Term
| Housing Affordability Index |
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Definition
measures the ability of a middle income family to carry mortgage payments on a median priced home
100= balance between the family's ability to pay and the cost of housing
over 100=housing is more affordable as rating exceeds 100
under 100=housing not affordable
serious erosion problem
since 2004 the Affordability index has dropped 40 pts.
in every major job center in the state median priced housing is not affordable to middle income working families
2004-only one county ranked below 100
since 2004, the number of counties where housing is not affordable has increased 16-fold |
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Term
| 1st Time Buyer Affordability index assumes: |
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Definition
-buyers have 70% of the median household income
-home purchased is 85% of areas median price
-buyers have a 10% downpayment and use a 30 year loan
-25% of income used for principal and interest payments |
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Term
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Definition
Statewide, housing is not affordable to 1st time buyers
since 2004 the affordability index for 1st time buyers has dropped below 50
Affordability for 1st time buyers declined in every count but one
2004, 13 counties were above 100. in 2007 the number dropped to 3 |
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Term
| Consequences of 200,000 people traveling into king county to work each day |
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Definition
Multi-county commutes
Congestion
Higher Transportation Infrastructure Cost
Fewer Dollars avalable for investment in other amentities
greenhouse gas |
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Term
| The law of Supply and Demand |
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Definition
Supply of housing=Demand for housing ==> prices stable
" ">" " ==> prices go down
" "<" " ==> prices increase |
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Term
| The Regulatory Environment |
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Definition
| Affecting the Ability of the market to meet the actual demand for housing |
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Term
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Definition
Limit Physical Capacity of Build Housing and add cost to entitlements to build
Housing Supply is dependent on capacity
Housing prices and affordability affected by supply relative to actual demand
Homeownership and economic competitiveness |
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Term
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Definition
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Term
| Buildable Lands Requirements under GMA |
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Definition
1) Density being achieved and
2) Remaining Development Capapcity
Reasonable measures to address deficienceies
Moving the UGB not and option |
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Term
| Realtor Concerns...KIng County's Buildable Lands Report |
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Definition
Overstates capacity by
-limiting disclaimers
-untenable market factors
-required to rely on flawed OFM forecasts
fails to analyze
-affordable housing targets
-housing types |
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Term
| Buildable Lands Report Failed to address |
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Definition
Affordable housing targests
and housing types:
Gov. assisted housing
Housing for low income families
Manufactured Housing
Multifamily housing
Group homes and foster care fac. |
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Term
| OFM Population Projections |
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Definition
Track OFM growth projections against actual growth numbers, with special emphasis on Jobs
Reconcile variances in
Future OFM projections and
Updates of BLRs and Comp Plans |
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Term
| Solutions Toward Buildable Lands |
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Definition
Revise buildable lands analysis to account for limitations on capacity
-infrastructure
-realistic market discounts
Require timely implementation of OFM growht prjoections in BLR
Require buildable lands analysis statewide |
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Term
| Solutions Towards Comprehensive Plans |
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Definition
require timely revisions to comprehensive plans when New Growth Predictions are issued by OFM
No net loss of housing-account for affect of proposed development regulations on capacity to accomodate housing
Higher "mixed use" density near transit centers, especially in King County's urban centers
Interim Accountability for meeting targets
Target Infrastructure funding to communities accomodating growth |
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Term
| Financial Crisis vs. Real Estate Crisis |
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Definition
Not the same
Can affect the buyer "psyche"
Can affect real estate markets
Real estate markets- can be affected by national markets but tend to be "Local" (actual supply vs. strong local job growth results in sprawl and trading mortgages risk for shorter commutes. predators are local too) |
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