Minutes 03-21-2026-Retreat - Laserfiche WebLink

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16 Slide #27 HOUSING IN ORANGE COUNTY New Housing is Unaffordable to Most Residents, But Can Allow "Filtering" of Older Units Estimated share of Orange County households that could afford a median home,by year housing unit constructed Less than a third of 50% Orange County 40% households can afford 30% the cost of a recently 20% constructed home 10% ($638,000). 0% wetti�pw�pc qti q �, qqq qq ot oa t�e t 10p e p 0 p oe op oy co e totip to q3 ti Year housing unit built u a e A N I N s T I T U T [ Source:US Census ACS 2020-24.Assumes mortgage rate of 5.8%;20%downpayment;0 other debts. Yonah Freemark said building more housing can lead to a filtering effect, where older homes become less competitive for people to afford. Chair Hamilton said she's read other research that filtering doesn't work in certain locations because older homes do not become less expensive. She said it's important to her to understand that so the Board focuses on areas where they can make changes. Yonah Freemark said one thing that stands out to him on slide #27 is the higher costs for homes built before 1939, because people see a lot of value in those types of homes. Chair Hamilton said lot size can also affect the value and interest in the home. Commissioner McKee said the cost of lots have gone up considerably in the last 50 years. Commissioner Greene said a study she shared to the Board from the Texas Low Income Housing Information says that housing requires subsidies. She said that there is discussion on filtering that casts some doubt on it. She wanted to talk about filtering with respect to rental properties. She said that they talk about naturally occurring affordable housing, but that refers to housing that has fallen into disrepair. She said trickle-up housing can make a difference,where you build subsidized housing and then people can live in that instead of low market rate housing, freeing up units.