Prepared by:Florida International University

The Metropolitan Center

BROWARD AFFORDABLE HOUSINGBROWARD AFFORDABLE HOUSINGNEEDS ASSESSMENTNEEDS ASSESSMENT

BROWARD AFFORDABLE HOUSING NEEDS ASSESSMENT

• OverviewOverview• MethodologyMethodology• Labor Market and Economic BaseLabor Market and Economic Base• Housing Market Housing Market • Housing AffordabilityHousing Affordability• Preliminary Findings Preliminary Findings

Employment Growth 1999-2003Employment Growth 1999-2003Top 5 Industries in Broward County Top 5 Industries in Broward County

Persons Employed

0

20,000

40,000

60,000

80,000

100,000

120,0001999

2003

Retail Trade(6% Growth)

Health Care and Social Assistance

(2% Growth)

Administrative Support, Waste

Mgt., Remediation Services

(4% Growth)

Accommodation and Food Services

(13% Growth)

Wholesale Trade

(6% Growth)

Source: County Business Patterns 1999-2003

Occupations EmploymentMedian

Annual Income (2005)

Hourly Wage(2005 Wage Estimates)

Entry Experienced

Retail Salespersons 27,990 $18,931 $7.18 $14.19

Cashiers 19,990 $15,475 $6.47 $ 9.36

Office Clerks, General 18,790 $20,582 $7.52 $12.91

Customer Service Reps. 18,040 $24,269 $9.26 $15.36

Waiters and Waitresses 14,330 $12,326 $5.99 $ 7.53

All Occupations 711,110 $25,786 $8.06 $22.25

Source: Florida Agency for Workforce Innovation and US Dept of Labor

Top Five Occupations in Broward Top Five Occupations in Broward by Employment and Wages: 2005by Employment and Wages: 2005

2006 State of Florida Minimum Wage:

$6.40

Target Workforce OccupationsTarget Workforce Occupations

Occupation(sampling)

Employment 2005 MedianAnnual

Wage EstimatesWaiters and Waitresses 19,330 $12,324Cashiers 19,900 $15,480Retail Salespersons 27,990 $18,936Cooks (all types) 10,300 $20,016Construction Laborers 5,810 $21,060Truck drivers (all types) 10,910 $26,232Customer Service Reps 18,040 $24,264Secretaries & Admin Assistants(all types except legal, med, & exec)

9,760 $24,252

Elementary School Teacher 6,710 $39,876Secondary School Teacher 4,000 $44,556Fire Fighters 1,910 $47,172Police and Sheriff Patrol Officers 4,310 $49,188Registered Nurses 11,110 $50,364

Median Single Family Housing Prices by Largest Median Single Family Housing Prices by Largest Florida Metropolitan Statistical Areas (MSA) Florida Metropolitan Statistical Areas (MSA)

(November 2003-November 2005)(November 2003-November 2005)

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,0002003

2005

Jacksonville(38% change)

Tampa (50% change)

Miami (63% change)

Ft. Lauderdale(65% change)

West Palm Beach

(67% change)

Orlando(74% change)

Source: Florida Association of Realtors

Median Sale Prices: 2002-2005Median Sale Prices: 2002-2005

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

11/0

2

02/0

305

/03

08/0

311

/03

02/0

405

/04

08/0

4

11/0

402

/05

05/0

508

/05

11/0

5

Condominium / Townhome

Single Family House

$108,500

$202,500$395,000

95%

$193,000 78%

Source: Realtor Association of Greater Fort Lauderdale

Single Family and Condo Sales Value Increase Single Family and Condo Sales Value Increase 2004-20052004-2005

Annual IncreaseOver 30%

Condominiums / Townhomes For Sale vs. Sold Condominiums / Townhomes For Sale vs. Sold

For Sale

Sold

0

1000

2000

3000

4000

5000

6000

7000

11/0

2

02/0

305

/03

08/0

3

11/0

302

/04

05/0

4

08/0

411

/04

02/0

505

/05

08/0

511

/05

Hurricane Wilma

Source: Realtor Association of Greater Fort Lauderdale

4,850

2,444

6,027

907 8111,493

Single Family Homes For Sale vs. Sold Single Family Homes For Sale vs. Sold

0

1000

2000

3000

4000

5000

6000

7000

11/0

2

02/0

305

/03

08/0

311

/03

02/0

405

/04

08/0

411

/04

02/0

505

/05

08/0

5

11/0

5

Single Family For Sale

Single Family Sold

Hurricane Wilma

Source: Realtor Association of Greater Fort Lauderdale

5,606

2,412

4,987

940 932 623

Broward County Rents: 2000-2005Broward County Rents: 2000-2005

Source: 2000 US Census and Broward County Quarterly Housing Report, Third Quarter 2005: Reinhold P.Wolff Economic Research, Inc.*Survey of53,271 units

