to view the Affordable Housing Plan - Town of North Andover
to view the Affordable Housing Plan - Town of North Andover
to view the Affordable Housing Plan - Town of North Andover
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3) Additional affordable rental housing opportunities are needed.<br />
• According <strong>to</strong> Census 2000 data, 30% <strong>of</strong> <strong>North</strong> <strong>Andover</strong> renters pay more than<br />
30% <strong>of</strong> <strong>the</strong>ir income on rent. 16% <strong>of</strong> renters pay more than 50% <strong>of</strong> <strong>the</strong>ir<br />
income on rent.<br />
• There has been very little rental housing construction in <strong>North</strong> <strong>Andover</strong> since<br />
1979 and <strong>the</strong> number <strong>of</strong> vacant units declined from 1990 – 2000 leaving a<br />
vacancy rate <strong>of</strong> 2.2%.<br />
• Studio apartments rent between $650-$800, one bedroom units between $800-<br />
$1,000, two bedroom units between $1,100-$1,250, three bedroom units between<br />
$1,250-$1,500 and four bedroom units between $1,500-$1,700 monthly<br />
(according <strong>to</strong> advertisements in Eagle Tribune).<br />
• Almost 42% <strong>of</strong> renter households only have an income <strong>of</strong> $35,000 or less<br />
annually and 59% have an income <strong>of</strong> $50,000 or less.<br />
• Residents <strong>of</strong> <strong>North</strong> <strong>Andover</strong> making only $35,000 annually can afford<br />
approximately $875/month (30% <strong>of</strong> $35,000) for housing costs.<br />
4) Preserving <strong>the</strong> older housing s<strong>to</strong>ck (housing built prior <strong>to</strong> 1940). This housing is both<br />
reflective <strong>of</strong> <strong>North</strong> <strong>Andover</strong>’s his<strong>to</strong>ry as a former mill <strong>to</strong>wn and it is <strong>of</strong>ten smaller in<br />
structure, making it more affordable and appropriate for certain demographic groups.<br />
• Almost 18% <strong>of</strong> <strong>North</strong> <strong>Andover</strong>’s housing was built prior <strong>to</strong> 1940 and it is <strong>the</strong>se<br />
structures that are most susceptible <strong>to</strong> deterioration or being <strong>to</strong>rn down for new<br />
development projects.<br />
• Most <strong>of</strong> <strong>the</strong> housing built is located in an area known as Machine Shop Village.<br />
It is in this area where <strong>the</strong>re are smaller, single family homes and multi-unit<br />
buildings that if preserved, represent potential affordable housing opportunities<br />
for those who have lower median incomes or desire <strong>to</strong> purchase a home for <strong>the</strong><br />
first time.<br />
<strong>North</strong> <strong>Andover</strong> <strong>Affordable</strong> <strong>Housing</strong> <strong>Plan</strong><br />
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