02/06/2024 - SpecialTuesday, February 6, 2024
9:00 AM
City of Clearwater
Main Library - Council Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
Main Library - Council Chambers
Council Work Session
Special Work Session
Special Housing Workshop
February 6, 2024Council Work Session Special Work Session
1. Call to Order
2. Presentations
Discuss key findings and trends from the Residential Inventory and
Housing Affordability Assessment conducted by SB Friedman; explore
unmet housing needs and priorities for advancing housing goals.
2. 1
3. Closing Comments by Mayor
4. Adjourn
Page 2 City of Clearwater Printed on 3/26/2024
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#24-0024
Agenda Date: 2/6/2024 Status: Agenda ReadyVersion: 1
File Type: Action ItemIn Control: Council Work Session
Agenda Number: 2. 1
SUBJECT/RECOMMENDATION:
Discuss key findings and trends from the Residential Inventory and Housing Affordability Assessment
conducted by SB Friedman; explore unmet housing needs and priorities for advancing housing goals.
SUMMARY:
SB Friedman, a leading consultant in the fields of market analysis and real estate economics,
development strategy and planning and public-private partnerships and implementation, will discuss the
findings of their Residential Inventory and Housing Affordability Assessment study.
This 3-hour workshop will cover the following:
•Define affordable and workforce housing and understand area median income
•Review key findings and trends from the Residential Inventory and Housing Affordability Assessment
•Discuss unmet housing needs and priorities for advancing housing goals in the city
The workshop will not provide a page-by-page review of the data within the study. Staff has provided a copy
of the study as a reference document.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
STRATEGIC PRIORITY:
Page 1 City of Clearwater Printed on 3/26/2024
January 2024
City of Clearwater
RESIDENTIAL INVENTORY AND HOUSING
AFFORDABILITY ASSESSMENT
TABLE OF CONTENTS
1.Executive Summary 3
2.Demographic & Socioeconomic Characteristics 11
3.Workforce & Employment Characteristics 21
4.Housing Overview 27
5.Single-Family Housing 38
6.Market-Rate Multifamily Rental Housing 47
7.Mobile Homes and Manufactured Housing 58
8.Senior and Age-Restricted Housing 70
9.Housing Affordability 74
Executive Summary
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Residential Inventory and Housing Affordability Assessment
Introduction
Housing and where we live influences all aspects of our lives, including
quality of life, health, access to opportunity, and economic mobility. Housing
is also the single greatest expenditure for nearly all households and is a
financial burden for many. Teachers, medical assistants, skilled laborers and
hospitality employees may no longer be able to afford to call Clearwater
home now.
In 2021, SB Friedman and HDR completed an initial Housing Affordability
Assessment as part of the Clearwater 2045 Comprehensive Plan (Clearwater
2045) planning process. In 2023, the City of Clearwater engaged SB
Friedman to prepare a Residential Inventory and Housing Affordability
Assessment (the “Housing Assessment”) with updated data to better
understand the housing-related challenges facing the community. The
Housing Assessment includes a data-driven analysis of existing conditions
and trends with an emphasis on post-pandemic trends since the initial study
was completed. Consistent with Clearwater 2045, this assessment utilizes
the defined Clearwater Planning Area boundary as the Study Area for
purposes of analysis.
This document summarizes the data gathered through the Housing
Assessment and outlines key housing-related challenges within the City of
Clearwater. The information is intended to serve as a resource to City
officials and staff as the community explores potential strategies to mitigate
housing-related challenges.Source: Zillow
4
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
This assessment utilizes Study Area and subarea boundaries that align with Clearwater 2045.
Defined Subareas
•The Housing Assessment utilizes Study Area and subarea boundaries
that align with Clearwater 2045 planning boundaries. The original 2021
analysis defined a Study Area boundary that encompasses the City of
Clearwater as well as portions of unincorporated Pinellas County (see
Figure 1). These 14 subareas were utilized to better understand how
housing characteristics vary across neighborhoods and track changes
since the previous study was completed.
•The Study Area and subareas were constructed to align with census
block groups delineated by the U.S. Census Bureau (Census). However,
due to data limitations, certain analyses were conducted based on
census tract-level data as opposed to block group-level data.[1] As census
tract boundaries do not align fully with the Study Area boundary (as
shown in Figure 1), census tract-level data analyzed at the subarea level
is used only to understand the general characteristics of the area.
FIGURE 1: SUBAREAS MAP
[1] All analyses that use census tract-level data are noted in footnotes.
Source: City of Clearwater, ESRI, SB Friedman
Gulf to Bay Blvd
Court St
Union St McMullen Booth RdDruid Rd
Curlew Rd
Sunset Pointe Rd
Drew St
Bellair Rd
Enterprise Rd
9
10
11
12
13
14
5
6
7
8
2
3
4
1
Census tracts (2021)
Subarea boundaries
5
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Housing Affordability & Cost Burden
Key Terms
Housing is considered affordable if a household spends no
more than 30% of its gross annual income on housing-
related costs.
•Housing-related costs vary between owner and renter
households and include all costs of occupancy and
ongoing maintenance. Key cost categories for owner
and renter households are outlined to the right.[1]
•Households that spend more than 30% of their gross
annual income on housing-related costs are
considered housing cost burdened.
•Cost-burdened households is a datapoint collected
and reported by the Census.
•Households at any income level can be housing cost
burdened if their housing-related costs exceed 30% of
their gross annual income.
30%
HOUSING-
RELATED
COSTS
OWNERS
30% includes:
•Monthly mortgage
payment
•Utility costs
•Property taxes
•Insurance
•Homeowner
association (HOA)
fees, if applicable
•Maintenance costs
RENTERS
30% includes:
•Rent•Utility costs
•Parking
•Storage
GROSS
INCOME
6
[1] Calculations for housing cost burden may vary depending on funding sources.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Area Median Income (AMI)
Key Terms
•Area Median Income (AMI) is the midpoint of a region’s income distribution –meaning that 50% of households earn higher incomes and 50% of households
earn lower incomes.[1] U.S. Department of Housing and Urban Development (HUD) uses AMI to identify specific income targets that define the income ranges
for various income groups, calculated as a percentage of AMI. Additionally, HUD defines income targets for household size within income groups. For instance,
a household would qualify as “Extremely Low Income” if they make up to 30% of AMI, or $21,960, for a family of three.
•AMI levels by household size for Pinellas County (the “County”), as published by the Florida Housing Finance Corporation (FHFC),are presented in Figure 2. In
2021, the County AMI for a 3-person household was $65,450. SB Friedman grouped AMI levels into three separate categories: Affordable (<60% AMI),
Workforce (60 -120% AMI) and Higher Income (greater than 120% AMI).
FIGURE 2. TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA (MSA) 2021 MAXIMUM INCOME LIMITS BY HOUSEHOLD SIZE[2]
Source: Florida Housing Finance Corporation, 2021
[1] Regions are defined by the US Department of Housing and Urban Development
[2] 2021 Income Limits used to align with 2021 ACS data for analysis.
30% AMI 60% AMI 80% AMI 100% AMI 120% AMI > 120% AMI
HH Size Extremely Low
Income
Very Low
Income
Low
Income
Median
Income
Moderate
Income
High
Income
1 $15,550 $31,000 $41,350 $50,900 $62,040 > $62,040
2 $17,750 $35,450 $47,250 $58,150 $70,920 > $70,920
2.30 = Pinellas County Average Household Size
3 $21,960 $39,850 $53,150 $65,450 $79,800 > $79,800
4 $26,500 $44,300 $59,050 $72,700 $88,560 > $88,560
5 $31,040 $47,850 $63,800 $78,500 $95,760 > $95,760
6 $35,580 $51,400 $68,500 $84,350 $102,840 > $102,840
Affordable Workforce
7
Higher Income
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The State of Housing in the Clearwater Study Area
Key Findings
8
In 2021, the Study Area was home to 146,500 residents and 63,490 households.
Over the past five years, population increased at an average rate of 1,550 new
residents per year. These increases have been driven by older and more affluent
residents, and most net migration is comprised of residents moving to the area
from other states. The Study Area has a strong residential and economic base,
with 23% of workers also residing within the Study Area. Housing within the
Study Area is primarily owner-occupied. The area contains a diverse mix of
housing typologies, encompassing single-family attached and detached,
multifamily, senior housing, and mobile homes and manufactured housing.
Preserving the existing diversity of housing, and identifying opportunities to
introduce missing middle housing typologies, can help provide more housing
solutions for an increasingly diverse range of housing needs.
In 2021, 29,829 households in the Study Area (46% of total households) were
considered cost-burdened, meaning that the household spends more than 30%
of its gross income on housing related costs. Across both renters and owners,
householders under the age of 24 or over the age of 65 are the most likely to be
housing cost-burdened, pointing to a need for additional housing in the Study
Area with a variety of typologies that is affordable to these and other
households. A more varied housing supply could begin to address the seven
unmet housing needs identified through the Housing Assessment.
FIGURE 3. STUDY AREA OCCUPIED HOUSING UNITS, 2021
Source: 2017-2021 ACS 5-Year Estimates
63%37%
Owner-Occupied Renter Occupied
44%6%6%13%24%7%
Single-Family, Detached Single-Family, Attached Multifamily (2-4 units)
Multifamily (5-19 units)Multifamily (20+ units)Mobile Homes and Other
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There is a demonstrated need for additional housing in Clearwater with a variety of price points and
typologies.
Key Findings: Unmet Housing Needs
9
3) HOUSING FOR LOWER-INCOME RENTERS
According to Census data, approximately 55% of renters in the Study Area are
housing cost burdened, meaning that the household spends more than 30% of its
gross income on housing-related costs. There is also a limited supply of legally
restricted affordable housing (LRAH) options in the Study Area, with limited new
development of LRAH units (only 14% of Study Area LRAH units were built since
2010). Between 2019 and 2023, the Study Area also lost both naturally occurring and
legally-restricted affordable rental housing. The observed levels of cost-burden in the
Study Area and the potential mismatch between housing demand and supply for
lower-income households demonstrates the need for additional housing units,
particularly for very-low-, low-, and moderate-income households.
4) OPTIONS FOR DOWNSIZING AND AGING IN PLACE
As the senior population continues to grow, providing a range of housing options will
become increasingly important. Residents aged 55 and over currently comprise 42%
of the total population. Between 2016 and 2021, the population of residents aged 50-
74 increased by 7,400 people. This increase is from both new residents moving to
Clearwater and existing households shifting into older age groups. Seniors in
Clearwater often choose to own their home but may prefer options to downsize, age
in place, and/or or live in age-restricted buildings.
1) ENTRY-LEVEL FOR-SALE HOMES
There is a limited supply of for-sale housing at lower price points. The 2023 average
sale price of a single-family detached home within the Study Area was $499,213, a
42% increase from 2018 (in 2023 dollars). Additionally, the supply of housing is
constrained with fewer units available on the market than historically. Therefore,
some lower- and moderate- income households, including entry-level homebuyers,
may occupy housing beyond what is considered affordable. Due to limited
restrictions on affordability, rising construction costs and limited programs available
to support workforce housing specifically, there may be fewer entry-level for-sale
homes available in the future.
2) INFILL RENTAL APARTMENTS
Recent and pipeline multifamily development in the Study Area is clustered along US-
19, Gulf to Bay Boulevard, along the bay, and in downtown. While increased density
along major corridors aligns with ongoing planning initiatives, newer projects in the
Study Area have primarily consisted of larger, single-use apartment buildings that are
not necessarily integrated into their surroundings. New multifamily development has
a 50% rent premium over units built prior to 2010. Given that few larger
redevelopment sites remain along Clearwater’s major corridors and that newer
multifamily product is typically luxury and caters to higher-income households, these
development patterns have local and regional implications for both urban design and
housing affordability. There is a need for additional rental housing, including missing
middle and/or accessory dwelling units (ADUs) which can be accommodated on
smaller sites and may be more affordable.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There is a demonstrated need for additional housing in Clearwater with a variety of price points and
typologies.
Key Findings: Unmet Housing Needs
10
7) RESIDENTS OF MOBILE AND MANUFACTURED HOUSING ARE AT A HIGH
RISK FOR DISPLACEMENT
Mobile homes and manufactured housing represent an important source of naturally
occurring affordable housing in the Study Area. As mobile home parks age, many
residents suffer from deteriorating buildings and site infrastructure. These
sometimes overcrowded and unsanitary conditions may present health and safety
concerns, especially for vulnerable populations. Approximately 84% of homes are in
mobile home parks owned by an outside entity (not the resident household),
increasing the risk of resident displacement if park owners raise rents, sell, or are
forced to close because of deteriorating conditions. Only 10% of homes are in
resident-owned communities.[1] Rather than invest in the additional infrastructure
required to continue operations, mobile home park owners may consider demolition
and redevelopment for alternate uses.
Approximately two-thirds of all mobile/manufactured housing units in the Study Area
are located outside the limits of the City of Clearwater, including nearly 40% of the
mobile home park units (in which residents are more susceptible to displacement).
The County and the City should consider replacement of affordable units, as well as
opportunities for enhanced partnership and resident cooperatives, when presented
with proposals for redevelopment.
5) PRESERVATION IS KEY TO SUPPORT OLDER EXISTING STOCK AND RETAIN
MISSING MIDDLE HOUSING THAT MAY BE NATURALLY OCCURING
AFFORDABLE HOUSING
The age and character of the overall housing stock is reflective of the City’s major
periods of growth (from 1960 to 1980). The median year built of Study Area housing is
1976. There are no new multifamily rental developments with fewer than 10 units
(“missing middle”) currently in the development pipeline, and all existing developments
of that size were built prior to 2010. Older and/or smaller buildings are typically more
affordable. However, housing structures typically need substantial reinvestment after
20 years. As structures approach or exceed this age, there is greater potential for
substandard housing conditions and/or greater need for investment. Given that single-
family development is relatively built out and single-family properties are currently
occupied by both owners and renters, efforts to support home and property
improvements in the near-term will be important in order to maintain the existing
housing stock and retain affordability in the long run.
