Fort Wayne, Indiana 2014 Housing Needs Assessment Primary Work - - PowerPoint PPT Presentation

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Fort Wayne, Indiana 2014 Housing Needs Assessment Primary Work - - PowerPoint PPT Presentation

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Housing Needs Assessment of the Southeast Quadrant of Fort Wayne, Indiana 2014 Housing Needs Assessment Primary Work Elements Analyzed more than 100 demographic & economic metrics Conducted 20+ community stakeholder interviews

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SLIDE 1

Fort Wayne, Indiana

2014

Housing Needs Assessment

  • f the Southeast Quadrant of
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SLIDE 2

Housing Needs Assessment

Primary Work Elements

  • Analyzed more than 100 demographic & economic metrics
  • Conducted 20+ community stakeholder interviews
  • Surveyed 108 rental properties in Fort Wayne (19,000+ units)
  • Evaluated Fort Wayne’s for-sale data on 13,226 units (1,143

listed/12,083 sold)

  • Completed a housing gap analysis by tenure and affordability

for the Southeast Quadrant (PSA)

  • Evaluated various “other housing factors” affecting the PSA

housing market (i.e. community services, crime, education, city housing policies/programs, mobility patterns, etc.)

  • Identified vacant land and buildings as potential candidates for

future residential development

  • Evaluated site suitability for Renaissance Pointe Neighborhood

and former McMillen Apartments Site

  • Provided recommendations to address housing needs
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SLIDE 3

Geographic Study Areas

Southeast Quadrant (Primary Study Area) Includes Renaissance Pointe & McMillen Sites Remaining City (Secondary Study Area)

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SLIDE 4

Demographic Highlights

H

  • u

seh

  • ld

s b y T en u r e (2013)

4 5 .4 % 6 5 .1 % 6 1 .9 % 6 8 .6 % 5 4 .6 % 3 4 .9 % 3 8 .1 % 3 1 .4 % .0 % 1 .0 % 2 .0 % 3 .0 % 4 .0 % 5 .0 % 6 .0 % 7 .0 % 8 .0 % 9 .0 % 1 .0 % P S A S S A F

  • rt W

ayne Indiana

L

  • cation

Shar R enter-O ccupied O wner-O ccupied

E d u cation al A ttain m en t (2000)

.0 % 5 .0 % 1 .0 % 1 5 .0 % 2 .0 % 2 5 .0 % 3 .0 % 3 5 .0 % 4 .0 % N

  • H

igh S chool D iplom a H igh S chool G raduate S

  • m

e C

  • llege, N
  • D

egree A ssociate D egree B achelor's D egree G raduate D egree

E d ucation L evel Shar PSA SSA Fort W ayne Indiana

Demographic Composition Education Tenure Size Poverty

P

  • p

u lation b y P

  • ver

ty S tatu s (2006-2010)

3 1 .3 % 1 1 .6 % 1 5 .0 % 1 3 .6 % 6 8 .7 % 8 8 .4 % 8 5 .0 % 8 6 .4 % .0 % 1 .0 % 2 .0 % 3 .0 % 4 .0 % 5 .0 % 6 .0 % 7 .0 % 8 .0 % 9 .0 % 1 .0 % P S A S S A F

  • rt W

ayne Indiana

L

  • cation

Shar Incom e above poverty Incom e below poverty

Persons per Renter Household (2013)

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 1-Person 2-Person 3-Person 4-Person 5-Person

Household Size Share PSA SSA Fort Wayne Indiana

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SLIDE 5

 PSA POP declined (-5.0%) from 2000 to 2010 (SSA grew)  Almost no projected PSA POP growth (0.1%) from 2010 to 2018

(much less than SSA)

 Largest share of PSA POP age <25 years  Smallest share of PSA POP age 75+ years  PSA projected greatest share decline (-2.2%) age < 25 years  PSA projected greatest share growth (24.5%) age 65-74 years  PSA median age (30 years) much lower than SSA (36 years)

Demographic Highlights

Population Trends

Population by Age (2013)

