HOUSING FAQS, FACTS & FIGURES
Affordable housing in our community is important and we want you to know the facts and figures that are driving us to succeed.
FREQUENTLY ASKED QUESTIONS
What is “Affordable” Housing?
Every community needs a sufficient supply of housing that is affordable to our teachers and nurses, young families and grandparents, whose income is at or below the local median.
In our region, the median household income ranges from about $47,000 to $68,000. A home that is affordable to families in this income range would cost $179,000 to $213,000. There are very few rental or ownership options in our region at or below this range.
Does Affordable Housing Decrease Nearby Property Values?
No. Studies done by MIT and other institutions reveal that there are no significant differences between home values close to affordable housing and those in other parts of town.
Rising Housing Costs
- In Dutchess County, the median price for a single family home rose from $135,000 in 1996 to $330,000 in 2006, an increase of 144%, or 9.3% per year.
- Numerous towns in Litchfield County rank among the least affordable in the state. In 2008, many families would have to raise their income by over $30,000 annually in order to afford the median-priced home in their town.
Housing Production = Jobs
- Economist Don Klepper-Smith, in a study for The Partnership for Strong Communities, has estimated that 1,257 new jobs are created for every 1,000 affordable housing units developed.
The approximate amount a typical town must spend annually to create a salaried fire department if volunteers are unavailable.
Percentage of households living in homes considered unaffordable*
|Litchfield County, CT
||Berkshire County, MA
||Dutchess County, NY
|48% of renter households
||45% of renter households
||53% of renter households
|41% of owner households
||37% of owner households
||43% of owner households
*Households paying more than 30% of their income on housing. (Source: U.S. Census Bureau, American Community Survey, 2008)