Real_Estate_and_Housing_Stock_Analysis-Kidder_Mathews_Report.PDF

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August 13, 2018

Presented by:

Kevin Sheehan Managing Partner 916.751.3601 ksheehan@kiddermathews.com Lic# 00936093

Tyler Boyd Associate Vice President 916.751.3625 tboyd@kiddermathews.com Lic# 01927167

COUNTY OF SACRAMENTO -

REAL ESTATE AND HOUSING STOCK ANALYSIS

Presented to:

Garrett Strohmaier Associate 916.751.3641 garretts@kiddermathews.com Lic# 02051117

Nav Gill County Executive

Michael Morse Director

Troy Givans Director

Jeff Gasaway Deputy Director

COUNTY OF SACRAMENTO - Real Estate And Housing Stock Analysis August 13, 2018COUNTY OF SACRAMENTO - Real Estate And Housing Stock Analysis

County of Sacramento

Table of Contents

1. Project Overview

a. Executive Summary

2. Community Location Map

3. Community Profiles

4. Home Ownership Profiles

COUNTY OF SACRAMENTO - Real Estate And Housing Stock Analysis August 13, 2018

Table of Contents Continued

5. Renter Profiles

6. Our Findings

7. Conclusion

8. Index

9. Team Bios

10. Kidder Mathews Company Overview

Executive Summary

Kidder Mathews has been tasked with providing the County of Sacramento with a multiple community resource to assist them in evaluating existing rental and singlefamily units in those communities. This will help determine future needs for affordable housing, rental housing, executive housing and mid-level housing throughout the submarkets specified in this report. Following is the report outline:

1. Profile the following communities within the County of Sacramento

a. Antelope

b. North Highlands

c. Arden-Arcade

d. Carmichael

e. Orangevale

f. Rio Linda

g. Elverta

h. Rosemont

i. South Sacramento

j. Rancho Cordova

k. Folsom

l. Elk Grove

m. Citrus Heights

n. Roseville

o. Rocklin

p. Granite Bay

q. South Placer County

2. Perform analysis of urban and suburban housing markets

a. Provide data and analysis within those communities including:

i. Housing stock profiles

1. Homeowner occupied vs. rental properties

2. Single family and multifamily units

3. Average housing sale price

4. Rental rates

5. Rental property vacancy rate

ii. Home ownership profile

iii. Renter profile

iv. Economic analysis of ownership and rental segments

v. Trends in mortgage rates and sales (2002-2017)

vi. Trends in homeownership (2002-2017)

vii. Conduct market analysis and demand for housing types

viii. Analysis of overall regional competitiveness compared to surrounding markets (Roseville, Placer, Folsom, Elk Grove, Rancho Cordova)

Executive Summary Continued

Community Location Map

N

SACRAMENTO

COUNTY

SOUTH PLACER

COUNTY

Rio Linda

Antelope

Roseville

Rocklin

Granite Bay

North Highlands

Citrus Heights

Rancho Cordova

Elk Grove

Rosemont

Arden Arcade

South Sacramento

Orangevale

Folsom

Carmichael

Elverta

Community Profile Information

POPULATION

Population 2017 48,711

HOUSING STATISTICS

Total Number of Housing Units 14,807

Number of Single-Family Units 11,787

Percentage of Single-Family Units 80%

Number of Single-Family Units Occupied 11,574

Percentage of Single-Family Units Occupied 98%

Number of Multi-Family Units 3,020

Percentage of Multi-Family Units 20%

Number of Multi-Family Units Occupied 2,905

Percentage of Multi-Family Units Occupied 96%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,755

Rental Rates (% of people with < $500 rent) 0.7%

Rental Rates (% of people with > $3,000 rent) 2.2%

Rental Vacancy Rates 3.8%

Antelope is a census-designated place, comprised of approximately 6.8 square miles, in Sacramento County.

Antelope’s terrain is mostly flat, and there exists no major bodies of water. The northern border of Antelope lies directly on the line between Sacramento County and Placer County. With a 2017 population of 48,711, Antelope’s population density is essentially double that of the neighboring community of Roseville. The community is home to several recreational parks, as well as Antelope High School, which is one of five high schools in the Roseville Joint Union High School District.

During the 1980s, Antelope grew significantly as a planned community. Today, Antelope is home to several residential subdivisions that were developed throughout the last two decades. Currently, there are no commercial or residential development projects in Antelope that are under construction. Moreover, Antelope lacks a predominant presence of local industry, and serves in large part, as a “commuter town” for its residents.

ANTELOPE

Community Profile Information

POPULATION

Population 2017 47,215

HOUSING STATISTICS

Total Number of Housing Units 16,126

Number of Single-Family Units 9,014

Percentage of Single-Family Units 56%

Number of Single-Family Units Occupied 8,761

Percentage of Single-Family Units Occupied 97%

Number of Multi-Family Units 7,112

Percentage of Multi-Family Units 44%

Number of Multi-Family Units Occupied 6,784

Percentage of Multi-Family Units Occupied 95%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,495

Rental Rates (% of people with < $500 rent) 3.6%

Rental Rates (% of people with > $3,000 rent) 0.1%

Rental Vacancy Rates 4.6%

North Highlands is a census-designated place, comprised of 8.8 square miles, in Sacramento County.

North Highlands has a population of 47,215 – a figure projected to grow nearly 4% by the year 2022.

The most prominent industries in North Highlands are: retail trade (16% of total industry), construction

(16%), transportation & warehousing (10%), and manufacturing (9%). The community is home to the

Aerospace Museum of California and the Twin Rivers

Adult School – the latter of which has proudly served thousands of community members for decades. Within the general vicinity of North Highlands lies McClellan

Park – a master-planned commercial development and former home of the McClellan Air Force Base. Today, the business park consists of more than 16 million square feet of office and industrial space, and employs over 230 tenants, with an estimated 15,000 visitors per day. Currently, there are no commercial or residential development projects in North Highlands that are under construction, and the last significant commercial delivery was in 2014, when a 118,000 square foot Walmart

Supercenter opened its doors to local residents.

NORTH HIGHLANDS

Community Profile Information

POPULATION

Population 2017 97,673

HOUSING STATISTICS

Total Number of Housing Units 44,763

Number of Single-Family Units 21,052

Percentage of Single-Family Units 47%

Number of Single-Family Units Occupied 20,462

Percentage of Single-Family Units Occupied 97%

Number of Multi-Family Units 23,711

Percentage of Multi-Family Units 53%

Number of Multi-Family Units Occupied 21,980

Percentage of Multi-Family Units Occupied 93%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,697

Rental Rates (% of people with < $500 rent) 1.2%

Rental Rates (% of people with > $3,000 rent) 14.9%

Rental Vacancy Rates 7.3%

Arden-Arcade is a census-designated place, comprised of 17.9 square miles, in Sacramento County. The community lies east of the City of Sacramento, and west of the community of Carmichael. Arden-Arcade has a population of 97,763. The most prominent industries in the Arden-Arcade area are: construction (14% of total industry), retail trade (12%), health care & social assistance (9%), and professional, scientific, & technical services (8%). The community is a major shopping area for the Sacramento region, including region-wide destinations such as the Arden Fair Mall and the Country Club Plaza. Arden-Arcade is home to a spectrum of housing options, ranging from million-dollar homes along the American River; to some of the most affluent neighborhoods in the County, such as Arden Park, Sierra Oaks, Wilhaggin, Sierra Oaks Visa, and Arden Oaks;

to dense pockets of affordable housing throughout the community. The multifamily sector has consistently experienced strong demand, in-turn spurring waves of residential development. Currently, a local developer has proposed the Arden Gateway project – a massive, 737-unit apartment project next door to Arden Fair Mall. If completed, Arden Gateway would become one of the largest multifamily residential properties in the Sacramento region.

ARDEN-ARCADE

Community Profile Information

POPULATION

Population 2017 64,140

HOUSING STATISTICS

Total Number of Housing Units 27,031

Number of Single-Family Units 15,449

Percentage of Single-Family Units 57%

Number of Single-Family Units Occupied 15,279

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 11,582

Percentage of Multi-Family Units 43%

Number of Multi-Family Units Occupied 10,643

Percentage of Multi-Family Units Occupied 92%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,841

Rental Rates (% of people with < $500 rent) 1.1%

Rental Rates (% of people with > $3,000 rent) 12.0%

Rental Vacancy Rates 8.7%

Carmichael is a census-designated place, comprised of

13.8 square miles, that lies as a suburb of the Greater

Sacramento metropolitan area. Carmichael has a population of 64,140. The most prominent industries in Carmichael are: retail trade (12% of total industry), construction (9%), health care and social assistance

(9%), and transportation & warehousing (8%). The community is well-positioned near some of the

Sacramento’s largest educational institutions, including

American River Colleges (2 miles away), California State

University-Sacramento (8 miles away), and Folsom

Lake College (11 miles away). Carmichael is also home to Jesuit High School – a all-male Catholic preparatory high school that draws students from around the region. Carmichael also benefits from close proximity to the American River and is home to recreational attractions such as the American River Bike Trail, the

Jensen Botanical Gardens, and Ancil Hoffman Park. The community enjoys a relatively healthy home ownership rate of 54.9%. Currently, there are no commercial or residential development projects in Carmichael that are under construction.

CARMICHAEL

Community Profile Information

POPULATION

Population 2017 35,364

HOUSING STATISTICS

Total Number of Housing Units 13,623

Number of Single-Family Units 11,012

Percentage of Single-Family Units 81%

Number of Single-Family Units Occupied 10,758

Percentage of Single-Family Units Occupied 98%

Number of Multi-Family Units 2,611

Percentage of Multi-Family Units 19%

Number of Multi-Family Units Occupied 2,483

Percentage of Multi-Family Units Occupied 95%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,817

Rental Rates (% of people with < $500 rent) 0.5%

Rental Rates (% of people with > $3,000 rent) 0.9%

Rental Vacancy Rates 4.9%

Orangevale is a census-designated place, comprised of 11.6 square miles, and a part of the Sacramento

– Arden-Arcade–Roseville Metropolitan Statistical

Area. Orangevale has a population of 35,364. The community is known for its rolling hills and partially rural environment, as some residential properties as zoned to accommodate horses and orchards. The most prominent industries in Orangevale are: construction (18% of total industry), manufacturing (13%), retail trade (12%), professional, scientific, and technical services (7%), and public administration (6%). Orangevale stands out as a community with strong home ownership, as 71.7% of the population resides under the roof of a home, as opposed to multifamily units. Currently, there are no commercial or residential development projects in North

Highlands that are under construction.