6) WORKFORCE HOUSING
More than 56,000 people work in the Study Area and commute from elsewhere. The
average annual wage for workers in Clearwater’s top employment sectors is generally
less than $60,000, which limits available housing options in the Study Area. Housing
with a variety of price points and typologies could encourage Study Area workers who
work in the community to also live within the community. Housing costs have outpaced
income growth between 2016 – 2021. For example, rents grew by a 7.9% compound
annual growth rate (CAGR), while median household income grew by a CAGR of 1.7%.[1] The remaining 6% of homes are on individual parcels. See Mobile Homes and
Manufactured Housing section for more information.
Demographic & Socioeconomic
Characteristics
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
•The Study Area was home to 146,500 residents and 63,490 households in
2021. Population increased by 6% between 2016 -2021, reflecting the
addition of an average of 1,550 residents per year. As of 2021, the Study
Area population was approximately 29,900 greater than the population of
the City of Clearwater.
•Countywide growth projections show that the population of Pinellas
County is projected to grow by an additional 35,000 residents between 2020 and 2035, a 4% increase over the 2020 population.
•Between 2016 and 2021, the Study Area added an average of 820
households per year. Household size dipped slightly within the Study Area
and rose slightly within the County between 2016 and 2021 after increasing
between 2010 and 2016.
The Study Area population has been increasing gradually over the past 5 years.
Population and Household Growth
FIGURE 4. POPULATION, CLEARWATER AND STUDY AREA, 2016 & 2021
FIGURE 5. STUDY AREA POPULATION AND HOUSEHOLD GROWTH, 2016 -2021
Source: US Census 2010, 2012-2016 and 2017-2021 ACS 5-Year Estimates
138,800 146,500
111,700 116,600
2016 2021
Study Area Clearwater
138,800 146,500
59,380 63,490
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2016 2021
Population Households
AVERAGE HOUSEHOLD SIZE
Year:2010 2016 2021
Study Area 2.21 2.34 2.31
Pinellas County 2.20 2.28 2.32
12
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
An average of 35 net new people move to Pinellas County every day.
Population Migration
•The growing population of the Study Area and County is reflected in
County, inter-state, and international migration. Over the past 5 years
(2016-2020), there have been approximately 35 net new people to Pinellas
County and 144 net new people to the four-County Metropolitan Statistical
Area (MSA) every day.[1] The net migration reflects both residents moving
out of the area as well as new residents moving to the area.
•Most of the migration to the MSA is comprised of people moving from
other parts of the United States. Approximately 95 of the 144 net new
people are from states other than Florida (including Puerto Rico). An
additional 52 net people move from abroad. There is a small negative net
migration within Florida (-3 net people per day), meaning that fewer people
are moving to the MSA from other parts of Florida than are leaving the
MSA to move other places in Florida.
•These trends are similar within Pinellas County: the 35 net new people per
day is comprised of 31 from other states, 10 from abroad and negative 6
people within Florida.
Study
Area
Pinellas County
Hillsborough
County
Pasco
County
Hernando
County
ON AVERAGE,
35 NET NEW
PEOPLE MOVE TO
PINELLAS COUNTY DAILY
ON AVERAGE,
144 NET NEW
PEOPLE MOVE TO
THE MSA DAILY [1]
[1] Counties in the MSA include Pinellas, Hernando, Pasco, and Hillsborough Counties.
Source: 2016-2020 ACS 5-Year Estimates
13
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
52
(604)
2,046
1,255 1,359
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
Less than
$25,000
$25,000 -
$49,999
$50,000 -
$99,999
$100,000 -
$149,999
$150,000+(371)(24)
509
7,405
238
(1,000)
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Under 20 20-34 35-49 50-74 75+
The overall Study Area population increase between 2016 and 2021 was driven
primarily by a 7,405-person increase in empty nesters and young seniors ages
50 -74. During this period, the middle-aged population ages 35 -49 and
population of seniors ages 75+ both grew marginally (+509 and +238,
respectively), while population of children under age 20 decreased by 371.
14
The Study Area added approximately 7,760 people and 4,100 households between 2016 and 2021.
Population Characteristics
FIGURE 6. CHANGE IN POPULATION BY AGE, 2016-2021 FIGURE 7. CHANGE IN NUMBER OF HOUSEHOLDS BY INCOME, 2016-2021[1]
[1] Inflation-adjusted 2021 dollars.
Source: 2012-2016 and 2017-2021 ACS 5-Year Estimates
Between 2016 and 2021, the Study Area lost approximately 604 households
making between $25,000 -$49,999 per year. Gains were highest for households
making $50,000 -$99,999 (+2,046 households), with additional gains across all
other higher-income brackets. For context, the AMI in 2021 for a three-person
household was $65,450.
Children &
Young Adults Middle-Aged Empty Nesters &
Young Seniors SeniorsYoung
Professionals
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The median age in the Study Area is 48.8 years old. This is significantly higher
than the median age of both Florida (42.3) and the US (38.4).[1]The largest age
group in 2021 was empty nesters and young seniors (ages 50 -74), who
comprise 36% of the population. Through 2035, the fastest growth in population
countywide will be among people aged 75+ as Baby Boomers age.
15
Older residents (ages 50+) comprise almost 50% the Study Area population. Educational attainment is lower
than the County.
Population Characteristics
FIGURE 8. TOTAL POPULATION BY AGE, STUDY AREA (2021)FIGURE 9. EDUCATIONAL ATTAINMENT, POPULATION AGE 25 AND OVER (2021)
[1] Median household age for the Study Area is calculated as the average of all block group medians, which provides a
general indicator of the median rather than the actual median.
Source: 2017-2021 ACS 5-Year Estimates
Children & Young
Adults Middle-Aged Empty Nesters &
Young Seniors SeniorsYoung
Professionals
Compared to Pinellas County, the Study Area has a greater share of residents
whose highest educational attainment is less than a high school diploma.
Roughly 29% of Study Area residents have a high school diploma or equivalent
while approximately 10% of Study Area residents do not have a high school
degree.
4%
6%
29%
21%
9%
19%
12%
3%
5%
27%
21%
10%
22%
12%
Less than 9th Grade
Some high school, no diploma
High school diploma (or equivalency)
Some college
Associate's degree
Bachelor's degree
Master's degree or higher
County Study Area
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
<55-910-1415-1920-2425-2930-3435-3940-4445-4950-5455-5960-6465-6970-7475-7980-8485+MEDIAN AGE: 48.8
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The Study Area is becoming more racially diverse over time.
Population Characteristics
•While both the Study Area and County are predominantly White (not
Hispanic/Latino), the Study Area has a greater share of Hispanic/Latino
than the County.
•The Study Area is becoming more racially diverse. Within the Study Area,
population increases between 2016 and 2021 were greatest for
Hispanic/Latino and Black residents, with increases by approximately
3,050 and 3,250, respectively.The White (not Hispanic/Latino) population
decreased by approximately 300. Together, these trends reduced the
share of White residents in the Study Area by four percentage points,
from 73% in 2016 to 69% in 2021.
•The Study Area’s foreign-born population also increased between 2016
and 2021, growing by approximately 4,800 residents. The overall share of
foreign-born residents increased from 14% to 16% of the total
population.
FIGURE 10. STUDY AREA RACIAL COMPOSITION, 2016 & 2021
Source: 2017-2021 ACS 5-year estimates
[1] Includes: Native Hawaiian and Other Pacific Islander, American Indian
and Alaska Native, Some other race, and Two or more races
HISPANIC OR LATINO, 2021
BLACK RESIDENTS, 2021
15%
10%
STUDY AREA
10%
10%
PINELLAS COUNTY
POPULATION BORN IN A FOREIGN
COUNTRY, 202116%12%
69%
73%
15%
14%
10%
9%
3%
2%
3%
2%
2021
2016
White (not Hispanic or Latino)Hispanic or Latino (not White)Black Asian Other[1]
16
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
FIGURE 11. HOUSEHOLDS BY INCOME, 2021$
19%
22%
23%
24%
30%
29%
14%
14%
14%
11%
County
Study Area
Less than $25,000 $25,000 - $49,999 $50,000 - $99,999
$100,000 - $149,999 $150,000+
•In 2021, the median household income in the Study Area was $57,900, an
increase of approximately 9% since 2016[1]. Median household income
varies across and within different subareas.
•The County median income increased by 14% between 2016 and 2021,
surpassing the Study Area median income. The 2021 County median
income was $60,500, approximately $2,600 higher than the Study Area.
•Compared to Pinellas County, the Study Area has a greater concentration
of households making below $50,000, while the County has a higher share
of households in middle-income brackets ($50,000 -$100,000) and high-
income brackets (>$100,000).
17
The Study Area median household income increased by 9% between 2016-2021 to approximately $57,900.
Median Household Income
FIGURE 12. MEDIAN HOUSEHOLD INCOME, 2021$
[1] Income is presented in 2021 dollars. Median household income by tenure data is only available at the census tract level. Because census
tract boundaries do not fully align with the Study Area boundaries, median household income data is presented as a general indicator of the
Study Area trends rather than an exact amount. Median household income for the Study Area is calculated as the average of all block group
medians, which provides a general indicator of the median rather than the actual median.
Source: 2012-2016 and 2017-2021 ACS 5-Year Estimates
$57,900
$60,500
Median HH Income
$25K - $49K
$100K - $149K
$150K+
$50K - $99K
Less than $25K
9
10
11
12
13
14
5
6
7
8
2
3
4
1
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
•Median household income grew by a compound annual growth rate
(CAGR) of 1.7% in the Study Area and by 2.7% in the County between
2016 and 2021.
•Homeowners’ income growth outpaced renters’ income growth in the
Study Area, increasing at a CAGR of 2.2% between 2016 -2021, versus
0.9% for renters.
•Income increases were greater at the County level for both owners and
renters: owner-occupied households' incomes increased by a CAGR of
2.6% while renters’ incomes increased by a 2.7% CAGR.
18
Owners have higher incomes than renters, and their incomes increased at a faster rate between 2016-2021.
Median Household Income
FIGURE 14. MEDIAN HOUSEHOLD INCOME, 2016 -2021[1]
[1] Income Is presented in 2021 dollars. Median household income by tenure data is only available at the census tract level.
Because census tract boundaries do not fully align with the Study Area boundaries, this data is presented as a general
indicator of the Study Area trends rather than an exact amount.
Source: 2012-2016 and 2017-2021 ACS 5-Year Estimates
FIGURE 13. COMPOUND ANNUAL GROWTH RATE (CAGR), 2016 - 2021
Overall Median
Household Income Homeowners
1.7%2.2%STUDY AREA
PINELLAS COUNTY 2.7%2.6%
Renters
0.9%
2.7%
FIGURE 15. MEDIAN HOUSEHOLD INCOME BY HOUSING TENURE, 2016 - 2021[1]
Homeowners Renters
2011
2021
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Study Area County
2016 Change 2016-2021
2021 MHI
$57,900
2021 MHI:
$60,500
2021 MHI:
$70,765
2021 MHI:
$42,919
2021 MHI:
$72,330
2021 MHI:
$44,424
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Housing choice typically varies by age and life stage of the householder. In 2021, most younger Study Area residents were renters. Older residents have higher
rates of homeownership, with senior residents leading at a 79% homeownership rate. Because senior residents are driving overall population increases across the
Study Area, younger residents may face increasingly limited housing choices and paths to homeownership if the supply of housing remains constant.
19
Residents age 65+ are typically homeowners, while younger residents are more likely to rent.
Housing Choice
FIGURE 16. HOUSING CHOICE BY AGE
Housing choice by age data is only available at the census tract level. Because census tract
boundaries do not fully align with the Study Area boundaries, this data is presented as a general
indicator of the Study Area trends rather than an exact amount.
Source: 2017-2021 ACS 5-Year Estimates
29%
60%
79%
71%
40%
21%
15 to 34 35 to 64 65 +
Owner Renter
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Demographic and Socioeconomic Characteristics
Key Takeaways
20
•Between 2016-2021, population increased across the Study Area. The
increase is driven by empty nesters and wealthier residents, particularly
those aged 55 to 74 and those making between $50,000 -$100,000 per
year. Countywide, the population is projected to increase by 35,000
between 2020 and 2035.
•Approximately 35 net new people move to the County every day. Most of
these new residents come from outside of Florida but within the United
States.
•Housing demand within the Study Area are driven by demographics.
Residents aged 65 and greater are overwhelmingly homeowners, while
younger residents are more likely to rent their homes.
•The Study Area is becoming more racially diverse, with increases across
Black, Hispanic/Latino, and foreign-born populations, indicating a need for
a range of housing options in the Study Area.
•As population changes, housing needs will continue to evolve. Increases
in older and wealthier residents who are generally willing and able to pay
more for housing may make it more difficult for younger residents to
transition from renting to owning, while options to downsize or transition
to residential or supportive health facilities may be necessary as the large
senior population continues to age.
STUDY AREA SUMMARY, 2021
Source: 2017-2021 ACS 5-Year Estimates
Total
Population
146,500 Total
Households
63,490
Median Age
48.8 Median
Household
Income
$57,900
Workforce & Employment
Characteristics
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
In 2020, there were 69,520 jobs within the Study Area.
Workforce Composition
22
•Total employment within the Study Area grew by 23% between 2010 and
2020, from approximately 56,520 to 69,520 jobs, an average of 1,300 new
jobs per year.
•Growth has been slightly stronger across Pinellas County, where total
employment grew by 26% (89,260 jobs) over the same period.
