Submarkets Submarket 3
- The neighborhoods in this Submarket have experienced, by far, the quickest increases in home prices
- Highest proportion of renters
- Second quickest decline in home ownership
- Greatest decline in proportion of non-white residents
- Greatest proportion of single-family rental units
Median Home Sale Price (2020)
$218,000
+384.40% since 2013
Home Sale Price Per Sq. Ft (2020)
$165.46 per sq. ft.
+269.30% since 2013
Median Building Area
1,286 sq. ft.
TOP STRATEGIES FOR Submarket 3
Increase Supply
Preserve Affordable Supply
Reduce Housing & Transportation Costs
Expand Capital Resources
Promote Housing Stability
Develop Leadership & Collaboration on Affordability
Preserve Affordable Supply –
Provide Financial Incentives
Provide financial incentives to developers to enable more creative ways to use state/local tax policy and long-range financing in order to preserve existing housing supply.
- Offer tax incentives (tax exemption or abatement) for periods matching affordability period, low-cost loans and technical assistance to private owners agreeing to maintain affordable units. Resources:
Preserve Affordable Supply –
Create Policy Incentives
Preserve existing housing supply with policy incentives to make it easier and more affordable to protect existing housing units.
- Provide right of first refusal at tax sales for land banks and developers willing to meet affordability requirements. Resources:
- Provide a by-right density bonus for redevelopment of low-density affordable projects which maintain affordability. Resources:
Preserve Affordable Supply –
Coordinate Across Agencies and Among Governments
Engage in robust coordination efforts between different levels of government and across various state and local agencies to create, manage, and maintain existing affordable units.
Leverage existing technology platforms to establish a comprehensive affordable housing database, which will track existing publicly funding/supported affordable properties; enable proactive risk analysis and engagement; and track affordable housing pipeline. Use information to identify properties to engage with owners on ways to incentivize and encourage maintaining affordability. Resources:
Promote Housing Stability –
Prevent Eviction
Implement targeted efforts to prevent eviction.
- Implement a mitigation strategy to combat rising evictions in the region that expands availability of short-term and emergency solutions. Resources:
Promote Housing Stability –
Stabilize Existing Residents
Implement supportive educational programs and financial policies for residents to stabilize their current housing.
- Implement a flat dollar-amount Homestead Exemption or tax circuit breakers for low-income residents or seniors. Resources:
- Develop community retention plans, identifying strategies to combat the loss of legacy residents and businesses that are experiencing or are at-risk of being priced out of their neighborhood. Resources:
Develop Leadership & Collaboration on Affordability –
Build Internal Resources to Address Housing
Expand internal capacity to address housing needs.
- Expand local government housing staff and advisors on housing issues. Resources:
- Encourage Elected and appointed officials to participate in community development trainings. Resources:
Develop Leadership & Collaboration on Affordability –
Promote Creative Collaboration
Collaborate across various industries, sectors, and organizations to create multi-disciplinary approach to provide housing options.
- Create and facilitate a local housing task force to understand jurisdictional issues and opportunities. Resources:
- Coordinate with school boards, superintendents and principals to provide services and resources to families. Resources:
