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![Page 1: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/1.jpg)
Slide 1Slide Presentation
APPENDIX A
The Impact of Smart Growth on Housing Affordability
ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM
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Slide 2
Housing Affordability: A Tale of Two Nations
Kansas City Portland
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Slide 3
There has been considerable debate about whether the newer, prescriptive urban planning policies
(“smart growth”) materially raise house prices in relation to the more traditional, responsive planning systems. This inquiry reviews house price experience and trends in 8 markets, 4 with prescriptive planning and 4 with responsive planning. An attempt is made
to estimate market prices in the absence of smart growth, by developing a “market upper limit” that is
applied to all markets. Prices and trends in responsive and prescriptive markets are then
evaluated based upon this standard.
Summary of ResearchSMART GROWTH & HOUSING AFFORDABILITY
![Page 4: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/4.jpg)
Slide 4
0
2
4
6
8
10
12
Housing Affordability Distribution: 2006MAJOR METROPOLITAN MARKETS
MEDIAN MULTIPLE (Median House Price/ Median Household Income)
MEDIAN MULTIPLE 3.0 AFFORDABILITY MAXIMUM
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Slide 5
The Issue
Does smart growth lead to materially higher housing costs than occur in
non-smart growth markets?
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Slide 6
Land Use Planning Systems and Metropolitan Markets
PortlandKansas City
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Slide 7
Planning Types & Markets
RESPONSIVEPLANNING
(Liberal)
AtlantaDallas-Fort Worth
IndianapolisKansas City
PRESCRIPTIVEPLANNING
(Smart Growth)
BostonPortland (Oregon)
San DiegoWashington (DC)
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Slide 8
0%
5%
10%
15%
20%
25%
30%
35%
40%
ATL DFW IPS KC BOS POR SD WDC
Population Growth:1996-2006METROPOLITAN MARKETS
Calculated fromUS Census Bureau Data
![Page 9: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/9.jpg)
Slide 9
Existing House Analysis: Median Prices
PortlandKansas City
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Slide 10
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
Existing House: Structure Replacement METROPOLITAN MARKETS: 2006
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Slide 11
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
Existing House: Market Upper Limit METROPOLITAN MARKETS: 2006
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Slide 12
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
Existing House: Median Price METROPOLITAN MARKETS: 2006
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Slide 13
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
Existing House: Median Price Trend METROPOLITAN MARKETS: 1996 & 2006
2006$
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Slide 14
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
Median Price & Market Upper Limit METROPOLITAN MARKETS: 2006
![Page 15: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/15.jpg)
Slide 15
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
Median Price & Market Upper Limit METROPOLITAN MARKETS: 1996
2006$
![Page 16: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/16.jpg)
Slide 16
Median Price & Market Upper Limit Trend RESPONSIVE MARKET AVERAGE: 1996-2006 (2006$)
$0
$100,000
$200,000
$300,000
$400,000
$500,000
1996 2006
Median House Price
Market Upper Limit
2006$
![Page 17: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/17.jpg)
Slide 17
Median Price & Market Upper Limit Trend PRESCRIPTIVE MARKETS AVERAGE: 1996-2006 (2006$)
$0
$100,000
$200,000
$300,000
$400,000
$500,000
1996 2006
Market Upper Limit
Median House Price 2006$
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Slide 18
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
2006$
Market Upper Limit & Regulatory Excess EXISTING HOUSE: METROPOLITAN MARKETS: 1996
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Slide 19
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
ATL DFW IPS KC BOS POR SD WDC
2006$
Market Upper Limit & Regulatory Excess EXISTING HOUSE: METROPOLITAN MARKETS: 1996
![Page 20: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/20.jpg)
Slide 20
Share of Difference in Price IncreasesBY PLANNING SYSTEM TYPE: 1996-2006
RegulatoryExcess
98%
Non-Smart
Growth MarketFactors: 2%
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Slide 21
-$50,000
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
BOS POR SD WDC
Predicted & Actual Smart Growth Impact “COSTS OF SPRAWL-2000” V. ACTUAL: 2000-2006
Change in Cost per House
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Slide 22
-25%
0%
25%
50%
75%
100%
125%
150%
175%
200%
ATL DFW IPS KC BOS POR SD WDC
Demand & Median Prices: 1996-2006 METROPOLITAN MARKETS
Change
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Slide 23
New HouseAnalysis
PortlandKansas City
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Slide 24
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Responsive Planning Prescriptive Planning National Average
New House: Structure CostNATIONAL & BY PLANNING TYPE
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Slide 25
$0
$100,000
$200,000
$300,000
$400,000
$500,000
ATL DFW IPS KC BOS POR SD WDC
New House: Structure Cost METROPOLITAN MARKETS
![Page 26: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/26.jpg)
Slide 26
$0
$100,000
$200,000
$300,000
$400,000
$500,000
ATL DFW IPS KC BOS POR SD WDC
New House: Finished Lot Cost METROPOLITAN MARKETS
![Page 27: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/27.jpg)