•Top employment sectors for workers employed within the Study Area are
Health Care and Social Assistance (15% of total employment), Retail Trade
(14%), and Accommodation and Food Services (11%). These top sectors
are similar for residents of the Study Area (who may be employed within
the Study Area or reside outside of, but work in, the Study Area).
Approximately 15% of Study Area residents are employed within Health
Care and Social Assistance, with 12% employed in Retail Trade, and 10%
employed in Accommodation and Food Services.
FIGURE 17. TOTAL JOBS, INDEXED AGAINST PRIOR YEAR, STUDY AREA
AND COUNTY, 2010 -2020
Source: LEHD 2010-2020, Primary Jobs
TOP SECTORS, STUDY AREA WORKERS Total Jobs
(2020)
Share of
Total
Health Care and Social Assistance 10,530 15%
Retail Trade 9,650 14%
Accommodation and Food Services 7,800 11%
80.00
90.00
100.00
110.00
120.00
130.00
140.00
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Study Area Pinellas County
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Wages within top sectors vary widely by occupation, demonstrating a need for housing at all income levels
to support the workforce.
Occupations and Wages
23
•Wages within the top sectors in the Study Area vary widely based on
specific occupations.
•Within the MSA, the 2022 average salary for Healthcare Practitioners and
Technical Occupations was $92,470, while the average salary for
Healthcare Support Occupations was 60% less, at only $36,530.
•Office and Administrative Support occupations are on the lower end in
terms of average annual wages ($42,830). Because occupations are cross-
sector, these workers could be employed in any number of industry
sectors, such as medical, education, hospitality and a range of others.
•The wide salary ranges across top employment sectors demonstrate a
need for housing that is affordable to various income levels to support a
diverse workforce and industry base and continue to grow employment
within the Study Area.
[1] 2021 AMI brackets for Pinellas County
Source: BLS OEWS May 2022
OCCUPATION
Average Annual
Wage, MSA
(in 2022$)
AMI Bracket[1]
(3-person
household)
Health Care and Social Assistance
Healthcare Practitioners and Technical
Occupations $92,470 > 120% AMI
Healthcare Support Occupations $36,530 < 60% AMI
Retail Trade
Sales and Related Occupations $48,460 60 -80% AMI
Accommodation and Food Services
Personal Care and Service Occupations $34,210 < 60% AMI
Food Preparation and Serving Related Occupations $31,420 < 60% AMI
Professional, Scientific, and Technical Services
Management Occupations $124,660 > 120% AMI
Legal Occupations $106,070 > 120% AMI
Architecture and Engineering Occupations $84,950 > 120% AMI
Business and Financial Operations Occupations $77,900 80 -120% AMI
Office and Administrative Support Occupations $42,830 60 -80% AMI
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Approximately 23% of Study Area workers also live within the Study Area.
Workforce Commuting Patterns
24
•In 2020, 23% of Study Area residents (13,070) both lived and worked in the
Study Area. The remaining 77% of employed residents (44,660) commuted
to jobs located outside of the Study Area.
•65% of employed Study Area residents work within Pinellas County,
with 17% working in Hillsborough County and 2% working in Pasco
County.
•The lower percentage of residents employed within the Study Area may
speak to Study Area workers’ preferences to live outside the Study Area,
potentially due to greater housing choice or affordability options.
•Approximately 59% of the 69,520 total workers employed within the Study
Area live within Pinellas County.
•A significant number of workers also commute from Hillsborough
County (14%) and Pasco County (8%), with the remaining 19%
commuting from outside those areas.
FIGURE 18. TOP STUDY AREA HOME AND WORK LOCATIONS, 2020
Source: LEHD 2020, Primary Jobs
13,070
Live in the Study Area and
are employed elsewhere
Work in the Study Area
and live elsewhere
Live and work
in the Study Area
56,450 44,660
County
Share of Study Area
Workers Living in the
County
Share of Study Area
Residents Working in
the County
Pinellas County, FL 59%65%
Hillsborough County, FL 14%17%
Pasco County, FL 8%2%
Orange County, FL 2%3%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Availability of housing is a key component to attract Target Industries and bolster the City’s economy.
Housing and Economic Development
25
•While tourism is an important component of the City’s economy, for
long-term economic growth, a region also needs to grow its primary
job clusters. [1] In 2023, Forward Pinellas adopted the Target
Employment and Industrial Land Use Study (“TEILS”) which identified
seven Target Industries to prioritize economic development efforts
and resources. Target Industries have higher wages and are key to
growing the City’s economy and quality of life. The Study Area has
1,038 businesses in Target Industries, many of which are located
Downtown and in the Hercules Industrial Park, one of the County’s
Target Employment Centers.
•There is significant competition for higher-wage, export-oriented jobs
that are sought after by communities nationwide. Without the
availability of affordable housing, employees may have to live
elsewhere in the region, increasing commute times or, in some cases,
employers may choose to locate in other locations closer to their
desired workforce. Thus, availability of housing that is affordable to
the workforce at a variety of income levels is a key component to
attract Target Industries and bolster the City’s economy.
PINELLAS COUNTY TARGET INDUSTRIES AND NUMBER OF BUSINESSES IN
STUDY AREA
Source: Data Axle (2023), Target Employment and Industrial Land Study (TEILS) Update 2022
FINANCIAL SERVICESBUSINESS SERVICES
AVIATION/ AEROSPACE/ DEFENSE
MARKETING, DESIGN, AND PUBLISHING
382 277
INFORMATION TECHNOLOGY
66
MEDICAL TECHNOLOGIES / LIFE SCIENCES
34
MICRO-ELECTRONICS
417
258
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Workforce and Employment Characteristics.
Key Takeaways
26
•The number of jobs has been increasing across the Study Area. Between
2010 and 2020, total employment grew by approximately 1,300 jobs per
year.
•Annual salaries range widely within the top sectors in the City. Target
Industries typically have higher wages and are key to growing the City’s
economy and quality of life.
•Despite this increase in jobs, only 23% workers employed within the
Study Area also live in the Study Area. This speaks to Study Area workers’
choices to live outside the Study Area, potentially due to greater housing
choice or affordability options.
•There is a need for workforce housing to support continued job growth,
attract target industries, and support workers by providing affordable and
conveniently located housing options at income levels that align with all
occupations.
STUDY AREA SUMMARY, 2020
Source: LEHD 2020, Primary Jobs
Total
Employment
69,520 Average
Employment
Increase per
Year
+1,300
% Living and
Employed in
Study Area
23%Businesses in
Target Industries
1,038
Housing Overview
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There are approximately 76,900 housing units within the Study Area, 83% of which are occupied.
Housing Composition
28
•Of the 76,900 housing units within the Study Area, approximately
63,500 (83%) were occupied, 13,400 (11%)were unoccupied for
seasonal, recreational, occasional, or other use, and 6% were
unoccupied for other reasons, including vacancy, repair/renovation,
or foreclosure.
Change in Total Housing Units: Between 2019 -2021, the number of
total housing units (occupied and unoccupied) increased by 2,200,
from 75,700 to 76,900.
Change in Occupied Housing Units: Over the same time, the number
of occupied housing units increased by 2,800, from 60,700 to 63,500.
Combined, these trends indicate that the increase in occupied housing
units is due to both new housing units being added and previously
unoccupied housing units becoming occupied.
FIGURE 19. NUMBER OF HOUSING UNITS BY OCCUPANCY STATUS, 2021
Source: 2017-2021 ACS 5-Year Estimates
81%
82%
83%
10%
11%
11%
9%
7%
6%
County
City
Study Area
Share Occupied Share Uncoccupied, Seasonal Share Unoccupied, Other
TOTAL HOUSING UNITS
Owner-Occupied Renter-Occupied
Single-Family Multifamily
TOTAL OCCUPIED HOUSING UNITS
Other
TENURE >
TYPOLOGY >
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The Study Area lost around 288 units of unoccupied seasonal housing between 2019 and 2021.
Unoccupied Seasonal Units
29
•The Study Area’s 13,400 unoccupied seasonal units demonstrate the
impact of tourism across the housing stock. Unoccupied housing units
reserved for seasonal uses are concentrated along the beach and bay
communities (in Subareas 1, 13 and 14) and in On Top of the World
(Subarea 10). These units are most likely occupied seasonally by part-time
residents; units that are not in age-restricted communities may also be
associated with short-term rentals through services like Airbnb and VRBO.
•Overall, the Study Area lost approximately 288 units of unoccupied
seasonal housing between 2019 and 2021. However, some subareas
gained unoccupied seasonal units over the same period, as shown in
Figure 20. Subarea 1 gained the most unoccupied seasonal units (349).
•While tourism is an important component of the local economy,
unoccupied seasonal units represent housing that is removed from the
supply available to workers and residents of the Study Area. Decreases in
the number of unoccupied seasonal units may indicate that more housing
has been added back to the supply available to permanent residents of the
area.
FIGURE 20. CHANGE IN UNOCCUPIED SEASONAL UNITS, 2019 -2021
Source: ACS 2015-2019 and 2017-2021 5-Year Estimates
(16)(28)(80)
59 97
(32)
153
(161)
72
(52)
(469)
104
(284)
349
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Subarea 7Subarea 12Subarea 6Subarea 8Subarea 11Subarea 2Subarea 3Subarea 13Subarea 4Subarea 5Subarea 9Subarea 14Subarea 10Subarea 12019 Change, 2019 - 2021
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
•Within the Study Area, 63% of occupied housing units are owner-occupied
and 37% are renter-occupied.[1] The overall ratio of owner-to-renter
occupied housing is slightly lower than the ratio observed in Pinellas
County, where 69% are owner-occupied and 31% are renter-occupied. The
pattern of housing tenure has some similarities to the housing typologies
and density pattern previously noted –lower-rates of homeownership tend
to coincide with higher shares of multifamily buildings (Subareas 1, 3 and
13). However, while higher shares of single-family detached units coincide
with higher rates of homeownership in a few subareas (Subareas 6 and 8),
many other subareas with higher shares of single-family units have lower
owner-occupancy ratios (Subareas 5, 9 and 10). Therefore, it appears
single-family detached units in the Study Area are both owner-and renter-
occupied.
•While owner-occupied housing is located throughout the Study Area, it is
particularly prevalent across neighborhoods in the northeast as well as
south and west of downtown (shown on the next slide).
•Renter-occupied housing is more prevalent off US-19 and near the
beaches.
30
Approximately 63% of Study Area occupied housing units are owner-occupied.
Housing Tenure
FIGURE 21. OCCUPIED HOUSING UNITS BY TENURE, 2021 [2]
[1] Owner-occupied units may include units that are owned but not occupied year-round as a household’s primary residence.
[2] Percentage values are out of total occupied housing units.
Source: 2017-2021 ACS 5-Year Estimates
25%
44%
51%
52%
53%
57%
61%
62%
63%
69%
71%
73%
74%
76%
79%
82%
75%
56%
49%
48%
47%
43%
39%
38%
37%
31%
29%
27%
26%
24%
21%
18%
Subarea 3
Subarea 13
Subarea 11
Subarea 7
Subarea 2
Subarea 14
Subarea 4
Subarea 12
Study Area
County
Subarea 10
Subarea 6
Subarea 5
Subarea 8
Subarea 9
Subarea 1
Owner-Occupied Renter-Occupied
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment 31
Approximately 52% of all Study Area housing units are owner-occupied.
Housing Tenure
FIGURE 22. HOUSING TENURE, SHARE OWNER-OCCUPIED, 2021[1]
[1] Percentage values are out of total occupied housing units. Source: 2017-2021 ACS 5-Year Estimates [2] Percentage values are out of total occupied housing units. Source: 2017-2021 ACS 5-Year Estimates
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
FIGURE 23. HOUSING TENURE, SHARE RENTER-OCCUPIED, 2021[2]
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Most housing units in the Study Area were built between 1964 and 1981.
Median Housing Age
32
•The age and character of the overall housing stock is reflective of the
Clearwater’s major period of growth and development (from 1960 to 1980).
•While the median year built for the Study Area is 1976, the age of the
housing stock varies by subareas. With a median age of approximately 40-
years-old, housing stock in the northeastern portion of the Study Area and
along US-19 appears to be the newest. Housing within the western and
southern portions of the Study Area, including the areas closest to
downtown, is slightly older, with median ages ranging from 45-to 60-years-
old. However, it also appears there have been pockets in downtown where
investment has occurred post-1990.
•Housing structures typically need substantial reinvestment after 20 years.
As structures approach or exceed this age, there is greater potential for
substandard housing conditions and/or greater need for investment. Thus,
efforts to support home and property improvements in the near-term will be
important to maintain the quality of aging housing stock.
FIGURE 24. MEDIAN YEAR BUILT
Source: 2017-2021 ACS 5-Year Estimates
1964
1965
1967
1970
1971
1975
1976
1976
1976
1976
1978
1978
1979
1979
1981
1981
1983
Subarea 2
Subarea 8
Subarea 7
Subarea 6
Subarea 4
Subarea 3
Subarea 12
Study Area
City
County
Subarea 10
Subarea 1
Subarea 11
Subarea 14
Subarea 5
Subarea 13
Subarea 9
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Most housing units within the Study Area are single-family detached or within larger multifamily buildings.
Housing Typology
33
Total occupied and unoccupied units. Source: ACS 2017-2021 5-Year Estimates
TOTAL UNITS BY TYPE, STUDY AREA, 2021
30,400 4,100 9,600 26,900 5,900
single-family
detached units
single-family
attached units
(townhome)
units in smaller
multifamily
buildings
(2-9 units)
units in
larger multifamily
buildings
(10+ units)
other units
(mobile home/RV)
40% of total 5% of total 12% of total 35% of total 8% of total
12% of county 15% of county 14% of county 22% of county 12% of county
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
83% of Study Area housing units are occupied, and the mix of housing typologies is relatively diverse.