ORANGEVALE

Community Profile Information

POPULATION

Population 2017 15,057

HOUSING STATISTICS

Total Number of Housing Units 5,021

Number of Single-Family Units 4,564

Percentage of Single-Family Units 91%

Number of Single-Family Units Occupied 4,454

Percentage of Single-Family Units Occupied 98%

Number of Multi-Family Units 457

Percentage of Multi-Family Units 9%

Number of Multi-Family Units Occupied 442

Percentage of Multi-Family Units Occupied 97%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,604

Rental Rates (% of people with < $500 rent) 3.3%

Rental Rates (% of people with > $3,000 rent) 0.0%

Rental Vacancy Rates 3.1%

Rio Linda is a census-designated place, comprised of

9.9 square miles, in Sacramento County. Consisting of the 325-acre Gibson Ranch Park, and the 10-mile long Sacramento Northern Bike Trail, Rio Linda has in large part, preserved in historical nature and wildlife.

With a population of 15,057, Rio Linda is relatively sparse community, with several long-time residents, yet between 200 and 2010, Rio Linda’s population grew over 44%. The most prominent industries in Rio Linda are: construction (20% of total industry), transportation and warehousing (12%), public administration (10%), and retail trade (10). Sitting at 74.7%, Rio Linda enjoys one of the highest home ownership rates in the County.

Currently, there are no commercial or residential development projects in North Highlands that are under construction.

RIO LINDA

Community Profile Information

POPULATION

Population 2017 5,467

HOUSING STATISTICS

Total Number of Housing Units 1,874

Number of Single-Family Units 1,777

Percentage of Single-Family Units 95%

Number of Single-Family Units Occupied 1,766

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 97

Percentage of Multi-Family Units 5%

Number of Multi-Family Units Occupied 90

Percentage of Multi-Family Units Occupied 93%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,654

Rental Rates (% of people with < $500 rent) 6.1%

Rental Rates (% of people with > $3,000 rent) 1.6%

Rental Vacancy Rates 6.8%

Elverta is a census-designated place, comprised of

8.8 square miles, within the Sacramento metropolitan area. With a population of 5,467, Elverta is one the most sparsely populated communities in all of Sacramento

County. The community has just two street lights, is very flat, and contains no major bodies of water. Although

Elverta is home to Elverta Elementary School and Alpha

Technology Middle School, the community does contain a high school. The most prominent industries in Elverta are: construction (25% of total industry), retail trade

(13%), education services (7%), and other services, except public administration (7%). In May 2017, Silverado Homes acquired 229 residential lots for the development of Elverta Park – a single-family residential community essentially on the border of Elverta and

Antelope. Sitting at 77.1%, Elverta enjoys the highest home ownership rate amongst communities surveyed and located in the Sacramento County.

ELVERTA

Community Profile Information

POPULATION

Population 2017 23,265

HOUSING STATISTICS

Total Number of Housing Units 8,972

Number of Single-Family Units 6,218

Percentage of Single-Family Units 69%

Number of Single-Family Units Occupied 6,218

Percentage of Single-Family Units Occupied 100%

Number of Multi-Family Units 2,754

Percentage of Multi-Family Units 31%

Number of Multi-Family Units Occupied 2,591

Percentage of Multi-Family Units Occupied 94%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,622

Rental Rates (% of people with < $500 rent) 4.3%

Rental Rates (% of people with > $3,000 rent) 0.6%

Rental Vacancy Rates 5.9%

Rosemont is a census-designated place, comprised of

4.3 square miles, that lies within the Sacramento– Arden-

Arcade –Roseville metropolitan area. The community has a population of 23,265 – a figure that has remained fairly stagnant over the last two decades. The most prominent industries in Rosemont are: public administration (13% of total industry), construction (11%), administrative, support and waste management services (9%), and retail trade (8%). The community is well-located near public transit, as the Sacramento Regional Transit’s light rail system runs parallel to Folsom Boulevard – Rosemont’s northern boundary. The community enjoys a relatively healthy home ownership rate of 56.4%. Currently, there are no commercial or residential development projects in

Rosemont that are under construction.

ROSEMONT

Community Profile Information

POPULATION

Population 2017 143,712

HOUSING STATISTICS

Total Number of Housing Units 47,623

Number of Single-Family Units 32,050

Percentage of Single-Family Units 67%

Number of Single-Family Units Occupied 31,744

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 15,573

Percentage of Multi-Family Units 33%

Number of Multi-Family Units Occupied 14,887

Percentage of Multi-Family Units Occupied 96%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $1,496

Rental Rates (% of people with < $500 rent) 6.0%

Rental Rates (% of people with > $3,000 rent) 0.8%

Rental Vacancy Rates 4.6%

South Sacramento is a large community and former census-designated place (CDP) in Sacramento County.

