SECTION III Housing Stock Characteristics
A. EXISTING HOUSING STOCK The City of Riverbank had 6,447 housing units as of January 1, 2008. Detached singlefamily homes continue to make up the bulk of the City's housing stock (87%). This continues as a consistent trend observed over the last decade. Comparison of trends from 2000 to 2008 indicates a 37% increase of single-family, detached units. During the same period, multi-family units increased by only 1% (See Table III-1). There is projected to be a slight increase in the ratio of owner-occupied units versus renter-occupied units in Stanislaus County by 2010 compared to 1997 (See Table III-2). Comparison of tenure trends in Riverbank from 1990 to 2000 indicates a near doubling of single-family, detached units (98% increase), as well as a significant increase in the ratio of owner-occupied units versus renter-occupied units (See Table III-3).
TABLE III-1
Housing Stock by Type and Vacancy For Riverbank, Stanislaus County, and California - 2000 and 2008
DOF ESTIMATES TOTAL SINGLE-FAMILY Detached Attached 3,909 83.21% 5,605 86.93% 109,520 72.62% 131,959 74.71% 6,883,107 56.35% 7,712,449 57.36% 185 3.94% 187 2.90% 7,188 4.76% 7,753 4.39% 931,928 7.63% 965,671 7.18% MULTI-FAMILY 2 to 4 5 Plus 180 3.83% 184 2.85% 10,520 6.98% 11,319 6.40% 1,024,896 8.39% 1,064,854 7.92% 182 3.87% 182 2.82% 15,117 10.02% 16,260 9.21% 2,804,931 22.96% 3,106,519 23.11% MOBILE HOMES VACANT % OCCUPIED
RIVERBANK Units 2000 4,698 % 100.00% Units 2008 6,447 % 100.00% STANISLAUS COUNTY Units 2000 150,807 % 100.00% Units 2008 176,622 % 100.00% CALIFORNIA Units 2000 12,214,550 % 100.00% Units 2008 13,444,455 % 100.00%
242 5.15% 289 4.48% 8,462 5.61% 9,331 5.28% 569,688 4.66% 594,962 4.43%
4,544 96.72% 6,237 96.74% 145,146 96.25% 170,036 96.27% 11,502,871 9.42% 12,653,634 94.12%
3.28 3.26 3.75 3.73 5.83 5.88 -
SOURCE: Department of Finance: Report E-5, State, County, and City Population and Housing Estimates, 2000 and 2008
City of Riverbank Housing Element – Housing Stock Characteristics III-1
TABLE III-2
Projected Owners and Renters Stanislaus County and California – 1997 and 2010 Projection
Owner-Occupied Households 1997 2010 Projection Change % Change Stanislaus County 85,945 126,919 40,975 47.7% California 6,308,373 8,342,185 2,033,812 32.2% Renter-Occupied Households 1997 2010 Projection Change % Change Stanislaus County 53,743 77,258 23,515 43.8 California 4,733,343 5,769,995 1,036,653 21.9% % Owner-occupants 1997 2010 Stanislaus 61.5% 62.2% California 57.1% 59.1% SOURCE: California Department of Housing and Community Development based on Household Projects from Exhibit 7, and 1990 Census tenure rates.