Housing Typology
34
Within the Study Area, 44% of occupied housing units are single-family detached, while
6% are single-family attached, 43% are multifamily, and 7% are other types of housing
units, such as mobile homes, RVs, and boats.
Single-family homes comprise an even greater share of occupied housing units at the
County level: 54% of occupied housing units are single-family detached, 6% are single-
family attached, 33% are multifamily, and 8% are other types of housing units.
•Single-Family, Detached: Portions of Clearwater north and south of downtown, along the
northern portion of the Gulf Coast, and in the northeast part of the city tend to have greater
shares of single-family detached housing.
•Single-Family, Attached (e.g., townhouses, row houses): These units account for only 6% of
Study Area occupied housing. Areas to the east closer to the Bay tend to have a greater
share of single-family attached housing.
•Multifamily (e.g., 2 or more units per structure): Areas along US-19, closer to water (both the
Gulf and Bay), and near downtown tend to have a greater share of multifamily housing.
•Other Typologies: Subareas 9 and 13 have the highest share of other types of housing units,
primarily mobile and manufactured housing.
“Missing Middle” Housing consists of a medium density housing with multiple units—
typically compatible in scale and form with detached single-family homes. This analysis
defines Missing Middle as single-family attached homes and multifamily buildings with 2-9
units. These units often provide a more affordable housing option than single-family
homes or new construction multifamily amenity buildings.
FIGURE 25. OCCUPIED HOUSING UNIT TYPOLOGY BY GEOGRAPHY, 2021
Source: 2017-2021 ACS 5-Year Estimates
77%
66%
63%
57%
59%
54%
45%
44%
44%
44%
44%
34%
29%
30%
24%
19%
14%
1%
4%
6%
7%
4%
6%
7%
10%
12%
6%
6%
6%
2%
6%
5%
7%
1%
2%
11%
22%
20%
16%
12%
9%
16%
10%
12%
14%
21%
11%
10%
5%
25%
11%
19%
16%
8%
15%
18%
21%
39%
29%
12%
31%
30%
34%
41%
49%
66%
48%
37%
1%
3%
1%
1%
3%
7%
0%
1%
22%
7%
6%
5%
17%
5%
0%
1%
37%
0%10%20%30%40%50%60%70%80%90%100%
Subarea 8
Subarea 2
Subarea 6
Subarea 7
Subarea 4
County
Subarea 5
Subarea 11
Subarea 9
Study Area
City
Subarea 12
Subarea 14
Subarea 10
Subarea 1
Subarea 3
Subarea 13
Single-Family, Detached Single-Family, Attached Multifamily (2-9 units)Multifamily (10+ units)Other
“Missing Middle”
Housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Housing typologies vary across and within subareas in the Study Area.
Housing Typology
35
FIGURE 27. SHARE MULTIFAMILY, 2021
Source: 2017-2021 ACS 5-Year Estimates
FIGURE 26. SHARE SINGLE-FAMILY, DETACHED, 2021
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Owner-occupied homes tend to be single-family, while multifamily tends to be renter-occupied.
Tenure by Typology
36
•Within the Study Area, 37% of all occupied housing
units are owner-occupied single-family detached, while
only 7% are renter-occupied single-family detached.
•Single-family attached homes have a closer split
between owners and renters: 4% of all housing units
are owner-occupied single-family attached homes, while
2% are renter-occupied.
•Smaller multifamily buildings (2-9 units) tend to have
more renters than owners. Larger multifamily buildings
have a closer split between renters and owners, as the
data reflects all owner-occupied condominium units in
larger buildings.
FIGURE 28. HOUSING TENURE BY TYPOLOGY, SHARE OF TOTAL STUDY AREA OCCUPIED UNITS, 2021
37%
7%
4%2%3%
9%
13%
18%
Single-Family,
Detached
Single-Family,
Attached
Multifamily, 2-9
units
Multifamily, 10+
units
Owner-Occupied Renter-Occupied
Source: ACS 2017-2021 5-Year Estimates
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Housing Overview.
Takeaways
37
•As properties continue to age, preserving the Study Area’s existing
housing stock will become increasingly critical. The median year built
of Study Area housing is 1976, indicating that half of all housing was
built almost 50 or more years ago.
•The supply of occupied housing and the strength of the tourism
industry are closely tied. Unoccupied seasonal housing is an important
component of the area’s tourism industry but also removes housing
units from the market that would otherwise be available to residents.
•The number of occupied housing units in the Study Area increased by
approximately 2,800 between 2019 and 2021.Because the total
number of housing units (occupied and unoccupied) increased by only
2,200, the increase was most likely due to new construction as well as
formerly unoccupied units becoming occupied.
STUDY AREA SUMMARY, 2021
Total Occupied
Housing Units
63,500
Percentage
Single-Family[1,2]
50%Percentage
Owner-Occupied[1]
63%
Total Housing
Units
76,900
[1] Out of all occupied housing units.
[2] Includes detached and attached single-family housing units.
Source: 2017-2021 ACS 5-Year Estimates
Single-Family Housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The Study Area median home value is approximately $267,000.
Median Home Value
39
•The Study Area median home value is approximately $267,000, a $44,000
increase from 2019 (in inflation-adjusted 2023 dollars).[1] Median home
values vary considerably across the Study Area. Assuming 30% of income
is attributed to housing costs, median home values in the Study Area are
considered affordable to households earning approximately $92,000 -
$102,000 per year, or >120% of AMI for a 3-person household.[2]
•Housing values vary between different parts of the Study Area. At
$576,000, the median home value in the most expensive subarea (Subarea
1, Clearwater Beach) is over three times the median home value in the
least expensive subarea (Subarea 13, at $158,000), where there is a higher
prevalence of owner-occupied mobile/manufactured home parks.
FIGURE 29. MEDIAN HOME VALUE BY SUBAREA, 2021
Source: 2017-2021 ACS 5-Year Estimates
Note: All yellow block groups have median home value at or below the Study Area
average of $267,000, while all pink block groups have higher median home values.
$140,001 - $200,000
$200,001 - $267,000
Less than or equal to $140,000
$267,001 - $400,000
Greater than $400,000
9
10
11
12
13
14
5
6
7
8
2
3
4
1
[1] Median household age for the Study Area is calculated as the average of all block group medians, which
provides a general indicator of the median rather than the actual median.
[2] Assuming a 30-yr mortgage, 13% downpayment, 100% receive homestead exemption, 15% receive senior
property tax exemptions, insurance cost of 10% of mortgage payment, PMI cost of 10% of mortgage payment,
and $250/month association fees.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Between 2019 and 2021, the median home value in the Study Area increased by approximately $44,000.
Median Home Value
•The largest increases in median home value were in some of the most
expensive (Subarea 1; increase of $63,000) and least expensive
(Subarea 4; increase of $84,000, and Subarea 13; increase of $77,000)
subareas.
•Lower cost homes increased at a greater rate than higher cost homes.
The median home value in Subarea 13 (least expensive) almost doubled
between 2019-2021 (+95%), while the median home value in Subarea 1
(most expensive) increased by only 12%.
•Increasing home values have a range of impacts. Increases in value
generates wealth and equity for homeowners and can be leveraged to
obtain financing for home improvements and other needs. Additionally,
value increases are an important source of wealth generation for
homeowners. However, significant increases in property values typically
also result in increased property taxes payments, which can present
challenges at all income levels. Since home values have increased
significantly across several of the more affordable subareas (Subareas
13, 4, 14, and 3), increased property taxes could present challenges that
are particularly salient for owners of more affordable homes who may
have lower incomes.
Source: 2017-2021 ACS 5-Year Estimates
FIGURE 30. CHANGE IN MEDIAN HOME VALUE BY SUBAREA, 2019 -2021
40
$77,000
-$4,000
$84,000
$57,000
$64,000
$15,000
$47,000
$34,000
$30,000
$24,000
$3,000
$27,000
$19,000
$44,000
$37,000
$27,000
$63,000
-$100,000 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000
Subarea 13
Subarea 10
Subarea 4
Subarea 14
Subarea 3
Subarea 5
Subarea 11
Subarea 6
Subarea 9
Subarea 2
Subarea 7
City
County
Study Area
Subarea 8
Subarea 12
Subarea 1
2019 (in 2021 $)Change in Value, 2019-2021
% Change in Value: +95%
% Change in
Value: +12%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Growth in Florida and Clearwater single-family home values has outpaced the US since 2020.
Growth in Home Values
41
•Over the past five years, home values have been steadily increasing across
the country. Between January 2019 and November 2023, average US
home values increased by 50%, from $230,400 to $345,800.
•Increases across the City of Clearwater and Florida were greater than the
national average, growing by 65% across the state and 67% within the
City over the same time.[1]
•According to Zillow, single-family home values in Clearwater started
increasing more rapidly in July 2020. Between January 2019 and January
2020, home values in Clearwater increased by 6%, only slightly more than
the 5% growth across the United States. However, between July 2020 and
July 2022, Clearwater and Florida home values increased by a CAGR of
23%, compared to 17% across the county.
•Growth slowed in the first half of 2022, and increases have settled closer
to 1 -2% per six-month period.
FIGURE 31. HOME VALUE INDEX, SINGLE-FAMILY HOMES, JANUARY 2019 –
NOVEMBER 2023
[1] Data reflects the City of Clearwater, not the Study Area.
Source: Zillow Home Value Index
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-232023 YTDUS Florida Clearwater
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
1,926 1,899 1,801 2,177 1,758 943
$277,100
$366,000 $366,700 $389,600 $419,900
$386,800
-
500
1,000
1,500
2,000
2,500
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2018 2019 2020 2021 2022 2023 YTD
Number of Sales Average Sale Price [2]
2,038 1,959 1,868 2,175 1,708 836
$350,900 $370,000
$430,900
$480,200 $507,900 $499,200
-
500
1,000
1,500
2,000
2,500
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2018 2019 2020 2021 2022 2023 YTD
Number of Sales Average Sale Price [2]
COVID-19
Based on sale data from the Pinellas County Property Appraiser’s Office (PCPAO), the
2023 average sale price of a single-family detached home within the Study Area was
$499,213, a 42% increase from 2018 (in 2023 dollars) reflecting a 7% CAGR. Between
2018 and 2022, sales decreased by 16%, from 2,038 per year to 1,708 per year.[1]
Prices for single-family attached homes increased by 40% overall (7% CAGR) between
2018 and 2023, and annual sales decreased by 9% between 2018 and 2022.
42
Sale prices in the Study Area have increased while number of sales has decreased.
Recent Single-family Sale Activity
FIGURE 32. SALES OF SINGLE-FAMILY, DETACHED HOMES, STUDY AREA FIGURE 33. SALES OF SINGLE-FAMILY, ATTACHED HOMES AND CONDOS,
STUDY AREA [3]
[1] Sales change over time presented from 2018-2022, as 2023 sales numbers only represent sales through August 2023.
[2] In inflation-adjusted 2023 dollars
[3] Includes parcels with multiple single-family homes, duplexes, triplexes, fourplexes, and condominiums. Several
significant outliers in the data were removed.
Overall, these findings demonstrate a constrained market, where sale prices rise due
to a combination of increased demand and lack of growth in supply. This reflects
national trends and is tied in part to historically-low interest rates during the COVID-19
pandemic. As interest rates began to rise in 2022, home price growth has slowed or
dropped as potential buyers saw their purchasing power diminish.
COVID-19
Source: Pinellas County Property Appraiser Office (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Sale prices have increased across all subareas.
Single-family Sale Activity
43
•Inflation-adjusted sale prices of single-family homes (attached and
detached) increased across all subareas but one between 2018 and 2023.
The greatest price increases were in Subarea 1 (+$257,000), Subarea 3
(+$218,600) and Subarea 6 (+$194,300).
•Subarea 5 was the only subarea with a decrease in average sale price.
Average sale price in Subarea 5 was on the higher end in 2018, at
$321,100 (inflation-adjusted 2023 dollars), and decreased by $13,900 to
$307,200 in 2023.
•At $973,100, the 2023 average sale price in the most expensive subarea–
Subarea 1–is almost twice as much as the average sale price in the
second most expensive subarea, Subarea 3 ($530,300).
FIGURE 34. CHANGE IN AVERAGE SALE PRICE, 2018 -2023 (in 2023$)
Source: Pinellas County Property Appraiser Office (August 2023)
$315,000
$172,800
$222,600
$169,100
$217,200
$289,900
$321,100
$226,400
$226,800
$246,800
$277,500
$293,200
$214,900
$311,700
$716,100
$124,600
$94,500
$54,900
$119,300
$74,800
$10,500
-$13,900
$111,800
$146,700
$127,300
$119,300
$113,600
$194,300
$218,600
$257,000
-$200,000 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000
Study Area
Subarea 10
Subarea 12
Subarea 13
Subarea 14
Subarea 4
Subarea 5
Subarea 7
Subarea 2
Subarea 11
Subarea 8
Subarea 9
Subarea 6
Subarea 3
Subarea 1
Average Sale Price, 2018 (2023$s)Change in Average Sale Price, 2018-2023
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Households need to earn about $112,000 and have $60,000 saved to be able to afford most newer homes.
Housing Costs and Interest Rates
44
•A typical, newer-construction single-family home in the Study Area costs
approximately $400,000. [1]
•Since the beginning of 2022, interest rates on new mortgages have
increased considerably, impacting overall housing affordability.
•At a 4% interest rate (March 2022), a household would likely pay
$2,000 in monthly housing costs. [2] These costs would be
affordable to a household making approximately $80,000.
•At a 7.29% interest rate (November 2023), these monthly housing
costs would increase to $2,800. These costs would be affordable to
a household making approximately $112,000.
•At current interest rates, only the bottom 25% of homes with sale prices
at or below $209,000 are affordable to median income (100% AMI)
households.
