Traverse City has been facing a significant affordable housing issue in recent years. The City has seen a rapid increase in housing prices, making it more challenging for low and moderate income families and individuals to find attainable housing options.
The affordable housing issue in Traverse City is a complex problem that affects many individuals and families in the area. There are many factors that contribute to the issue, including rising housing costs, limited affordable housing options, and stagnant wages. To address this issue, a multi-faceted solution is necessary, one that involves multiple partners and utilizes a variety of tools and approaches.
At the September 25, 2023 City Commission meeting, Yarrow Brown, Executive Director of Housing North and Warren Call, Traverse Connect President will give a presentation and answer questions regarding the Housing Needs Assessment report and tools for affordability, such as Payment in Lieu of Taxes (PILOT), Neighborhood Enterprise Zones (NEZ), and Brownfield/TIF for Housing.
The Housing Needs Assessment is a comprehensive report that analyzes the current housing situation. The report takes into account various factors such as demographics, economics, and housing availability to determine the current and future housing needs of the community. By analyzing and understanding the data collected in the Housing Needs Assessment, stakeholders can create policies and programs that contribute to the availability of safe, affordable, and accessible housing for all members of the community.
Overview of Housing Data
- The City has seen significant overall household growth since 2010 and is projected to continue through 2027.
- There is a relatively large and growing base of seniors aged 65 and older, although more moderate growth is projected among some younger age cohorts as well.
- Notable growth of renter households earning between $30,000 and $39,999 and those earning $60,000 or more is projected over the next five years
- While the overall number of owner households is projected to increase substantially, most of this growth will occur within the highest income households (earning $100,000 or more). The preceding attributes and trends will influence the area’s housing needs.
- There is a high share of renter-occupied housing units within the market, although owner-occupied units comprise a sizable majority of the total housing inventory.
- Seasonal/recreational housing does not appear to represent a large share of housing units in the market.
- Renter households are slightly more likely to live in a housing cost overburdened situation.
- Large multifamily apartments comprise the majority of the rental market in the subject area and exhibit high occupancy rates.
- There are a limited number of available non-conventional rentals (e.g., houses, duplexes, mobile homes, etc.) within the entirety of the county, and as a result there is a low overall inventory of available rentals in the market.
- ONLY 34 homes are available for purchase in the market, this represents a limited available for-sale housing stock, given the market size.