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Housing Affordability Problems in the Geary, Pottawatomie, and Riley County Area

This article discusses the housing affordability problems in the Geary, Pottawatomie, and Riley County Area. It explores the definition of affordability problems, the functioning of a well-functioning housing market, and the current state of housing affordability in the three-county area. The article highlights the high housing cost hardship faced by a significant portion of households and the imbalance between housing stock and household growth. While there are enough units and generally good prices, many households lack sufficient income to enter the housing market without hardship.

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Housing Affordability Problems in the Geary, Pottawatomie, and Riley County Area

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  1. Housing Affordability Problemsin theGeary, Pottawatomie, and RileyCounty Area Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  2. Housing Affordability Problem• No single definition of affordability problems• Generally accepted definition is paying more than 30% of income housing• Usually restricted to low-income households Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  3. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  4. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  5. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  6. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  7. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  8. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  9. Housing Affordability Problem• In a well functioning housing market, prices rise at the same rate as household income Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  10. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  11. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  12. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  13. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  14. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  15. Housing Affordability Problem• In a well functioning housing market, housing stock growth closely matches the rate of household formation Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  16. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  17. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  18. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  19. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  20. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  21. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  22. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  23. Housing Affordability Problem• In a well functioning housing market, the counts of units in each price range should closely match the number of households in the corresponding income category Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  24. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  25. Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  26. Housing Affordability in the Three-County Area• 1 in 6 owner-occupants and 1 in 2 renters suffer high housing cost hardship 70 to 90 of households with income below $20,000• CPI up 12%, incomes up faster at 14 to 18%, rents up 20% and values up 25%• Stock growth (8%) slightly outpacing growth in households (5%)• Individual submarkets, mostly in surplus among owners, shortage rentals < $500• The area has enough units, prices are generally good, but too many households have insufficient income to enter the housing market without hardship Kirk McClure, Professor of Urban Planning mcclure@ku.edu

  27. Thank you Kirk McClure, Professor of Urban Planning mcclure@ku.edu

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