A key challenge that our small business owners have in town are that employees, even newer teachers, police officers and fireman could find it difficult to afford living within our town. There are currently no single family homes priced below $500,000, which could be easily out of reach for young families, single income households, seniors on fixed income, as well as most first time homebuyers.
Over the past decade, property values and rents in the Town of Erie have nearly doubled in most neighborhoods. This rapid change is not unlike the rest of the country in that it represents a substantial increase in wealth in the form of home equity for those who own their homes. It also creates a challenge in that those who own their homes could have trouble qualifying to purchase their own homes, were it not for their current equity positions (i.e. home values have outpaced wages). Further, should a resident seek to downsize, they would be driven to leave the community due to the lack of available options.
There needs to be an increase in the availability of affordable housing options.
Here are a few stats that I find compelling and speak to why we need to take action: