63,000 New Households: Montgomery County's Housing Needs, By the Numbers

• June 8th 2020

by Nena Perry-Brown

Today, the Montgomery County Planning, Housing, and Economic Development Committee is being presented the county's Housing Needs Assessment, which examines the current housing market and projects housing demand up to year 2045.

Below, UrbanTurf highlights some of the more interesting data points to come out of the Assessment. 

• 1.05 million — The county population in 2018, accounting for 18% of the regional population, making it the second most populated jurisdiction in the area, behind Fairfax County.
• $125,621 — The household income needed to afford a median-priced home in the county in 2018. The 2018 median household income was $108,188.
• 21,820 — The number of new owner-occupied housing units for households earning more than $150,000 added from 2010-2018. For every other income group, the number of owner-occupied housing units dropped over the same timeframe.

• 5,730 — The surplus of housing units affordable to households earning up to 65% of area median income (AMI) in 2014; in 2018, that surplus had gone down to 810 units. 
• 14% — The share of renter households that live in "overcrowded" homes. 
• 32% — The share of owner households that are over-housed (have more space than needed for the household size).

• 63,031 — The number of new households the county is expected to gain between 2020 and 2040. More than 26% of these new households are expected to have incomes between $25,000 and $49,999, and nearly 24% are expected to have incomes of $125,000 and over.
• 2,577 — The average number of new units built in the county annually from 2015-2019.
• 54.8% — The expected share of new housing units needed that would be multifamily rentals. Those percentages are 27.4, 13.5, and 4.4 respectively for multifamily for-sale, single-family for-sale, and single-family rentals.
• 21,243 — The number of expected additional households in the county earning more than 100% of AMI from 2020-2040. The second-largest household growth is expected to come from households earning between 30-50% of AMI, with 10,470 additional households. 

The County's Planning Department retained HR&A Advisors and LRA last year to complete the assessment.

This article originally published at https://dc.urbanturf.com/articles/blog/63000-montgomery-countys-housing-needs-by-the-numbers/16926.