The community shares three boundaries with the City of Sacramento. The urban sprawl of South Sacramento began with the routing of former U.S. Route 99 (now Stockton Boulevard) through the area. During the 1940s, steady growth of residential areas was occurring in neighboring areas of South Sacramento. During the 1950s additional shopping centers were developed on or near Stockton Boulevard and Florin Road, and new residential areas developed in the nearby Lindale and Florin areas. Rapid growth occurred in the early 1960s as the Florin Mall was built in South Sacramento as well as additions to the Lindale area, tapering off in the late ‘60s to early ‘70s. The community contains seven different Master Plans for growth including the Vineyard Springs Comprehensive Plan, North Vineyard Station Specific Plan, Florin-Vineyard Gap Community Plan, NewBridge Master Plan, Jackson Township Master Plan, West Jackson Highway Master Plan, and the Mather South Master Plan. These master plans for growth will add well over 50,000 new residential units. South Sacramento is now also home to the large, new Delta Shores shopping center that will reach over one million SF of retail space that will also contain up to 5,000 new residential units.

SOUTH

SACRAMENTO

Community Profile Information

POPULATION

Population 2017 74,210

HOUSING STATISTICS

Total Number of Housing Units 26,033

Number of Single-Family Units 15,158

Percentage of Single-Family Units 58%

Number of Single-Family Units Occupied 14,993

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 10,875

Percentage of Multi-Family Units 42%

Number of Multi-Family Units Occupied 10,512

Percentage of Multi-Family Units Occupied 97%

Total Building Permits 416

Single-Family Permits 217

Multi-Family Permits 199

RENTAL STATISTICS

Rental Rates (Median) $1,749

Rental Rates (% of people with < $500 rent) 3.8%

Rental Rates (% of people with > $3,000 rent) 0.2%

Rental Vacancy Rates 3.4%

Rancho Cordova officially incorporated in 2003 becoming the 478th city in the State of CA. Located in the eastern part of Sacramento County, Rancho

Cordova is a community with a rich history including the first 12 miles of railroad in California, a thriving military base in its time (Mather), and the home of a successful aerospace company (Aerojet). This city has some major residential development plans in the works currently that are already approved and under construction: the Rio Del Oro specific plan (12,189 units), the Sunridge Specific Plan (9 separate plans totaling

3,977 units), the Suncreek specific plan (4,893 units), and the Westborough specific plan (3,898 units). These specific plans and areas designated for growth will add nearly 25,000 new residential units to the area. Rancho

Cordova is an expanding city that provides reasonably median-priced housing to a large employment force within the county of Sacramento and the region as a whole. The area offers a host of recreational activities for its citizens including a vast network of parks, the

American River, and also a diverse mix of retail and restaurants.

RANCHO CORDOVA

Community Profile Information

POPULATION

Population 2017 78,447

HOUSING STATISTICS

Total Number of Housing Units 27,364

Number of Single-Family Units 19,853

Percentage of Single-Family Units 73%

Number of Single-Family Units Occupied 19,714

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 7,511

Percentage of Multi-Family Units 27%

Number of Multi-Family Units Occupied 7,250

Percentage of Multi-Family Units Occupied 97%

Total Building Permits 170

Single-Family Permits 101

Multi-Family Permits 69

RENTAL STATISTICS

Rental Rates (Median) $2,241

Rental Rates (% of people with < $500 rent) 1.8%

Rental Rates (% of people with > $3,000 rent) 2.0%

Rental Vacancy Rates 3.5%

A community once known for its prison and lake has become much more than that in 2018. It is now an affluent, premier suburban submarket of the Sacramento region and much more such as a shopper’s and outdoor man’s paradise. Folsom is a bustling area with nearly 80,000 residents. It also features one of the top employers in the Sacramento region in Intel with about 6,300 total employees. The community features nearly 32 miles of bike trails that run along the American

River and also Lake Natoma. Folsom has a new, major residential development approved and currently under construction in the Folsom Plan Area Specific Plan

(FPASP). This plan contains nearly 3,513 acres along the southern edge of the city and will contain over 11,000 new residential units, 2.8 million square feet of office and commercial uses, three new public schools, two fire stations, a police station, four parks, and over 1,000 acres of preserved open space. Over half of these new units will be single family homes with the remainder being a mix of multifamily densities.

FOLSOM

Community Profile Information

POPULATION

Population 2017 172,116

HOUSING STATISTICS

Total Number of Housing Units 52,541

Number of Single-Family Units 45,309

Percentage of Single-Family Units 86%

Number of Single-Family Units Occupied 45,083

Percentage of Single-Family Units Occupied 100%

Number of Multi-Family Units 7,232

Percentage of Multi-Family Units 14%

Number of Multi-Family Units Occupied 7,043

Percentage of Multi-Family Units Occupied 97%

Total Building Permits 138

Single-Family Permits 138

Multi-Family Permits 0

RENTAL STATISTICS

Rental Rates (Median) $1,973

Rental Rates (% of people with < $500 rent) 2.3%

Rental Rates (% of people with > $3,000 rent) 0.8%

Rental Vacancy Rates 2.6%

Over the last 30 years Elk Grove has been one of the region’s fastest growing cities. Since 2000, when there were only 81,000 residents, the city’s population has more than doubled. Elk Grove is an affluent community of mostly new homes and newer shopping centers.

