1. Housing Needs Assessment
Nederland, Colorado 2014

2. Housing Needs Assessment
Primary Work Elements
Analyzed more than 100 demographic & economic metrics
Conducted nearly 30 community stakeholder interviews
Completed a resident survey of more than 200 residents
Surveyed 35 rental properties in Nederland (99 units)
Evaluated Nederland’s and Region’s for-sale housing data on 422 units (85 available/337 sold)
Evaluated various “other housing factors” affecting the PSA housing market (i.e. community services, crime, education, etc.)
Completed a housing gap analysis by tenure and affordability for Nederland (PSA) and Region (SSA)
Identified vacant land and buildings as potential opportunities for future residential development
Provided recommendations to address housing needs & establish priorities

3. Geographic Study Areas
Primary Study Area:
Region
Secondary Study Area:
Region
Note: SSA includes PSA

4. Demographic Highlights
Various Demographic Comparisons
Education
Poverty
Tenure
Size

5. Demographic Highlights
Population Trends
PSA Population increased 2.9% from 2000 to 2010 (< SSA & County)
PSA Population growth projected at 7.5% from 2010 to 2018 (fastest when compared with SSA and County)
Largest share of PSA POP age 35 to 44 years
Smallest share of PSA POP age 65 to 74 & 75+ years
PSA greatest projected decline ages 35 to 44 years
PSA greatest projected growth ages years and 75+ years
PSA median age (41 years) much higher than County (36.3 years) and State (36.5 years)

6. Demographic Highlights
Household Trends
PSA HHs grew 7.0% from 2000 to 2010 (slowest of the areas)
Faster projected PSA HH growth 8.3% from 2010 to 2018 (faster growth than SSA and County)
Largest share of HHs in PSA ages and ages 45-54; smallest among ages and ages 75+
Largest HH growth in PSA b/w ages (31, 58.5%)
Largest HH decline in PSA b/w ages (-45, -28.7%)

7. Household Income Trends
Demographic Highlights
Household Income Trends
PSA has highest share of high-income ($100K+) HHs, but lowest share of moderate-income ($40k to $60k+) HHs in 2013
PSA has (2013) & will have (2018) the highest median HH income compared with other study areas

8. Demographic Highlights
PSA AND SSA
Higher and increasing median age.
Lower share of younger residents (under age 25).
Faster growth rates among senior adult residents ages 65 and older.
Smaller household sizes.
Higher share of one- and two-person households.
Lower share of large household formations (five-person+).
Higher share of well-educated residents.
Lower share of residents living in poverty.
Higher share of households earning more than $60,000 annually.
Higher overall median household income.

9. Demographic Highlights
Theme Maps
Owner Share
Renter Share
Pop. Age 20-34
Pop. Age 55+

10. Demographic Highlights
Theme Maps
Median Income
Pop. Density
Crime Index
Drive Times

11. Economic Highlights
Retail Trade (19.8%) and Accommodation & Food Service (17.2%) represents largest shares of the PSA labor force.
From 2008 to 2010, Boulder County employment base declined by 7,984 (4.7%)
County employment base has grown each of past 4 years
2013 employment base surpassed pre-recession levels
Unemployment Rates
Total Employment

12. Housing Supply – Existing Challenges
Overcrowded and Cost-Burdened Housing
Share (0.8%) PSA owner households live in overcrowded* housing similar to region & county
*More than one person per room
One-third of all PSA renter-households are cost burdened*
*Pay over 30% of income towards housing costs
(29.0% of owner-households)

13. Surveyed Rental Housing Inventory By Bedroom Type
Housing Supply – Rental (Apartments)
Surveyed Rental Housing Inventory By Bedroom Type
Bedrooms
Units
Vacant
Occup. Rate
Rent
Range
Average
Studio 12
100.0%
$510-$610
$538
One-Bedroom 29 1
96.6%
$400-$1,395
$783
Two-Bedroom 46
97.8%
$944
Three-Bedroom 11
$610-$1,900
$1,255
Four-Bedroom
0.0%
$2,500
Totals 99 3
97.0% -
FEW VACANT OPTIONS: PSA has 3 vacancies
MISMATCH: Majority of Supply not Affordable to Most Renters

