Dashboard: Lake Stevens

Arlington  | Edmonds  |  Everett  |  Granite Falls  |  Lake Stevens  |  Lynnwood  |  Marysville  | Mill Creek  |  Mountlake Terrace  |  Mukilteo  |  City of Snohomish  |  Snohomish County  | Stanwood |  Woodway

Demographics1
 2000  2010 2013 2014 2015
Population2 6,361 28,069 28,960 29,170  29,900
Housing Units 2,274 10,082 10,545 10,710  10,872
Renter Households 25.7% 23.6% 26% 28.3%  29%
Median Household Income (2015 dollars)  $90,398 $74,476 $74,218 $70,910  $75,095
Households <50% AMI 11.1% 24.6% 24.8% 25.8%  23%
Cost-Burdened Homeowners 23.2% 46.9% 41.2% 36.2%  25.9%
Cost-Burdened Renters 39.6% 43.6% 47.3% 49.8%  49.4%
Average Household Size: Homeowners 3.3 2.9 2.9 2.9  2.84
Average Household Size: Renters 2.1 2.5 2.9 3.1  3.1
Single Family Home Share  79.6% 81.7% 79% 78.2%  80%
Single Person Households 16.3% 18.8% 19% 18.7%  17.6%
Jobs-Total Housing Ratio 0.42 0.41 0.41
Jobs-Occupied Housing Ratio 0.44 0.43 0.44
Employed People/Occupied Housing Unit 1.43 1.35 1.31
Location Affordability Index

HUD’s Location Affordability Index provides estimates on the typical cost of housing and transportation combined in a given location balancing a wide range of factors. These estimates are expressed in terms of a share of household income, with 45% as the recommended maximum portion of income devoted to the two. Estimates of what several types of households could expect to spend on housing and transportation in the City of Lake Stevens are as follows:

  • Regional median income household – 49.9% of income
  • Family at 80% AMI – 55.3% of income
  • Single parent family at 50% AMI – 77.4% of income
  • Retired couple at 80% AMI – 49.1% of income
  • Individual at national poverty line – 181.8% of income
Typical Housing Costs – All Households3
 2000  2010  2013  2014  2015
Median Rent (2015 dollars)  $992  $1,289  $1,272 $1,257  $1,253
Required Income $36,690  $51,568 $50,892 $50,281
Median Home Value (2015 dollars) $262,058  $317,044  $252,921 $247,271  $258,
Required Income4 $67,732  $62,738  $51,033 $49,013
Ratio: Median Value-Median HH Income 2.9 4.3 3.4 3.5
Assisted Housing Stock
2003 2007 2010 2013 2014 2015
All Assisted Housing Units 605
Section 8 Housing Choice Vouchers: HASCO  84  95  113  113  143  151
Section 8 Housing Choice Vouchers: EHA  48  53
Market Information

The table below differs from the “Typical Housing Costs” table in that it specifically shows rents and home prices for new renters or homebuyers in that year, as opposed to values for the entire market as in “Typical Housing Costs”.

2010 2013 2014 2015 2016 2017
Median Rents – Dupre and Scott (2015 Dollars)
     Studio  No Data No Data No Data  No Data
     One Bedroom  $743  $761  $825  $846
     Two Bedrooms  $935  $946  $1,095  $1,187
     Three Bedrooms  $1,357  $1,537  $1,600  $1,585
     Four+ Bedrooms  $1,844  $1,787  $1,887  $1,890
Median Home Sale (2015 Dollars)  $262,648  $250,975  $246,968  $290,000  $312,898
     Required Income  $56,880  $50,640  $48,953  $57,569  $67,918


1. Unless otherwise noted, 2010 and 2013 data in “Demographics” table is from 5 year US Census American Community Survey estimate. Data from 2000 is from the 2000 Census SF-3 file.
2. Washington State Office of Financial Management
3. Unless otherwise noted, 2010 and 2013 data in “Typical Housing Costs” table is from 5 year US Census American Community Survey estimate. Data from 2000 is from the 2000 Census SF-3 file.
4. Minimum income is based on a calculation of estimated monthly debt service payment, insurance, and taxes for the median value home using average mortgage terms for the specified year from the Federal Housing Finance Agency. Due to differences in average mortgage terms over the years, the degree of change in minimum income may not seem to match the degree of change in median home value.

 

Leave a Reply

Your email address will not be published. Required fields are marked *