Area 2000 2005* Change%

ChangeBroward $757 $1,122 $365 48%

Cities with a Population over 100,000

Coral Springs $899 $1,173 $274 30%

Fort Lauderdale $ 641 $1,252 $611 95%

Hollywood $685 $1,178 $493 72%

Miramar $784 $1,110 $326 42%

Pembroke Pines $945 $1,110 $165 17%

Cities with a Population under 50,000

Hallandale $657 $1,178 $521 79%

North Lauderdale $794 $978 $184 23%

Average Monthly Rates for Average Monthly Rates for Broward CountyBroward County

Area Average Monthly RentsArea 1 BR 2 BR 3 BR

Coral Springs $929 $1,173 $1,424

Fort Lauderdale $972 $1,252 $2,266

Hollywood $882 $1,178 $1,482

Miramar $982 $1,110 $1,421

Pembroke Pines $982 $1,110 $1,421

Tax Credit Apts $659 $766 $889

Fair Market Rent $830 $998 $1,380

Broward County $917 $1,122 $1,423Source: 2005 Rental Data: Broward County Quarterly Housing Report, Third Quarter 2005: Reinhold P.Wolff Economic Research, Inc. 2002 Rental Data: U.S. Census, American Survey for 2002 (Table HO61)

Condominium Conversions in Condominium Conversions in Broward County: 2003-2005Broward County: 2003-2005

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Miramar (32%)

Pembroke Pines (27%)

Coral Springs (21%)

Hollywood (13%)

Fort Lauderdale (7%)

Rental InventoryCondo Conversions

Municipalities and Percentage Condo Conversions in Rental Inventory

Source: 2004 American Survey and Apartment Realty Advisors

Household Compared to Housing Units in Most Household Compared to Housing Units in Most Populous Municipalities: 2005Populous Municipalities: 2005

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

HouseholdsHousing Units

Fort Lauderdale

Pembroke Pines

Coral Springs

Miramar Pompano Beach

Plantation Davie

Source: Broward County Certificate of Occupancy Data from 2001-2005 and 2000 Census*Assumes an average household size of 2.56, using 2005 population estimates for each municipality.*Certificates of Occupancy issued from 2000-2005

Future Housing DemandFuture Housing Demand

• The projected increase of 135,797 jobs in Broward County between 2004-2012 will create the demand for approximately 90,000 additional housing units

• Projected job growth in Broward County will impact the supply and affordability of housing, including the level, type and location of new housing production

• Job growth projections for Broward County will create the demand for approximately 27,000 new workforce housing units (80-150 percent AMI), including 6,000 teachers, 3,800 registered nurses, 1,200 police and sheriff patrol officers and 400 firefighters

• Job growth projections for Broward County will create the demand for approximately 51,300 new affordable housing units for households earning less than 80 percent AMI

Top Growth Areas for All Housing Top Growth Areas for All Housing Developments: 2000-2005Developments: 2000-2005

Davie7%

Ft. Lauderdale10%

Miramar24%Other

41%

Weston8%

Pembroke Pines 10%

New Housing Units Authorized New Housing Units Authorized by Building Permitsby Building Permits

(Thru June)

0

2000

4000

6000

8000

10000

12000

14000

16000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Single Family Units Multi Family Units Total

Source: Broward County Quarterly Housing Report, Third Quarter 2005: Reinhold P.Wolff Economic Research, Inc.

2005 Affordability Gap 2005 Affordability Gap by Median Households Incomeby Median Households Income

Municipality

Median Household

Income

MedianSale Price

Affordable**Purchase

Price Affordability

Gap

North Lauderdale $48,524 $192,900 $183,662 ($9,238)

Pembroke Pines $64,902 $280,000 $256,414 ($23,586)

Coconut Creek $53,566 $215,000 $188,330 ($26,670)

Coral Springs $71,472 $320,512 $284,411 ($36,101)

Hollywood $45,177 $278,050 $168,933 ($109,117)

Hallandale $34,048 $290,000 $124,277 ($165,723)

Miramar $61,293 $410,000 $239,408 ($170,592)

Ft. Lauderdale $45,890 $452,000 $172,852 ($279,148)

Source: Florida Agency for Workforce Innovation and US Dept of Labor and US Census*Median household income has been adjusted for inflation**Assumptions for affordable purchase price: 30 year fixed rate mortgage, 6.0% interest, 5% down payment, average tax of $1257 per year, and no outstanding debt. Price was determined using the online calculator from bankrate.com

Affordability of Home Purchases by Occupation and Affordability of Home Purchases by Occupation and Median Selling Price ($391,100)Median Selling Price ($391,100)

Occupation MedianAnnual Wages

Affordable**Purchase

PriceAffordability Gap

Waiters and Waitresses $12,324 $33,965 $357,135

Cashiers $15,480 $47,143 $343,957

Retail salespersons $18,936 $61,578 $329,522

Cooks (all types) $20,016 $65,658 $325,442

Construction laborers $21,060 $70,440 $320,660

Truck drivers (all types) $26,232 $92,023 $299,077

Customer Service Reps $24,264 $83,812 $307,288

Secretaries & Admin Assistants(all types except legal & medical)

$24,252 $83,763 $307,337

Elementary School Teacher $39,876 $148,983 $242,117

Secondary School Teacher $44,556 $168,516 $222,584

Fire fighters $47,172 $179,440 $211,660

Police officers $49,188 $187,857 $203,243

Occupation <50% AMI <80% AMI <120% AMI <150% AMI

  $25,673 $41,077 $61,615 $77,019

Waiters and Waitresses X      

Cashiers X      

Retail salespersons X      

Cooks (all types) X      

Construction laborers X      

Truck drivers (all types)   X    

Customer Service Reps X      

Secretaries & Admin Assistants (all types except legal & medical)

X      

Elementary School Teacher   X    

Secondary School Teacher     X  

Fire fighters     X  

Police officers     X  

Annual Wages by Occupation Annual Wages by Occupation and Area Median Income (AMI)and Area Median Income (AMI)