Fayette Country, Pennsylvania, Housing Market Analysis - EERE

Fayette County
Housing Market Analysis
Vacancy rates for existing market rate complexes are very low. When a unit
becomes available, it rents up quickly.
The demand projections identify a market for approximately 67 new
construction rental units per year. Currently, only 23 new multifamily units
are being built per year. The demand for market rate rental units is a
significant unmet need.
iv. Market rate for-sale housing for households with incomes above
$75,000
Demand for higher-end for-sale housing is being generated by an influx of
new, high-paying jobs. The move up and higher income household types will
account for approximately 75% of new owner housing demand through 2008.
Since households can generally afford a home whose value is equal to three
times their annual salary, this income group will demand homes of $225,000
or more. With a median owner housing value of $63,900, a gap exists
between the existing housing stock and the type of housing new residents
desire.
Some inroads have been made in higher-end housing, with new units under
construction in the greater Uniontown area. But additional units are needed
to meet this demand.
v. Increased housing demand for seniors in Masontown, Brownsville, and
Smithfield
Brownsville, Masontown, and Smithfield are three municipalities that have
been identified as good locations for privately-owned, subsidized elderly
rental housing units. A preliminary market feasibility analysis, based on
census data and existing subsidized housing units in a 5-mile radius, was
conducted for many areas in the county. Three of these locations were
identified as potential sites for elderly assisted units.
The following table outlines the maximum number of units possible in each
location by age of householder and capture rates (percentage of the eligible
population that would be served by the suggested number of units). Although
this data is specific to projects potentially funded by PHFA, there is no
guarantee of receipt of funding. Other funding sources, developers, and site
selections need to be identified in order to create adequate elderly housing in
the county.
June 2005
Page 15