|
Another approach to defining workforce housing is to consider the AMI, i.e., households
<br /> earning over 80 percent AMI (households with annual incomes over 80 percent of AMI are not
<br /> qualified to access most government or nonprofit housing subsidies but cannot afford market-
<br /> rate housing).
<br /> In Pleasanton, this generally refers to households earning between 80 percent and 180
<br /> percent AMI (e.g., a four-person household earning between $110,000 and $225,000 per
<br /> year). This can be reviewed in conjunction with the typical Pleasanton home value estimated at
<br /> $1,584,380 (Zillow, December 2021) and the median rent at $2,290 per month3 (ACS, 2019 5-
<br /> Year Estimates). Table 1 below provides a summary for the ability to pay for housing, based on
<br /> household size4. As shown, even at 200 percent AMI, a household of four would not be able to
<br /> afford a for-sale home in Pleasanton. Rental prices are relatively more affordable, with most
<br /> households making 80 percent AMI or more, able to afford the average-priced rental unit.
<br /> However, since the data is based on the average rental or for-sale costs, it likely hides some of
<br /> the more nuanced aspects of affordability, where, for example, that larger and more recently
<br /> constructed units are likely to be higher priced and could potentially be unaffordable to many
<br /> households.
<br /> Table 1: Ability to Pay for Housing (entries in red text indicate the for-sale or rent price
<br /> exceeds that affordable to a household)
<br /> Pleasanton Ability to Pay for Housing Above 80% AMI
<br /> Number of Persons in Household 1 2 3 4
<br /> Median (100%Area Median Income)
<br /> Annual Income Limit $87,900 $100,500 $113,050 $125,600
<br /> Monthly Income $7,325 $8,375 $9,421 $10,467
<br /> Max. Monthly Gross Rent' $2,198 $2,513 $2,826 $3,140
<br /> Max. Purchase Price 5% down2 $388,000 $449,000 $476,951 $5__.420
<br /> Max. Purchase Price 20% down3 $506,000 $566,430 $630,000 $704,800
<br /> Moderate(120%Area Median Income)
<br /> Annual Income Limit $105,500 $120,550 $135,650 $150,700
<br /> Monthly Income $8,792 $10,046 $11,304 $12,558
<br /> Max. Monthly Gross Rent' $2,638 $3,014 $3,391 $3,768
<br /> Max. Purchase Price 5% down2 $495,5 $568,000 $640,500 $713.
<br /> Max. Purchase Price 20% down3 $648,2:;.. $743,250 $838,500 $934,7,3.,
<br /> 150%of Area Median Income
<br /> Annual Income Limit $131,850 $150,750 $169,575 $188,400
<br /> Monthly Income $10,988 $12,563 $14,131 $15,700
<br /> Max. Monthly Gross Rent' $3,296 $3,769 $4,239 $4,710
<br /> Max. Purchase Price 5% down2 $559,400 $646,200 $732,400 $818,70u
<br /> Max. Purchase Price 20% down3 $754,000 $871,300 $987,500 $1,104,000
<br /> 3 Other sources with more current data estimate that rent for a one-, two-, and three-bedroom unit is $2,278,
<br /> $2,700, and $3,550, respectively.
<br /> 4 Table 1 assumes an interest rate 2.875 percent for purposes of calculation of the mortgage payment. While this
<br /> rate may be feasible under some market conditions, current interest rates are higher.
<br /> Housing Element Update, P21-0751 Planning Commission
<br /> 4 of 10
<br />y detached units to be
<br /> comprise 60.5 percent of Pleasanton's housing stock; it also estimates population density at 2.85 persons per
<br /> household.
<br /> Housing Element Update, P21-0751 Planning Commission
<br /> 2 of 10
<br />viating from a strict or literal interpretation and enforcement of PMC
<br /> Section 18.88.050 should not be required.
<br />first finding can be made.
<br /> P21-0715/P22-0126, Lighthouse Baptist School Planning Commission
<br /> 9 of 13
<br />ll applicable City permits for the
<br /> ;r�?� eoperation.,
<br /> �a •,��_ •�;;;.! �.3:S.t^ prior to the commencement of o;�Ft!'u
<br /> •
<br /> r '.ti . ii "I' 6. tic alcohol shell be consumed outside e the establishment.
<br /> .
<br /> ;- - nee,',. 7. Outdoor trash dumping shall not occur between the hours of
<br /> " f�,:,; the Planning
<br /> .tj:.:' . 10:00 ' a.m. , unless '.'t is ld b;:
<br /> r, p.m. rind v:JO
<br /> ' • ' ., r- that the sound levels from dum¢�..ng trash are less
<br /> �'' .,��,..3�.�,. IJirectc .
<br /> .'N. Yf ,e. than 60 dBW..
<br /> 11,
<br /> 41
<br /> yyIiir.4-41
<br /> l.'{ur - ,rt. -•s ,, P}. >;;AV tt„` 9 ,..,.:y�,42A"!; 5 F'J't C A7 1y_J +"� A 7, x.V. •,A.:4,..1-4.5r,-; Ri+ `04.:.. S! +P.,�'`Jf ,:,:t, ,:t .i , +4. 1v , i vt "..1, rdy� S a ..u..'; , f+ v,• i e,,),,,,-.ik• . 1 •�S ,ilu�''y�f.��,t e.
<br /> ,<. j Jr,[`(r'j r .r : . . '.<:+t;C P ;••*• r Y ''fl��'t�:y ' p, ','',4t SQA' iM`r,. *t. n �.' 7 'w...
<br /> ..,.�, ,� .i'. ... ('. i,D,. gjjth ' „ , ...sr a '`4 ..::�••.
<br /> '•P 1 '�.+;,`.++ ii,± ref'•}�K•xi.�fl�t •A)�'{'. •Vit.-.C v".� :4 ' �'x'�A°y f'...rl .,. `L.� . `l ''. '�i.0 i •" 1...:M1'1_ :. ,g '! 3; :"'• •..n" +, A ,.7 15 lJf :C'••;,'ii•
<br />
|