Soon to be released county trends report shows number of teardowns of existing single-family homes and multifamily developments
Montgomery Planning’s Research and Special Projects Division will be presenting Montgomery County Trends: A Look at People, Housing and Jobs Since 1990 to the Planning Board on January 31. This is a look at Montgomery County’s demographics, housing stock and employment base since 1990. I wanted to share a few highlights of the trends report related to housing stock before this is released on January 24. Here are some key takeaways of what the data shows.
Limited downcounty development opportunities and the high demand for housing locations near public transit and amenities has resulted in significant teardown of existing single-family … Continue reading
Study reveals decline in number of family-sized units for county residents
The completed Rental Housing Study, presented to the Montgomery County Council in July 2017, reveals a need for large, family-sized units with 3 or more bedrooms. The study found that a large number of these family-sized units were built in the county over many years — currently, almost 40 percent of all rental units have 3+ bedrooms. These units comprise both multi-family rental apartments and owned units, condos or single-family units, known as conversion units.
However, when these units are disaggregated into multi-family rental apartments, the number of family-sized units become smaller with these units concentrated in older structures. The study also found that only around 12 percent … Continue reading
Initial findings show that Montgomery County’s housing market is unbalanced, particularly for low-income residents
Low income residents in Montgomery County face a shortage of rental units matching their ability to pay, according to an ongoing study of rental housing. So far, the study has found that the existing rental housing market in the county is unbalanced at both the lowest and highest ends of the market. The market is short 20,000 units priced appropriately for households earning less than 30 percent of area median income (AMI) or $28,900. In addition, it is short 13,000 units priced to target households earning more than 120 percent of the area median income or $115,560.
Figure 1.) Supply/Demand Equilibrium for All … Continue reading