Minutes

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

Rents

RENTS ARE RAPIDLY
INCREASING
IN NASHUA.

¢ Median Gross Rent increased
19% from 2013-2018

——>
——>}
SS
——
———
———
_——}
SS

conn ana - ce
ey
SSS
ee —————>}

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

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% .

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

Household Composition

Change in
Households
2013-2018

Source: ACS 2013,
2018

Households by
Size and Tenure
2013-2018

Source: ACS 2013, 2018

Households by
Age of Householder
2013-2018

Source: ACS 2013, 2018

HOUSEHOLDS ARE INCREASING AT A FASTER RATE
THAN THE POPULATION.

HOUSEHOLD GROWTH OUTPACING POPULATION
GROWTH.

¢ Nashua added just under 1,500 new households over the five-

year period

* Householders living alone accounted for 37% of that growth

Accommodating Future Growth

2030 Projections if 2018 Household

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

HH Size

1-person
2-person
3-person
4-person
5-or-more person
Total

HHs

1,446
1,648
723
604
348
4,769

% of Total

30.3%
34.6%
15.2%
12.7%
7.3%
100%

2030 Projections if Trends Continued
Based on Changes from 2013-2018

Source: EMSI, ACS 2013, 2018, RKG Associates

Income

Median Household Income
Source: ACS 2018

Median HH Income
GED S0 - $44,000
GED 344.001 - $71,000
GED $71,001 - $96,500

GERD $96,501 - $157,000

ASSOCIATES INC

Median Household Income by Race/Ethnicity
Source: ACS 2018

$100,000
$92,004 2018 Income
$90,000
$81,552
$80,000
$70,000
$60,000
$50,000
$40,000 $34,511 $33,275
$30,000
$20,000
$10,000

$0
White Alone Black or African Asian Hispanic or Latino
American

HOUSING TRUST FUND R-21-118

Sarah Marchant, AICP
Community Development Division Director

Community Development Department

Aati Nashua

Special Board of Aldermen 04-08-2021 Page 8

Chairman Dowd

Thank you very much. Is there anyone else that would like to speak in favor of this Resolution? Seeing no one
else, Testimony in Opposition to R-21-1187

TESTIMONY IN OPPOSITION - None

TESTIMONY IN FAVOR - None

TESTIMONY IN OPPOSITION - None

Chairman Dowd closed the public hearing on R-21-118 at 7:27 p.m.
ADJOURNMENT

MOTION BY ALDERMAN O’BRIEN THAT THE APRIL 8, 2021, SPECIAL MEETING OF THE BOARD OF
ALDERMEN BE ADJOURNED BY ROLL CALL

Special Board of Aldermen 04-08-2021 Page 7
Alderman Dowd
Any other Aldermen with a question? Seeing none, I'll go right into the Public Hearing.

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

Aron Dibacco Yes, can you hear me?
Chairman Dowd

Thank you.