Board Of Aldermen

Issues and Opportunities

Financial Resources of Homebuyers and Renters

NASHUA HAS VERY DISTINCT BREAKS FOR HOUSEHOLD
INCOME AND HOME PURCHASING POWER.

Based on the data collected and analyzed for Nashua, it
appears there are three distinct groups of home buyers
and renters in the city: upper income buyers and renters,
moderate income, and lower income. The upper income
group accounts for 49% of all households, while the
moderate or middle-income comprise about 27%, with the
lower income households accounting for 24%.

Issues and Opportunities

ISSUE & OPPORTUNITY AREA 2
FINANCIAL RESOURCES OF HOMEOWNERS AND RENTERS

RKG

Nashua Housing Study - 36

Issues and Opportunities

Accommodating Future Growth

Development Pipeline
Source: City of Nashua, 2020

Permitted, Unit

Not Complete Count % of Total
Detached Single-Family 31 5%
Attached Single-Family 28 5%

3 Units or More 956 90%
Total 615 100%

Issues and Opportunities

Accommodating Future Growth

ASSOCIATES INC

Future Employment and Affordability

In addition to the projected increase in population, Source: EMS| 2020-2029, RKG Associates

Nashua’s workforce is also projected to increase by

adding an additional 2,677 jobs through the year 2029 Captured Avg Affordable Affordable

2029. While some of those jobs will be filled by Industry Sector Jobs Jobs Earning Rent Own
existing residents currently living in Nashua, some

Issues and Opportunities

Issues and Opportunities

Accommodating Future Growth 2030 Projections if 2018 Household

Composition Held Constant
Source: EMSI, ACS 2013, 2018, RKG Associates

ASSOCIATES INC

The tables to the right show two different scenarios for allocating projected
household growth to households by size. The first scenario uses Nashua’s 2018 HH Size HHs % of Total
household composition and assumes that will remain constant out to the year
2030. For example, in 2018, 30.3% of all households were 1-person and 34.6%

Issues and Opportunities

Accommodating Future Growth

ASSOCIATES INC

Total Population Change 2013-2030, City of Nashua

Source: ACS 2013, 2018, EMS!

The population of Nashua is projected to grow by 7,434 new

Issues and Opportunities

ISSUE & OPPORTUNITY AREA 1
ACCOMMODATING FUTURE GROWTH

RKG

Nashua Housing Study - 30

Demographics & Housing Market Conditions

Cost Burden

ASSOCIATES INC

Cost Burden 2018 Cost Burdened Owner vs. Renter Households 2016

Source: ACS 2018 Source: CHAS 2016

Owner Households

Cost Burdened

Y R 74% 16% 10%
4 enter
1 oO ao v

H 0 U se h 0 I d S Not Cost Burden 90% -49.9% / Severe Cost

Less than 30% : ,/ Burden: >50%

¢

MANY RENTER HOUSEHOLDS IN NASHUA ARE CONSIDERED COST BURDENED. are aa We

Demographics & Housing Market Conditions

Rents

Woodlands at Nashua

1 Bed Rent:
$1,140/month
$1.75/sqft

é 650 sqft in size

2 Bed Rent:
$1,195/month
$1.66/sqft

720 sqft in size

Amenities:
Utilities included

| Surface parking

A/C, Internet, Cable
Pool
Laundry Facilities