Submarkets Submarket 2
- Mix of newer and older single family and multifamily housing units for both renters and owners
- The neighborhoods in this Submarket are exhibiting home sales price increases at a rate similar to that of the region as a whole
- 50% total rental units, Single family rentals have increase by 35% since 2010
- 48% of total units are multifamily
Median Home Sale Price (2020)
$320,000
+46.80% since 2013
Home Sale Price Per Sq. Ft (2020)
$179.28 per sq. ft.
+47.70% since 2013
Median Building Area
1,824 sq. ft.
TOP STRATEGIES FOR Submarket 2
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:
- Empower a local agency to lead a regular, cross-agency assessment of opportunities for development of affordable housing on public land. Resources:
Increase Supply –
Establish Policies Supporting Affordable Housing
Enact various policies to enable and require affordable housing in new development.
- Implement Inclusionary housing ordinance to include a percentage of units affordable to lower-income residents. Resources:
Reduce Housing & Transportation Costs –
Implement Community Development Strategies
Allow opportunities for housing within a half-mile to mobility options, jobs, and services.
- Undertake a local housing plan to identify unique set of assets and challenges. These plans should include market analysis to help guide communities toward market-feasible development. Resources:
- Engage in joint Comprehensive and Zoning rewrites in order to coordinate efforts and implement visions. Resources:
Reduce Housing & Transportation Costs –
Expand Transportation Options
Leverage existing transportation options and create new ones to lower transportation cost and reduce traffic.
- Conduct Transit feasibility studies to extend either bus or rail. 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:
Expand Capital Resources –
Implement Tax or Bond Financing Mechanisms
Cities and counties can use government power to enable bond and tax financing mechanisms to provide financing for affordable housing.
- Use federal Community Development Block Grant (CDBG) funds to build and preserve affordable housing, and work with allocating agencies to prioritize and identify needs; CDBG funds can be used for pre-development, site acquisition, site improvements, property acquisition, property rehabilitation, and first-time homebuyer assistance. Resources:
- Use General Obligation Bond at the municipal or county level to fund affordable housing and homeless housing needs. Resources:
