DouglasTwp1252�s�322QQ,,,.�s1��4Y,��;7%�;� � „�V� .+:s �I _y`C��i.-W(E BEAR,<: STIl1WA7FR ,� z.y � ESPRINGS�" � Eagan/191 E127 500 a1786 -4.7%`r.` � �;:; �s _EaginlI.96,:,�:=_3l2X�50�;�����2�.'8�5�.�; �.�....a � � � 1 ' ;� i Eagan/191 E121,500 31,591 -8.9%� Map key , ;; � ;Emp�reTwpj192,�,#;$1�3�,404�i�I�S��'z10.5�; Decrease in tax bill �u � ' € .`' % Empue TwpJ196 $113 400 $1346 1.8%'�j ��:_ � * � ., ti �,r� .� � _�Eureka Twy1192,�,�5151,90Q�S�275��$;w4��- �. Eureka TwpJ194 a151900 E2 248 5.3%� Increase in tax bill ''� �T � ' `�' �lessthan 10°,6 '� ' �L EurekaTwpl659 ;�151�900 z��Q10 2;1%�;��? �, � � Farmingfon/192 3109600 $1586 32% �; !; � ` �Increase in tax bill , � ' 'W{EtAN. , .GreenvaleTwp.�659 314680Q��f�729,,�,�`1%� 10°kormore " - - ; Hampton/1�95 �99900 �929 62%� {, � r �';�'� '=Na�ptOPJ2,0a�z ruS99,gOQ;����Q�6���:$� �City ar township �, � : Yt sr�: s�'� ���: • �� � � = Hampton Twp1192 E134 000 �1770 10.5%� ` �= border � . ,/ eAu� � � � t� y`�.Hamptn�,TwpJ�95-,51�4,Oa0..i�T,��1;��'��� ,��aFr+ootA � � •;. + Hampton Twp1200 E134 000 E1622 18.5%� �School district bor- �;.=2 �s _ — � '�' � 1`t�- Hastings/20Q ��,�3102t1b��;;�`,���<���� ti�ir��d2f � < . ,j x� 1tiYER I ,�� InverGroveHtsJ196�109400 $1337 -10.1%�; � �, , "�p� � ; � . •, `�� ' � Inver�mve:Hts3I4I;;;109�,�00.,,,:`���04,�,}�b;5X:,': � � 'r. ' � trts... �` � Inver Grove HtsJ194 5109 400 �1516 3.5% ' � ' ;a �la�Cehlie/19�"����r3f�40Q��T��$81�;5:4� �\�c�3�' ��z� �. , ` �Lakeville/194 E131400 $1866 2J% � ��l ` � ; 5, ' ' ,1 �:Lakevtlle/196 _.�;�513114Q0���,,621�6,3°�;: Minnesota d ; . Y�f , ' i f , � X_.- �,�.-• � � . '�', , �.lilydale%197 5153100 �1978 6.5% � �----�- ,;��,�,�y, ,. � � � ' �Marshan;TwpJ200,.,#t4690d,=,�1,Q¢5.;2�6% : BURt�SvictE - ` �'� � < Mendota/197 $)8,900 5990 6.8°� ' u;,. x r i : t's .- .. — , N .Me�dota,HtsJ,�3Z�;16,@,t.00,;,���_5.9�i .,�. �r . � ^ " _. . � � , ,� MieSVlllel200 591200 b910 6.2%�,-� �� � ' twPIEVAttEY �� ROSF�Cuttf ` � � - � � ::.New'�ner1206 � z�77000,�;�;��34�6;4�'.� ;�°`�`� " ; ; � , � .%+ 3 t. � f � � Y" NimngerTwp/200 �142800 $1869 18.9%� _ : i ,4`*,``�'`�`'* ,.•Nor,thfield/b59 ���;;�I52 500�;�2,284�,,,�:6��< `? -"�"9 � Randolph/195 E86100 5741 -OJ� .; �� ; Randolph ik�p�(195,�5140,40Q�,�I,502i;�;2,8%;' ' � � a RandolphTwpl252 3140,400�$1,312 -11.0%� �, c:Ra enna T� J2 0`'' 4 7 -: 'j -,.. _. .:. ' - =� RosemounV196 122,200 1,873 -6.3°�' '`Rosemgu9U199,;�S122R200;.�.�2,�067 ��1:7��; � : RosemounU200 122 200 1981 7.3% :: ;Sciata wp ��, + ---�- � , , : �� . . ` SciataTwpJ659 E121,400 a1338��i60%� ' � � � ., . .. �''.$$t„�'84Uf�.�� '�,r�8��2U0��996„�0,�%,�; ` S St Paul/199 ;81200 Sl 136 0.3°,6�: i �'Sunfislilakef�9t�3385,40Q;��.�k$Z;.'��.fi% } ,-,. � `.; Vermiilion City/200 5100,000 EI 179 2.7% ;� � � �-� < ' wusptontwP °,�' ` yr 'YermillionTwph92�S228,�QQ=�1,759;I2.1�'� �' - -� T"�Vermdlion TwQI196,EI28100 E1500 0 8%,� � .= ppNpotpt�7Wv ` VermiilionTw�;!'100„$128,1OQ, �I;6�8,�969�x ; ` � , • _ . Waterfard TwpJ195 E111,600,al_055-15.5%k � � WATERFORD ` � ''` _ .:Wsterf,oidTwpJ659.��112,6�0;'�i,I28��;91X�: ' � � ;� W.St.PauV191 S95 900 a1076 -7 4% -� ..........,.....�......_ �s.;,:s- - • r � / • / 1 o� j � �e� r� J� �r� � . �--� ar�e � �� � The Twin Cities area enjoys a strong one pazent doesn't work outside the economy and an enviably low home,face particulaz di�culty finding unemployment rate.Unfortunately, an affordable home. Even with two � � � with housing costs rising faster than family members working full-time in . � t wages,even working full-time does not jobs that pay close to minimum wage . guarantee access to affordable housing. ($5.15/hour or$10,700/year), The Twin Cities metropolitan area however,a family