Quality of Life Indicators
Category Name:
Affordable Housing Data
How much a family pays for rent or housing greatly impacts how self-sufficient a family can be; the Housing Affordability Index measures whether a typical family earning median wages could qualify for a mortgage loan, especially important because housing is usually a family's largest expense but transportation costs rise dramatically when families live farther away from the area they work and shop.
owner-occupied housing -- updated 11/14/11
Housing Opportunity Index - updated 2/28/12
median price of existing homes - updated 2/28/12
owner-occupied housing -- updated 11/14/11
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In 2000, 59% of occupied housing units in Washoe County were owner-occupied. According to the American Community Surveys, that percentage increased to 61% in 2006, remained the same in 2007, but decreased to 60% in 2008, and was 58.5% in 2010. In 2007 and 2008, 39% and 40% respectively of the occupied housing units were renter-occupied, which increased to 41.5% in 2010. Changes can be related to the housing and financial downturn still affecting Nevada. TMT initiated an Affordable Housing Quality of Life Compact at the end of 2004 with Charles Schwab Bank and its community partners to address housing affordable issues and attainable workforce housing. Since the community collaboration began and through 2009, over 400 units of affordable housing have been developed in Washoe County through Schwab Bank’s investing and lending partnerships, equating to more than $20 million in affordable home mortgages and $11.8 million in loans for affordable rental housing units. Almost $2 million has been given to nonprofits and public agencies to build infrastructure and programs to serve the housing needs of more people.
Housing Opportunity Index - updated 2/28/12
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The percentage of homes considered affordable for families making the median income in 2011, is a much larger proportion than in the earlier part of the decade, due to the decrease in median sales price since 2006. The Housing Opportunity Index (HOI) is defined as the share of homes that would have been affordable to a family earning the local median income based on standard mortgage underwriting criteria. National Association of Home Builders assumes that a family can afford to spend 28% of its gross income on housing. In addition to principal and interest, cost then also includes estimated property taxes and property insurance for the home. Mortgage insurance is not currently a component of the HOI.
median price of existing homes - updated 2/28/12
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Housing is usually a family’s largest expense, but costs rise dramatically when families live farther away from the area they work and shop. While median income has remained almost the same since 2001, the median sales price of a home has gone from $165,500 to a high of $347,200 in 2006, but dropped to $158,000 in 2011—just above 2000 prices, while the western states and US median sales price levels rose in 2010, but also declined again in 2011. Local MSA median sales prices of existing homes are now below the US. Comparable MSA’s across the west included the following prices for 2011 (preliminary):
- Albuquerque, NM $167,900
- Boise, ID $115,400
- Las Vegas, NV $124,700
- Salt Lake City, UT $182,200