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% <25 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75+

Age Range Share PSA SSA Fort Wayne Indiana

Population Trends

2.5% 1.0% 6.6% 0.1% 2.8%

  • 5.0%

3.2% 3.3%

  • 6.0%
  • 4.0%
  • 2.0%

0.0% 2.0% 4.0% 6.0% 8.0%

PSA SSA Fort Wayne Indiana Location Percent Change 2000-2010 2010-2018

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SLIDE 6

Demographic Highlights

H

  • u

seh

  • ld

T r en d s

  • 9

.5 % 3 .6 % 1 .2 % 7 .1 % 3 .1 %

.3 % 3 .7 % 3 .4 %

  • 1

.0 %

  • 8

.0 %

  • 6

.0 %

  • 4

.0 %

  • 2

.0 % .0 % 2 .0 % 4 .0 % 6 .0 % 8 .0 %

P SA SSA F

  • rt W

ayne Ind iana L

  • cation

Percent Chan 2000-2010 2010-2018

 PSA HHs declined (-9.5%) from 2000 to 2010 (SSA grew)  Minimal projected PSA HH decline (-0.3%) from 2010 to 2018 (SSA

expected to grow)

 Largest share of HHs in PSA ages 45-54 years; smallest <25 years  Largest HH growth in PSA b/w 2013-18 ages 65-74 (380, 21.6%)  Largest HH decline in PSA b/w 2013-18 ages 45-54 (-288, -8.6%)

Household Trends

H

  • u

seh

  • ld

H ead s b y A ge (2013)

.0 % 5 .0 % 1 .0 % 1 5 .0 % 2 .0 % < 2 5 2 5

  • 3

4 3 5

  • 4

4 4 5

  • 5

4 5 5

  • 6

4 6 5

  • 7

4 7 5 +

A ge R ange Shar PSA SSA Fort W ayne Indiana

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SLIDE 7

Demographic Highlights

Household Income Trends

PSA has highest share of lower-income (<$20K) HHs, but lowest share of higher-income ($60k+) HHs in 2013 PSA has a significantly lower median HH income than SSA, Fort Wayne and Indiana (about half)

H

  • u

seh

  • ld

In com e (2013)

.0 % 5 .0 % 1 .0 % 1 5 .0 % 2 .0 % 2 5 .0 % 3 .0 % 3 5 .0 % 4 .0 % < $ 2 K $ 2 K

  • $

4 K $ 4 K

  • $

6 K $ 6 K

  • $

1 K $ 1 K +

H

  • u

sehold Incom e Shar P SA S SA Fort W ayne Indiana

M ed ian H

  • u

seh

  • ld

In com e

$ $ 5 ,0 $ 1 ,0 $ 1 5 ,0 $ 2 ,0 $ 2 5 ,0 $ 3 ,0 $ 3 5 ,0 $ 4 ,0 $ 4 5 ,0 $ 5 ,0 P S A S S A F

  • rt W

ayne Indiana

L

  • cation

M edian Inco 2000 2010 2013 2018

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SLIDE 8

Demographic Highlights

  • PSA residents are younger, more often non-white, more often

unmarried, less educated, more often living in poverty, more transient, and residing in more densely-populated neighborhoods than SSA counterparts

  • PSA households are more often renters, larger in size, and

earning less income than SSA counterparts

  • Number of PSA residents and households decreased

significantly from 2000 to 2013, but decrease is projected to stop and stabilize by 2018