cannot afford the faces a severe shortage of decent,safe typical two-bedroom apartment or housing at prices that working families three-bedroom house. can afford The need for affordable housing �� A typical two-bedroom apartment in for working families is especially � the metro azea rents for$621 per acute in communities with high levels month,and a modest three-bedroom of employment growth but few lower- house sells for an average of$93,000. priced aparhuents and houses.Many A home is usually considered to be developing suburbs are experiencing affordable if a family pays no more significant job growth,but most than 30 percent of its income in affordable housing is concentrated in housing costs.Any more than this, the center cities and first-ring suburbs. and families often must cut back on As a result,while many workers other necessities such as food and eaming low wages aze providing clothing.By the 30 percent measure, essesntial services for residents of a family would have to earn$24,840 local communities—child caze,food per year($12 per hour)to afford to service,or health caze,for example— rent a twabedroom aparUment or they often are priced out of housing in $33,000 per year($16 per hour)to the communities in which they work. afford to buy a three-bedroom house. The following graphs and table Many jobs pay far lower salaries. show what people in different Households with only one full- professions can afford to pay for time wage eamer,such as single- housing and what homes for families pazent families or families in which actually cost. / � � • � � • � � � • This publication is part of a a, Public Education Initiative on 6'� o� �1��s+� o�� ��o�4¢,t`` os�ti�`p�e� affordable housing sponsored by a,�,o4��� S`���� �`,�c,�`So�.4 ��J�,ao� � the Family Housing Fund.The s •�c� a� it �aS14��S �ot'��+° 4�,4��� q�4.���,�.: Family Housing Fund is a 5 private,nonprofit corporation Cashier $13,187 $330 57% 75% created in 1980 to help bridge Child Caze Worker $14,560 $364 51% 68% the gap between the housing that Counter and Rental Clerk $12,792 $320 58% 77o/a people need and the housing they can aj}'ord.Tf�e Public Education Dining Room/Cafeteria Attendant $13,312 $333 56% 74% Initiative is designed to provide FileClerk $16,931 $423 44% 58% • injormational materials on a Food Preparation Worker $15,600 $390 48% 63% variety of issues related to Home Health Aide $15,912 $398 47% 62% affordable housing in the Twin Host/Iioste�s $12,480 $312 60% 79% Cities met�npolitan area. Janitor,Cleaner $16,640 $416 45% 59% Maid,Housekeeping Cleaner $15,600 $390 48% 63% For more information abour the Medical ASslstant $21,403 $535 35% 46% I'ublic Education Initiative and Medical Records Techniciaa $22,277 $557 33% 44% other publications available in this series,please contact: Nursing Aide,Orderly,Attendant $19,656 $491 38% 50% Receptionist $18,720 $468 40% 53% � f,LIRLTj7 Restaurant Cook : $16,640 $416 45°/a 59% f�jTjT�Tj _ Salesperson,Retail $13,208 5330 56% � 75% School Bus Driver $18,408 $460 40% 54% . FAM i LY Teacher Aide $15,928 $398 47% . 62% H O U S I N G Teller $17,098 $427 44% 58% F U N D MIDWEST PLAZA WEST ' Source:Minnesota De artment of Economic Securi 1996 Minnesota Sal Surve . 5 U ITE 1840 p tY. �' y 801 NI�OLLET MALL 2 Based on 30%of income. MI N N EAPOLI S,MN 55402 � Based on 1997 HUD Fair Market Rent of$621 for a twabedroom apartment in the Twin Cities TELEPHON E• (612)375-9644 metropolitan area. FAX: (612)375-9648 , ` Based on Regional Multiple Listing Service average cost of 393,000 (S825 per month) for a three-bedroom,1,000-1,500 square foot single-family home soId in the Twin Cities metropolitan ace3 in 1996. December 1997 4