Slide 27
Market Upper Limit & Production Price METROPOLITAN MARKETS
$0
$100,000
$200,000
$300,000
$400,000
$500,000
ATL DFW IPS KC BOS POR SD WDC
![Page 28: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/28.jpg)
Slide 28
Actual Price & Market Upper Limit NEW HOUSE: METROPOLITAN MARKETS
$0
$100,000
$200,000
$300,000
$400,000
$500,000
ATL DFW IPS KC BOS POR SD WDC
![Page 29: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/29.jpg)
Slide 29
$0
$100,000
$200,000
$300,000
$400,000
$500,000
ATL DFW IPS KC BOS POR SD WDC
Market Upper Limit & Regulatory Excess NEW HOUSE: METROPOLITAN MARKETS
![Page 30: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/30.jpg)
Slide 30
The Negative Externalities ofSmart Growth
PortlandKansas City
![Page 31: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/31.jpg)
Slide 31
Price Difference ComponentsPRESCRIPTIVE V. RESPONSIVE MARKET PRICES
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Existing House:1996
Existing House:2006
New House: 2007
2006$
![Page 32: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/32.jpg)
Slide 32
0%
20%
40%
60%
80%
100%
Existing House:1996
Existing House:2006
New House: 2007
Share of Price Difference PRESCRIPTIVE V. RESPONSIVE MARKET PRICES
![Page 33: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/33.jpg)
Slide 33
0
1
2
3
4
5
6
7
8
1980 1985 1990 1995 2000 2005
Median Multiple: 1980-2006 MAJOR METROPOLITAN MARKETS BY PLANNING TYPE
Prescriptive Planning
Responsive Planning
Calculated from JFKSchool of Government,Harvard University Data
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Slide 34
0
2
4
6
8
10
12MEDIAN MULTIPLE (Median House Price/ Median Household Income)
Housing Affordability Distribution: 1996MAJOR METROPOLITAN MARKETS
MEDIAN MULTIPLE 3.0 AFFORDABILITY MAXIMUM
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Slide 35
0
1
2
3
4
5
6
7
8
9
10
1950 1960 1970 1980 1990 2000
House Value:Income Ratio: 1950-2006 CALIFORNIA, TEXAS & UNITED STATES
California
United States
Texas
Median House Value/ Median Household Income
Calculated fromUS Census Bureau Data
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Slide 36
0123456789
101112
Housing Affordability Distribution: 2006MAJOR METROPOLITAN MARKETS
MEDIAN MULTIPLE (Median House Price/ Median Household Income)
MEDIAN MULTIPLE 3.0 AFFORDABILITY MAXIMUM
![Page 37: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/37.jpg)
Slide 37
Relocation Bonus: From Smart GrowthMOVE TO RESPONSIVE MARKET (AVERAGE)
Additional Years
Gained: Purchase andFinance the
Median PricedHouse
(MedianIncome in
New Market)
40-Year Career
11.4 YearsMedian
HouseholdIncome
RelocationBonus
$646,000
![Page 38: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/38.jpg)
Slide 38
Relocation Bonus: Move from BostonMOVE TO RESPONSIVE MARKET (AVERAGE)
Additional Years
Gained: Purchase andFinance the
Median PricedHouse
(MedianIncome in
New Market)
40-Year Career
10.6 YearsMedian
HouseholdIncome
RelocationBonus
$598,000
![Page 39: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/39.jpg)
Slide 39
Additional Years
Gained: Purchase andFinance the
Median PricedHouse
(MedianIncome in
New Market)
40-Year Career
5.4 YearsMedian
HouseholdIncome
Relocation Bonus: Move from PortlandMOVE TO RESPONSIVE MARKET (AVERAGE)
RelocationBonus
$305,000
![Page 40: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/40.jpg)
Slide 40
Additional Years
Gained: Purchase andFinance the
Median PricedHouse
(MedianIncome in
New Market)
40-Year Career
18.3 YearsMedian
HouseholdIncome
Relocation Bonus: Move from San DiegoMOVE TO RESPONSIVE MARKET (AVERAGE)
RelocationBonus
$1,035,000
![Page 41: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/41.jpg)
Slide 41
Relocation Bonus: Move from WashingtonMOVE TO RESPONSIVE MARKET (AVERAGE)
Additional Years
Gained: Purchase andFinance the
Median PricedHouse
(MedianIncome in
New Market)
40-Year Career
11.4 YearsMedian
HouseholdIncome
RelocationBonus
$645,000
![Page 42: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/42.jpg)
Slide 42
-1
0
1
2
3
4
5
6
7
8
House Prices & Income RequiredMAJOR METROPOLITAN MARKETS: 1996-2006
Change in Years Income: Required to Purchase Median Priced House
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Slide 43
-2
0
2
4
6
8
10
12
14
16
18
House Financing & Income RequiredMAJOR METROPOLITAN MARKETS: 1996-2006
Change in Years Income:Purchase & Finance MedianPriced House
![Page 44: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/44.jpg)
Slide 44
-300,000
-200,000
-100,000
0
100,000
200,000
300,000
ATL DFW IPS KC BOS POR SD WDC
Domestic Migration: 2006-2006METROPOLITAN MARKETS BY PLANNING TYPE
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Slide 45
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
ATL DFW IPS KC BOS POR SD WDC
Domestic Migration Rate: 2006-2006METROPOLITAN MARKETS
![Page 46: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/46.jpg)
Slide 46
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Inside UGB Outside UGB
Domestic Migration: Portland: 2000-2006INSIDE & OUTSIDE URBAN GROWTH BOUNDARY
![Page 47: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/47.jpg)
Slide 47
-4.5%
-4.0%
-3.5%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%San Diego Pittsburgh Buffalo Cleveland Detroit
Migration: San Diego & Rust BeltNET DOMESTIC MIGRATION: 2000 TO 2006
![Page 48: Slide 1 Slide Presentation APPENDIX A The Impact of Smart Growth on Housing Affordability ANALYSIS OF 8 METROPOLITAN MARKETS BY LAND USE PLANNING SYSTEM.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649ebf5503460f94bca3cb/html5/thumbnails/48.jpg)
Slide 48
Conclusion
After accounting for non-regulatory (non-smart growth) differences, it is
concluded that smart growth materially increases housing
prices.