  • SSA experienced positive growth in residents and households

from 2000 to 2013, and should continue to grow over the next five years

  • SSA has a history of expanding its population and households,

while PSA does not

DEMOGRAPHIC TRENDS IN SOUTHEAST QUADRANT (PSA) OF FORT WAYNE SHOULD INCREASE HOUSING DEMAND

PSA versus SSA

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SLIDE 9

Demographic Highlights

Owner Share Renter Share

  • Pop. Age 18-34
  • Pop. Age 55+

Theme Maps

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SLIDE 10

Demographic Highlights

Median Income

  • Pop. Density

Poverty Status Education

Theme Maps

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SLIDE 11

Economic Highlights

  • Fort Wayne employment is concentrated in Retail Trade (13.7%), Manufacturing

(12.7%) and Healthcare/Social Assistance (10.1%) job sectors

  • PSA employment is concentrated in Public Administration (18.8%), Manufacturing

(15.1%) and Education Services (11.6%) job sectors

  • Fort Wayne and PSA adversely affected by national recession (2008 to 2010). In 2009,

Allen County employment base declined by 10,000 people, while unemployment rate increased to 10.5%

  • By November 2013, county unemployment rate had dropped to 7.9% (continual

decline since 2009)

  • Job loss has stopped, but current employment base still 11,000 less than 2008

Unemployment Rates Total Employment

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SLIDE 12
  • Multi-million dollar medical facility expansions

underway

  • Other private and public investment pending
  • Fort Wayne poised for an economic rebound
  • Economic growth yields employment, employment

growth yields additional population, households and income, and additional population, households and income yield demand for additional housing

  • Large portion of current employment and anticipated

economic growth is located outside PSA

  • PSA still benefits from city-wide economic gains

Economic Highlights

Public & Private Sector Economic Development

ECONOMIC GROWTH WILL INCREASE JOB GROWTH & HOUSING DEMAND

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SLIDE 13

P er cen t of O ver cr

  • w

d ed H

  • u

seh

  • ld

s

3.6% 1.7% 2.2% .0 % .5 % 1 .0 % 1 .5 % 2 .0 % 2 .5 % 3 .0 % 3 .5 % 4 .0 % P S A S S A F

  • rt W

ayne

L

  • cation

P e r c e n

Housing Supply – Existing Challenges

Overcrowded and Cost-Burdened Housing

Nearly 600 (3.6%) PSA households live in

  • vercrowded* housing

*More than one person per room

Nearly half (47.9%) of all PSA renter- households are cost burdened*

*Pay over 30% of income towards housing costs (29.3% of owner-households)

R en ter

  • O

ccu p ied H

  • u

sin g b y P er cen t of In com e P a id T

  • w

a r d s R en t

21.4% 34.2% 31.0% 22.5% 22.8% 23.7% 40.2% 37.7% 47.9% 6.0% 5.7% 7.1% .0 % 1 .0 % 2 .0 % 3 .0 % 4 .0 % 5 .0 % P S A S S A F

  • rt W

ayne

L

  • cation

Percent of H

  • useh

< 20% 20%

  • 30%

30% + U nknown

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SLIDE 14
  • Overall Fort Wayne rental housing market is strong, 96.1%
  • ccupied
  • One-third of surveyed units are in Southeast Quadrant
  • PSA (SE Quadrant) has rental occupancy rate of 96.6% -

slightly better than balance of Fort Wayne (96.0%)

Housing Supply – Rental (Apartments)

Overall Market Performance by Area

Rental Housing PSA SSA Total Projects 34 74 108 Total Units 4,645 14,497 19,142 Vacant Units 158 587 745 Occupancy Rate 96.6% 96.0% 96.1%

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SLIDE 15

Housing Supply – Rental (Apartments)

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SLIDE 16
  • PSA: 34 projects w/ 4,645 units - only 158 vacancies
  • All segments have 95.2%+ occupancy, no apparent weaknesses
  • Affordable housing segment performing better than market-rate
  • Housing Choice Voucher wait list: Approximately 4,000 people

Housing Supply – Rental (Apartments)

PSA (SOUTHEAST QUADRANT) RENTAL HOUSING SUPPLY BY TYPE Project Type Projects Surveyed Total Units Vacant Units Occupancy Rate Market-rate 10 2,629 127 95.2% Market-rate/Tax Credit 2 144 1 99.3% Market-rate/Government-Subsidized 1 192 100.0% Market-rate/Tax Credit/Government-Subsidized 1 166 100.0% Tax Credit 8 792 29 96.3% Tax Credit/Government-Subsidized 2 302 100.0% Government-Subsidized 10 420 1 99.8% Total 34 4,645 158 96.6%

