Planning for Tomorrows Housing Needs NH Office of Energy & - - PowerPoint PPT Presentation

Planning for Tomorrow’s Housing Needs

NH Office of Energy & Planning 21st Annual Spring Planning & Zoning Conference May 2, 2015

George Reagan, Administrator, Housing Awareness Program New Hampshire Housing

Source: AARP, 2010

Northeast US Annual Mobility by Age, 2012 to 2013 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

.1 to 4 years .5 to 9 years .10 to 14 years .15 to 17 years .18 to 19 years .20 to 24 years .25 to 29 years .30 to 34 years .35 to 39 years .40 to 44 years .45 to 49 years .50 to 54 years .55 to 59 years .60 to 61 years .62 to 64 years .65 to 69 years .70 to 74 years .75 to 79 years .80 to 84 years .85+ years

Most Seniors Do Age In Place

4

Mismatch With the Inventory—Small Households, Large Units—Downsizing to What?

20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

Bedroom Count in Owner Occupied Units

20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 1 2 3 4 5 6 7 Number of Households Persons In Household

NH Households by Household Size

Victims of our own success?

• 2 out of 5 housing units in

NH are more than 40 years

• ld.
• Half of the housing units in

the West and North Country are more than 40 years

• ld.

Dichotomy in NH

2nd Homes Hanover

Cost burden on renter households has increased

54% 31% 54%

26% 12% 31% 0% 10% 20% 30% 40% 50% 60% Owners With a Mortgage Owners Without a Mortgage Renters

NH Seniors Overpaying For Housing, 2009

Paying 30% or More Paying 50% or More

1st Time Buyers Drive the Market

• 1st time home buyers are challenged, delaying entry

into the ownership market:

› Job growth is slow and the jobs that are being

created are of lesser quality than those lost

› Stricter lending standards limit access to financing › High levels of student debt (1st or 2nd in the country) › Delayed relationships (Forming relationships often

brings additional income to make the jump to

• wnership)

› Affordability challenge, even with today’s interest

rates

NH’s Changing Environment Has Consequences

• New Hampshire’s population

growth is slowing down

• Job quality has decreased
• Elders will be increasingly larger

share of owners and renters

• Young home buyers are

challenged

• Recent trend away from ownership

and towards rental

• Different problems in different

regions

• General public, town officials and

business are not aware of issues affecting NH’s housing. Local regulations are retrospective.

• Fewer new households, and fewer

families

• Overpayment problems for low

income renters

• Elder overpayment, service needs,

aging and mismatched housing stock

• Hampered move-up market and

pressure on rental market

• Multi-family production shortages
• One size solutions won’t apply.
• Town officials not comfortable

changing existing regulations. Environment Consequences

• Watson Woods, Exeter
• 28 Unit-Mixed Income

Development

• 6 Multi-Family

Townhouse Buildings

• In exchange for greater

density, 20% of the units must remain affordable

• 30 year restriction

• Northwoods/So

uthwoods, (Aspen Court & Balsam Lane) Amherst

• 25 Single Family

Condos

• Market Rate

Affordable

• Peacock Brook,

Amherst

• Single Family Condo
• Market Rate

Affordable

• Current unit on the

market for $239,000

Hopkinton, NH Single Family Conversion to Multi-Family Rental

Hale Farm, Conway, NH Single Family Conversion to Multi-Family Rental (10 units)

West Peterborough

Newmarket Mills, Mixed Use

Single Floor Living/Universal Design