2025/06/18 Council Agenda Packet

EVERETT 2044 COMPREHENSIVE PLAN 6/17/2025 COMPREHENSIVE PLAN HOUSING ELEMENT Page 53 policies and innovative development practices, Everett is working to build neighborhoods that support a diverse range of living options and contribute to long-term stability and growth. Housing Affordability Housing affordability continues to be a significant challenge in Everett. Data from the Housing Element Appendices shows that less than one-third of housing is affordable for households earning under 50% of the Area Median Income. In practical terms, only about 6.4% of homes are affordable for those earning 30% or less of the AMI, while an additional 24.8% are available for households earning between 30% and 50% of the AMI. This limited availability means many lower-income residents end up spending 30% to 50% or more of their income on housing, leaving less money for other essential needs. To tackle this issue, the City is looking at policies such as inclusionary zoning—which would require new developments to include affordable units—and expanding programs that provide tax incentives to developers who build affordable, sustainable housing. These initiatives are part of a broader strategy aimed at making Everett a community where everyone has access to safe and affordable homes. Housing Availability Everett’s housing supply has grown and diversified over the past two decades. Data from the 2023 Housing Element Appendices indicates that the city had a total of 47,499 housing units in 2023. This figure reflects the ongoing expansion of the housing stock, which includes thousands of single-family and multi-family units. However, despite this increase, significant challenges remain—particularly in providing affordable options for lower-income households. Everett Estimated Housing Supply (2020) Area Median Income (AMI) Housing Units Housing Units Pct of Total Less than 30% Non-Permanent Supportive Housing 2,016 4.3% Less than 30% PSH 994 2.1% 30-50% 11,689 24.8% 50-80% 15,168 32.1% 80-100% 8,053 17.1% 100-120% 4,616 9.8% Over 120% 4,656 9.9% Total Housing Units 47,193 100.0% Source: Snohomish County Housing Characteristics and Needs Report (HO-5 Report) Over the past decade, overall vacancy rates have remained relatively stable at around 7%. Notably, the homeowner vacancy rate has fallen dramatically—from 2.1% in 2010 to just 0.3% in 2022—highlighting a tightening market for owner-occupied units. Rental vacancies have experienced some variability, with rates dipping to 5–6% in recent years before reverting to around 7% in 2022. This indicates that, despite new unit construction, the supply of available units—especially affordable rental options—has not kept pace with demand. With projections calling for an additional 38,600 housing units by 2044, Everett faces a dual challenge: expanding the overall housing supply while ensuring that a robust portion of new development meets