TABLE III-3
Tenure by Unit Type City of Riverbank - 1990 and 2000
HOUSING CATEGORY
SF DETACHED SF ATTACHED TOTAL HOUSING UNITS* TOTAL OCCUPIED UNITS
VACANCY
2 UNITS 3 OR 4 UNITS 5 OR MORE UNITS MOBILEHOME/TRAILER
CITY TOTALS SF DETACHED SF ATTACHED
1,959 108 134 34 173 215 2,647 3,882 184 130 49 181 240 4,666
1,888 103 138 32 162 208 2,542 3,795 170 130 49 162 206 4,512
(%) 3.62% 4.63% 4.48% 5.88% 6.36% 3.26% 3.97% 2.24% 7.61% 0% 0% 10.5% 14.17% 3.3%
OWNER OCCUPIED
% OF TOTAL OCCUPIED 78.23% 28.16% 5.07% 12.5% 1.85% 82.7% 67.03% 82.16% 41.76% 6.92% 28.57% 0 93.2% 75.44%
RENTER OCCUPIED
% OF TOTAL OCCUPIED 21.77% 71.84% 87.68% 87.5% 98.15% 17.3% 32.97% 17.84% 58.24% 93.1% 71.43% 100% 6.8% 24.56%
1,477 29 7 4 3 172 1,704 3,118 71 9 14 0 192 3,404
411 74 121 28 159 36 838 677 99 121 35 162 14 1,108
1990 2000
2 UNITS 3 OR 4 UNITS 5 OR MORE UNITS MOBILEHOME/TRAILER
CITY TOTALS
SOURCE: Census Bureau: 1990 & 2000 Summary Tape 3 and Department of Finance Report E-5
City of Riverbank Housing Element – Housing Stock Characteristics III-2
B. GROWTH OF HOUSING STOCK The City has experienced substantial growth in housing stock since 1990. During the 2000-2008 cycle, the city added 1,749 housing units. However, this did not meet StanCOG's 2001-2009 total projected need of 2,369 units. Table III-1 depicts this growth by unit type. C. HOUSING QUALITY In May 2003, a housing condition survey was conducted by staff of the City of Riverbank. This survey identified that of the existing 4,954 units surveyed, 2,713 units were identified as sound (about 55% of the total units). Of the remaining units, 759 were identified as needing minor repair, 1,191 in need of moderate repair, 229 in substantial condition, and 62 identified as dilapidated units. This corresponds with the large supply of older housing stock in the city. Table III-4 and Chart III-1, Age of Housing Units, 2008, identifies that 1,233 units were built pre-1969. (More detailed results regarding the housing condition survey can be found in Appendix C.)
TABLE III-4
Age of Housing Units City of Riverbank - 1939 to October 2008
TOTAL HOUSING UNITS
YEAR STRUCTURE BUILT
% OF
TOTAL
% OF ALL OCCUPIED OCCUPIED UNITS UNITS
N/A N/A N/A N/A
OWNER OCCUPIED UNITS N/A N/A
% OF ALL
OWNER OCCUPIED UNITS N/A N/A
RENTER OCCUPIED UNITS N/A N/A
% OF ALL
RENTER OCCUPIED UNITS N/A N/A 2.62 16.43 13.00 26.35 14.62 13.45 6.59 5.96 100.00
2005-OCT 2008 2000-2004 1995 - 1999 1990 - 1994 1980 - 1989 1970 - 1979 1960 - 1969 1950 - 1959 1940 TO 1949 1939 OR EARLIER
TOTAL
1,144 605 592 1,388 766 719 435 395 213 190 6,447
17.74 9.38 9.18 21.52 11.88 11.15 6.75 6.13 3.30 2.95 100.00
544 1,343 729 695 427 378 213 177 4,512
12.91 29.80 16.16 15.40 9.46 8.38 4.72 3.92 100.00
507 1,161 585 403 265 229 140 111 3,404
14.99 34.11 17.19 11.84 7.78 6.73 4.11 3.26 100.00
37 182 144 292 162 149 73 66 1,108
SOURCE: Census Bureau: 2000 Summary Tape File 3; City of Riverbank Building Department; Department of Finance (DOF) Report E-5
City of Riverbank Housing Element – Housing Stock Characteristics III-3
CHART III-1
Age of Housing Units – 2008
2005 - 2008 2000 - 2004 1995 - 1999
Year Structure Built
1990 - 1994 1980 - 1989 1970 - 1979 1960 - 1969 1950 - 1959 1940 - 1949 1939 or earlier 0 200 400 600 800 1000 1200 1400 1600 1800
Number of Units
D. VACANCY RATES The decreasing vacancy rate for available housing limits choice for both new and existing housing in various price ranges. Vacancy rates have been more critical in lower income single and multiple housing stocks. It is difficult for people to find vacancies in lower-income housing, and there are long waiting lists for subsidized housing. State Department of Finance (DOF) estimates indicate that the overall vacancy rate for all dwelling units in the City has varied from 3.95% in 1999 to 3.26% in 2008. (See Table III-5, Annual Vacancy Rates).
