Income vs. Housing Availablity

There are a lot of different ways to look at the numbers.  However, no matter which time frame you use, there is still a shortage of housing affordable for the working people of our Nehalem Bay community.  See the Buildable Lands Study page for actions to be taken with this information.

  • Actual sales data from May 2007 for the Urban Growth Boundaries of Nehalem, Manzanita and Wheeler shows prices a lot higher than is affordable for 85% of our community, who have incomes of $75,000 or less:

  • Average lot price for 18 lots sold at $258,000, with a corresponding “home value” of $860,000.

  • Only two lots sold for prices affordable for incomes of $50,000 or less.

  • Average home sale prices for 74 homes was $474,000.

  • Only 12 homes sold for prices affordable for incomes of $75,000 or less

  • On May 3, 2007, MLS listings showed 29 available homes in the Manzanita/Neahkahnie area. Lowest listing was $399,000.  Average was $652,000.
  • It listed one home in the Wheeler UGB, 3 in Nehalem UGB, and 14 in Manzanita/ Neahkahnie.

  

Thanks to Susan Tone of Windermere Realty here are house prices on April 9, 2008 as shown in Multiple Listing Service for Tillamook County.  Please note that these are for all of Tillamook County so they don't correlate to the rest of the numbers that are for specific North County areas.

$59,500 (lowest asking price) to $149,999 – 16

$150,000 – $199,999 – 29

$200,000 - $299,999 – 86

$300,000 - $399,999 – 95

$400,000 - $499,999 – 37

$500,000 - $599,999 – 28

$600,000 - $699,999 – 25

$700,000 - $799,999 – 9

$800,000 - $899,999 – 13

$900,000 - $999,999 – 4

$1,000,000 and up – 12

 

The charts below were put together by Cogan, Owens, Cogan for the Nehalem Bay area Buildable Lands inventory.   These numbers are out of date, in some cases by 7 years, but still show a dismal picture for ordinary folk trying to own a home here.

The first chart below represents a shortfall of approximately 55 affordable homes a year for the three communities.

The second chart represents a current shortage of 239 affordable homes for the three communities.