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Section 2 * -HRA Housing Needs Assessmento 2.1 Why is housing important? Housing is important because t/rere are over 15,000 housing units in the City of Roseville of which 60% of those units are more than 35 years in age. Homes over 35 years of aye typically require some level of maintenance and repair as well as modernization. The City's housing supply is valued at $2.2 billion. Although housing represents 60% of the market value of the City it is only 38% of the tax base and capers only 38% of the land area. Approximately two - thirds of the housing is owner occupied with an average of 2.44 people per household. Renters make up 32% of the households with an average 1.69 people per household. People per household have been declining since the 1970's when the City had over 3.3 residents per household. Housing is an aging investment and is critical to the quality of life in the community. Because it is the sector of the community with the most private investment ($2.2 billion), it is important to continually upgrade the housing supply to preserve its functionality and value in the City. As an indicator, median housing prices in the City are escalating slowly, however, the median value is not increasing at the same rate as surrounding communities. As the quality and value decline, the City is not capable of competing for new young families. These families help generate the needed state aid per pupil funding of the two school districts which has traditionally been one of the key reasons people put down strong roots and ties to the community. The challenge of the HRA over the next 5 -10 years is to provide programs that bring new families into the community to ensure that there is a continuous balance in price, product and people within the community. Housing plan — 2004 Page 3 Roseville HRA