•Insurance policy premiums have also grown considerably over the past
several years, further increasing the monthly cost of housing. Nationally,
home insurance policy premiums increased by an average of 21%
between 2022 –2023. [3] Increases are related to growing concerns
surrounding climate-related risks, construction cost increases, and
declining competition in the insurance marketplace.
Source: Pinellas County Property Appraiser Office (August 2023), FRED, Florida Housing Finance Corporation
Home
Sales
Price
Income Needed
for Home to be
Affordable [4]
AMI [5]Upfront
Costs [6]
75% Percentile $708,000 $196,000 >120% AMI $106,200
Median $400,000 $112,000 >120% AMI $60,000
25% Percentile $209,000 $56,000 100% AMI $31,400
[1] Median. Single-family homes built 2013 – 2023 and sold between 2018 – 2023.
[2] Includes monthly mortgage payment (principal and interest, HOA, mortgage
insurance, property taxes, and homeowner’s insurance)
[3] National Association of Realtors
[4] Assuming monthly housing costs are 30% of household income. November
2023 interest rate for a 30-yr fixed rate mortgage.
[5] Three-person household
[6] Includes a 10% downpayment and 5% closing costs
FIGURE 35. COST AND AFFORDABILITY OF NEWER CONSTRUCTION
SINGLE-FAMILY HOUSING, STUDY AREA
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Within the Study Area, 75% of single-family homes are owner-occupied.
Single-Family Tenure
45
•According the PCPAO, there are 27,487 single-family home parcels within
the Study Area.Of these parcels, 20,610 (75%) have an active
homestead exemption, indicating that they are owner-occupied.
•More single-family homes had homestead exemptions in 2023 than 2021.
Between 2021 and 2023, the number of parcels identified as single-family
decreased by about 30, but the total number of units with a homestead
exemption increased by 430 and the share with a homestead exemption
increased from 73% to 75%.
•Only 52% of parcels with more than one single-family home had a 2023
homestead exemption, compared to 75% of parcels with only one home,
indicating that parcels with multiple homes may be more at-risk of investor
acquisition.
•Entities with large portfolios, particularly those based out-of-state, may
indicate the presence of institutional investor ownership of single-family
homes. Approximately 19% of single-family parcels without homestead
exemptions (1,317)are owned by an LLC. Fourteen entities, all of which are
LLCs, own ten or more parcels each within the Study Area. Only two of
these 14 are Florida-based companies.
FIGURE 36. STUDY AREA OWNERS WITH 10+ PARCELS, 2023
Source: Pinellas County Property Appraiser Office (August 2023)
Owned by an LLC
Owned by an LLC which owns at
least 10 parcels
LEGEND
9
10
11
12
13
14
5
6
7
8
2
3
4
1
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Single-Family Housing
Takeaways
46
•Study Area single-family housing is becoming increasingly expensive.
There is a limited supply of for-sale housing at lower price points. The
median home value increased by $44,000 between 2019 and 2021, and the
average sale price increased by $124,600 between 2018 and 2023.
Therefore, some lower-and moderate-income households, including
entry-level homebuyers, may occupy housing beyond what is considered
affordable.
•Home values increased across all subareas. The largest increases were in
Subarea 1 (+$94,000) and Subarea 4 (+$92,000).
•Increasing price and decreasing sales transactions indicate a constrained
single-family housing market. Both increased demand for single-family
homes and lack of supply can lead to a constrained market.
•Between 2021 and 2023, the number and share of owner-occupied
single-family homes increased.As of August 2023, approximately 75% of
all single-family home parcels have an active homeowner exemption.
STUDY AREA SUMMARY
[1] 2017-2021 ACS 5-Year Estimates
[2] Pinellas County Property Appraiser Office (2018-2023)
Average Sale
Price [2]
$439,600
Percent Owner-
Occupied [2]
75%Sale Price
CAGR [2]
7%
Median Home
Value [1]
$267,000
Market-Rate Multifamily Rental
Housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There are 13,375 market-rate multifamily housing units in the Study Area.
Market-Rate Multifamily Inventory
48
•As of August 2023, there were approximately 13,375 market-rate
multifamily units in the Study Area, accounting for roughly 19% of the
72,071 units in Pinellas County.
•Of those 13,375 units, 76% (10,151) were built prior to 2010.[1] The
remaining 24% (3,224) were built in 2010 or after. The County has a
slightly higher percentage of units built prior to 2010 (78%). The
average year built for multifamily buildings in the Study Area is 1967,
compared to 1961 for the County.[2]
•There are approximately 435 units in the development pipeline in the
Study Area,defined as units that are proposed, in final planning or
under construction. This represents approximately 3% of the 16,526
pipeline units countywide.
FIGURE 37. MARKET-RATE MULTIFAMILY INVENTORY
Source: Costar (August 2023)
56,158
10,151
15,913
3,224
16,526
435
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
County Study AreaPRE-2010POST-2010PIPELINE72,071 Existing
16,526 Pipeline
13,375 Existing
435 Pipeline
[1] Buildings with no age defined are assumed to have been built prior to 2010.
[2] For those buildings with age data available.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
72% of all multifamily housing is concentrated across five subareas.
Market-Rate Multifamily Inventory
49
•Approximately 72% of all multifamily housing in the Study Area is
concentrated within Subareas 3, 10, 11, 13 and 14, all of which have over
1,000 units. These are also the subareas where most new multifamily
development (2010 and after) has occurred.
FIGURE 38. MULTIFAMILY INVENTORY BY SUBAREA AND YEAR BUILT
3
115
132
275
453
487
614
791
656
1,098
857
1,301
2,187
1,226
240
384
330
534
699
396
283
314
- 500 1,000 1,500 2,000
Subarea 9
Subarea 6
Subarea 1
Subarea 12
Subarea 8
Subarea 5
Subarea 2
Subarea 4
Subarea 7
Subarea 3
Subarea 10
Subarea 13
Subarea 11
Subarea 14
Pre-2010 2010-2020 2021-2023
TOTAL
UNITS
2,239
2,187
2,118
1,583
1,482
896
791
614
487
453
275
132
115
3
FIGURE 39. MARKET-RATE MULTIFAMILY INVENTORY BY SUBAREA AND
AGE
Source: Costar (August 2023)
Fewer than 10 units
10 - 49 units
50 - 99 units
100+ units
Pre-2010
2010 - 2020
2021 - 2023
SIZE AGE
9
10
11
12
13
14
5
6
7
8
2
3
4
1
Source: Costar
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
993 new multifamily units have been developed between 2021 and 2023.
New Market-Rate Multifamily Development
50
•Since 2021, 993 new market-rate multifamily
units have been developed across Subareas
10 (396 units), 13 (283 units) and 14 (314
units).
•The Study Area captured a higher proportion
of new development between 2021 and 2023
than historically. Out of 4,174 units built in the
County between 2021 and 2023, 24% were
built within the Study Area, whereas only
19% of all units constructed in Pinellas
County between 2010 and 2020 were located
within the Study Area.
•Newer multifamily product is typically luxury
and caters to higher-income household, with
1-bedroom units renting at around
$2000/month and 2-bedroom units at
$2,700/month. New development is
concentrated near the Bay and along major
corridors such as US-19. These typically
consist of larger, single-use apartment
buildings that are not necessarily integrated
into their surroundings.
FIGURE 40. MARKET-RATE MULTIFAMILY INVENTORY BY SUBAREA AND AGE
ARABELLE
CLEARWATER
2021
314 UNITS
2-bed rent: $2,340+
>120% AMI
AVENTON LANA
2023
396 UNITS
2-bed rent: $2,600+
>120% AMI
BAINBRIDGE
BAYVIEW
2023
283 UNITS
2-bed rent: $2,800+
>120% AMI
Source: Apartments.com, Costar (August 2023)
Fewer than 10 units
10 - 49 units
50 - 99 units
100+ units
Pre-2010
2010 - 2020
2021 - 2023
SIZE AGE
9
10
11
12
13
14
5
6
7
8
2
3
4
1
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Within the Study Area, there are three buildings comprising 435 units in the development pipeline.
Market-Rate Multifamily Pipeline
51
SUNSET POINT
RESIDENCES
Proposed
27 units
UNNAMED
Proposed
10 units
LINZ BAYVIEW
Under construction
398 units
•Three pipeline developments comprising
435 new multifamily units are currently
proposed or under construction across
Subareas 2 (37 units) and 13 (398 units).
•These units account for only 3% of all
pipeline units (16,578) across the County,
significantly lower than the Study Area’s
capture rate for new development between
2010 - 2020 and 2021 - 2023.
Source: Apartments.com, Costar (August 2023)
9
10
11
12
13
14
5
6
7
8
2
3
4
1
Fewer than 10 units
10 - 49 units
50 - 99 units
100+ units
Pre-2010
2010 - 2020
2021 - 2023
SIZE AGE
FIGURE 41. MARKET-RATE MULTIFAMILY INVENTORY AND PIPELINE UNITS
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Multifamily developments were smaller historically (less than 10 units), while recent development is larger
(100+ units).
Market-Rate Multifamily Development Size
52
•Across the entire Study Area, 52% of market-rate multifamily developments have
fewer than 10 units, all of which were constructed prior to 2010. Over time, the
percentage of developments with fewer than 10 units has decreased. According to
Costar data from August 2023, no developments with fewer than 10 units were
built between 2010 and 2023, and none are in the pipeline.
•These smaller buildings represent the “missing middle housing” typology. The term
"missing middle" is often used to describe diverse housing types that were
common pre-WWII such as duplexes, rowhouses, and multiplex apartments but are
now less frequently developed. Because existing missing middle units are older
and limited new construction of this typology is occurring, the Study Area is at risk
of a net loss of missing middle housing over time.
•Approximately 16% of market-rate multifamily developments have 100 or more
units. New construction has been overwhelmingly comprised of these larger
developments: 100% of market-rate multifamily developments constructed
between 2010 and 2023 were 100 units or larger. [1]Of the three developments in
the pipeline, one is 100+ units and two are 10-49 units.
FIGURE 43. NUMBER OF EXISTING AND PIPELINE MARKET-RATE
DEVELOPMENTS BY SIZE AND AGE
134
75
2
9
29
11
1
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Pre-2010 2010-2023 Pipeline
Fewer than 10 units 10-49 units 50-99 units 100+ units
FIGURE 42. NUMBER OF EXISTING AND PIPELINE DEVELOPMENTS BY SIZE
52%29%3%16%
Fewer than 10 units 10-49 units 50-99 units 100+ units
[1] Several affordable multifamily projects have been completed which have fewer than 100 units, including Garden Trail
(76 units), Woodlawn (80 units), and Madison Pointe (80 units.
Source: Costar (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Developments at all sizes tend to have similar building typologies.
Multifamily Development Typologies
53
10-49 UNITSFEWER THAN 10 UNITS
100+ UNITS50-99 UNITS
410 S. Nimbus Ave
1987 | 7 units
127 N Lincoln Ave
1937 | 8 units
Stonehaven at Wildwood
1972 | 18 units
Oasis at Clearwater Hudson
1960 | 44 units
Granada Apartments
1986 | 56 units
711 S Lincoln Ave
1962 | 88 units 1100 Apex
2019 | 134 units
Vue at Bellair
2018 | 339 units
Source: : Apartments.com, Costar, Google Images
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Rents dropped between 2008 and 2014 before recovering first exceeding pre-
Recession levels in 2015. Since 2015,Study Area rents have increased by a
CAGR of 5.4%, with the greatest increase between 2020 and 2021. Florida
rents are slightly higher than the Study Area but increased at a slightly slower
CAGR of 4.7% since 2015.
54
Overall rents increased steeply between 2021 -2023 and vary widely based on size and age.
Market-Rate Multifamily Rents
FIGURE 44. RENT PER SF, TOTAL MARKET-RATE MULTIFAMILY INVENTORY FIGURE 45. AVERAGE MARKET-RATE RENTS BY BUILDING AGE AND SIZE
[1] For all buildings with rent data indicated.
Source: Costar (August 2023)
Rents vary by building age and size. As of August 2023, the average effective
rent per square foot for properties constructed prior to 2010 was $1.52, while
the average for units constructed from 2021 to 2023 was $2.28, representing a
50% price premium.[1] Smaller buildings also had lower average rents.
$1.52
$2.11
$2.28
$1.19
$1.42 $1.55
$1.87
Pre-2010 2010-2020 2021-2023 Fewer than 10
units
10-49 units 50-99 units 100+ units
Source: Costar (August 2023)
AGE SIZE
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023 YTDStudy Area (Rent per SF)Florida (Rent per SF)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Between 2019 and 2021, rent increased across all subareas but two.
Median Gross Rent
55
•Rent has been rising across the Study Area. The 2021 Study Area median
gross rent was $1,380 per month, which represents a $150 increase from
the 2019 median gross monthly rent of $1,230.This growth outpaced the
city and county median gross rent increases of $130 per month.
•Between 2019 and 2021, the median gross rent increased in every subarea
except Subareas 5 and 6. These two subareas experienced small rent
decreases (negative $50 and negative $10, respectively).
•Subarea 1 was the most expensive subarea in both 2019 and 2021.
Between those two years, median gross rent in Subarea 1 increased by
$390, from $1,770 to $2,160. Increases in rent in Subarea 1 demonstrates
desirability of beachfront living in the City.
•Subarea 2 was the most inexpensive subarea in 2019. Between 2019 and
2021, median gross rent in Subarea 2 increased by $110, from $950 to
$1,060.