Median annual household income tops over $95,000 and the average home price is over $415,000. Population growth and residential development were accompanied by a dramatic increase in commercial construction as well. Elk Grove is commonly thought of as just a commuter community, however the community now contains more than 3,000 businesses and employment within the city totals over 30,000 people. Elk Grove

Unified school district is the fifth largest school district in California and one of the fastest growing in the nation.

With over 5,000 employees, the district also ranks as Elk

Grove’s largest employer. Elk Grove also features large employers such as Apple, Kaiser, Methodist Hospital, AllData, and Cosumnes River College. The Elk Grove auto mall is the newest auto mall in the region and is still growing in dealers and space. Towards the southern edge of the city, a new casino and hotel is being planned near Grant Line Road & Highway 99.

ELK GROVE

Community Profile Information

POPULATION

Population 2017 87,731

HOUSING STATISTICS

Total Number of Housing Units 35,285

Number of Single-Family Units 20,053

Percentage of Single-Family Units 57%

Number of Single-Family Units Occupied 19,892

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 15,232

Percentage of Multi-Family Units 43%

Number of Multi-Family Units Occupied 14,759

Percentage of Multi-Family Units Occupied 97%

Total Building Permits 5

Single-Family Permits 5

Multi-Family Permits 0

RENTAL STATISTICS

Rental Rates (Median) $1,649

Rental Rates (% of people with < $500 rent) 0.6%

Rental Rates (% of people with > $3,000 rent) 1.7%

Rental Vacancy Rates 3.1%

The City of Citrus Heights officially incorporated on January 1, 1997. Although Citrus Heights is a relatively new city, the community has a rich history dating back to the 1800s. Located in the heart of California’s capital region, Citrus Heights is an established community with an estimated population of over 87,000. Citrus Heights is situated in northern Sacramento County and shares borders with Roseville (north), Orangevale (east), Fair Oaks (south) and Antelope/Foothill Farms (west). The community offers a business-friendly environment with a solid base of small businesses, retail chains and food service establishments. With an ongoing commitment to providing high-quality, economical, responsive services to the local community, Citrus Heights is well-positioned for future economic development and redevelopment opportunities. Despite its urban proximity, Citrus Heights maintains a small-town feel, providing a strong sense of community and belonging for residents.

Residents demonstrate great pride in Citrus Heights and the community regularly gathers for celebrations and events. Citrus Heights is home to a bustling retail and service industry. The Sunrise Market Place, home to over 600 businesses, is the center of the city’s business activity, offering a wide variety of retail, dining, and service establishments.

CITRUS HEIGHTS

Community Profile Information

POPULATION

Population 2017 137,213

HOUSING STATISTICS

Total Number of Housing Units 49,474

Number of Single-Family Units 36,333

Percentage of Single-Family Units 73%

Number of Single-Family Units Occupied 35,972

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 13,141

Percentage of Multi-Family Units 27%

Number of Multi-Family Units Occupied 12,378

Percentage of Multi-Family Units Occupied 94%

Total Building Permits 289

Single-Family Permits 289

Multi-Family Permits 0

RENTAL STATISTICS

Rental Rates (Median) $2,110

Rental Rates (% of people with < $500 rent) 0.6%

Rental Rates (% of people with > $3,000 rent) 13.9%

Rental Vacancy Rates 5.8%

Roseville is the most populous city in Placer County, California, and has a total area of 42.6 square miles.

Roseville is home to many businesses across various industries. A few of Roseville’s top employers are Kaiser

Permanente, Sutter Roseville Medical Center, Roseville

Joint Union High School District, Adventist Health, the

City of Roseville, and LB Construction. Additionally, several prominent retail centers, including one of the largest auto malls in the country – the Westfield

Galleria at Roseville – play a vital role in the economy of

Roseville, which has the thirteenth highest retail sales of all California cities. Currently, the City has focused its attention on the expansion & development of West

Roseville. The West Roseville Specific Plan is an active development project, and includes 3,162 acres west of Fiddyment Road, generally north of Pleasant Grove

Boulevard. The plan area was annexed into the City of Roseville from unincorporated Placer County, and includes 8,792 single and multi-family units, including approximately 704 age-restricted units, 57 acres of

Commercial, 109 acres of Industrial, 255 acres of Park, 705 acres of Open Space, and 108 acres of Schools. At build-out, the plan area is expected to accommodate approximately 22,332 residents and provide 3,726 jobs.