14. Rental Housing Inventory By Year Built
Housing Supply – Rental (Apartments)
Rental Housing Inventory By Year Built
Year Built
Units
Vacant
Occup. Rate
Rent
Range
Pre-1970 32 2
93.7%
$510-$1,750 30
100.0%
$400-$1,100 29
$460-$1,900 6 1
83.4%
$1,100-$2,500
N/A -
Totals 99 3
97.0%
MOSTLY OLDER PRODUCT: Nearly 2/3 of identified rentals were built prior to 1980; highest share built prior to 1970

15. Nederland, Colorado Surveyed Rental Housing Inventory By Quality Level
Housing Supply – Rental (Apartments)
Nederland, Colorado Surveyed Rental Housing Inventory By Quality Level
Quality Level
Units
Vacant
Occupancy Rate
Rent
Range A - B 18
100.0%
$460-$1,900 C 58 3
94.8%
$515-$2,500 D 23
$400-$850 F
Totals 99
97.0%
LIMITED AMOUNT OF GOOD QUALITY PRODUCT: Half of the product “Fair” and one-fourth “Poor”

16. Housing Supply – Rental (Apartments)

17. Housing Gap Estimates - Rental
Methodology considered household growth, units for balanced market, substandard housing, and demolitions; conducted by income level
Rental housing demand for at least 60 new PSA units by 2018
Note: Demand estimates represent potential units by 2018 (would assume all product types, prices and locations developed)
Rental Demand Potential by Income Level & Rent
Nederland, Colorado Primary Study Area
Household Income Range
Less Than $30,000
$30,000-$60,000
$60,000+
Rent Affordability
Less Than $750
$750-$1,500
$1,500+
New Income-Qualified Renter Household
-14 20 27
Units Needed for Balanced Market 10 8
Total Replacement Housing Needed by 2018
176 62 3
Less Residential Units in the Development Pipeline
Overall Region (SSA) Units of Potential Support by 2018
172 90 38
Total Units of Potential Support in Nederland (PSA)
26-34
14-18
6-8

18. Housing Supply – For-sale (Historical)
For-Sale/Sold Housing Supply
Type
PSA Nederland
SSA
Region
Available 13 85
Sold
108
337
Total
121
422
PSA & SSA median
home prices have
increased in each of the
past three years.
FOR-SALE HOUSING BY YEAR SOLD
Year
Sold
PSA (Nederland)
SSA (Region)
Units
Change
Median
Price
2010 23 -
$345,000 58
2011 20
-13.0%
$253,550
-26.5% 66
13.8%
$277,500
-19.6%
2012 29
45.0%
$305,000
20.3% 83
25.8%
$296,500
6.8%
2013
0.0%
$310,500
1.8% 99
19.3%
$315,000
6.2%
2014* 7
-75.9%
$331,000
6.6% 31
-68.7%
$321,500
2.1%
*Through June 2014

19. Housing Supply – For-sale (Historical)
Nearly 45% of homes sold since 2010 in PSA were built after 1990 (39.8% in SSA)
One-fifth of homes sold since 2010 in PSA were built before 1960 (14.5% in SSA)

20. Housing Supply – For-sale (Historical)
The largest shares of housing sold by price point are at $350,000 and up
Very few homes sold that are priced under $250,000

21. Housing Supply – For-sale (Historical)

22. Housing Supply – For-sale (Available)
PSA – TOWN OF NEDERLAND
Summary of Active For-Sale Housing Supply by Bedrooms (As of June 16, 2014)
Homes Listed
Avg. Baths
Avg.
Square Feet
Year Built
Price
Range
Median
List Price
Median Price
Sq. Ft.
Avg. Days on Market 3
1.0
888
1946
$245,900 - $350,000
$349,900
$394.03
109 8
2.5
2,418
1983
$149,900 - $429,000
$379,950
$157.13
183 1
2.0
2,334
1993
$412,000
$176.52 42
2,400
1945
$335,000
$139.58 11 13
2,057
1972
$357,000
$173.55
142
Source: Multiple Listing Services, Boulder County Assessor’s Office, and Bowen National Research
LIMITED SUPPLY: Few For-sale Housing Options Available in PSA

