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2014 Windom Housing Market Analysis

2014 Windom Housing Market Analysis. Prepared for: EDA of Windom / Windom HRA Prepared by: Viewpoint Consulting Group, Inc. Date: May 20, 2014. Viewpoint Consulting Group, Inc. 9104 Barrington Terrace Brooklyn Park, MN 55443 763-273-4303 www.viewpointconsult.com.

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2014 Windom Housing Market Analysis

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  1. 2014 Windom Housing Market Analysis Prepared for: EDA of Windom / Windom HRA Prepared by: Viewpoint Consulting Group, Inc. Date: May 20, 2014 Viewpoint Consulting Group, Inc. 9104 Barrington Terrace Brooklyn Park, MN 55443 763-273-4303 www.viewpointconsult.com

  2. Windom’s Primary Market Area

  3. Demographic Highlights • Windom grew by 3.5% last decade and is projected to continue growing this decade, reaching a population of 4,850 in 2020. • Incomes in Windom are modest ($34,614 median household income in 2013 compared to $56,704 statewide). • Windom has a high percentage of single households (36%), but renters with 3+ persons is growing fast (84 HH in 2000 and 145 HH in 2010). • Older adults and seniors are experiencing the greatest growth, but younger persons are growing as well.

  4. Demographic Highlights

  5. Demographic Highlights Distribution of Windom’s Households by Income & Tenure • 52% of Windom’s households with incomes under $35,000 were cost burdened (spent 30%+ of gross income on housing)

  6. Employment Highlights Source: US Census Bureau – Local Employment Dynamics

  7. Employment Highlights • In 2011, 65% of Windom’s jobs were filled by people living outside the community. • Manufacturing is the largest employment sector in Windom (Toro and PM Beef). • There is a need for more housing in Windom for local employees. Representatives of major employers state that Windom has a shortage of housing – particularly rentals and mid-priced homes to purchase ($75,000 to $150,000). • Quality of existing rentals in Windom available to local workers was an issue raise by some major employers.

  8. Age of Windom’s Housing Stock

  9. Windom Owner-OccupiedHousing Trends • Windom’s for-sale housing market is stable (Avg. resale price of about $97,000 for four straight years). • About 50 homes were built in Windom last decade, only one twinhome (2 units) has been built this decade. • Windom has a very limited supply of available lots for new construction homes.

  10. June Court

  11. Windom High School

  12. River Bluff Estates

  13. Windom Owner-OccupiedHousing Trends Source: Cottonwood County Assessor’s Office

  14. Windom Rental Housing Trends • River Bluff Townhomes is “affordable,” but is the market leader. It has monthly rents of $615/2BR and $665/3BR. • River Bluff Townhomes were built in 2001. Windom’s other market rate housing is older than 35 years. • Older market rate properties have average monthly rents of $475/2BR and $550/3BR. • About half of Windom’s renters live in single-family homes & duplexes.

  15. RiverviewApartments River Bluff Townhomes

  16. Windom Rental Housing Trends • 60% of Windom’s non-senior apartment units are subsidized (residents pay 30% of AGI for rent). • Windom had a 3.7% vacancy rate among its non-senior rental housing supply. • Windom has three senior housing with services buildings – Pineview AL, Mikkelsen Manor, and Remick Ridge Estates. • Four Housing Choice Vouchers are being used in Windom – 15 names from Windom are on a waiting list.

  17. Good Samaritan Society Campus

  18. Windom Housing Demand2014 - 2020 Demand Sources: Household Growth – to accommodate the projected increase in population Demand from outside Windom – capturing a small percentage of commuters Replacement Need – to replace functionally obsolete units that should be demolished Pent-up Rental Demand – units needed for the rental market to achieve stabilized occupancy (95%)

  19. 60% of Windom’s demand for new single-family homes is for entry-level prices ($155,000 - $185,000). • 60% of Windom’s demand for new rental units is from employees with household incomes of $30,000+. • A greater share of demand is for rental/senior housing than for owner-occupied housing. Windom Housing Demand

  20. Windom Housing Demand2014 - 2020

  21. Windom Housing RecommendationsNew Construction, 2014 - 2020

  22. Windom Housing Recommendations2014 - 2020 • Bring new subdivisions for single-family homes and townhomes on-line by 2015 • Add a mix of rental housing (including re-use of Homes for Creative Living building) • Flood Insurance Rate Map Redrawing • Dilapidated Housing Demolition Program • Rental Registration Program • Continue housing rehabilitation programs • Promote use of Housing Choice Vouchers • Termite Mitigation

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