General Plan - Moreno Valley

CHAPTER 8 – HOUSING8.3.5 Housing Stock ConditionsThe housing stock in Moreno Valley isrelatively new, with the majority of thehousing built during the 1980s. Between1980 and 1986, the number of totalhousing units in the city increased 63%, fora total numeric increase of 14,694. Theavailability of large tracts of developableland made Moreno Valley an ideal locationfor the construction of new housing, at veryaffordable prices. The combination ofMORENO VALLEY GENERAL PLANaffordable land and a desire for homeownershipresulted in a housing productlargely consisting of single-family detachedunits. Of the 14,694 units added to thehousing stock between 1986 and 1990, 84%were single-family detached dwellings, a63% increase in the four years (Table 8-12).In the same period, the number of multifamilyunits increased significantly with a total of2,114 multi-family units added to the housingstock, excluding mobilehomes.TABLE 8-13HOUSING STOCK ADDITIONS - CITY OF MORENO VALLEY1986 19901986-90%Change19951990-95%Change19991995-99%ChangeTotal units 23,251 37,945 63% 41,282 9% 42,280 2%Occupied 20,202 34,965 38,040 38,959Vacancy 13.1% 7.85% 7.85% 7.85%Single-familyAttached 499 622 25% 622 0 622 0Detached 18,975 31,319 65% 34,137 9% 34,996 3%Multifamily2 to 4 Units 1,078 1,202 12% 1,192 -1% 1,190 05 Plus Units 1,611 3,601 124% 4,112 14% 4,244 3%Mobilehomes1,088 1,201 10% 1,219 1% 1,228 1%Source: State Department of Finance, City/County Population and Housing Estimates.As is evident in Table 8-13, after 1990additions to the housing stock dramaticallydeclined and the pace of additions to thehousing stock slowed. In the 1990s realestate values and effective rents declinedas much as 20% and vacancy rates, insome projects, were as high as 50%.Foreclosures of both single and multifamilyunits increased. Many homeownersfound themselves “upside down” owingmore on their home mortgage than themarket value of their home. Reflective of theoverall economic recession in SouthernCalifornia, large tracts of land wereforeclosed on as demand for housing unitsprecipitously dropped.Table 8-14 shows the number of permitsissued and the number of units. Between1986 and 1989, 13,247 permits were issuedresulting in the construction of 14,387housing units, both single and multi-family.Page 8-19 July 11, 2006