FIGURE 46. CHANGE IN MEDIAN GROSS RENT, 2019 -2021
Source: 2017-2021 ACS 5-year Estimates
$960
$950
$1,140
$1,100
$1,170
$1,040
$1,090
$1,110
$1,320
$1,160
$1,090
$1,230
$1,120
$1,260
$1,410
$1,260
$1,770
$90
$110
-$10
$110
$40
$190
$130
$130
-$50
$160
$280
$150
$260
$150
$40
$200
$390
-$500 $0 $500 $1,000 $1,500 $2,000
Subarea 3
Subarea 2
Subarea 6
Subarea 7
Subarea 13
Subarea 4
City
County
Subarea 5
Subarea 10
Subarea 9
Study Area
Subarea 8
Subarea 11
Subarea 14
Subarea 12
Subarea 1
2019 Change 2019-2021
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Multifamily vacancy averaged 6.9% between 2013 and 2023, with fluctuations
as new units are constructed and absorbed. The delivery of new units tends to
increase the overall vacancy rate, which then tends to fall in subsequent years
as the units are leased.
As of August 2023, multifamily vacancy was 9.5%, which reflects the recent
delivery of 679 units across two buildings (Aventon Lana and Bainbridge
Bayview).
56
Multifamily vacancy averaged 6.9% between 2013 and 2023.
Market-Rate Multifamily Vacancy and New Deliveries
FIGURE 47. STUDY AREA VACANCY AND NEW DELIVERIES FOR MARKET-
RATE UNITS
Source: Costar (August 2023)
108 240 426 250 669 494 314 679
6.0%6.7%
7.9%
6.0%
5.8%
8.5%
9.1%
5.3%
4.4%
6.2%
9.5%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
0
100
200
300
400
500
600
700
800
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
YTD
New Deliveries (units)Annual Vacancy Rate
Average:
6.9%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Market-Rate Multifamily Housing
Takeaways
57
•New development tends to be larger (over 100 units) and located near
major commercial corridors or water. While increased density along major
corridors aligns with ongoing planning initiatives, newer projects in the
Study Area have primarily consisted of larger, single-use apartment buildings
that are not necessarily integrated into their surroundings. This development
typology is more likely to be luxury or higher-end, with a rent premium of
50% over units built prior to 2010. Given the rent premium for new
development, multifamily units built prior to 2010 represent an important
source of naturally occurring affordable housing.
•Missing middle housing is at risk as older existing units age. There are no
new developments with fewer than 10 units in the pipeline, and all existing
developments were built prior to 2010. Preservation is key to support older
existing stock and retain missing middle housing that may be naturally
occurring affordable housing.
•Average rents increased dramatically between 2019 and 2023, growing by
29% across the market-rate multifamily inventory.Some of this growth in
average rents may be attributable to the recent delivery of new higher-end
units but also reflects rent increases in older product too.
•Multifamily vacancies fluctuate with the delivery of new units but have
remained relatively stable over time, indicating strong demand for rental
housing.
STUDY AREA SUMMARY, 2023
New Units Built
Since 2021
993
10-yr Average
Vacancy
6.9%
Total Market-
rate Units
13,375
Rent per Square
Foot CAGR [1]
5.4%
[1] CoStar (2015-2023)
Mobile Homes and Manufactured
Housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There are 3,451 mobile homes and manufactured housing units within the Study Area.
Existing Mobile Homes and Manufactured Housing
59
As of August 2023, data from the PCPAO showed 562 parcels in the Study Area
categorized as manufactured housing, which encompasses both mobile and
manufactured homes. [1] These parcels comprise 3,451 units of housing. Six
subareas have no existing mobile or manufactured housing, as shown in the graph
to the right.
There are five (5) main classifications for mobile and manufactured housing in
Pinellas County property data. Property types are differentiated based on the
ownership structure of the property/land; in some cases, the property owner may
own a park that has multiple homes while in others, only one home is on a parcel.
In all cases, the home is owned separately from the property/land.
FIGURE 48. TOTAL MANUFACTURED AND MOBILE HOME UNITS BY SUBAREA
AND TYPE, 2023
[1] While not legal, some RVs are used as permanent residences and could be considered a type of mobile home. They
are not included in this dataset.
Source: Pinellas County Property Appraiser Office (August 2023)
TYPES OF MOBILE AND MANUFACTURED HOUSING
Property Type Owner of
Home
Owner of
Property Structure
Manufactured Home (On Individually
Owned Lot)
Individual
owner
Individual lot
owner
Standalone home on
standalone parcel
Manufactured Home (Co-Op,
Individually Owned)
Individual
owner Resident co-op Mobile Home Park
Manufactured Home (Land Condo,
Individually Owned)
Individual
owner
Individual lot
owner
Mobile Home Park; each
home on individual parcel
Manufactured Home Park (Lot Rental
Community)
Individual
owner Park owner Mobile Home Park
Manufactured Home Park -Mixed
Usage -store(s), apts, etc
Individual
owner Park owner Mobile Home Park
- 200 400 600 800 1,000 1,200 1,400 1,600
Subarea 8
Subarea 7
Subarea 6
Subarea 5
Subarea 3
Subarea 1
Subarea 2
Subarea 12
Subarea 11
Subarea 10
Subarea 4
Subarea 14
Subarea 9
Subarea 13
Manufactured Home
(On Individually Owned Lot)
Manufactured Home
(Co-Op, Individually Owned)
Manufactured Home
(Land Condo, Individually Owned)
Manufactured Home Park
(Lot Rental Community)
Manufactured Home Park -
Mixed Usage - store(s), apts, etc
73 335
153
2,855
35
STUDY AREA
TOTAL UNITS
TOTAL UNITS
1,520
1,011
492
145
123
101
58
1
0
0
0
0
0
0
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Mobile homes and manufactured housing are differentiated
based on the year the structure was constructed:
•Mobile Homes: Constructed before 1976
•Manufactured Housing: Constructed in 1976 or after
Most units in the Study Area were constructed prior to 1976 and are therefore classified as mobile homes.
Mobile Homes vs. Manufactured Housing
FIGURE 49. TOTAL STUDY AREA MOBILE HOMES AND MANUFACTURED
HOUSING, 2023
FIGURE 50. AVERAGE YEAR BUILT BY SUBAREA, 2023
1949
1961
1963
1964
1969
1974
1974
1978
Subarea 2
Subarea 12
Subarea 4
Subarea 10
Subarea 14
Subarea 13
Subarea 11
Subarea 9
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Average age varies across subarea. Manufactured housing
and mobile homes in Subarea 9 are newest (built in 1978),
while those in Subarea 2 are the oldest (built in 1949).
•Within the Study Area,
75% of units (2,588) were
constructed before 1976
and therefore qualify as
mobile homes; the
remaining 25% (863) are
manufactured housing.
Manufactured
Housing
Mobile Homes
60
Source: Pinellas County Property Appraiser Office (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Mobile homes are not constructed to HUD building codes, which may indicate substandard conditions.
Age of Mobile Homes and Manufactured Housing
61
•Manufactured housing is constructed according to a code administered
by HUD and are constructed to higher standards compared to mobile
homes. The presence of mobile homes built prior to 1976 may indicate
substandard conditions. Additionally, mobile homes constructed prior to
1976 are ineligible for HUD Disaster Recovery funding, increasing the
possibility of resident displacement if homes are damaged in extreme
weather events.
•There has been limited new construction of manufactured housing since
the HUD code went into effect. Most of the new manufactured housing
investment since 1976 has occurred in Sky Harbor Estates and Parkwood
Estates in Subarea 13, Bay Aristocrat Village in Subarea 14, and
Serendipity in Subarea 9.
FIGURE 51. CONSTRUCTION YEAR BY SUBAREA, 2023
Source: Pinellas County Property Appraiser Office (August 2023)
0 200 400 600 800 1,000 1,200 1,400 1,600
Subarea 2
Subarea 12
Subarea 11
Subarea 10
Subarea 4
Subarea 14
Subarea 9
Subarea 13
Pre-1976 1976 - 1999 2000 or after
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Overall, only 6% of mobile home units received a homestead exemption in 2023.
Ownership of Mobile Homes and Manufactured Housing
62
•Approximately 6% (221) of the 3,451 total Study Area mobile homes and
manufactured housing units received a homestead exemption in 2023,
indicating that they are owner-occupied. Mobile homes and manufactured
housing within resident-owned communities, land condos and those that
are on individually owned lots are the only types of parcels with
homestead exemption.
FIGURE 52. TOTAL UNITS BY SUBAREA AND HOMESTEAD EXEMPTION,
2023
PARCEL TYPES WITH HOMESTEAD
UNITS
Total
Units
Homestead
Units
% with
Homestead
Manufactured Home (Co-Op, Individually
Owned)
335 128 38%
Manufactured Home (Land Condo,
Individually Owned)
153 52 34%
Manufactured Home (On Individually
Owned Lot)73 41 56%0
58
57
117
144
419
977
1,458
1
0
44
6
1
73
34
62
Subarea 2
Subarea 12
Subarea 11
Subarea 10
Subarea 4
Subarea 14
Subarea 9
Subarea 13
Not Owner-Occupied Owner-Occupied
Source: Pinellas County Property Appraiser Office (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
2,855
35
335
153 73 0 0 128 52 41
-
500
1,000
1,500
2,000
2,500
3,000
Manufactured Home
Park (Lot Rental
Community)
Manufactured Home
Park - Mixed Usage -
store(s), apts, etc
Manufactured Home
(Co-Op, Individually
Owned)
Manufactured Home
(Land Condo,
Individually Owned)
Manufactured Home
(On Individually
Owned Lot)
Number of Units Number of Units with Homestead Exemption (2023)
Most units are part of mobile home parks as opposed to resident-owned lots or communities.
Ownership of Mobile Homes and Manufactured Housing
63
•Mobile home parks can be either resident-owned or owned by an
outside entity. In both cases, the home itself is owned by one party
(typically but not always the resident of the home) and the land
beneath the home is owned by another party (either a resident-owned
entity or an outside entity).
•84% of all mobile homes and manufactured housing units (2,890)
are in parks owned by an outside entity. None of these units have a
2023 homestead exemption, as shown in the chart, confirming that
they are not on resident-owned parcels.
•10% of units (335) are in resident-owned communities, where
individual owners own their homes and a co-op owns the land
beneath the homes. However, only 34% of these 335 units have an
active homestead exemption, indicating that the remaining 66% of
homes may be rented to their occupants.
FIGURE 53. NUMBER OF UNITS BY TYPE AND HOMESTEAD EXEMPTION
STATUS, 2023
Mobile Home Parks Owned
by an Outside Entity
Resident-Owned
Parks
Source: Pinellas County Property Appraiser Office (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There are three resident-owned communities (ROCs) within the Study Area, comprising 335 units.
Resident-Owned Communities
64
South Gate Mobile Home Park
Subarea 14
144 units
Seniors 55+
Parkwood Estates ROC Inc
Subarea 13
93 units
Seniors 55+
ROCs are classified as “Manufactured Home (Co-Op, Individually Owned)” by the PCPAO.
Alcove Mobile Home Community
Subarea 11
96 units
All ages
Characteristics of ROCs
•In ROCs, residents own their individual home plus a share of the land
underneath the entire community.Instead of the park being run by an
outside owner, a resident board makes all management decisions,
giving them greater autonomy and stability.
•This allows residents to have greater control over their monthly lot
rent and utility payments (utilities like water/sewer are typically
privately owned/delivered in mobile home parks, as opposed to public
utilities with mandated cost caps). Additionally, residents have
more security against eviction.
FIGURE 54. SAMPLE RESIDENT-OWNED COMMUNITIES [1]
[1] There are two additional units in the Study Area classified as “Manufactured Home (Co-Op, Individually
Owned)”. These units are part of ROCs that are right on the Study Area border; most units in these ROCs fall
outside the Study Area boundary.
Source: Pinellas County Property Appraiser Office (August 2023), Google images
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There are 26 mobile home parks within the Study Area, comprising 2,890 units.
Mobile Home Parks –Non-Resident Owned
65
Mobile Home Parks are classified as
“Manufactured Home Park (Lot Rental
Community)” or “Manufactured Home Park - Mixed Usage” by the PCPAO.
Characteristics of Mobile Home Parks
•Because residents of mobile home parks own only their home and
not the land beneath it, residents are at a high risk of displacement if
park owners increase lot lease fees, utility fees or decide to sell.
•Of the 26 mobile home parks in the Study Area, 19 are owned by out-
of-state owners, indicating a greater likelihood of absentee property
owners, who may own the park as an investment property.
Florida 7
Illinois 6
Michigan 6
New York 5
California 2
Total Mobile Home Parks 26
19 Out-of-
State Owners
FIGURE 55. MOBILE HOME PARK OWNERS BY STATE
Source: Pinellas County Property Appraiser Office (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Nine mobile home parks have been sold between 2018 and 2023, with five sold twice within that period.
Sales of Mobile Home Parks
66
•Nine of the 26 mobile home parks have been sold at least once between
2018 and 2023. 5 of those parks have been sold twice within the same
period. The second purchase prices range from 38 to 82% higher than the
first purchase prices (as shown on the right).
•In all sales, the buyer was an LLC, indicating that these parks may be
being bought and sold as investment properties. Some parcels are sold in
bundles, also indicating potential investor activity. This has happened five
times between 2018 and 2023.
•Investors typically purchase mobile home parks due to the value of their
cash flow as well as their historic undervaluation as an asset class.
Because protections for park residents are limited or non-existent, owners
can raise rents for pad leases and increase utility service fees ad libitum.
As investors start assigning a higher value to these parks—as
demonstrated by fast-growing sale prices within short time periods—rent
and utility payments may quickly escalate, increasing displacement
pressure on residents.
FIGURE 56. DIFFERENCE BETWEEN FIRST AND SECOND SALE PRICES[1]
$2,600,000 $2,600,000
$4,680,000 $4,680,000
$8,150,000
$3,580,000 $3,580,000
$8,500,000 $8,500,000
$12,000,000
Sale Price #1 Sale Price #2
[1] Year of sale varies; however, all are between 2018 and 2023. Data is as of August 2023.
