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Financial Resources of Homebuyers and Renters

ASSOCIATES INC

Housing Affordability for Nashua Households, 2018

Area Median Income Threshold

30% AMI (Extremely Low Income)

50% AMI (Very Low Income)

80% AMI (Low Income)

100% AMI (Moderate Income)
120% AMI (Moderate Income)
Above 120% AMI (Middle Income +)

Source: HUD 2020, ACS 2018, RKG Associates

Income

$30,000

$49,950
$70,650
$99,900
$105,975

$105,976+ 11,473

Households

%

7,289
9,466
4,817
6,422
807

#

20%
15%
13%
18%
2%
32%

Affordable Affordable
Monthly Home Purchase

Rent Price

$750 $99,430
$1,249 $165,551
$1,766 $234,158
$2,498 $331,103
$2,649 $351,237
$2,650+ $351,238+

Financial Resources of Homebuyers and Renters ASSOCIATES NC

Supply and Demand for Affordable Homeownership Units, City of Nashua

Source: HUD 2020, ACS 2018

THERE ARE MORE POTENTIAL BUYERS IN HIGHER INCOME 10,000
BRACKETS THAN THERE ARE HOUSING UNITS THAT MATCH 3.956
9,000
THEIR PRICE POINTS.
For households earning at or below 30% of AMI, 8.000
there are 769 more households than there are .
housing units 6,997
7,000
¢ There is a deficit of 990 units for households above
100% AMI ae 00°
5
¢ This indicates a potential market for new higher 2 5,000 4,661
priced housing that could ease the competition for 2 4,408
moderate income units. * 4,000
3,405
3,000 2.539
2,245
2000 “ter 1,882
1,240
1,000 589 560
, a
30% AMI 50% AMI 80% AMI 100% AMI 120% AMI — Above 120% AMI

mw Owner Households Units Affordable at AMI

Financial Resources of Homebuyers and Renters

THE MARKET FOR AFFORDABLE RENTAL UNITS IS

TIGHT AT THE LOW END OF THE INCOME SPECTURM.

For households at or below 30% of AMI,
there are 2,943 more households than
available affordably priced units

The gap between demand and supply for
households above 100% AMI is 3,168 units

The lack of higher priced rental units in
Nashua puts downward pressure on the
supply of housing priced for lower income
households

7,000

6,000

5,000

4,000

3,000

Housing Units

2,000

1,000

ASSOCIATES INC

Affordable Rental Supply and Demand, City of Nashua

Source: HUD 2020, ACS 2018, RKG Associates

6,276
5,280 5,334
3,221
3,017
2,517
2,337 2278 2,408
218 157
19
=
30% AMI 50% AMI 80% AMI 100% AMI 120% AMI Above 120%
AMI

mg Renter Households Units Affordable at AMI

Financial Resources of Homebuyers and Renters ASSOCIATES NC

Change in Households Earning over $100,000 by Age Cohort 2013-2018

Source: ACS 2013, 2018

OLDER HOUSEHOLDS WITH HIGHER INCOMES ARE 1000
GROWING AS A SHARE OF ALL HOUSEHOLDS IN NASHUA. a8 Households
* Between 2013 and 2018 there were 526 additional

households headed by a person over the age of 65 800

that was also earning over $100,000 a year

* There were 919 additional households headed by a
person between 44 and 64 earning over $100,000 a 600 os

year
437

¢ Between 2013 and 2018 there were 419 additional 400
renter households and 522 owner households
headed by a person age 65 and older

200

-10

-200
Under 25 25-44 45-64 Over 65

ISSUE & OPPORTUNITY AREA 3
DOWNTOWN NASHUA

ASSOCIATES INC

Downtown Nashua

DOWNTOWN CONTAINS A DIVERSITY OF
HOUSING TYPES.

Downtown Nashua, like many downtowns within
larger cities, contains a mix of housing types in
buildings ranging from single-family homes to
small infill buildings with 4-9 units to larger
scale multi-family and mixed-use buildings.

The housing choices in the neighborhoods are a
mix of one-, two-, and three-unit structures but
the closer to Main Street you get density of
housing increases. Along Main Street north of
the Nashua River in the area along Amherst
Street there are pockets of buildings containing
anywhere from four to twenty units. The
neighborhood between Hollis and Kinsley
Streets just west of Main Street also offers
several different building types from single
family units to buildings with four to nine units.

There are a handful of buildings in the area that
have fifty units or more, including developments
like Clocktower Place and Lofts 34 along the
Nashua River, Riverfront Landing along the
Merrimack River, and Gatewood Manor along
Will Street.

ASSOCIATES INC

Residential Building Types Source: Nashua Assessor Database

Mine Falls
Park

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Units in Structure

1-Unit @p 21 - 50 Units GD Housing Auth.

2- Units 51-100 Units QQ Nursing Home
EM 3- units GD 101+ units Other
4-9 Units r Mixed-Use

Manu. Homes

GED 10-20units

Downtown Nashua

RENTER HOUSEHOLDS
ARE MORE PREVALENT
DOWNTOWN THAN
ELSEWHERE IN THE CITY.

Percent Renter Households, 2018 source: acs 2018

Nashua River

% Renter Households
0% - 23%

24% - 49%

GD 50% - 74%

GERD 75% - 95%

ASSOCIATES INC

Downtown Nashua

MEDIAN INCOME IN THE
DOWNTOWN IS LOW
COMPARED T0 THE
REST OF THE CITY.

Median Household Income, 2018 | source: acs 2018

Nashua River

are re
eocn=nf

aS

et

ASSOCIATES INC

Median HH Income
GED S0 - $44,000
GED $44,001 -$71,000
GERD 571,001 - $96,500

Downtown Nashua

7

HE HOUSING STOCK IN

DOWNTOWN IS OLDER THAN

E

LSEWHERE IN THE CITY.

Over 62% of all residential
structures in the Downtown area
were constructed prior to 1930, and

73% were constructed prior to 1950.

This means 3 out of every 4
residential structures in this area is
more than 70 years old.

There are 4,300 residential
structures in the selected
Downtown area. Only 300 of those
structures were built after 1979,
which is the standard cut-off year
for the utilization of lead paint

e

—_— i\
Se
AS 4 i ye Ue

Year Built
GD = Pre-1930

1931 - 1961

1962 - 1970

1971 - 1983

GED 1984-2019

aw sa

N
Co a ys

ASSOCIATES INC

$161,801 - $183,000
$183,001 - $215,000

GD Over $215,000

$142,001 - $161,800

Assessed Building Value
GED $2,500 - $142,100

Ca
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—

idential Building Assessed Values source: Nashua Assessor Database

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ASSOCIATES INC