RES 90196 - Laserfiche WebLink

A recent survey of housing prices in Pleasanton revealed that the average price for a used single family home in Pieasanton in 1988 was $228,090 and for a new house was $239,063. Preliminary data for 1989 indicate that the average home price has increased to $262,000. No thorough study of rents in Pleasanton has been conducted recently, although an informal survey conducted in 1990 suggests that monthly rental rates for a two bedroom apartment average $760 with newer units commanding $835. These high rental rates indicate the difficulty which many households have in finding affordable rental housing. In an effort to make apartment rents more affordable, the City requires new apartment complexes to setaside 15% or more of the units for lower income households, as shown in Table IV-12.. Many factors determine the price of housing which a household can afford including interest rates, mortgage instruments, down payment and personal assets above and beyond income. Table IV-9 calculates the range of monthly rents and purchase prices of housing which would be affordable to the four income groups in Pleasanton using standard assumptions. Obviously, these conditions vary and there are numerous exceptions depending on individual financial situations. However, the information suggests that there is a significant gap between households' ability to pay and actual housing costs in Pleasanton, as there is throughout California. The problem of affordability affects a substantial number of Pleasanton households including very low, low and moderate income groups. Since 1986, the City has built over 2,000 multiple family units, 15% of which are reserved for lower income households, and virtually all of them available to renters. In the future, the affordabilit¥ gap will affect increasing numbers of first time home buyers, workers employed in Pleasanton trying to find an affordable home within commuting distance, and elderly individuals seeking affordable rental housing. Housing Element policies 7, 8, and 9 include specific objectives for meeting the needs for affordable housing for all economic segments of the community. Special Housinq Needs special housing needs include those normally unmet by market rate housing including farm workers, the disabled, female headed households, the homeless and elderly households. Pleasanton contains fewer households with special housing needs than most cities in the State. The greatest needs in Pleasanton are housing for large families, the elderly and female headed households. Large families with lower income typically need larger housing IV-ii