2010-2014 Consolidated Plan - City of Champaign

violations, with 1,172 of these having only 1 or 2 violations. 241 parcels had 3 or more violations, withmost of these parcels being in the north, northeastern, and campustown sections of the City.Of all the property maintenance factors evaluated in the 2002 survey, the evaluation of nuisanceproblems generated the most positive results. Planning Area 7 had the lowest percent of parcels with nonuisances at 71.6%, 9 of the City’s planning areas had 95% or more of the parcels with no nuisanceviolations identified. Planning Areas 1, 2, 3, 7, and 8 had lower percentages of parcels with no nuisanceviolations than the citywide average; however, these percentages are all close to the citywide average.Assessed ValueThe assessed value throughout the City has continued to increase over the past decade as the Citycontinued to annex residential development, increased the amount of developed commercial space, andcontinued to improve the core of the City and downtown. The assessed value accurately reflects aportion of the tax base from which the City, Park District, and School District receive funds for operation.The 1991 Citywide Neighborhood Analysis Report stated that the average assessed value for a propertywithin residential planning areas was $23,792 (equivalent to $33,858 in 2003 after inflation). In 2003,the average assessed value for residential properties in the City increased to $39,612, with the realassessed value (1991 inflation adjusted value compared to the 2003 value) increasing 17%. The totalassessed value of the City in 1991 was $478,574,790 (equivalent to $646,532,755 in 2003 after inflation).The real total citywide assessed value increased 57.0% to $1,014,792,090 by April of 2003.Cost of Housing - Value per Square FootIn 2002, the Multiple Listing Service (MLS)reported that the average sale value persquare foot for residential properties soldwas $76.69, which was a real increase of12.7% from the 1997 inflation adjustedvalue of $68.05 ($60.71 actual). The valuesper square foot in 2002 ranged from a lowof $38.42 in Planning Area 2 to a high of$91.44 in Planning Area 12. There is nodata for Planning Area 3 because of thelimited number of listed sales in theUniversity District.Figure 2-5: Sale Value per SquareFoot: Planning Areas 1-17Value per Square Foot$100$80$60$40$20$01 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17Planning AreasPlanning Area ValueCitywide AverageSource: MLS Data, 2002Sales Market ConditionsThe Housing Opportunity Index (HOI) is defined as the share of homes sold in an area that would havebeen affordable to a family earning the median income. The HOI is produced by the National Associationof Home Builders (NAHB) and is composed of two major components: income and housing cost. Thetable below presents the HOI and affordability ranking for several metropolitan areas in Illinois during tethe fourth quarter of 2009.Housing Market Analysis 13