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Assessing Housing Affordability

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  1. Assessing Housing Affordability Donna Milton, Managing Director, Arneil Johnston

  2. Why is Affordability Analysis on the Agenda?

  3. Components of Housing Affordability Assessment • What evidence do you need & what factors should be considered?

  4. Housing Affordability Model

  5. Local Authority Tenure Affordability Profiling

  6. Rental Benchmarks • LHA rates up to 44% below commercial values • RSL rents up to 75% below commercial values • RSL rents up to 55% below LHA rates

  7. Tenure Affordability Assumptions

  8. Income to Rent Ratios

  9. Customer Sounding BoardValidating income to rent ratio assumption • 90% willing to pay between 20%-40% but spending significantly more • 50% are spending between 40%-50% of their income on rent alone

  10. % that CANNOT Afford by Tenure

  11. % that CANNOT Afford by Tenure

  12. Structure of local economy & local income profile are key drivers in PRS affordability

  13. Knowing the Customer… Rural area: PRS tenant base income profile • 35% of all local households can’t afford market rents • 49 % of PRS tenants can’t afford market rents

  14. Affordability Analysis

  15. Housing Affordability Policy Investment & rental strategy should be informed by evidence of… Customer engagement & informed dialogue on priorities is essential…