Quality of Life Indicators

affordable housing data

owner-occupied housing
Housing Opportunity Index - updated 3/08
median price of existing homes - updated 8/08

owner-occupied housing

In 2000, 59% of occupied housing units in Washoe County were owner-occupied. According to the American Community Surveys, that percentage increased to 61% in 2006. TMT initiated an Affordable Housing Quality of Life Compact at the end of 2004 with Charles Schwab Bank and its community partners to address housing affordable issues and attainable workforce housing. Since the community collaboration began, 387 units of affordable housing have been developed in Washoe County. Over $400,000 has been given to nonprofits and public agencies to build infrastructure and programs to serve the housing needs of more people.

Housing Opportunity Index - updated 3/08

Just over 20% of homes are currently affordable for families making the median income. The Housing Opportunity Index (HOI) is defined as the share of homes that would have been affordable to a family earning the local median income based on standard mortgage underwriting criteria. National Association of Home Builders assumes that a family can afford to spend 28% of its gross income on housing. In addition to principal and interest, cost then also includes estimated property taxes and property insurance for the home. Mortgage insurance is not currently a component of the HOI. 

median price of existing homes - updated 8/08

Housing is usually a family’s largest expense, but costs rise dramatically when families live farther away from the area they work and shop. While median income has remained almost the same since 2001, the median sales price of a home has gone from $165,500 to a high of $347,200 in 2006, but dropped to $274,500 second quarter 2008--below 2004 prices, while the western states and US median price of existing homes remain slightly above 2004 levels.  Comparable MSA’s across the west included the following prices for second quarter 2008:

• Albuquerque, NM $199,400
• Boise, ID $191,000
• Las Vegas, NV $235,300
• Salt Lake City, UT $234,500