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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

Housing Units

7,000

6,000

5,000

Pp
°
°o
°o

Y
°
°
°o

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
1337 2,278 408
218 157
19
=
30% AMI 50% AMI 80% AMI 100% AMI 120% AMI Above 120%
AMI

mw Renter Households Units Affordable at AMI

Housing Stock Residential Type by Units in Structure AAG
Source: City of Nashua

SINGLE-FAMILY HOUSING
UTILIZES A LARGE PERCENTAGE
OF NASHUA'S LAND.

Residential Land Area to
Unit Count Comparison

ff fg \
Units in Structure

Source: City of Nashua Assessor Database,
RKG Associates _
-Unl
% of % of 2- Units
Structure Type Land Area_ Res. Units a aera
4-Unit 63% 50% .

4-9 Units
2-Unit 3% 10% GED 10 -20Units
3-Unit 1% 3% GED 21-50 Units
4-9 Unit 1% 8% 51 - 100 Units
10-20 Unit 0.2% 2% GD 101+ Units
21-50 Unit 0.5% 3% oe Mrecle

Manu. Homes
51-100 Unit 1% 2%

GD Housing Auth.
1 o, o,
100+ Unit 4% 18% GED Nursing Home
Mixed-Use 0.03% 0.5% Other
Manufactured Housing 4% 0.04%
Housing Authority 0.5% 1%
Nursing Home 1% 2%

Other 22% 1%

Rents

RENTS ARE RAPIDLY
INCREASING
IN NASHUA.

¢ Median Gross Rent increased
19% from 2013-2018

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2018:
Median Gross Rent

$1,287 per Month

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

ASSOCIATES INC

Change in Gross Rent 2013-2018

Source: ACS 2013 and 2018

Less than$500 $500-999 $1,000 - $1,499$1,500 - $1,999 $2,000 or
Greater

@2013 2018

Over the last five years, rents in the $1,500 to $1,999
range increased by 136%

There was also a 33% increase in rental units
charging greater than $2,000 per month

Financial Resources of Homebuyers and Renters Home Sale Prices in Nashua, 2010-2019 source: mis 2010- 1
2019

Comparison of Existing Home Sales to New Home Sales
Source: MLS 2010-2019

$450,000

$400,000

$350,000

$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0

2010 20114 2012 2013 2014 2015 2016 2017 2018 2019

MLS Sale Price Range

Less than $200,000
$200,001 - $275,000
$275,001 - $350,000
GED $350,001 - $500,000
GERD More than $500,000

g Existing Single Family New Single Family

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%

GED 50% - 74%

GERD 75% - 95%

ASSOCIATES INC

Downtown Nashua

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

Median Household Income, 2018 source: acs 2018

Nashua River

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am

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ASSOCIATES INC

Median HH Income

GED S0 - $44,000
GED $44,001 - $71,000
GED $71,001 - $96,500

Starting the Housing Trust Fund

$30,000 initial deposit from the
Nashua Plaza Housing
Associates

$10,000 annual payment from
Nashua Plaza Housing
Associates and potential future
termination fee

Program to be managed by Urban
Programs Department (UPD)

Next Step: Focus on identifying
and developing additional revenue
sources as outlined in Housing
Study

Next Step: An assessment
understand and create a more
detailed structure and
administration plan for fund over
next one to two years

ASSOCIATES INC

Cyber oer
3 ft. 3-Outlet 2-USS Surce Protector

Sarah Marchant, AICP
Community Development Director
marchants@nashuanh.gov

RK Housing study for the City of Nashua, New

Hampshire
November 2020

ASSOCIATES INC

SPECIAL BOARD OF ALDERMEN
APRIL 8, 2021
7:00 PM

Join Zoom Meeting: https://us02web.zoom.us/j/89388820492? pwd=c 1 R2NU FvdU9QUEIP Y0gzaytrd IJEZ 209
Meeting ID: 893 8882 0492 Passcode: 264334

Join by telephone: 1-929-205-6099
Meeting ID: 893 8882 0492 Passcode: 264334

If for some reason you cannot connect to Zoom, please contact us at (603) 821-2049 and they will help you
with connectivity. The public may also view the meeting via Channel 16.

PRESIDENT LORI WILSHIRE CALLS ASSEMBLY TO ORDER

PRAYER OFFERED BY CITY CLERK SUSAN K. LOVERING
PLEDGE TO THE FLAG LED BY ALDERMAN-AT-LARGE BRANDON MICHAEL LAWS
ROLL CALL
PUBLIC HEARING
R-21-118

ESTABLISHING A HOUSING EXPENDABLE TRUST FUND FUNDED BY
APPROPRIATIONS AND MAKING A SUPPLEMENTAL APPROPRIATION OF $30,000
INTO THE EXPENDABLE TRUST FUND

Testimony in Favor

Testimony in Opposition

Testimony in Favor

Testimony in Opposition

ADJOURNMENT