|
Housing Market Analysis
<br /> MA-05 Overview
<br /> Housing Market Analysis Overview:
<br /> Incorporated in 1894, Pleasanton is a suburb in the San Francisco Bay Area located about 25 miles east
<br /> of Oakland, and 6 miles west of Livermore. With a population of more than 82,000, Pleasanton is
<br /> considered as one of the wealthiest mid-sized city in the nation.
<br /> The County of Alameda,as lead agency, and multiple participating jurisdictions—the cities of Alameda,
<br /> Albany, Berkeley, Dublin, Emeryville, Fremont, Hayward, Livermore, Newark,Oakland, Piedmont,
<br /> Pleasanton,San Leandro, and Union City,and the housing authorities for County of Alameda,Alameda,
<br /> Berkeley, Livermore,and Oakland—formed a regional collaborative for the purpose of completing an
<br /> Analysis of Impediments to Fair Housing Choice (Regional Analysis of Impediments)to update the
<br /> Alameda County 2015 Analysis of Impediments to Fair Housing.
<br /> Since the 2008 Great Recession when home prices and rents significantly decreased, housing costs for
<br /> ownership and rental units have rebounded dramatically. Per Zillow,the median home sales price in
<br /> Alameda County has risen from approximately$300,000 to nearly$900,000 in less than 20 years. The
<br /> median home sales price in Pleasanton is, in fact, higher at$1,155,469 as of March 2020, according to
<br /> Zillow. Meanwhile,the median rent countywide has risen an average of$1,000 since 2010,which is a
<br /> 55-percent increase in just a 9-year period. According to CoStar Research,as of March 2020,the
<br /> average rent in Pleasanton is$2,524,which is slightly lower than Dublin's$2,558 average rent and but
<br /> more than 17%higher than Livermore's$2,148 average rent. Per the 2018 US Census American
<br /> Community Survey(ACS)5-Year Estimates, majority of Pleasanton residents (69.9%)are homeowners
<br /> while 30.1%are renters. Household incomes vary greatly across Consortium jurisdictions. Pleasanton is
<br /> the highest-income entitlement jurisdiction with a median household income of$148,852 in 2018.
<br /> Lastly,as of March 2020, Pleasanton's vacancy rate is 4.6%which is this lower than the rate of 5.0
<br /> percent,which is generally viewed by housing economists as the level sufficient to provide adequate
<br /> choice and mobility for households in the rental market. More recent anecdotal data indicate that the
<br /> vacancy rate has likely decreased further during the past year. The extremely low vacancy rates
<br /> throughout the Consortium indicate a tight rental housing market in Alameda County, where options for
<br /> renter households are highly constrained.
<br /> Consolidated Plan PLEASANTON-DRAFT 18
<br /> OMB Control No:2506-0117(exp.06/30/2018)
<br />
|