Issues and Opportunities
Financial Resources of Homebuyers and Renters
THE MARKET FOR AFFORDABLE RENTAL UNITS IS TIGHT AT THE
LOW END OF THE INCOME SPECTURM.
For extremely low-income renter households, the supply of
affordable and available units is tight. There are 2,943 more
households than available affordably priced units. Nearly
14% of occupied rental units have rents below $750 a
month, illustrating the degree to which some Nashua
residents rely on affordable housing that matches their
incomes.
Units priced between 50-80% of AMI account for 70% of all
rental units, while only 33% of renter households have
incomes corresponding to this price bracket. This creates a
surplus of 6,111 units that are likely rented by households
with lower incomes who are likely spending more than they
should on housing costs.
Renter households earning more than 100% of AMI account
for 34% of all households, but the supply of units at this price
point accounts for only 16% of the rental stock. The gap
between demand and supply for households above 100%
AML 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. Higher income households have
more choices in the housing market and are likely renting
units at a lower price point than they could otherwise afford.
Nashua Housing Study - 41
7,000
6,000
5,000
>
oO
oO
oO
Housing Units
Ww
oO
oO
oO
2,000
1,000
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
2337 2278 2,408
218 19
=
30% AMI 50% AMI 80% AMI 100% AMI 120% AMI
mg Renter Households Units Affordable at AMI
ASSOCIATES INC
2,917
157
Above 120%
AMI
