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Housing

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:

- Average Median Household Income in Erie was last reported at $116,000/yr
- Low Income is defined as <50% AMI; for Erie: <$58,000/yr
- Moderate Income is 50-80% AMI; for Erie: $58,000-$92,800
- Middle Income is 80-120% AMI; for Erie: $92,800-$139,200
- Average cost of a home is $468,000

 

According to HUD, exceeding 30% of gross income on housing (including utilities) means that a household is "cost-burdened". Today, this is estimated to be 18% of Erie homeowners and 49.8% of Erie renters.
The town recently adopted Resolution 21-140 that sets a goal of 12% of housing inventory be accessible to the three categories listed above. As costs rise to outpace wages, this is an increasingly difficult goal to meet.
 
When we are discussing affordable housing in Erie, it is with this context that it is being considered.
 
 
 

Committee to Elect Justin Brooks/Registered Agent Justin Brooks
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