3 - 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
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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%
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Tacoma
Zoning
Mixed Use
Commercial
Multi -Family
Single Family
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Federal
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IWhere Growth
will go
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® Redevelopable Parcels
Zoning
Mixed Use
Commercial
Multi -Family
Single Family
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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
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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
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Homeownership Options9uy Rent Sell ,,,,,__
Federal Way, WA 4
April 2022
Median Sales
• Condo:
• $300,000
• SF home:
• $659,000
■
525K - •'
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Schools
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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
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1,916 sgft
6•K
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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
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snn�sk z
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$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
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lw In
77� "�1 T �
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2016 mi
PP
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The Maverick, Burien
2015
s
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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
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11
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$98k -$160k
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■Il rw`
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$3,531
11 i - !n 15 MIN
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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