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Home My WebLink About3 - Report on Forecasted Housing NeedsReport on Forecast Housing Needs June 7, 2022 City Council Special Session Senior Planner Chaney Skadsen Associate Planner Evan Lewis L 0 Types of Housing — the last 30 years 1990 Total Housing Units = 28,057 file Homes* Trailers* Special, 5% Data Source: WA Office of Financial Management (OFM) 2021 Total Housing Units = 37,951 lobile Homes* lersr Special* % Federal Way Housing Production History 6l000 4,000 2o0OO 0 r J 1960s 1970s 1980S 1990s 2000s 2010s 17 Single Family Production by Decade (Units) Multifamily Production by Decade (Units) Source: Charts from FW Housing Action Plan; data from ECONW, 2020 & King County Assessor's Office Ken! Current Zoning Percentage of City by Zone Commercial, Mixed Use , 7/ Multifamily, 11% s.r ,r i ��'i•�� '� ,,I'��Y Tacoma Zoning Mixed Use Commercial Multi -Family Single Family File Des Moines Federal Way MiRan Federal Way �j/ EdgowOOd Kant IWhere Growth will go Moines i Moines �h a yo E -V , _ o p CIAO v 9 tier� P �- 4 c 6 �`b Yea Ta�nfr:a FTI Vacant Parcels ® Redevelopable Parcels Zoning Mixed Use Commercial Multi -Family Single Family Federal w3y RAC. o tiJ 1 0 ■ n • P r � � i r ri 'FI IE6 V to _ IF 5 • r FedEd 0 - Way pr iiilll V Q s. WEV AL Qk� B ia maton File Edgewodd Looking Back Remaining Capacity in Single -Family Zones Future Housing planned -for 2024-2044 Averaged 166 single-family units/year • 1990s: 262 single-family units/year • 2000s: 180 single-family units/year • 2010s: 68 single-family units/year (source: WA OFM) 1793 single-family units (assumes 1 units per lot and current minimum lot size per zoning) 11,260 housing units Federal Way Housing by Type: 2021 and Projected 2044 2021 Federal Way Housing by Type Non -Single - Family, 4 (17,384 units) Single - Family, 54 (20,567 units) Projected 2044 Federal Way Housing by Type Non -Single - Family, 55 (26,763 units) Single - Family, 45 (21,582 units) Housing Supply Key Takeaways • Federal Way is running out of single-family developable land • At some point, a majority of housing in Federal Way will be multi -family housing !Jki:,�i The Cost of Housing • Housing Options � • Income and Affordability • Maximum Housing Costs/Sale Price by Income Level %a - so E What is affordable? Depends on income and household size OF INCOME ON HOUSING The U.S. Department of Housing and Urban Development (HUD) considers housing affordable when the total housing costs do ..........f.f:fr.....+.. not exceed more than 30% of the household income. (>30 COST - BURDENED People who pay more than 30% of their income on housing are considered "cost -burdened" Pn >50i SEVERELY COST - BURDENED People who pay more than 50% of their income on housing are considered "severely cost -burdened" Income Thresholds for Families of Four (based on KC average of $134,600) Extremely low-income Very low-income Low-income Moderate -income <_ 30% AM <_ 50% AM I <_ 80% AM 80% - 115% AM $38,820 $64,700 $103,520 $103,520 - $154,790 Workforce housing 60% - 120% AM $77,640 - $161,520 Income Disparities in King County U.S. Census Bureau (2020) American Community Survey -- , =:t-.d " i Homeownership Options9uy Rent Sell ,,,,,__ Federal Way, WA 4 April 2022 Median Sales • Condo: • $300,000 • SF home: • $659,000 ■ 525K - •' .r yelt SAD�k-S6G�k Bed. $9er1'. I ham+=+ hlur Schools I 'r01 .�iW 3,.1i•. Si� -� ^i s, '96 ' t y 52P�L.9 � S;PRtF 52 9s 3 w Lakeland It North Federal Way Steel Lake Far r 4 �Larkafand ueh Manage Rentals Advertise Help Sign in Federal Way WA Single Family Homes 0 Other h5trngs Sort by' liomes far You v 44 Aw $600,000 $525,000 5 tad s 2 ba 1.910 sgft - Act,ve 3 bds 2 ba 1.320 sgft - Active $520,000 $498,800 4 hds 3 ba 2,200 sgft -A[tWe 3 hds 1 ba 1.310 sgft • ActlVe ( $525,000 3 bds 2 ba $AN sgft -Active Peafi Save this search to get email alerts when listings hlt the market. April 2022 NWMLS King County Stats Minimum Income - Homeownership Op April 2022 Median Sales • Condo: • $300,000 / / Kt • SF home: • $659,000 -170k-. Buy Rent Sell Home Loans Agent finder ;n z' l low Federal Way, WA Q •For Sale se00k-s6ppk Beds & Baths Hauxs M*'G •�—�.+.�• Schools 52A@r. ;f .?xP.tr ii-N Lakeland - - North w swo[s¢sl� e I Ws]'Lake e, Pat a ■ sw rm�ns[ � � I sazom sr " sf�vf � 6991C { C If 4L 3 +7 T West Hylebo5 'dr' t 3 Wellands Park Fifn HOMI, S600H � 5 bd, ? ba 1,916 sgft 6•K .[Akeland -"South 49 tions Manage Rentals Advertise Help Sign in Federal Way WA Single Family Homes 0 Other 1i5tings Sort by' Homes for You v Subdhidable laud Prive cut [40.000 [MWy b] 7 ,o �- H Y $500,U00 $525,000 S bds 2 ba 1.910 sgft -Active 3 bds 2 ba 1.320 sgft - Active k � - snn�sk z fali pop $520,000 $498,800 !� 4 bds 3 ba 2,200 sgft -Active 3 Inds 1 ba 1.310 sgft • Active i Algona y mllj $525,000 3 bds 2 ba t,d00 sgft - Acme Pamfi ESaVe this search to get ema+l alerts When listings hitthe market. April 2022 NMLS King County Stats 1 f P affio _ iNE PlA1FORN lw In 77� "�1 T � Airmark Apart 2016 mi PP ■ ■ e �-al r� r i The Maverick, Burien 2015 s "i aft I� Minimum Income —South King County New Rental Options Studio 1-Bedroom 2-Bedroom 3-Bedroom ' rk Apartm .IRS. 558k - 71_'2771 53.04k -i _Ii i� _ wee i 3 AA rr� $71k - S135k n 1n$2,2 � rra - ,- 11 I -! _ $98k -$160k ■} ■Il rw` i W $3,531 11 i - !n 15 MIN - � won Housing Affordability Key Takeaways f" New housing in the City, both rental and ownership, is expensive and unaffordable to many. Questions Max Housing Cost by AMI Level AMI Studio 1-Bedroom 2-Bedroom 3-Bedroom 4-Bedroom 5-Bedroom 30% $679 $728 $873 $1,009 $1,126 $1,242 50% $1,132 $1,213 $1,456 $1,682 $1,877 $2,071 60% $1,359 $1,456 $1,747 $2,019 $2,253 $2,485 70% $1,585 $1,699 $2,038 $2,355 $2,628 $2,899 80% $1,812 $1,942 $2,330 $2,692 $3,004 $3,314 Maximum Monthly Housing Cost Extremely low-income Very low-income Low-income Moderate -income for Families of Four ,558 $3,870 Workforce housing $4,038 Maximum Home Price Extremely low-income Very low-income Low-income Moderate -income Workforce housing for Families of Four r =SM:) 0 k $251k $402k $402 - $601k $301 - $627k