Source: Pinellas County Property Appraiser Office (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Mobile homes are not necessarily “mobile”: age, structural challenges,
expensive relocation costs, and limited availability of open pads in other mobile
home parks make it difficult for residents facing eviction to move their mobile
home to a different location. In the event of a park closure, residents may lose
their homes if the relocation of the home is not feasible.
67
Closures of mobile home parks typically result in loss of units and resident displacement, as most homes
are too old or expensive to feasibly move.
Closures of Mobile Home Parks
SOUTHERN COMFORT MOBILE HOME PARK
CLOSED: 2019
REPLACED BY: Aventon Lana (new construction multifamily housing)
•The Southern Comfort Mobile Home Park closed in 2019 after unaddressed
issues with sewage treatment on the site created unsanitary and unlivable
conditions. More than 100 families were living in the park prior to its closure.
•The site was redeveloped into a multifamily rental housing development
called the Aventon Lana. According to the property’s website, rent for a 2-
bedroom unit starts at approximately $2,545 per month.
CAPRI MOBILE HOME PARK [1]
CLOSED: 2023
•Capri Mobile Home Park closed in March 2023; residents were notified in
September 2022 that they had six months to move. Nearly 200 people were
living in the park prior to its closure.
•The City of Clearwater used American Rescue Plan Act (ARPA) funding to
help relocate 38 families into new housing.
According to property data from August 2023, the Study Area did not lose any
manufactured or mobile home units between 2021 and 2023. However, mobile
home park closures and demolitions have occurred in the past, and one mobile
home park resident relocation is currently underway as of November 2023.
[1] Data downloaded from the PCPAO in August 2023 still listed Capri Mobile Home Park as a mobile home parcel.
Therefore, data and analysis presented throughout this report includes the approximately 110 homes in this park.
Source: Tampa Bay Times, WFTS Tampa Bay, Pinellas Community Foundation, Aventon Lana
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
There are 226 mobile and manufactured housing units classified as individually owned land condos or lots.
Other Types of Mobile Homes and Manufactured Housing
68
FIGURE 57. NUMBER OF UNITS BY HOMESTEAD EXEMPTION
Other types are classified as “Manufactured Home (Land Condo, Individually Owned)” or “Manufactured Home (On Individually Owned Lot)” by the PCPAO.
•Other types of mobile homes and manufactured housing encompass
units where both the home and the land parcel that the home sits on
are individually owned.
•Of these 226 units, 93 (41%) are owner-occupied.
•These units can be either a standalone lot (i.e., a mobile home on a
street that includes other housing typologies, such as traditionally
built single-family homes) or individually owned lots that are grouped
together geographically, similarly to units in a mobile home park.
153
73
52 41
Manufactured Home (Land Condo, Individually
Owned)
Manufactured Home (On Individually Owned Lot)
Number of Units Number of Units with Homestead Exemption (2023)
Source: Pinellas County Property Appraiser Office (August 2023)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Mobile Homes and Manufactured Housing
Takeaways
69
•Most mobile homes are older, which can make them more affordable but also more
susceptible to damage or wear. Homes built prior to 1976 may indicate substandard
living conditions, and they are ineligible for HUD Disaster Recovery funding. Mobile
homes and manufactured housing are also ineligible for most traditional real estate
financing tools and subsidy programs, as they are typically not deeded as real property.
•Most units are in mobile home parks owned by an outside entity, which have the
highest risk of resident displacement if park owners sell or raise rents and/or other
costs.84% of all mobile and manufactured housing units (2,890) are in mobile home
parks.
•Displacement risks can be mitigated by investing in programs and policies that
facilitate resident purchase of mobile home parks. Currently, only 10% of units (335)
are in resident-owned communities. Programs and policies that have been piloted in
other states to support resident purchase include:
•State Level: Tenant opportunity to purchase legislation; right to match purchase
price legislation; and pad lease protection legislation
•Local Level: Support tenant organizing and advocacy; connect tenants to
advocacy organizations like ROC USA; and educate local elected officials and staff
members on the importance of relocation policies and/or resident ownership of
mobile home parks to preserve affordability and residents’ abilities to remain in
housing that is affordable to them.
STUDY AREA SUMMARY, 2023
Percentage
Owner-Occupied
6%
Percentage Built
Pre-1976
75%Number of
Resident-Owned
Communities
3
Total Units
3,451
Source: Pinellas County Property Appraiser Office (August 2023)
Senior and Age-Restricted
Housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Source: Florida Data Clearinghouse, 2021
•Residents aged 55 years-old or older constitute 42% of the Study Area
population. As the population ages, demand increases for residential
health facilities for seniors with special needs.
•There are approximately 2,675 residential health units in the Study Area.[1]
•Residential Health Facilities constitute:
•Assisted Living Units: Cater to seniors who are unable to live on their own but do not require the high-level of care provided in nursing homes. Assistance with medications, daily activities and housekeeping is typically provided. Meals are often provided in a central dining area.
•Skilled Nursing Care Units: Cater to seniors who require a high-level of medical care and assistance through 24-hour skilled nursing services from licensed nurses. Residents typically share a room and are served meals in a central dining area.
•Other Residential Health Units: Services provided by other residential health facilities vary from memory care and Community Residential Homes (CRHs) to hospitals.
71
Almost 50% of the Study Area population is aged 50 or older, creating demand for senior housing options.
Residential Health Facilities
FIGURE 58. RESIDENTIAL HEALTH FACILITY UNITS BY SUBAREA
12
32
47
56
27
20
44
150
200
175
161
60
120
120
150
165
120
120
256
10
13
617
0 100 200 300 400 500 600 700 800 900
Subarea 1
Subarea 12
Subarea 7
Subarea 14
Subarea 2
Subarea 10
Subarea 13
Subarea 8
Subarea 6
Subarea 9
Subarea 5
Subarea 11
Subarea 3
Subarea 4
Assisted Living Nursing Home Other
[1] New data was not available for 2023. Data shown reflects the original data used in 2021.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Other Age-Restricted Housing
72
•As a popular location for retirement, there are also numerous active adult
and age-restricted communities in the Study Area.
•Examples of such communities include On Top of the World[1], Bay
Aristocrat Village, Village on the Green, Imperial Cove, Imperial Pines, Villas
of Lake Arbor, Madison Pointe and Harbor Oaks Place.
•Typologies vary from single-family ranch homes to attached villas to higher
density condo units to manufactured home communities. Affordability of
age-restricted housing varies as well; some communities are income-
restricted while others are market-rate.
•These age-restricted communities are typically deed-restricted with
specific covenants that ensure they remain occupied primarily by residents
aged 55 and over. Deed-restrictions are reflective of a federal law that
stipulates that at least 80% of occupied homes in an age-restricted
community must have one resident who is 55 or older. These legal
requirements ensure that individual units retain age requirements as units
pass between owners.
[1] In planning limits but not incorporated limits.
Source: Zillow
On Top of
the World
Village on
the Green
Imperial
Cove
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Senior and Age-Restricted Housing
Takeaways
73
•As the senior population continues to grow, providing a range of housing
options will become increasingly important. Between 2016 and 2021, the
population of residents aged 50 -74 increased by 7,400, and residents
aged 55 and over currently comprise 42% of the total population. Through
2035, the fastest growth in population countywide will be among people
aged 75+ as Baby Boomers age.
•A range of senior and age-restricted housing options are needed to
support residents at all stages of life. These include assisted living units,
nursing home units, and age-restricted communities.
STUDY AREA SUMMARY, 2021
Source: Florida Data Clearinghouse, 2021
Total
Residential
Health
Facility Units
2,700
Assisted Living
Units
924 Nursing Home
Units
1,111
Residents
Aged 55+
60,800
Housing Affordability
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Affordability levels are based on the income needed to afford (spend less than 30% of income on) the housing unit.
Affordability Levels
75
Source: Florida Housing Finance Corporation, 2021
30% AMI 60% AMI 80% AMI 100% AMI 120% AMI > 120% AMI
Extremely Low
Income
Very Low
Income
Low
Income
Median
Income
Moderate
Income
High
Income
$21,960 $39,850 $53,150 $65,450 $79,800 > $79,800
Home
Value $63,600 $115,400 $153,900 $192,500 $231,000 > $231,000
Rental
Limit /
Month
$389 -
$663
$775 -
$1,108
$1,034 -
$1,476
$1,273 -
$1,818
$1,551 -
$2,214
> $1,551 -
$2,214
AFFORDABLE WORKFORCE HIGHER
INCOME
3-PERSON
HOUSEHOLD
Less than 30% of income spent on housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Affordability Levels
76
AFFORDABLE HOUSING: <60% AMI
There are two types of affordable housing:
(1) LEGALLY-RESTRICTED AFFORDABLE HOUSING (LRAH):
•Housing that is contractually bound to serve lower-income households (most
often under 60% AMI). These units typically receive a public subsidy,
lowering the rent price for the household.
•Units are typically funded, owned, and operated by mission-driven
organizations including local governments, nonprofits, and more.
•Public subsidy programs commonly include low-income housing tax credits
(LIHTC), project-based vouchers, or other federal funding sources.
(2) NATURALLY-OCCURRING AFFORDABLE HOUSING (NOAH):
•NOAH is comprised of privately owned units that offer affordable rents for
households at 60% AMI.
•Affordable is defined as less than 30% of the occupant’s household income.
•These units may be lower-cost due to age, building quality, location,
condition, and/or historically inequitable housing policies like redlining.
•Units are vulnerable to affordability loss.
WORKFORCE HOUSING: 60-120% AMI
•Workforce housing is defined as units affordable to
households making between 60 - 120% AMI.
•60 - 80% AMI: Low-Income Workforce Housing
•80 - 120% AMI: Middle-Income Workforce Housing
•Generally, workforce housing is affordable to residents with a
range of fulltime occupations within the area.
•These units can be eligible for certain funding programs and
subsidies targeted to this AMI bracket.
•E.g., HOME funding is available up to 80% AMI and
Penny for Pinellas funding is available up to 120% AMI.
HIGHER INCOME HOUSING: >120% AMI
•Higher income housing is defined as units affordable to
households making more than 120% AMI.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Existing affordable housing spans a range of typologies, including large
apartment buildings, mobile home parks, older single-family homes, and low
density multifamily.
Existing affordable housing spans a range of typologies.
Affordable Housing Typologies
Source: Florida Data Clearinghouse, Costar, Garden Trail, Island in the Sun
77
Garden Trail
Apartments
76 units
LRAH
Multifamily Rental
Island In the
Sun
309 units
Ages 55+
Mobile Home Park
107 Franklin
St
4 units
NOAH
Multifamily Rental
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
6,020 units in the Study Area (26%) are considered affordable to households making less than 60% AMI.
Rental Inventory by Affordability Type
78
•Of the approximately 23,360 renter-occupied units within the Study Area,
6,020 (26%) are classified as affordable housing, meaning that they are
affordable (30% or less of income on housing) to households making
below 60% AMI. [1] An additional 6,570 units (28%) are classified as low-
income workforce housing, 5,040 units (22%) are classified as middle-
income workforce housing,while the final 5,730 units (24%) are
classified as higher rent housing.
FIGURE 59. NUMBER OF UNITS BY AFFORDABILITY TYPE, STUDY AREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Data Clearinghouse
< 60% AMI 80% - 120%
AMI
> 120% AMI
0/1-BR < $886 $887 -$1,181 $1,182 -$1,773 > $1,773
2-BR < $996 $997 -$1,329 $1,330 -$1,995 > $1,995
3-BR +< $1,108 $1,109 -$1,476 $1,477 -$2,214 > $2,214
Maximum Monthly Rent Limit
[1] Renter-occupied units may be any housing typology (single-family, multifamily, etc).
2,340
3,680
6,570
5,040
5,730
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
LRAH NOAH Low-Income
Workforce
Middle-Income
Workforce
Higher Rent
60% - 80% AMI
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Within the Study Area, the number and type of affordable unit varies by subarea.
Rental Inventory by Affordability Type
79
•Subarea 3 has the greatest number of affordable units of any subarea.
There are 1,167 affordable units in Subarea 3 (68% NOAH and 32% LRAH),
accounting for 50% the subarea’s total units.
•Conversely, Subarea 1 has the least amount of affordable housing. There
are only 63 affordable units in Subarea 1, accounting for 8% of the
subarea’s total units.
FIGURE 60. NUMBER OF UNITS BY AFFORDABILITY TYPE AND SUBAREA
Source: 2017-2021 ACS 5-Year Estimates
0 500 1000 1500 2000 2500 3000
Subarea 1
Subarea 12
Subarea 5
Subarea 8
Subarea 6
Subarea 14
Subarea 7
Subarea 9
Subarea 13
Subarea 11
Subarea 10
Subarea 4
Subarea 2
Subarea 3
LRAH NOAH Low-Income Workforce Middle-Income Workforce Higher Rent
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The Study Area captures 23% of all countywide LRAH units but only 14% of new development.
Rental Inventory –LRAH
80
•The Study Area captures approximately 23% (2,340) of all LRAH units
within Pinellas County but only 14% (335) of all countywide units built
since 2010.
•Within the Study Area, new construction of LRAH units since 2010 has
occurred in Subarea 2 (90 units), Subarea 3 (80 units), Subarea 8 (85 units),
and Subarea 4 (80 units).
•There are no existing LRAH units within Subareas 1, 5, 7 and 13.
FIGURE 61. NUMBER OF LRAH UNITS BY YEAR BUILT, STUDY AREA
Source: Florida Data Clearinghouse Assisted Housing Inventory
0
0
0
0
15
55
80
170
175
290
275
450
490
85
80
90
80
0 100 200 300 400 500 600
Subarea 1
Subarea 5
Subarea 7
Subarea 13
Subarea 14
Subarea 12
Subarea 10
Subarea 8
Subarea 9
Subarea 6
Subarea 3
Subarea 2
Subarea 11
Subarea 4
Built Before 2010 Built 2010 or Later
2,340
7,665
Study Area Rest of County
STUDY AREA
CAPTURE
23%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
10% of Study Area LRAH units are at risk to lose their affordability within the next 10 years.