ROSEVILLE

Community Profile Information

POPULATION

Population 2017 66,830

HOUSING STATISTICS

Total Number of Housing Units 22,521

Number of Single-Family Units 16,074

Percentage of Single-Family Units 71%

Number of Single-Family Units Occupied 15,915

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 6,447

Percentage of Multi-Family Units 29%

Number of Multi-Family Units Occupied 6,150

Percentage of Multi-Family Units Occupied 95%

Total Building Permits 240

Single-Family Permits 240

Multi-Family Permits 0

RENTAL STATISTICS

Rental Rates (Median) $2,213

Rental Rates (% of people with < $500 rent) 5.1%

Rental Rates (% of people with > $3,000 rent) 3.6%

Rental Vacancy Rates 4.6%

Located in South Placer County at the intersection of

Interstate 80 and Highway 65, Rocklin is characterized by rolling hill terrain with 360-degree panoramic views of the Sierra Nevada Mountains to the northeast and to the Sutter-Butte mountain range in the West. Rocklin is a preferred location to live, work, visit, and grow business because of its convenient location, excellent schools and universities, abundant recreational opportunities, and the highest commitment to public safety. Rocklin is located in proximity to many tourist locations and recreational amenities. It is within 20 minutes of Folsom

Lake, 30 minutes of downtown and Old Sacramento, and less than 2 hours from Lake Tahoe, the Pacific

Ocean, and the Bay Area. Rocklin has been one of the fastest growing cities in California. The City’s population grew 65% from 2000-2014 with a current population of approximately 66,830. In August 2008, Family Circle magazine named Rocklin one of the “10 Best Towns” for families in America (it was the only California city on the list). The City’s strongest assets are its residents, and citizen input and participation set Rocklin apart.

ROCKLIN

Community Profile Information

POPULATION

Population 2017 22,999

HOUSING STATISTICS

Total Number of Housing Units 8,158

Number of Single-Family Units 7,538

Percentage of Single-Family Units 92%

Number of Single-Family Units Occupied 7,462

Percentage of Single-Family Units Occupied 99%

Number of Multi-Family Units 620

Percentage of Multi-Family Units 8%

Number of Multi-Family Units Occupied 607

Percentage of Multi-Family Units Occupied 98%

Total Building Permits N/A

Single-Family Permits N/A

Multi-Family Permits N/A

RENTAL STATISTICS

Rental Rates (Median) $3,156

Rental Rates (% of people with < $500 rent) 0.0%

Rental Rates (% of people with > $3,000 rent) 15.3%

Rental Vacancy Rates 2.0%

Granite Bay is a primarily residential suburb of

Sacramento located just east of Roseville and west of

Folsom Lake. The current population is nearly 23,000 with over 92% of those citizens living in single-family homes. The community boasts of a very high quality of life due to its great location, sound community plan, first rate schools, numerous churches, a low crime rate and excellent recreation opportunities. The community is home to some of the Sacramento area’s finest and most exclusive homes. The community was officially recognized as “Granite Bay” in 1987. The entire area of the community sits on a foundation of granodiorite from the Cretaceous age. The average home sales price in 2017 in Granite Bay was over $853,000, while the median homeowner income was over $127,000. The median homeowner age was over 45 years old, which is the highest in the entire Sacramento region by over three years. There’s no shortage of recreational activities in Granite Bay including equestrian centers, golf clubs, tennis courts, parks, and other outdoor activities.

Granite Bay is one of the state’s highest performing districts for standardized test scores and home to the highly-acclaimed Eureka School District and Granite Bay

High School.

GRANITE BAY

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 780

2004 1,095

2005 1,032

2006 580

2007 482

2008 937

2009 775

2010 761

2011 831

2012 816

2013 650

2014 581

2015 705

2016 711

2017 630

Average: 758

Out of the sixteen communities surveyed, Antelope has the third lowest overall median age (both renters & homeowners), at

32.1 years. Additionally, Antelope experiences the eight highest median income – $78,008 – amongst its homeowner population, which translates to a 23.9% median housing cost, as a percentage of homeowner median income. Tied for the fourth highest percentage (23.9%) amongst the sixteen communities surveyed, the data suggests that the income generated by

Antelope residents is relatively low in relation to the home values in Antelope. Moreover, nearly 70.0% of Antelope’s homeowners are between the years of 35 to 64 years of age, 14.5% are between 15 and 34 years and 15.5% are 65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 32.1

Age (15 to 34 years) 14.5%

Age (35 to 64 years) 69.9%

Age (65 and greater) 15.5%

Homeowner Income (Median) $78,008

Homeowner Household Size 3.28

Median Housing Cost as a % of Income (Median) 23.9%

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 461

2004 549

2005 547

2006 335

2007 209

2008 694

2009 612

2010 478

2011 495

2012 479

2013 393

2014 391

2015 412

2016 418

2017 449

Average: 461

Out of the sixteen communities surveyed, North Highlands is tied for the lowest overall median age (both renters & homeowners), at 31.7 years. Additionally, North Highlands experiences the second lowest median income – $52,588 – amongst its homeowner population, which translates to a 22.9% median housing cost, as a percentage of homeowner median income. As the sixth highest percentage (21.6%) amongst the sixteen communities surveyed, this percentage suggests that the income generated by North Highlands residents is relatively average in relation to the home values in North Highlands.