TABLE III-5
Annual Vacancy Rates City of Riverbank – 1998-2008
YEAR JAN 1998 JAN 1999 JAN 2000 JAN 2001 JAN 2002 JAN 2003 JAN 2004 JAN 2005 JAN 2006 JAN 2007 JAN 2008 TOTAL HOUSING UNITS OCCUPIED HOUISNG UNITS
# OF VACANT UNITS 173 175 154 156 163 164 173 190 204 208 210
% OF VACANT 3.94 3.95 3.28 3.28 3.27 3.26 3.26 3.26 3.26 3.26 3.26
4387 4432 4698 4759 4985 5025 5303 5835 6257 6375 6447
4214 4257 4544 4603 4822 4861 5130 5645 6053 6167 6237
SOURCE: Department of Finance: Report E-5, Stanislaus County Population and Housing Estimates, 2008.
Table III-6, Detailed Features of Vacancies – 2000, provides a comparison between Riverbank and Stanislaus County. City of Riverbank Housing Element – Housing Stock Characteristics III-4
TABLE III-6
Detailed Features of Vacancies City of Riverbank and Stanislaus County – 2000
RIVERBANK % OF
VACANT HOUISNG UNITS FOR SALE ONLY FOR RENT RENTED OR SOLD NOT YET OCCUPIED FOR SEASONAL / RECREATIONAL USE HELD FOR MIGRANT FARMWORKERS OTHER VACANT TOTAL VACANT NUMBER VACANT UNITS
STANISLAUS % OF
NUMBER VACANT UNITS
36 48 16 7 0 47 154
23.38 31.17 10.39 4.55 0.00 30.52 100.00%
1,806 1,199 552 455 30 1,619 5,661
31.90 21.20 9.75 8.04 0.53 28.60 100.00%
SOURCE: Census Bureau: 2000 Summary File 1 & 3
E. ECONOMIC CHARACTERISTICS OF HOUSING Even with the decrease in housing costs since 2006, increasing costs have made housing a problem for much of the workforce, as well as the young and the elderly. Increased costs affect the renter and homebuyer alike, ultimately affecting the cost and availability of labor due to the decreasing supply of affordable housing. This phenomenon is reflected in the escalation of median priced homes in Stanislaus County over the past decade. In 2000, a median priced home in Stanislaus County was $125,300. For the City of Riverbank, the median price for a home in 2000 was $118,100, according to the 2000 Census data. According to the California Association of Realtors, the 2006 median home price was $380,000. Even with the drastic downturn in housing prices since their peak in 2006, the August, 2008, median home value was $220,000 (See Table III-7).
