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Housing Market Analysis <br /> Two demographic trends that affect Metro Everett's housing market are younger .,il I - .= <br /> age groups (25 — 34) and the aging baby boomers (late 50's+). '' �' j1, # ', <br /> The housing market is obviously tied to whether people want to live in an urban 4 ,"°. i$ <br /> center, such as Metro Everett. The highest concentration of residents currently _ .� <br /> living in Metro Everett are young— in their 20's or early 30's. The largest trend in - . 1 I;ti <br /> coming decades is the "silver tsunami" — the growth in baby boomers in their 60's <br /> and above, that will require housing and services to support seniors. <br /> One of the factors that has slowed new housing development in Everett is that <br /> rents do not support the cost of construction, land, permitting, etc. Metro Everett Figure 2:Jackson House on Pacific Avenue is a senior housing <br /> development owned by the Housing Authority of Snohomish <br /> apartment rents are $I.85 per square foot for I-bedroom units (2017), whereas County <br /> I-bedroom units in King County get $2.24 per square foot. <br /> Leland Consulting Group had a very different market forecast for housing in Metro Everett than the growth assumptions that <br /> were given to the city from the Puget Sound Regional Council. Leland's forecast for the next ten years went from a low of 830 <br /> units to a high of 1,430 units. This forecast is consistent with the development Metro Everett has experienced over the previous <br /> ten years. <br /> Market Attainable 10-year 10-year MARKET COMPARISON <br /> Area Study Area Study Area Study Area Home value for: <br /> Unit Capture Absorption Absorption <br /> Demand Rates (low) (high) • Seattle -- $697,700 <br /> Single Family Detached 14,000 0 to 0% 0 0 • Everett -- $342,900 <br /> Attached Ownership 2,800 7 to 12% 190 330 Median rental value: <br /> (Townhome, Condo, Plex) <br /> • Seattle -- $2,589 <br /> Rental Apartments 9,200 7 to 12% 640 1,100 • Everett -- $1,821 <br /> Total Units 26,000 3 to 6% 830 1,430 <br /> Table I:Residential Demand for Metro Everett, 10-year forecast(Source:Leland Consulting Group) Source:Zillow(10-17) <br /> Chapter 3,Market Analysis 2 August 29,2018 <br />