Fayette Country, Pennsylvania, Housing Market Analysis - EERE

FAYETTE COUNTY
HOUSING MARKET ANALYSIS
Fayette County
Housing Market Analysis
1. EXECUTIVE SUMMARY ..................................................................1
A. What is the purpose of this housing market analysis?..............................................1
B. What drives the Fayette County housing market?....................................................2
C. The market responds by creating over 5,000 housing units.....................................3
D. Household incomes are low in Fayette County ........................................................4
E. The county’s housing stock is becoming more diverse ............................................5
F. Are household incomes keeping up with increases in housing costs?.....................5
G. Condition of the county’s housing stock ...................................................................5
H. Predicting future housing demand ............................................................................6
i. For-Sale Units.................................................................................................6
ii. Rental Units ....................................................................................................7
I. Where is housing growth expected to occur?...........................................................7
i. The movement of population within the county ..............................................7
ii. Availability of land for development................................................................8
iii. Accessibility to major highways and access to public water and sewer
service ............................................................................................................8
J. Other factors that influence housing decisions .......................................................10
i. Taxes ............................................................................................................10
ii. Public Education...........................................................................................11
K. Commuting patterns................................................................................................11
L. Major housing needs in Fayette County .................................................................13
i. Improve the quality of the existing low cost housing stock, including owneroccupied
units, rental units, and personal care facilities ..............................13
ii. A variety of housing styles and densities distributed throughout the county14
iii. Market rate rental units of varying bedroom sizes........................................14
iv. Market rate for-sale housing for households with incomes above $75,000 .15
v. Increased housing demand for seniors in Masontown, Brownsville, and
Smithfield......................................................................................................15
vi. Neighborhood revitalization adjacent to downtowns ....................................16
vii. Local planning for residential and mixed use development .........................16
viii. Revitalization of rural villages .......................................................................17
ix. Address the housing needs of special populations ......................................19
2. ACKNOWLEDGEMENTS................................................................20
3. INTRODUCTION ...........................................................................21
A. Market Areas...........................................................................................................21
4. SOCIO-ECONOMIC TRENDS & PROJECTIONS ................................23
A. Population and Household Trends..........................................................................23
i. Population.....................................................................................................23
ii. Population by Age and Sex ..........................................................................23
iii. Population by Race ......................................................................................24
iv. Households...................................................................................................25
v. Migration.......................................................................................................26
vi. Population Projections..................................................................................29
vii. Housing Units ...............................................................................................30
viii. Units per Structure........................................................................................31
ix. Tenure ..........................................................................................................32
June 2005
Page i