The State of Rental Housing in Chester County

THE STATE OF RENTAL HOUSING IN CHESTER COUNTYKristen B. Crossney, PhD

West Chester University

(610) 430-5838

kcrossney@wcupa.edu

Chester County NOWChester County Pennsylvania

Population 509,468 12,773,801

Population Change 2.1% 0.6%

Living in same houseIn last 5 years

89.7% 87.8%

HS graduate or higher 92.7% 88.3%

College graduate 48.3% 27.0%

Foreign born 8.7% 5.8%

Median household income

$86,184 $42,267

Living in Poverty 6.5% 13.1%

Chester County NOWChester County Pennsylvania

Housing Units 194,329 5,565,157

Rental Rate 23.8% 29.9%

Housing in Multi-unit Structures

17.8% 20.6%

Persons per household 2.64 2.47

Median Housing Value $329,700 $164,900

Median Gross Rent $1,142 $794

Vacant Housing Units 4.4% 10.9%

Vacant Owner Occupied 1.3% 1.8%

Vacant Rental 4.7% 6.3%

Changing Demographics

0-4

5-9

10-14

15-19

20-24

25-29

30-34

35-39

40-44

45-49

50-54

55-59

60-64

65-69

70-74

>75

-25000 -20000 -15000 -10000 -5000 0 5000 10000 15000 20000 25000

Chester County Population, 2010

Ag

e

Growth and change2000 (2010$) 2010 % change

Population 433,501 509,468 17.5%Housing Units 163,773 194,329 18.7%Vacancy Rate 3.60% 4.40% 22.2%% Rental Occupied 23.70% 23.80% 0.4%Median Housing Value $231,099 $329,700 42.7%Gross Rent $841 $1,142 35.8%Median Income $82,683 $86,184 4.2%

Household SizeChester County Pennsylvania

Owner Occupied Unit 2000

2.80 2.62

Owner Occupied Unit 2010

2.75 2.60

Renter Occupied Unit 2000

2.16 2.12

Renter Occupied Unit 2010

2.27 2.18

Housing Type

1-unit, detached 1-unit, attached

2 units 3 or 4 units

5 to 9 units 10 to 19 units

20 or more units Mobile home

Size of Housing Units in Chester County

No bedroom 1 bedroom

2 bedrooms 3 bedrooms

4 bedrooms 5 or more bedrooms

Size of Housing Units

0 Bedrooms 1 Bedroom 2 Bedrooms 3 Bedrooms 4 Bedrooms 5+ Bedrooms0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

Owner occupied

Rental

Housing Values

Less than $50,000

$50,000 to $99,999

$100,000 to $149,999

$150,000 to $199,999

$200,000 to $299,999

$300,000 to $499,999

$500,000 to $999,999

$1,000,000 or more

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Chester CountyPennsylvania

Gross Rent

Less than $200 $200 to $299 $300 to $499 $500 to $749 $750 to $999 $1,000 to $1,499

$1,500 or more0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

Chester CountyPennsylvania

Housing Vacancy

• Of all vacant housing in 2010• 28% is for rent• 22% is for sale• 9% has been rented or sold, but not occupied• 7% is for seasonal or recreational use• 33% is vacant for another reason

Overcrowded Housing

Defined as more than 1 person per room

In 2010, less than .5% of owner occupied housing but 3.4% of rental housing

Housing burden in 2010• For homeowners

• 42% spend less than 20% of their income on housing• 30% spend more than 30% of their income on housing• 10% spend more than 50% of their income on housing

• For renters• 27% spend less than 20% of their income on housing• 41% spend more than 30% of their income on housing• 21% spend more than 50% of their income on housing

Housing Burden in Chester County• For the average income household, 30% of income is

$2,154.60.• Assuming the buyer has put a 10% downpayment on a

median valued home, and finances the rest at 5% interest rate• Mortgage is $1,927• $227 remains to cover additional housing costs such as home

equity loan, real estate taxes, homeowners’ insurance, condo fees, utilities

• Median monthly costs of homeowners is $2,241, compared to $1,447 in Pennsylvania

THE STATE OF RENTAL HOUSING IN CHESTER COUNTYKristen B. Crossney, PhD

West Chester University

(610) 430-5838

kcrossney@wcupa.edu