Moreover, 54.3% of North Highlands’s homeowners are between the years of 35 to 64 years of age, 11.7% are between

15 and 34 years and 34.0% are 65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 31.7

Age (15 to 34 years) 11.7%

Age (35 to 64 years) 54.3%

Age (65 and greater) 34.0%

Homeowner Income (Median) $52,588

Homeowner Household Size 2.90

Median Housing Cost as a % of Income (Median) 22.9%

NORTH HIGHLANDS

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 1,212

2004 1,344

2005 1,124

2006 805

2007 680

2008 773

2009 828

2010 812

2011 977

2012 1,226

2013 1,157

2014 1,069

2015 1,186

2016 1,224

2017 1,273

Average: 1,046

Out of the sixteen communities surveyed, Arden-Arcade has the eighth highest overall median age (both renters & homeowners), at 37.8 years. Additionally, Arden-Arcade has the eighth highest median income – $83,952 – amongst its homeowner population, which translates to a 19.8% median housing cost, as a percentage of homeowner median income. As the lowest percentage (19.8%) amongst the sixteen communities surveyed, this percentage suggests that the income generated by Arden-

Arcade residents is very healthy in relation to the home values in

Arden-Arcade. Moreover, 58.0% of Arden-Arcade’s homeowners are between the years of 35 to 64 years of age, 5.7% are between 15 and 34 years and 36.1% are 65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 37.8

Age (15 to 34 years) 5.7%

Age (35 to 64 years) 58.0%

Age (65 and greater) 36.1%

Homeowner Income (Median) $83,952

Homeowner Household Size 2.35

Median Housing Cost as a % of Income (Median) 19.8%

ARDEN-ARCADE

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 729

2004 829

2005 719

2006 547

2007 424

2008 489

2009 519

2010 600

2011 701

2012 790

2013 786

2014 743

2015 829

2016 806

2017 764

Average: 685

Out of the sixteen communities surveyed, Carmichael has the second highest overall median age (both renters & homeowners), at 42.6 years. Additionally, Carmichael has the sixth highest median income – $85,413 – amongst its homeowner population, which translates to a 20.6% median housing cost, as a percentage of homeowner median income. As the second lowest percentage

(20.6%) amongst the sixteen communities surveyed, this percentage suggests that the income generated by Carmichael residents is very healthy in relation to the home values in Roseville.

Moreover, nearly 55.0% of the Carmichael’s homeowners are between the years of 35 to 64 years of age, 7.3% are between 15 and 34 years and 37.7% are 65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 42.6

Age (15 to 34 years) 7.3%

Age (35 to 64 years) 55.0%

Age (65 and greater) 37.7%

Homeowner Income (Median) $85,413

Homeowner Household Size 2.39

Median Housing Cost as a % of Income (Median) 20.6%

CARMICHAEL

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 495

2004 562

2005 489

2006 356

2007 254

2008 365

2009 414

2010 428

2011 496

2012 522

2013 529

2014 473

2015 524

2016 473

2017 517

Average: 460

Out of the sixteen communities surveyed, Orangevale has the third highest overall median age (both renters & homeowners), at 41.3 years. Additionally, Orangevale has the seventh highest median income – $84,778 – amongst its homeowner population, which translates to a 21.5% median housing cost, as a percentage of homeowner median income. As the fourth lowest percentage (21.5%) amongst the sixteen communities surveyed, this percentage suggests that the income generated by Orangevale residents is relatively healthy in relation to the home values in Orangevale. Moreover, 60.5% of Orangevale’s homeowners are between the years of 35 to 64 years of age, 8.8% are between 15 and 34 years and 28.9% are 65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 41.3

Age (15 to 34 years) 8.8%

Age (35 to 64 years) 60.5%

Age (65 and greater) 28.9%

Homeowner Income (Median) $84,778

Homeowner Household Size 2.71

Median Housing Cost as a % of Income (Median) 21.5%

ORANGEVALE

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 239

2004 251

2005 253

2006 194

2007 122

2008 241

2009 292

2010 230

2011 248

2012 232

2013 206

2014 181

2015 170

2016 203

2017 213

Average: 218

Out of the sixteen communities surveyed, Rio Linda has the seventh highest overall median age (both renters & homeowners), at 38.3 years. Additionally, Rio Linda has the fourth lowest median income – $62,617 – amongst its homeowner population, which translates to a 23.9% median housing cost, as a percentage of homeowner median income.

Tied for the fourth highest percentage (23.9%) amongst the sixteen communities surveyed, this percentage suggests that the income generated by Rio Linda residents is relatively low in relation to the home values in Rio Linda. Moreover, 65.5% of Rio

Linda’s homeowners are between the years of 35 to 64 years of age, 9.8% are between 15 and 34 years and nearly 24.5% are

65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 38.3

Age (15 to 34 years) 9.8%

Age (35 to 64 years) 65.5%

Age (65 and greater) 24.5%

Homeowner Income (Median) $62,617

Homeowner Household Size 3.12

Median Housing Cost as a % of Income (Median) 23.9%

RIO LINDA

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 75

2004 68

2005 76

2006 64

2007 31

2008 78

2009 66

2010 74

2011 96

2012 91

2013 78

2014 59

2015 71

2016 76

2017 70

Average: 72

Out of the sixteen communities surveyed, Elverta has the fifth highest overall median age (both renters & homeowners), at