23. MISMATCH: Majority of Supply not Affordable to Most PSA Residents
Housing Supply – For-sale (Available)
SSA - REGION
Summary of Active For-Sale Housing Supply by Bedrooms (As of June 16, 2014)
Bedrooms
Homes Listed
Avg. Baths
Avg.
Square Feet
Year Built
Price
Range
Median
List Price
Median Price
Sq. Ft.
Average Days on Market
One-Br. 5
1.0
777
1940
$108,000-$429,000
$135,000
$173.75 39
Two-Br. 19
1,393
1957
$100,000-$393,750
$255,900
$183.70 68
Three-Br. 47
3.0
2,477
1985
$149,900-$699,000
$389,000
$157.04 76
Four-Br. 11
2,927
1988
$275,000-$550,000
$424,500
$145.03 45
Five-Br. 3
3,367
1983
$299,900-$690,000
$335,000
$99.50
295
Total 85
2.0
2,224
1976
$100,000-$699,000
$350,000
$157.37
Source: Multiple Listing Services, Boulder County Assessor’s Office, and Bowen National Research
MISMATCH: Majority of Supply not Affordable to Most PSA Residents

24. Housing Supply – For-sale (Available)
Virtually no product available for purchase priced under $325,000 in PSA (Nederland) & few affordable options in the entire SSA (Region)

25. Housing Supply – For-sale (Available)

26. Housing Gap Estimates – For-Sale
Methodology considered HH growth, units for balanced market, substandard housing, and demolitions; conducted by income level
Overall housing demand for up to 49 new units by 2018
Note: Demand estimates represent potential units by 2018 (would assume all product types, prices and locations developed)
For-Sale Housing Demand by Income Level & Price Point
Nederland, Colorado Primary Study Area
Household Income Range
< $30,000
$30,000-$59,999
$60,000-$99,999
$100,000+
Housing Price Affordability
< $100,000
$100,000-$200,000
$200,000-$300,000
$300,000+
New Owner-Occupied Household Growth 42 36 37 49
Housing Units Needed for Balanced Market 20 30 24 -3
Total Replacement Housing Needed by 2018 10 6
Less Product in Development Pipeline
Overall Market (SSA) Units of Potential Support 72 61 46
Total Units of Potential Support in Nederland
11-14
9-12
7-9

27. Housing Development Opportunities/Capacity
Nederland‘s Residential Development Capacity
Identified 49 available properties that represent potential sites for residential development in the Nederland
4,900,000 square feet (113 acres) of land and 28,700 square feet of existing structures
Likely buildable space has an estimated capacity to develop approximately 138 residential units vs. need of 109 residential units
Limited base of available land and buildings in PSA requires town to be selective in housing products, physical locations and project sizes

28. Housing Development Opportunities/Locations

29. Nederland Primary Housing Challenges
Conclusions
Nederland Primary Housing Challenges
Rapidly increasing base of seniors and empty nesters who will require housing to meet their specific needs
Few available housing options for current & potential residents, forcing people into housing they don’t want or can’t afford
Lack of housing is a likely contributing factor to loss of younger residents (<age 25)
With limited new product added to market in recent years, existing supply is aging and will need to be maintained and/or improved
Lack of currently available and buildable sites (vacant land and existing buildings) may pose an issue if demographic growth projections materialize

30. Nederland Housing Strategies
Recommendations
Nederland Housing Strategies
Remove/Reduce Substandard Housing From Market
Support Efforts to Renovate, Repair and Maintain Existing Housing
Support the Development of Affordable & Moderately-priced Housing
Support/Expand First-Time and Lower-income Homebuyer Programs
Attract/Encourage Private-Sector Residential Development/Investment
Monitor potential conversion of housing to marijuana grow houses
Encourage/Support Adaptive Reuse of Vacant Structures
Develop plan to expand space to accommodate future housing

31. Nederland Housing Product Considerations
Recommendations
Nederland Housing Product Considerations
Expand Senior housing product to meet growing base of older adult households, particularly lower-income elderly households with less than $30k annual income; Senior housing needs could be met through adaptive reuse of existing structures and newly-built cottage-style units, with a balanced mix of one- and two-bedroom units
Affordability (via subsidies, tax credits, etc.) remains an important factor for a majority of housing – rents & housing prices need to be kept affordable to households with incomes below $30,000.
Housing to accommodate 1-and 2-person smaller household sizes, including housing for young adult/professionals
Expand base of for-sale product priced below $200,000 to retain and attract moderate income households, particularly with incomes between $30k & $60k

32. Bowen National Research 155 E. Columbus St., Suite 220
Contact Information
Patrick M. Bowen
Bowen National Research
155 E. Columbus St., Suite 220
Pickerington, Ohio 43147
Phone: