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Appendix G: Development Feasibility Everett Housing Action Plan G-2 BACKGROUND Community Highlights The City of Everett is the largest city and the seat of Snohomish County. According to the State Office of Financial Management, the population of Everett in 2020 was 112,700, and the city has experienced an average of 1.0% growth per year since 2010. Growth of housing during this period has been lower, with the total number of housing units increasing from 44,609 to 47,198 homes during this same period, for an average growth rate of 0.6% per year. Recent rates of housing growth have not kept pace with estimated regional and county growth targets, however. The targets included in the 2011 Snohomish County Countywide Planning Policies provided an estimate that 70,067 homes should be expected in the city by 2035, with an average projected increase in housing of about 1.9% per year. If average growth rates since 2011 were to continue though, actual growth in housing would result in about 18,200 fewer homes. The current market in Everett and other locations in the County are uncertain. Boeing’s recent consolidation of its 787 Dreamliner production and the cancellation of plans in 2020 for the New Midsize Airplane (NMA) has left significant concerns over the long-term plans for the Everett facility. Despite this, there are certain signs that growth pressures in Everett for housing will likely increase over time. For one, demand for housing across the metro region is exceeding supply, driving up housing values, pricing many households out of Seattle and inner suburbs, and encouraging potential homebuyers to search further from the city for affordable housing. This increased competition will have ongoing implications for housing affordability in Everett, especially if supply continues to be constrained in other cities in the region. Additionally, Sound Transit is currently planning the Everett Link Extension, which would provide light rail connections between downtown Everett and Seattle. This would provide significant support for the development of major hubs surrounding the three expected stations in the city and would supplement current Sounder and ST Express regional transit services. Increased transit access, especially for commuters, would promote additional local demand for housing over time. Housing Statistics To provide a high-level understanding of the market in Everett, this section provides details in three areas:  The overall stock of housing and historical construction permits by type.  Vacancy rates and rents for market-rate rental housing.  Housing price increases for owner-occupied housing. Housing Stock Statistics on the unit types that currently make up the stock of housing in Everett and the permitted units by type since 2010 are provided in Exhibit 1. Overall, this highlights that the housing stock of the city is split evenly between multi-family housing and single-family housing (and mobile homes). There