City of Riverbank Housing Element – Housing Stock Characteristics III-5
TABLE III-7
Median Home Values – 2000 and 2008 Median Rents – 1990 and 2000 Stanislaus County and California
2000
MEDIAN HOMES VALUES CERES HUGHSON MODESTO NEWMAN OAKDALE PATTERSON RIVERBANK TURLOCK WATERFORD STANISLAUS COUNTY CALIFORNIA HOME VALUES
% OF
STANISLAUS MEDIAN
AUGUST, 2008
HOME VALUES
% OF STANISLAUS MEDIAN 105.67% N/A 83.78% N/A 125.00% 108.10% 118.92% 64.86% N/A 100.00% 189.67% % OF STANISLAUS MEDIAN 101.34% 79.65% 105.76% 82.15% 95.39% 81.19% 100.19% 97.70% 91.75% 100.00% 129.94%
% CHANGE IN MEDIAN VALUE: 2000-2008 63.05% N/A 23.01%% N/A 84.56% 52.79% 86.28% -6.91% N/A 47.65% 65.91% % CHANGE IN MEDIAN VALUE: 1990-2000 25.42% 28.88% 22.99% 42.67% 25.82% 52.16% 46.63% 25.37% 27.81% 24.94% 20.68%
$119,900 117,900 126,000 108,500 125,300 130,900 118,100 128,300 100,800 125,300 211,500 1990
95.70% 94.10% 100.56% 86.59% 100.00% 104.47% 94.25% 102.39% 80.45% 100.00% 168.79% % OF STANISLAUS MEDIAN 100.96% 77.22% 107.43% 71.94% 94.72% 66.67% 85.37% 97.36% 89.69% 100.00% 134.53%
$195,500 N/A 155,000 N/A 231,250 200,000 220,000 120,000 N/A 185,000 350,890 2000
CONTRACT RENT
MEDIAN CONTRACT RENT CERES HUGHSON MODESTO NEWMAN OAKDALE PATTERSON RIVERBANK TURLOCK WATERFORD STANISLAUS COUNTY CALIFORNIA
CONTRACT RENT
$421 322 448 300 395 278 356 406 374 417 561
$528 415 551 428 497 423 522 509 478 521 677
SOURCE: Census Bureau, 1990 and 2000 Summary Tape File 3; California Association of Realtors August 2008 Regional Sales and Price Activity.
In evaluating housing affordability, households are divided into four income categories relative to the median household income for Stanislaus County. The 2004 median income, as set by the Housing and Urban Development Department (HUD), for Stanislaus County was estimated to be $46,500 for a family of four. The 2008 median income is estimated to be $56,500 (Table III-8, Income Limits by Income Category and Size, 2008). The following illustrates how the four income categories are divided.
Extremely-low-income = Very-Low-Income = Low-Income = Households who earn 30% or less of the median area income. Households who earn between 30% and 50% of the median area income. Households who earn between 50% and 80% of the area median income.
City of Riverbank Housing Element – Housing Stock Characteristics III-6
Moderate-Income =
Above Moderate Income =
Households who earn between 80% and 120% of the area median income. (100% of the area median income for 2008 is $56,500 for a family of four in Stanislaus County.) Above 120% of the County median income.
Income limits by income category and size are shown in Table III-8, Income Limits by Income Category and Size, 2008.
TABLE III-8
Income Limits by Income Category and Size - Stanislaus County, 2008
PERSON(S) EXTREMELY LOW INCOME VERY LOW INCOME LOW INCOME MEDIAN INCOME MODERATE INCOME
1 2 3 4 5 6 7 8
$11,850 $13,551 $15,249 $16,950 $18,300 $19,650 $21,000 $22,350
$19,800 $22,600 $25,450 $28,250 $30,500 $32,750 $35,050 $37,300
$31,650 $36,150 $40,700 $45,200 $48,800 $52,450 $56,050 $59,650
$39,500 $45,170 $50,830 $56,500 $61,000 $65,500 $70,000 $74,500
$47,400 $54,200 $61,000 $67,800 $73,200 $78,600 $84,000 $89,400
SOURCE: HUD Family Income Limits, FY 2008
In determining housing affordability, State and federal guidelines stipulate that a household should not spend more than 30 percent of its gross income on housing needs. Households paying more than 30 percent of their annual income on housing are determined by HUD as needing housing assistance. Table III-9 illustrates housing affordability by income category for a family of four.
