Submarkets Submarket 1
- Highest proportion of multifamily units, adding an additional 11,000 since 2010.
- Fastest increase in ownership rates among non-rural areas, albeit with only about 200 owner-occupied single family units having been added since 2010.
Median Home Sale Price (2020)
$398,900
+61.40% since 2013
Home Sale Price Per Sq. Ft (2020)
$285.77 per sq. ft.
+69.80% since 2013
Median Building Area
1,500 sq. ft.
TOP STRATEGIES FOR Submarket 1
Increase Supply
Preserve Affordable Supply
Reduce Housing & Transportation Costs
Expand Capital Resources
Promote Housing Stability
Develop Leadership & Collaboration on Affordability
Increase Supply –
Reduce Development Cost and Barriers
Address zoning and land use code that shapes development to provide housing options, including land use options, building sizes, building materials, building forms, parking, and more.
- Implement zoning to allow for increases in residential density by reducing setbacks, minimum square footage requirements and allowable housing types. Resources:
- Audit and reform construction standards and building codes to get rid of excessive or obsolete standards and codes. Resources:
Increase Supply –
Leverage Public Land
Diversify the ways that publicly-owned land is used and managed to provide housing affordability options.
- Donate land or participate in joint development of identified residential development sites to increase affordable housing. Resources:
Increase Supply –
Establish Policies Supporting Affordable Housing
Local governments can expand housing-supportive laws and regulations to encourage development of affordable housing.
- Implement incentive-based Inclusionary Zoning Ordinance to include a percentage of units affordable to lower-income residents. Resources:
Expand Capital Resources –
Create and Attract New Financing Mechanisms
New funding mechanisms are needed to promote and incentivize the development and preservation of affordable housing.
- Provide gap funding for 4% LIHTC financing to enable the full utilization of 4% tax credit programs for acquisition and rehab of residential buildings. Resources:
- Engage the social impact-focused private sector to create low-cost equity funds and support gap funding for affordable housing development and preservation. Resources:
