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Attachment #2 |
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There is no shortage of housing affordable to those at 80% of median |
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* the real shortage is housing for those at or below 40% of median |
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2006 King County Housing Benchmarks Report includes Seattle: |
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Supply and Demand for Affordable Rental Housing: 2006 |
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Percent of |
Number of |
Number of |
Cumulative Deficit or Surplus of Supply to Demand |
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Median Income of Household |
Rental Units to Income Group |
Rental Households in Income Group |
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<30% |
310 |
73,700 |
-73,390 |
Deficit |
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30-40% |
30,730 |
25,800 |
-68,460 |
Deficit |
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40-50% |
111,860 |
23,800 |
19,600 |
Surplus |
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50-60% |
74,060 |
22,800 |
70,860 |
Surplus |
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60-80% |
69,760 |
39,600 |
101,020 |
Surplus |
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>80% |
20,590 |
104,200 |
17,410 |
Surplus |
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Hint on reading chart: |
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to calculate deficit of 68,460 units for those with incomes between 30-40%
of median: |
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68,460=(73,700+25,800) - (30,730+310) |
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Observations drawn from above county housing chart |
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1. There is a shortage of 68,460 units affordable to those with incomes |
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at or below 40% of area median income |
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2. The number of King Co. Households with incomes |
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at or below 80% of median totals 185,700 |
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3. The number of rental units in the market at rent levels affordable to
those |
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with incomes at or below 80% totals 286,720 |
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4. There is a surplus of 101,020 "workforce" housing units available to
those |
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with incomes at or below 80% of median |
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5. Of the 307,310 rental units in Kg. Co. (Including Seattle), |
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93% or 286,720 of those units are |
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affordable to those with incomes at 80% of median |
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6. The majority of tenants in Kg. Co. (including Seattle) only can afford |
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units priced at or below about 55% of median income |
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Why provide subsidies to developers to produce units at 80% of median |
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* when there is a surplus of these units and |
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* when developers are building them now without subsidy |
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