TABLE III-9
Affordable Housing Guidelines by Income Category – 2008 Income Range (Family of Four) up to $16,900 $16,950 to $28,250 $28,250 to $45,200 $45,200 to $67,800 $67,800 + Maximum Rent or Mortgage* up to $423 $423 to $706 $706 to $1,130 $1,130 to $1,695 $1,695 + Maximum Home Loan $50,700 $84,720 $135,600 $203,400 $203,400+ Riverbank Regional Share (units) 105** 209 146 172 367
Category Extremely Low Income Very Low Low Moderate Above Moderate
SOURCE: HUD Median Income Limits, 2008. *Not to exceed 30% of monthly income **Regional Share of extremely low income units assumed to be 50% of the very low income units
City of Riverbank Housing Element – Housing Stock Characteristics III-7
Table III-10 below shows HUD-defined Fair Market Rent levels (FMR) for Stanislaus County for FY 2003 and 2008. In general, the FMR for an area is the amount that would be needed to pay the gross rent (shelter rent plus utilities) of privately owned, decent, safe, and sanitary rental housing of a modest (non-luxury) nature with suitable amenities. FMRs are housing market-wide estimates of rents that provide opportunities to rent standard quality housing throughout the geographic area in which rental housing units are in competition. The rents are drawn from the distribution of rents of all units that are occupied by recent movers. Adjustments are made to exclude public housing units, newly built units, and substandard units. Comparing Table III-10 to Table III-9, a four-person household classified as Low-Income (80% of median) with an annual income of up to $45,200 could afford to pay $706 to $1,130 monthly gross rent (including utilities). The FY 2008 HUD FMR for a 2-bedroom unit is $864, which is affordable to the household assuming that such units are available in Riverbank. However, a four-person household classified as Extremely Low-Income (30% of median) with an annual income of up to $16,950 could afford to pay less than $423 monthly gross rent. No unit types would be affordable to this household. The table below indicates the FMRs by number of bedrooms for Stanislaus County.
TABLE III-10
FY 2003 and 2008 FMRs by Unit Bedrooms Stanislaus County Efficiency FY 2003 FMR FY 2008 FMR $530 $664 OneBedroom $569 $734 TwoBedroom $694 $864 ThreeBedroom $968 $1,239 FourBedroom $1,142 $1,431
SOURCE: HUD Final FY 2003 and 2008 FMR Summary for Stanislaus County, California
Table III-10, FY 2003 and 2008 FMR, reflects the increase in rental rates and, when compared with Table III-9, the widening gap between rental rates and the amount that extremely low-income households can afford to pay.
City of Riverbank Housing Element – Housing Stock Characteristics III-8
F. HOUSING CHOICE The availability of a mix of housing types and sizes is an important goal in meeting the varied social and economic needs of residents in the community. Availability of choice affects expanding families that need larger homes, retirees who would like to move from a large home to a smaller one requiring less maintenance, or the first-time buyer who is seeking an initial opportunity to own a modest sized starter home. Choice in housing is constrained by several factors. One factor is increased costs; for example, the median price of a resale home in Riverbank increased 86.28% between 2000 and 2008 (See Table III-6). Another factor is the prospect of established homeowners paying increased property taxes (under Proposition 13) if they move and purchase a smaller (or larger) home. A third factor is low vacancy rates, especially for lower-income and subsidized housing. In Riverbank, an additional factor was a lack of larger, move-up housing stock. The City has traditionally provided more modest-sized affordable homes, in comparison to other communities. Almost all single-family homes built before 1969 are "starter" homes. In consequence, to move to larger homes, residents had to leave the community. With the approval of the Crossroads Community Specific Plan in 1998, this trend has shifted, meeting the demand for move-up housing stock.
G. SUBSIDIZED HOUSING (City of Riverbank Housing Authority) Established in 1952, the Riverbank Housing Authority (RHA) oversees 60 units designated for use by eligible elderly/handicapped applicants and 30 units occupied by families. Recently, the RHA entered into an agreement with the Stanislaus Housing Authority which will enable them to purchase lands and develop more housing units.
City of Riverbank Housing Element – Housing Stock Characteristics III-9