REGULAR MEETING OF THE WELLINGTON VILLAGE COUNCIL

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Wellington Council Meeting April 10, 2012 Page 250 of 384 HOUSING ELEMENT Workforce Housing Palm Beach County defines workforce housing as housing affordable to households in a range of 60 - 150% of Area Median Income (AMI). AMI is the dollar amount where half the population earns less and half earns more. Wellington is located within the West Palm Beach and Boca Raton Metropolitan Statistical Area (MSA). Table 1 describes the AMI for this MSA. The percentage included in the header indicates the amount below or above AMI for the listed median family income. Table 1 Annual Income Limits for West Palm Beach and Boca Raton Metropolitan Statistical Area (MSA). FY 2009 Median Family Income Number of People in Household Extremely Low Income (30%) Wellington Comprehensive Plan – Housing Element Update 2011 Very Low Income (50%) H-2 Low Income (80%) Moderate Income (120%) 1 $15,800.00 $26,400.00 $42,200.00 $ 63,360.00 2 $18,100.00 $30,150.00 $48,250.00 $72,360.00 3 $20,350.00 $33,950.00 $54,250.00 $81,480.00 4 $22,600.00 $37,700.00 $60,300.00 $90,480.00 5 $24,400.00 $40,700.00 $65,100.00 $97,680.00 6 $26,200.00 $43,750.00 $69,950.00 $105,000.00 7 $28,000.00 $46,750.00 $74,750.00 $112,200.00 8 $29,850.00 $49,750.00 $79,600.00 $119,400.00 Source: Palm Beach County 2009 Costs of Housing within Wellington As discussed earlier, Wellington has a large variety of housing types with a wide range of housing costs. In order to calculate availability of housing inventory for different income groups, the following ratios are used: (1) Housing purchase ratio - approximately three times annual household income. (2) Rental ratio – approximately one-quarter monthly household income. Using Wellington’s 2000 U.S. Census average household size of approximately three persons, Tables 2 and 3 correlate West Palm Beach and Boca Raton MSA family income categories with the appropriate cost of housing. Costs of housing within Wellington are based upon the market value, as estimated in 2008 by the Palm Beach County Property Appraiser, and includes both homestead and non-homestead properties. This information is presented in Table 2. This is intended only to be a guide to provide a general overview of the current conditions in the range of housing stock within Wellington for the extremely low income to moderate income families. The figures do not include additional costs that may exist such as utilities and PITI.
Wellington Council Meeting April 10, 2012 Page 251 of 384 HOUSING ELEMENT Table 2 Housing Inventory Matching Annual Income Limits for West Palm Beach and Boca Raton Metropolitan Statistical Area (MSA) Income Category Income Limit Wellington Comprehensive Plan – Housing Element Update 2011 H-3 Approximate Housing Cost Limit* Wellington Housing Inventory** Extremely Low Income (30% of AMI Earnings) $20,350.00 $61,050.00 15 units Very Low Income (50%) $33,950.00 $101,850.00 147 units Low Income (80%) $54,250.00 162,750.00 2,941 units Moderate Income (120%) $81,480.00 $244,440.00 7,607 units Housing Values Exceeding Annual Limits N/A N/A 9,027 units *Excluding utility costs **Source: Palm Beach County Tax Appraiser. Wellington 2008 Tax Roll Summaries (projected for 2010) - indicates approximate market value. Table 2 depicts only housing inventory matching the specific income category range. It does not include a cumulative count that includes the lower income categories inventory. For example, in addition to the inventory from their designated category in Table 2, a home buyer from the Low Income category also has additional housing options from any of the lower income category inventories. Rental costs within Wellington are more difficult to quantify and are much more incomplete than the data for housing costs. Based upon information obtained from the Realtors Regional Multiple Listing Service, Table 3 indicates the availability of rental housing within Wellington. Table 3 Approximate Rental Ratio for Three Person Household West Palm Beach and Boca Raton Metropolitan Statistical Area (MSA). Category Income Limit Approximate Rental Limit (monthly)* June 2009 Approximate Number of Units Available for Rent (2 BR min)** Extremely Low Income (30%) $20,350.00 $423.95 0 units Very Low Income (50%) $33,950.00 $707.29 0 units Low Income (80%) $54,250.00 $1130.21 50 units Moderate Income (120%) $81,480.00 $1697.50 130 units *excluding PITI **Source: Regional Multiple Listing Service
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State Road 80 0 0.5 1 2 Miles Copyr
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REGULAR MEETING OF THE WELLINGTON VILLAGE COUNCIL

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