New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 47

NEW YORK AVENUE CORRIDOR STRATEGY

Residential Demand
Residential Demand Analysis Households 2012 237,866 New York Avenue Trade Area 2017 247,534 Annual Growth Rate 0.80 % 10-yr Demand Estimates 2022 257,595
Annual Household Income Range ( 2010 dollars )
Supportable Home Price Range
Household Growth ( 2012-22 ) 19,729 Adjust for 2nd homes , demolition , vacancy 2.0 %
Adjusted Unit Requirement 20,124 % Rental 40 % Trade Area Demand from New Households ( 10-yr )
Current Households in Income Bracket
New Households by Income Bracket
Total Ownership Units
Approximate Rent Range
Total Units
Estimated %
Rental
Total Rental
Units
up to $ 15K
up to $ 375
up to $ 75K
12 %
11 %
2,214
90 %
1,992
221
$ 15-25K
$ 375 - $ 625
$ 75 to $ 100K
12 %
11 %
2,214
75 %
1,660
553
$ 25-35K
$ 625 - $ 875
$ 100 to $ 150K
14 %
13 %
2,616
60 %
1,570
1,046
$ 35-50K
$ 875 - $ 1,000
$ 150 to $ 200K
19 %
19 %
3,824
40 %
1,529
2,294
$ 50-75K
$ 1,000 +
$ 200 to $ 250K
20 %
21 %
4,226
18 %
761
3,465
$ 75-100K
$ 1,000 +
$ 250 to $ 350K
10 %
11 %
2,214
12 %
266
1,948
$ 100-150K
$ 1,000 +
$ 350 to $ 500K
9 %
10 %
2,012
8 %
161
1,851
$ 150K and up
$ 1,000 +
$ 500K and up
4 %
4 %
805
3 %
24
781
Totals
100 %
100 %
20,124
40 %
7,963
12,161
Source : NCTCOG ; U . S . Census ; Claritas , Inc .; and Ricker│Cunningham .
Figure 3.15 Residential Demand
Attached Single Family Demand Attached
Annual Household Income Range
Approximate Home Price Range
Trade Area For- Sale Demand
Estimated % Single Family Attached
Single Family Attached Demand
Attainable Capture Rate
Attainable New York Avenue Capture ( units )
$ 15-25K
$ 75 to $ 100K
553
35 %
194
8 %
15
$ 25-35K
$ 100 to $ 150K
1,046
35 %
366
8 %
29
$ 35-50K
$ 150 to $ 200K
2,294
35 %
803
8 %
64
$ 50-75K
$ 200 to $ 250K
3,465
35 %
1,213
8 %
97
$ 75-100K
$ 250 to $ 350K
1,948
35 %
682
8 %
55
$ 100-150K
$ 350 to $ 500K
1,851
35 %
648
8 %
52
$ 150K and up
$ 500K and up
781
35 %
273
8 %
22
Totals
11,939
35 %
4,179
8 %
334
Note : Assumes Townhome / Condo development stabilizes at 35 % of all ownership demand
Source : NCTCOG ; U . S . Census ; Claritas , Inc .; and Ricker│Cunningham .
Figure 3.16 Attached Demand
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FINAL REPORT | SEPTEMBER 2013