Dashboard: Mountlake Terrace

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 20,362 19,909 20,160 20,530  21,090
Housing Units 8,162 8,591 8,545 8,636  8,542
Renter Households 40.4% 41.1% 40.5% 39.0%  41%
Median Household Income (2015 dollars)  $65,463 $58,998 $60,446 $61,971  $65,890
Households <50% AMI 15.3% 37.6% 34.5% 34.2%  29%
Cost-Burdened Homeowners 31% 41.4% 38.4% 37.9%  26.1%
Cost-Burdened Renters 35.3% 50.9% 47.5% 49.8%  46.6%
Average Household Size: Homeowners 2.8 2.5 2.5 2.5  2.61
Average Household Size: Renters 2.2 2.3 2.4 2.4  2.34
Single Family Home Share 61.6% 60.6% 63.8% 64.7%  63%
Single Person Households 26.2% 28.5% 31.9% 30.0%  29.5%
Jobs-Total Housing Ratio 0.78 0.76 0.86
Jobs-Occupied Housing Ratio 0.81 0.78 0.90
Employed People/Occupied Housing Unit 1.36 1.22 1.28
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 Mountlake Terrace are as follows:

  • Regional median income household – 48.1% of income
  • Family at 80% AMI – 53.2% of income
  • Single parent family at 50% AMI – 74% of income
  • Retired couple at 80% AMI – 46.8% of income
  • Individual at national poverty line – 158% of income
Typical Housing Costs – All Households3
 2000  2010  2013 2014 2015
Median Rent (2015 dollars)  $1,154  $1,088  $1,151 $1,185  $1,215
Required Income $46,175  $43,513 $46,056 $47,418
Median Home Value (2015 dollars) $235,589  $317,810  $267,672 $256,142  $264,394
Required Income4 $60,891  $62,890  $54,009 $50,771
Ratio: Median Value-Median HH Income 3.6 5.4 4.4 4.1
Assisted Housing Stock
2003 2007 2010 2013 2014 2015
All Assisted Housing Units
Section 8 Housing Choice Vouchers: HASCO  155 120 164 154 142 167
Section 8 Housing Choice Vouchers: EHA
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
Assisted Housing Units
Median Rents – Dupre and Scott (2015 Dollars)
     Studio No Data No Data No Data  No Data
     One Bedroom  $676  $912  $995  $1,027
     Two Bedrooms  $863  $1,058  $1,121  $1,153
     Three Bedrooms  $1,321  $1,472  $1,573 $1,702
     Four+ Bedrooms  $1,639  $1,948  $2,075  $2,201
Median Home Sale (2015 Dollars)  $246,237  $246,365  $242,432  $280,000  $303,785
     Required Income  $53,326  $49,710  $48,053  $55,584  $60,114

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 *