The BDN is exploring Maine’s housing disaster from each attainable angle, from the way it impacts residence costs, to what it means for Mainers throughout the state. Learn our ongoing protection right here and fill out this kind to inform us what you wish to know.
A Portland metropolis memo this week discovered that it’s too early to inform whether or not progressive housing adjustments such because the Inexperienced New Deal, which requires buildings with 10 or extra items to make 25 % of them reasonably priced, are discouraging builders and holding down provide.
However these three figures clarify that Maine’s largest metropolis will not be totally assembly housing demand or affordability benchmarks.
That’s the share of Portland renters that have been reasonably or severely cost-burdened in 2020, which means they paid greater than 30 % to 50 % of their family earnings towards gross hire.
Nearly 55 % of the town’s 34,000 housing items have been renter-occupied that 12 months. Some 62 % of Portland households earn lower than the county’s median earnings, a quantity that has elevated 10 % over the past decade.
Greater than 1 / 4 of newly created multi-family items developed over the past 5 years are reasonably priced, with rents or buy costs restricted to households incomes lower than 120 % of the median space earnings.
Some 70 % of the brand new items created have disproportionate numbers of smaller studio and one-bedroom items. Demand for housing continues to outpace provide.
The proportion of items that may meet the demand for workforce housing in Portland in 2030 if development tendencies of the previous 5 years proceed. Some 29 % of recent housing items permitted from 2010 to 2014 have been reasonably priced to these incomes one hundred pc of median earnings. Present housing manufacturing will not be assembly the wants of households incomes 80 % to one hundred pc of the median earnings.
These with greater incomes, secure jobs and good credit score rankings are in a greater place to compete for reasonably priced items which might be backed and unsubsidized. This creates a glut of reasonably priced items on the low finish of the vary which may be in dangerous situation with deferred upkeep points.