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SLIDE 17

Housing Supply – Housing Supply – Rental (Apartments) Rental (Apartments)

Market-rate Median Gross Rent Comparison Bedroom/Bath Primary Study Area (Southeast Quadrant) Secondary Study Area (Balance of Fort Wayne) Bedroom Baths Units Percent Vacant Median Rent Units Percent Vacant Median Rent Studio 1.0 169 2.4% $537 421 2.9% $612 One-Bedroom 1.0 1,207 3.2% $461 4,866 4.6% $600 One-Bedroom 1.5

  • 4

0.0% $644 Two-Bedroom 1.0 249 6.0% $585 2,471 4.5% $655 Two-Bedroom 1.5 441 5.0% $554 1,270 3.1% $724 Two-Bedroom 2.0 288 5.9% $659 2,226 5.8% $807 Two-Bedroom 2.5

  • 32

3.1% $773 Three-Bedroom 1.0 46 6.5% $721 9 33.3% $980 Three-Bedroom 1.5 183 12.6% $751 409 3.9% $758 Three-Bedroom 2.0 57 7.0% $848 485 5.8% $1,069 Three-Bedroom 2.5

  • 100

3.0% $829 Three-Bedroom 3.0

  • 1

0.0% $966 Four-Bedroom 1.5 15 0.0% $581 46 0.0% $668 Four-Bedroom 2.0

  • 4

25.0% $933 Four-Bedroom 2.5

  • 2

0.0% $1,146 Four-Bedroom 3.0

  • 1

0.0% $1,033 Total Market-rate 2,655 4.8 %

  • 12,347

4.6%

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SLIDE 18

M ar k et-r ate M ed ian G r

  • ss R

en t

$461 $537 $554 $751 $758 $724 $600 $612 $ $ 1 $ 2 $ 3 $ 4 $ 5 $ 6 $ 7 $ 8 S tudio/1 .0

  • B

a 1

  • B

r/1 .0

  • B

a 2

  • B

r/1 .5

  • B

a 3

  • B

r/1 .5

  • B

a

B ed room s/B athroom s M e d ia n R e PSA S SA

Generally, PSA market-rate rents are 10%-20% less than SSA More than half of PSA rental housing was built pre-1970

Housing Supply – Rental (Apartments)

R en tal H

  • u

sin g b y Y ear B u ilt

.0 % 1 .0 % 2 .0 % 3 .0 % 4 .0 % 5 .0 % P S A S S A F

  • rt W

ayne

L

  • cation

P ercent of U B efore 1970 1970 - 1979 1980 - 1989 1990 - 1999 2000 - 2005 2006 - 2013*

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SLIDE 19

Housing Supply – Rental (Apartments)

Tax Credit, Non-Subsidized Median Gross Rent Comparison

Bedroom/Bath Primary Study Area (Southeast Quadrant) Secondary Study Area (Balance of Fort Wayne) Bedroom Baths Units Percent Vacant Median Rent Units Percent Vacant Median Rent

One-Bedroom 1.0 116 2.6% $496 198 0.0% $599 Two-Bedroom 1.0 172 5.8% $518 362 3.0% $650 Two-Bedroom 1.5 169 0.6% $690 12 0.0% $423 Two-Bedroom 2.0 44 0.0% $676 73 1.4% $848 Three-Bedroom 1.0 129 9.3% $586

  • Three-Bedroom

1.5

  • 53

0.0% $860 Three-Bedroom 2.0 108 0.0% $773 248 1.6% $804 Three-Bedroom 2.5 54 0.0% $794

  • Four-Bedroom

1.0 31 12.9% $687

  • Four-Bedroom

1.5

  • 9

0.0% $924 Four-Bedroom 2.0 91 0.0% $757 39 0.0% $891 Total Tax Credit 914 3.3%

  • 994

1.6%

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SLIDE 20

Housing Supply – Rental (Apartments)

Distribution of Unit Amenities – Non-subsidized Rental Supply Unit Amenities PSA SSA Fort Wayne Units % Units % Units % Stove Range 3,569 100.0% 13,341 100.0% 16,910 100.0% Refrigerator 3,569 100.0% 13,341 100.0% 16,910 100.0% Dishwasher 2,882 68.2% 11,329 75.0% 14,211 73.3% Disposal 3,009 72.7% 12,200 82.8% 15,209 80.2% Microwave 654 27.3% 1,532 15.6% 2,186 18.6% AC-Central 2,840 77.3% 11,115 76.6% 13,955 76.7% AC-Window 729 22.7% 4,435 31.3% 5,164 29.1% Floor Covering 3,569 100.0% 13,317 96.9% 16,886 97.7% Window Treatments 2,958 90.9% 12,747 93.8% 15,705 93.0% Washer/Dryer 1,597 31.8% 8,153 54.7% 9,750 48.8% Washer/Dryer Hookups 2,767 68.2% 11,227 79.7% 13,994 76.7% Patio/Balcony 2,912 72.7% 11,103 75.0% 14,015 74.4% Ceiling Fans 900 31.8% 8,241 51.6% 9,141 46.5%

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SLIDE 21

Housing Supply – Rental (Apartments)

Distribution of Project Amenities - Non-subsidized Rental Supply Project Amenities PSA SSA Fort Wayne Units % Units % Units % Pool 1,905 22.7% 9,488 43.8% 11,393 38.4% On-Site Management 3,345 86.4% 12,898 87.5% 16,243 87.2% Laundry 1,644 54.5% 7,338 59.4% 8,982 58.1% Club House 1,993 31.8% 9,799 50.0% 11,792 45.3% Meeting Room 944 40.9% 3,325 26.6% 4,269 30.2% Fitness Center 354 4.5% 7,472 34.4% 7,826 26.7% Jacuzzi/Sauna 354 4.5% 2,433 3.1% 2,787 3.5% Playground 1,431 54.5% 7,721 46.9% 9,152 48.8% Sports Court 1,499 18.2% 7,952 35.9% 9,451 31.4% Storage 379 4.5% 3,189 15.6% 3,568 12.8% Elevator 445 18.2% 1,243 15.6% 1,688 16.3% Business Center 354 4.5% 0.0% 0.0% Picnic Area 2,665 54.5% 7,577 39.1% 10,242 43.0%

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SLIDE 22

Housing Supply – Rental (Apartments)

Key Findings (PSA versus SSA)

  • Overall rental supply vacancy rates are lower in the PSA (3.4%
  • vs. 4.0%)
  • Government-subsidized vacancy rates are extremely low among

PSA and SSA supply (0.1% vs. 0.3%)

  • PSA has a larger share of government-subsidized housing

(23.2% vs. 7.9%)

  • PSA non-subsidized rents are generally 10% to 20% lower than

in the SSA

  • PSA has a larger share of lower-quality (rated C-) non-subsidized

product (20.6% vs. 0.4%)

  • PSA has a higher share of non-subsidized product built pre-1970

(50.7% vs. 41.1%)

  • PSA and SSA have similar shares of product built since 2000

(10.0% vs. 6.7%)

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SLIDE 23

Housing Gap Estimates - Rental

  • Methodology considered household growth, units for balanced market,

substandard housing, and demolitions; conducted by income level

  • Rental housing demand for at least 23 to 2,465 new PSA units by 2018
  • Note: Demand estimates represent potential units by 2018 (would

assume all product types, prices and locations developed)

2013 - 2018 Rental Demand Potential by Income Level & Rent Primary Study Area (Southeast Quadrant) of Fort Wayne, Indiana Household Income Range Less Than $15,000 $15,000- $35,000 Above $35,000 Rent Affordability Less Than $375 $375-$875 $876+ New Income-Qualified Renter Household