39.6 years. Additionally, Elverta has the third lowest median income – $60,990 – amongst its homeowner population, which translates to a 26.2% median housing cost, as a percentage of homeowner median income. As the highest percentage (26.2%) amongst the sixteen communities surveyed, this percentage suggests that the income generated by Elverta residents is very low in relation to the home values in Elverta. Moreover, nearly

59.1% of the Elverta’s homeowners are between the years of

35 to 64 years of age, 10.9% are between 15 and 34 years and nearly 29.8% are 65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 39.6

Age (15 to 34 years) 10.9%

Age (35 to 64 years) 59.1%

Age (65 and greater) 29.8%

Homeowner Income (Median) $60,990

Homeowner Household Size 2.88

Median Housing Cost as a % of Income (Median) 26.2%

ELVERTA

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 891

2004 1,044

2005 845

2006 580

2007 410

2008 666

2009 671

2010 662

2011 798

2012 823

2013 653

2014 642

2015 810

2016 772

2017 786

Average: 737

Out of the sixteen communities surveyed, Rosemont has the fifth lowest overall median age (both renters & homeowners), at 35.2 years. Additionally, Rosemont has the seventh lowest median income – $73,433 – amongst its homeowner population, which translates to a 22.1% median housing cost, as a percentage of homeowner median income. As the sixth lowest percentage (22.1%) amongst the sixteen communities surveyed, this percentage suggests that the income generated by Rosemont residents is relatively average in relation to the home values in Rosemont. Moreover, 61.8% of Rosemont’s homeowners are between the years of 35 to 64 years of age, 11.5% are between 15 and 34 years and nearly 26.5% are 65 years or greater.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 35.2

Age (15 to 34 years) 11.5%

Age (35 to 64 years) 61.8%

Age (65 and greater) 26.5%

Homeowner Income (Median) $73,433

Homeowner Household Size 2.71

Median Housing Cost as a % of Income (Median) 22.1%

ROSEMONT

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 Not Available

2003 2,035

2004 2,400

2005 2,221

2006 1,256

2007 743

2008 2,564

2009 2,755

2010 1,975

2011 1,821

2012 1,875

2013 1,619

2014 1,423

2015 1,486

2016 1,553

2017 1,608

Average: 1,822

Out of the sixteen communities surveyed, South Sacramento is tied for the youngest Homeowner median age at 31.7 years

(North Highlands being the other). Probably not coincidently, South Sacramento also has the lowest median Homeowner income of all the communities surveyed at $54,165. Typically the younger the population, the lower the income will be.

Alternatively, the median housing cost as a percentage of income is pretty high, in comparison to the other communities, at 24.2%. This statistic commonly indicates a gap in homeownership meaning that the renter pool will be larger than the homeowner pool and in South Sacramento that is true with over 56% of its citizens being renters and 44% as homeowners.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 31.7

Age (15 to 34 years) 11.8%

Age (35 to 64 years) 60.1%

Age (65 and greater) 28.2%

Homeowner Income (Median) $51,165

Homeowner Household Size 3.03

Median Housing Cost as a % of Income (Median) 24.2%

SOUTH

SACRAMENTO

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 580

2003 628

2004 768

2005 833

2006 628

2007 504

2008 637

2009 939

2010 988

2011 1,094

2012 1,124

2013 848

2014 786

2015 848

2016 903

2017 920

Average: 814

Rancho Cordova has the fourth youngest Homeowner median age at 34.5 years out of the sixteen communities surveyed.

Interestingly, Rancho Cordova also has the second highest subset of young homeowners (Age 15 to 34) at 14.3%. The median income for its homeowners is $72,479 which is 22.8% of the median housing cost. Existing home sales from 2002 to 2008 averaged 654 sales, while from 2009 to 2017 they averaged 939 sales. This statistic should show that the demand has improved dramatically in this community, most likely due to an improved infrastructure, public safety, and housing affordability. This improvement in existing home sales is the greatest out of all the communities surveyed during those specific time periods.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 34.5

Age (15 to 34 years) 14.3%

Age (35 to 64 years) 58.7%

Age (65 and greater) 27.0%

Homeowner Income (Median) $72,479

Homeowner Household Size 2.83

Median Housing Cost as a % of Income (Median) 22.8%

RANCHO CORDOVA

Home Ownership Profile

EXISTING ANNUAL HOME SALES

YEAR ROSEVILLE

2002 1,117

2003 1,183

2004 1,324

2005 1,104

2006 846

2007 807

2008 764

2009 784

2010 790

2011 1,015

2012 904

2013 956

2014 901

2015 1,000

2016 971

2017 926

Average: 962

Folsom is known in the Sacramento region as one of the premier, affluent submarkets and the statistics back it up. The median homeowner age is 40.3 years and they make $118,932 per year in household income. Both of these figures are near the top of the sixteen communities surveyed and right behind

Granite Bay which has the oldest homeowner age at 45.7 years and a median income of $127,793. Folsom’s homeowner age is dominated by the 35 to 64 year old bracket at nearly 70%.

Interestingly, regarding housing costs, they are somewhat lower in comparison to the median income at only 20.7% meaning homes are affordable still in this community. Only Carmichael and Arden-Arcade have more affordable home prices.

HOME OWNERSHIP STATISTICS

Homeowner Age (Overall Median Age) 40.3

Age…