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The State of Rental Housing in Chester County

The State of Rental Housing in Chester County. Kristen B. Crossney, PhD West Chester University (610) 430-5838 kcrossney@wcupa.edu. Chester County NOW. Chester County NOW. Changing Demographics. Growth and change. Household Size. Housing Type. Size of Housing Units in Chester County.

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The State of Rental Housing in Chester County

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  1. The State of Rental Housing in Chester County Kristen B. Crossney, PhD West Chester University (610) 430-5838 kcrossney@wcupa.edu

  2. Chester County NOW

  3. Chester County NOW

  4. Changing Demographics

  5. Growth and change

  6. Household Size

  7. Housing Type

  8. Size of Housing Units in Chester County

  9. Size of Housing Units

  10. Housing Values

  11. Gross Rent

  12. Housing Vacancy • Of all vacant housing in 2010 • 28% is for rent • 22% is for sale • 9% has been rented or sold, but not occupied • 7% is for seasonalor recreational use • 33% is vacant for another reason

  13. Overcrowded Housing Defined as more than 1 person per room In 2010, less than .5% of owner occupied housing but 3.4% of rental housing

  14. Housing burden in 2010 • For homeowners • 42% spend less than 20% of their income on housing • 30% spend more than 30% of their income on housing • 10% spend more than 50% of their income on housing • For renters • 27% spend less than 20% of their income on housing • 41% spend more than 30% of their income on housing • 21% spend more than 50% of their income on housing

  15. Housing Burden in Chester County • For the average income household, 30% of income is $2,154.60. • Assuming the buyer has put a 10% downpayment on a median valued home, and finances the rest at 5% interest rate • Mortgage is $1,927 • $227 remains to cover additional housing costs such as home equity loan, real estate taxes, homeowners’ insurance, condo fees, utilities • Median monthly costs of homeowners is $2,241, compared to $1,447 in Pennsylvania

  16. The State of Rental Housing in Chester County Kristen B. Crossney, PhD West Chester University (610) 430-5838 kcrossney@wcupa.edu

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