  • 29
  • 62

12 Units Needed for Balanced Market 168 36 11 Total Replacement Housing Needed by 2018 2,326 1,172 Total Overall Market (PSA) Units Needed by 2018 2,465 1,146 23 Site-Specific (Single Project) Potential Capture Rate 5%-10% 5%-10% 5%-10% Total Site-Specific (Single Project) Units of Support 123 - 247 57 - 115 1 - 2

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SLIDE 24

Housing Supply – For-sale (Historical)

PSA - SOUTHEAST QUADRANT For-Sale Housing by Year Sold Year Units Sold Average Price Sold Median Price Sold Number Change Price Change Price Change 2010 342

  • $28,767
  • $16,915
  • 2011

275

  • 19.6%

$32,130 11.7% $20,000 18.2% 2012 264

  • 3.3%

$34,571 7.6% $24,000 20.0% 2013 295 11.7% $37,408 8.2% $25,600 6.7%

Average Annual Sales Price (2010-2013)

$37,408 $34,571 $32,130 $28,767 $104,202 $105,608 $112,505 $113,092 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000

2010 2011 2012 2013 Year Average Sales Price PSA SSA

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SLIDE 25

Housing Supply – For-sale (Historical)

  • Less than 1 in 25 (3.3%) homes sold since 2010 in PSA were built after

1990 (38.5% in SSA)

  • Nearly half (49.6%) of homes sold since 2010 in PSA were built before

1950 (23.8% in SSA)

SSA Sales History by Year Built

12.2% 12.4% 12.0% 17.3% 9.2% 13.1% 7.4% 16.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 1939 or earlier 1940 - 1950 1951 - 1960 1961 - 1970 1971 - 1980 1981 - 1990 1991 - 2000 2001 to present

Year Built Share

PSA Sales History by Year Built

21.4% 6.6% 1.5% 1.0% 2.3% 17.6% 24.3% 25.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 1939 or earlier 1940 - 1950 1951 - 1960 1961 - 1970 1971 - 1980 1981 - 1990 1991 - 2000 2001 to present

Year Built Share

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SLIDE 26

Housing Supply – For-sale (Historical)

PSA - SOUTHEAST QUADRANT Summary of Home Sales by Price (January 1, 2010 to December 31, 2013) Sale Price Number Of Homes Percent

  • f

Supply Average Days on Market Up to $99,999 1,161 98.7% 74 $100,000 to $124,999 11 0.9% 85 $125,000 to $149,999 1 0.1% 38 $150,000 to $174,999 0.0%

  • $175,000 to $199,999

1 0.1% N/A $200,000 to $224,999 0.0%

  • $225,000 to $249,999

0.0%

  • $250,000 to $274,999

2 0.2% 7 $275,000 to $299,999 0.0%

  • $300,000 to $349,999

0.0%

  • $350,000 to $399,999

0..0%

  • $400,000+

0.0%

  • Total

1,174 100.0% 74

PSA Home Sales by Price

11 1 1 2 1,161 200 400 600 800 1,000 1,200 <$99,999 $100,000- $124,999 $125,000- $149,999 $150,000- $174,999 $175,000- $199,999 $200,000- $224,999 $225,000- $249,999 $250,000- $274,999 $275,000- $299,999 $300,000- $349,999 $350,000- $399,999 $400,000+

Price Range Number of Sales

  • Nearly all (98.7%) homes

sold since 2010 in PSA were bought for under $100,000 (52.7% in SSA)

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SLIDE 27

Housing Supply – For-sale (Historical)

Key Findings (PSA versus SSA)

  • In 2013, average sales price in PSA much lower than SSA

($37,408 vs. $113,092)

  • In 2013, median sales price and price per square foot in PSA

much lower than SSA ($22,000 vs. $96,000 / $12.49 vs. $44.82)

  • In 2010, average days on market in PSA similar to SSA (66 vs.

64)

  • Since 2010, average sales price has increased faster in PSA

than SSA (30.0% vs. 7.1%)

  • In 2013, median age of homes sold in PSA much older than SSA

(1950 vs. 1968)

  • Since 2010, share of homes sold below $100k in PSA much

higher than SSA (98.7% vs. 52.7%)

  • In 2013, average-size of homes sold in PSA smaller than SSA

(1,761 sf vs. 2,142 sf)

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SLIDE 28

Housing Supply – For-sale (Historical)

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SLIDE 29

Housing Supply – For-sale (Available)

PSA - SOUTHEAST QUADRANT Summary of Available For-Sale Housing Supply by Bedrooms (As of February 7, 2014) Bedrooms Homes Listed Average Baths Average Square Feet Avg. Year Built Price Range Median List Price Median Price

  • Sq. Ft.

Average Days on Market One-Br. 3 1 1,301 1930 $14,900-$15,900 $15,000 $11.52 79 Two-Br. 27 1 1,607 1939 $10,750-$24,900 $24,900 $15.49 91 Three-Br. 85 2 1,805 1953 $8,950-$182,000 $45,900 $25.42 146 Four-Br. 22 2 2,098 1952 $12,900-$96,900 $57,775 $27.54 98 Five-Br.+ 4 2 3,349 1955 $31,900-$98,000 $84,450 $25.22 79 Total 141 2 1,846 1950 $8,950-$182,000 $44,900 $24.32 124 SSA – BALANCE OF FORT WAYNE Summary of Available For-Sale Housing Supply by Bedrooms (As of February 7, 2014)

Bedrooms

Homes Listed Avg. Baths Avg. Square Feet Avg. Year Built Price Range Median List Price Median Price

  • Sq. Ft.

Average Days on Market

One-Br.

7 1.0 1,363 1949 $10,700 - $73,500 $44,500 $32.65 136

Two-Br.

145 2.0 1,537 1957 $13,125 - $429,900 $64,900 $42.23 125

Three-Br.

593 2.0 1,930 1960 $10,800 - $940,000 $89,900 $46.58 108

Four-Br.

225 3.0 3,000 1971 $26,900 - $689,900 $141,900 $47.30 100

Five-Br.+

32 4.0 4,355 1968 $49,900 - $799,900 $182,450 $41.89 134

Total

1,002 2.0 2,187 1963 $10,700 - $940,000 $94,900 $43.39 110

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SLIDE 30

Housing Supply – For-sale (Available)

PSA - SOUTHEAST QUADRANT Summary of Available For-Sale Housing Supply by Price (As of February 7, 2014) List Price Number

  • f

Homes Percent of Supply Average Days on Market Up to $99,999 140 99.3% 125 $100,000 to $124,999 0.0%

  • $125,000 to $149,999

0.0%

  • $150,000 to $174,999

0.0%

  • $175,000 to $199,999

1 0.7% 15 $200,000 to $224,999 0.0%

  • $225,000 to $249,999

0.0%

  • $250,000 to $274,999

0.0%

  • $275,000 to $299,999

0.0%

  • $300,000 to $349,999

0.0%

  • $350,000 to $399,999

0.0%

  • $400,000+

0.0%

  • Total

141 100.0% 124

PSA Active For-Sale Housing by Price

140 1 25 50 75 100 125 150 <$99,999 $100,000- $124,999 $125,000- $149,999 $150,000- $174,999 $175,000- $199,999 $200,000- $224,999 $225,000- $249,999 $250,000- $274,999 $275,000- $299,999 $300,000- $349,999 $350,000- $399,999 $400,000+

Price Range Number of Sales

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SLIDE 31

Housing Supply – For-sale (Available)

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SLIDE 32

Housing Gap Estimates – For-Sale

  • Methodology considered HH growth, units for balanced market,

substandard housing, and demolitions; conducted by income level

  • Overall housing demand for up to 368 new units by 2018
  • Note: Demand estimates represent potential units by 2018 (would

assume all product types, prices and locations developed)

2013-2018 For-Sale Housing Demand by Income Level & Price Point Primary Study Area (Southeast Quadrant) of Fort Wayne, Indiana Household Income Range Less than $30,000 $30,000- $60,000 $60,000+ Housing Price Affordability Less than $100,000 $100,000- $200,000 $200,000+ New Owner-Occupied Household Growth (2013 to 2018) 85 140

  • 2

Housing Units Needed for Balanced Market 120 148 87 Total Replacement Housing Needed by 2018 163 67 Total Overall Market (PSA) Units Needed by 2018 368 355 85 Multiplied by Potential Capture Rate X 10% X 5.0% X 2.5% Total Site-Specific (Single Project) Units of Support 37 18 2

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SLIDE 33

Special Care Senior Housing - Overview

*Source: American Seniors Housing Assn. The State of Seniors Housing 2011. North Central U.S. includes Ohio, Michigan, Indiana, Indiana, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota and North Dakota.

  • Excluding nursing homes, senior care occupancy rates are

below 90% for Fort Wayne citywide

  • Senior household segment fastest projected growth in Fort

Wayne

  • PSA Senior Supply: congregate care units 82.9% occupied,

assisted living 70.8% occupied, and nursing care 68.3% occupied; all performing below citywide rates (see below)

Facility Type Facilities Surveyed Total Units/Beds Occupancy Rates North Central U.S. Occupancy Rate* National Occupancy Rate*

Independent 1 12 100.0% 88.4% 87.9% Congregate Care 4 464 87.9% 88.4% 87.9% Assisted Living 10 808 86.3% 91.7% 90.9% Nursing Care 5 540 85.9% 87.6% 89.0%

Fort Wayne, IN

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SLIDE 34
  • Identified 22 available properties that represent potential

sites for residential development in the Southeast Quadrant

– 14,875,000 square feet (340 acres) of land and 330,000 square feet

  • f existing structures

– Capacity* to develop approximately 2,300 residential units – Development capacity* by Southeast Quadrant submarket

  • 930 (54.5%) units in Subarea 1 (North)
  • 977 (18.2%) units in Subarea 2 (Central)
  • 427 (27.3%) units in Subarea 3 (South)
  • Large base of available land and buildings in PSA allows

market to accommodate a variety of housing products and project sizes

Housing Development Opportunities/Capacity

Southeast Quadrant’s Residential Development Capacity

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SLIDE 35

Housing Development Opportunities/Locations

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SLIDE 36

Recommendations

PSA Housing Product Considerations

  • Affordability (via subsidies, tax credits, etc.) remains an important

factor for a majority of housing – rents need to be kept affordable!

  • Housing to accommodate large-family households (duplexes and

single-family homes with three or more bedrooms)

  • Senior housing to meet growing base of older adult households,

particularly lower-income elderly households with less than $30k annual income

  • Senior housing needs could be met through adaptive reuse of

existing structures and newly-built cottage-style units, with a balanced mix of one- and two-bedroom units

  • Lease-to-own housing alternatives to help renters transition into

homeowners

  • Expand base of for-sale product priced above $100,000 to retain

and attract higher income households, particularly with incomes between $30k & $60k

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SLIDE 37

Recommendations

PSA Housing Strategies

  • Focus/Concentrate Residential Development Efforts on Specific

Areas

  • Encourage/Support Adaptive Reuse of Vacant Structures
  • Continue Removing Functionally Obsolete & Substandard Housing

From Market

  • Support Efforts to Renovate, Repair and Maintain Existing Housing
  • Support/Expand First-Time and Lower-income Homebuyer

Programs

  • Support the Development of Affordable & Moderately-priced

Housing

  • Encourage Private-Sector Residential Development/Investment
  • Offer Programs/Incentives To Both Housing Providers And Users;

Likewise To Both Homeowners and Renters

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SLIDE 38

Contact Information Walter Whitmyre & Patrick M. Bowen Bowen National Research 155 E. Columbus St., Suite 220 Pickerington, Ohio 43147 Phone: 614-833-9300 E-Mail: waltw@bowennational.com patrickb@bowennational.com