The latest median home values show a housing market recovery from the 2008 recession. Before the recession, median home value was around $176,000 and dipped as low as $156,000 in 2013. Barring significant changes to these trends, pre-recession values are expected to return in the coming years. Because Forest Acres represents a comparatively affluent housing market area, there tends to be substantial barriers to affordable housing for the less affluent residents of the community. That said, attracting low income families may be seen as an investment to diversify economic opportunities available in the City. Increasing multi-family housing options within the City would have a positive impact on this population as well as for more affluent residents seeking alternatives to expensive detached single family residential developments. According to the Central Midlands Multi-Family Rental and Condominium Survey, the Forest Acres area has 10 multi-family housing complexes containing approximately 1,130 units. None of these complexes are considered assisted housing developments. Most of this housing is marketed towards moderate income or higher renters, thus presenting even more limitations for lower income residents to find affordable housing in a City with comparatively high housing costs. This illustrates one of the primary obstacles to affordable housing (i.e. a lack of subsidized housing opportunities in the market area).
The latest median home values show a housing market recovery from the 2008 recession. Before the recession, median home value was around $176,000 and dipped as low as $156,000 in 2013. Barring significant changes to these trends, pre-recession values are expected to return in the coming years. Because Forest Acres represents a comparatively affluent housing market area, there tends to be substantial barriers to affordable housing for the less affluent residents of the community. That said, attracting low income families may be seen as an investment to diversify economic opportunities available in the City. Increasing multi-family housing options within the City would have a positive impact on this population as well as for more affluent residents seeking alternatives to expensive detached single family residential developments. According to the Central Midlands Multi-Family Rental and Condominium Survey, the Forest Acres area has 10 multi-family housing complexes containing approximately 1,130 units. None of these complexes are considered assisted housing developments. Most of this housing is marketed towards moderate income or higher renters, thus presenting even more limitations for lower income residents to find affordable housing in a City with comparatively high housing costs. This illustrates one of the primary obstacles to affordable housing (i.e. a lack of subsidized housing opportunities in the market area).
Forest%20Acres%20Comp%20Plan%202016%20v7%20STAFF%20EDITED%20-%20Parts%207.docx