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Table 21. Rough estimate of housing affordability, Eugene, 2012
<br />Est.
<br />Est.
<br />Crude Estimate of
<br />Number of
<br />Number
<br />HUD Fair
<br />Number
<br />Affordable Monthl
<br />y Affordable Purchase
<br />Owner
<br />of Renter
<br />Surplus
<br />Market Rent
<br />Income Level
<br />of HH Percent
<br />Housing Cost
<br />Owner-Occupied Unit
<br />Units
<br />Units
<br />(Deficit)
<br />(FMR) in 2012
<br />Less than $10,000
<br />9,163
<br />14%
<br />$0 to $250
<br />$0 to $25,000
<br />1,316
<br />910
<br />(6,937)
<br />$10,000 to $14,999
<br />6,380
<br />10%
<br />$250 to $375
<br />$25,000 to $37,000
<br />583
<br />745
<br />(5,052)
<br />$15,000 to $24,999
<br />7,154
<br />11%
<br />$375 to $625
<br />$37,500 to $62,500
<br />533
<br />5,306
<br />(1,315)
<br />Studio: $525
<br />1 bdrm: $637
<br />$25,000 to $34,999
<br />8,515
<br />13%
<br />$625 to $875
<br />$62,500 to $87,500
<br />553
<br />11,102
<br />3,139
<br />2 bdrm: $806
<br />$35,000 to $49,999
<br />10,802
<br />16%
<br />$875 to $1,250
<br />$87,500 to $125,000
<br />1,133
<br />9,076
<br />(593)
<br />3 bdrm: $1,255
<br />$50,000 to $74,999
<br />11,363
<br />17%
<br />$1,250 to $1,875
<br />$125,000 to $187,500
<br />6,005
<br />4,349
<br />(1,008)
<br />4 bdrm: $1,183
<br />Eugene MSA2012
<br />MR: $59,200
<br />$1,480
<br />$148,000
<br />$75,000 to $99,999
<br />4,420
<br />7%
<br />$1,875 to $2,450
<br />$187,500 to $245,000
<br />7,460
<br />1,290
<br />4,331
<br />$100,000 to $149,999
<br />4,598
<br />7%
<br />$2,450 to $3,750
<br />$245,000 to $375,000
<br />9,042
<br />214
<br />4,657
<br />$150,000 or more
<br />3,731
<br />6%
<br />More than $3,750
<br />More than $375,000
<br />6,438
<br />71
<br />2,778
<br />Total
<br />66.126
<br />100%
<br />33.063
<br />33.063
<br />0
<br />Sources: American Community Survey 2011, HUD Section 8 Income Limits, HUD Fair Market Rent.
<br />Based on Oregon Housing & Community Services. Housing Strategies Workbook: Your Guide to Local Affordable Housing
<br />Initiatives, 1993.
<br />Notes: FMR-Fair market rent; bdrm - bedrooms
<br />The conclusion based on the data presented in Table 21 is that in 2012
<br />Eugene had a significant deficit of about 13,000 affordable housing units
<br />for households that earn less than $25,000 annually. The next section
<br />examines changes in housing cost between 2000 and 2011.
<br />3.4.2 Changes in housing cost
<br />According to the Federal Housing Finance Agency (FHFA), the average
<br />sales price of a single-family home in the Eugene-Springfield MSA
<br />increased 122% between 2000 and 2012. The greatest increases in average
<br />housing price occurred between the third quarter of 2004 and the fourth
<br />quarter of 2006, with an increase of 159% over that period. The average
<br />sales price decreased by 96% between second quarter 2008 and third
<br />quarter 2012, with nearly all of that decrease occurring from late 2008 to
<br />late 2011. Average sales prices in the State of Oregon followed the same
<br />patterns over the 2000 to 2012 period but with larger price increases in
<br />2012 than Eugene.29
<br />To quantify these housing price trends, ECO analyzed data from four
<br />sources: (1) Multiple Listings Service; (2) U.S. Census, and (3) rental data
<br />from Duncan & Brown, a Eugene-based real estate analysis firm that
<br />conducted rent surveys for the Metropolitan Region until 2005.
<br />29 Federal Housing Finance Agency, House Price Index,
<br />http:/ / www.fhfa. gov/ Default.aspx?Page=216
<br />Part 11 - Eugene Housing Needs Analysis ECONorthwest Page 81
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