Rental Inventory –LRAH
81
•LRAH housing units receive a subsidy to retain affordability levels, such
as Low Income Housing Tax Credit (LIHTC) allocations,legislative
appropriations, or other forms of public assistance. These subsidies expire
after a certain period, at which point a new subsidy with similar
requirements must be allocated generally as a part of a reinvestment in the
unit or the unit is at risk of losing affordability.
•Only 20 (1%) LRAH units in the Study Area are set to expire in 2023, and
no more are at risk of expiration in the next 5 years.[1]
•However, another 10% will be at risk between in the next 10 years, and
25% will be at risk in the next 20 years.
•At-risk units are concentrated in downtown Clearwater, across Subareas 2,
3, 4 and 6.
FIGURE 62. AT-RISK LRAH UNITS BY EXPIRATION TIMEFRAME
Source: Florida Data Clearinghouse
[1]Out of total units with an assigned expiration year. Not all units within the dataset have an expiration
year assigned.
20
75
50
5
85
55
240
0 50 100 150 200 250 300 350 400
Subarea 1
Subarea 5
Subarea 7
Subarea 9
Subarea 12
Subarea 13
Subarea 14
Subarea 10
Subarea 8
Subarea 11
Subarea 6
Subarea 2
Subarea 3
Subarea 4
Next 5 Years Next 10 Years Next 20 Years No Expiration in the Next 20 Years
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
•There are approximately 3,676 NOAH units within the Study Area,
accounting for 15% of the total countywide supply. This number represents
a 12% reduction from the 4,191 NOAH units in 2019. At the county level,
the number of NOAH units fell by 5% from approximately 25,500 to 24,200.
•A decrease in the number of NOAH units is not necessarily due to
demolition but likely the result of rent increases, which make the units no
longer affordable to households making below 60% AMI. These units “filter
up” to other affordability brackets, transitioning to workforce housing (60% -
120% AMI) or even higher rent housing (>120% AMI).
•Subarea 3 has the greatest number of NOAH units (796), while Subarea 11
has the smallest (1). Subarea 2—the subarea with the most NOAH units in
2019—lost approximately 200 NOAH units between 2019 and 2021,
evidence of increased rents within the area.
•Increasing rents accelerated by improving market conditions and growing
demand for housing in the county poses a risk of displacement for
households living in naturally occurring affordable housing. Since NOAH
units are privately-owned and do not have restrictions in place to maintain
affordability, NOAH units are at the greatest risk for displacement when
rents/prices have risen.
82
The Study Area captures 15% of all countywide NOAH units.
Rental Inventory –NOAH
FIGURE 63. NUMBER OF NOAH UNITS BY SUBAREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Housing Finance Corporation
1
19
56
63
100
107
185
189
264
332
400
426
739
796
- 100 200 300 400 500 600 700 800 900
Subarea 11
Subarea 12
Subarea 6
Subarea 1
Subarea 4
Subarea 8
Subarea 5
Subarea 9
Subarea 14
Subarea 7
Subarea 13
Subarea 10
Subarea 2
Subarea 3
3,676
20,530
Study Area Rest of County
STUDY AREA
CAPTURE
15%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
116
136
342
326
327
413
373
395
683
494
751
647
746
818
124
228
172
224
238
249
356
386
190
610
360
492
589
825
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800
Subarea 12
Subarea 1
Subarea 6
Subarea 7
Subarea 9
Subarea 8
Subarea 5
Subarea 13
Subarea 3
Subarea 14
Subarea 2
Subarea 4
Subarea 10
Subarea 11
Low-Income Workforce Middle-Income Workforce
•In the Study Area, there are approximately 11,600 workforce housing units.
Of those units, 6,570 (57%) are affordable to households earning between
60% -80% of AMI (classified as low-income workforce housing), and
5,040 (43%) are affordable to households earning 81% -120% AMI
(classified as middle-income workforce housing). Overall, these units
account for 15% of the total countywide supply of renter-occupied
workforce housing.
•The amount of workforce housing increased by 13% between 2019 and
2021, from 10,200 to 11,600. This increase is most likely due to the loss of
NOAH units noted previously, rather than fully due to new construction.
While these units were previously affordable to households making less
than 60% AMI (the NOAH affordability range), due to rent increases, they
have “filtered up” and are now affordable to households making between
60 -120% AMI (the workforce affordability range).
•Subarea 11 has the greatest number of workforce housing units (1,643)
while Subarea 12 has the lowest (240). Like NOAH, Subarea 2 also had the
greatest number of workforce housing units in 2019 (1,445), representing a
334-unit reduction. Other Subareas—including Subareas, 4, 10 and 11—
have seen large increases in workforce housing since 2019.
83
The Study Area captures 15% of all countywide workforce housing units.
Rental Inventory –Workforce Housing
FIGURE 64. NUMBER OF WORKFORCE HOUSING UNITS BY SUBAREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Housing Finance Corporation
11,610
66,010
Study Area Rest of County
STUDY AREA
CAPTURE
15%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
•There are approximately 5,725 higher rent housing units within the Study
Area, accounting for 31% of the total countywide supply.
•Subarea 11 has the greatest number of higher rent housing units (760)
while Subarea 6 has the lowest (119).
•Within the Study Area, the number of higher rent housing units increased
by 21% between 2019 and 2021, from 4,746 to 5,725. Like workforce
housing, this increase is not fully due to new construction, but likely to
units previously classified as workforce housing “filtering up” to become
affordable only to households making about 120% AMI.
84
The Study Area captures 31% of all countywide higher rent housing units.
Rental Inventory –Higher Rent Housing
FIGURE 65. NUMBER OF HIGHER RENT UNITS, STUDY AREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Housing Finance Corporation
119
216
263
265
279
309
320
335
344
477
656
684
698
760
- 100 200 300 400 500 600 700 800
Subarea 6
Subarea 12
Subarea 8
Subarea 4
Subarea 2
Subarea 3
Subarea 5
Subarea 1
Subarea 7
Subarea 9
Subarea 10
Subarea 14
Subarea 13
Subarea 11
5,725
12,760
Study Area Rest of County
31%
STUDY AREA
CAPTURE
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Affordable and Workforce Rental Housing
Rental Inventory –Affordability Takeaways
85
•Despite the addition of new units, rental housing is becoming more
unaffordable within the Study Area. Between 2019 and 2021, the Study
area lost over 500 NOAH rental housing units, while gaining approximately
1,380 workforce rental units (which may include formerly-NOAH units) and
980 higher rent units (which may include formerly workforce housing
units). The Study Area also lost approximately 100 units of LRAH between
2021 and 2023.[1]
•The Study Area captures 18% of all countywide rental units. However, it
includes 31% of all higher rent units, while only 15% of all NOAH and 15%
of all workforce units.
•Gains in workforce housing are partially attributable to an increase in the
number of overall housing units (i.e., recent construction) but also
partially attributable to increased rents, which have made existing units
less affordable over time as they transition from affordable to households
making under 60% AMI to affordable to those making over 60% AMI.
Without an increase in housing supply, market demand for rental housing
will continue to accelerate this trend.
FIGURE 66. CHANGE IN TOTAL RENTAL UNITS BY AFFORDABILITY TYPE,
2019 -2021
Source: 2017-2021 and 2015-2019 ACS 5-Year Estimates
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
NOAH Units Workforce Higher Rent
2019 2021
- 515
+ 1,380
+ 980
[1] LRAH units are counted using data from the Florida Data Clearinghouse, which is updated to current
years. All other housing unit counts rely on ACS estimates: the prior housing analysis used 2015-2019 estimates, while this analysis uses 2017-2021 5-Year estimates.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
4,320 4,530
3,340
8,940
19,010
< 30% AMI < 60% AMI < 80% AMI < 120% AMI 120%+ AMI
8,850 owner-occupied units (22%) are considered affordable to households making less than 60% AMI.
Owner-Occupied Inventory
86
•Of the approximately 40,100 owner-occupied housing units in the Study
Area, 22% (8,850) have home values that are affordable to households
making under 60% AMI and are considered NOAH units.
•An additional 3,340 units (8%) are affordable to households making 60 -
80% AMI (classified as low-income workforce housing), and 8,940 units
(22%) are affordable to households making 81 -120% AMI (classified as
middle-income workforce housing),
•The remaining 47% (19,010) of units have home values that are affordable
to households making greater than 120% AMI.
FIGURE 67. OWNER-OCCUPIED INVENTORY, STUDY AREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Housing Finance Corporation
Affordable to Lower
Income Households
*Includes Naturally Occurring
Affordable Housing (NOAH)
Affordable to Moderate
Income Households
*Often referred to as “Workforce
Housing”
Affordable to
Higher Income
Households
Home Value $63,600 $115,400 $153,900 $231,000 Greater than
$231,000
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The Study Area includes 8% of all owner-occupied NOAH units in the County.
Owner-Occupied Inventory –NOAH
87
•There are approximately 8,850 owner-occupied NOAH units within the
Study Area, accounting for 8% of the total countywide supply.
•Subareas 10 and 9 have the greatest number of affordable owner-occupied
housing units (2,396, and 1,565, respectively). These two subareas also
have the greatest overall number of owner-occupied units. Subarea 1 has
the least number of units (52).
•Average sale price in subareas 10 and 9 increased significantly between
2018 and 2023, increasing $94,500 and $113,600 respectively. While
increasing home values can help build equity for homeowners, it may also
create several affordability challenges. Rising values without a subsequent
increase in income can present challenges for homeowners at all income
levels if property taxes rise. This can be particularly challenging for seniors
with fixed-incomes. As demand for housing and strong market conditions
lead to higher sale prices, potential homebuyers at lower-or middle-
income levels may be increasingly unable to afford to buy a home.
FIGURE 68. NUMBER OF NOAH UNITS BY SUBAREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Housing Finance Corporation
52
70
112
189
331
357
391
466
553
554
814
1,000
1,565
2,396
- 500 1,000 1,500 2,000 2,500 3,000
Subarea 1
Subarea 7
Subarea 3
Subarea 12
Subarea 8
Subarea 11
Subarea 2
Subarea 6
Subarea 4
Subarea 5
Subarea 14
Subarea 13
Subarea 9
Subarea 10
8,850
101,230
Study Area Rest of County
8%
STUDY AREA
CAPTURE
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
99
4
47
95
118
221
85
146
376
232
269
364
800
487
51
199
212
221
512
481
659
863
728
924
1,032
974
828
1,252
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Subarea 12
Subarea 1
Subarea 13
Subarea 3
Subarea 14
Subarea 6
Subarea 7
Subarea 8
Subarea 9
Subarea 11
Subarea 4
Subarea 2
Subarea 10
Subarea 5
The Study Area includes 11% of all owner-occupied workforce housing.
Owner-Occupied Inventory –Workforce
88
•In the Study Area, there are approximately 12,280 owner-occupied
workforce housing units. Of those units, 3,340 (27%) are affordable to
households earning between 60% -80% of AMI (classified as Low-Income
Workforce Housing), and 8,940 (73%) are affordable to households earning
81% -120% AMI (classified as Middle-Income Workforce Housing).The
units account for 11% of the total countywide owner-occupied workforce
housing supply.
•Subarea 5 has the greatest number of workforce housing units (1,739)
while Subarea 12 has the lowest (150).
•As incomes lag behind rising costs of living, workforce housing that is
affordable to middle-income workers near employment opportunities
and/or located along transit routes will continue to be critical for long-term
economic growth in the City.
FIGURE 69. NUMBER OF WORKFORCE UNITS BY SUBAREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Housing Finance Corporation
12,280
97,080
Study Area Rest of County
STUDY AREA
CAPTURE
11%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
The Study Area captures 29% of all owner-occupied higher price housing.
Owner-Occupied Inventory –Higher Cost
•Within the Study Area, there are approximately 19,010 higher-cost owner-
occupied housing units affordable to households earning over 120% AMI,
accounting for 29% of the total countywide supply.
•Subarea 1 has the greatest number of higher-cost housing units housing
units (3,103) while Subarea 13 has the lowest (229).
FIGURE 70. NUMBER OF HIGHER COST UNITS BY SUBAREA
Source: 2017-2021 ACS 5-Year Estimates, Florida Housing Finance Corporation
229
366
518
542
1,098
1,158
1,210
1,294
1,361
1,464
1,950
2,152
2,563
3,103
- 500 1,000 1,500 2,000 2,500 3,000 3,500
Subarea 13
Subarea 3
Subarea 7
Subarea 12
Subarea 2
Subarea 6
Subarea 5
Subarea 14
Subarea 4
Subarea 11
Subarea 10
Subarea 8
Subarea 9
Subarea 1
19,010
46,940
Study Area Rest of County
STUDY AREA
CAPTURE
29%
89
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Affordable and Workforce Owner-Occupied Housing
Owner-occupied Inventory –Affordability Takeaways
90
•The Study Area captures 14% of all countywide owner-occupied units.
However, it captures 29% of all higher cost units, while only 8% of all
NOAH and 11% of all workforce units. These affordability capture trends
are similar to rental housing trends, with the Study Area capturing a
greater portion of higher-cost housing and a lesser portion of more
affordable housing.
•Limited amounts of affordable and workforce owner-occupied housing
can present challenges for lower-and middle-income households
looking to purchase homes. Renter households looking to become
homeowners may choose to move to locations with more affordable home
prices or may become increasingly cost-burdened if purchasing homes
with costs greater than 30% of their income.
Source: 2017-2021 ACS 5-Year Estimates
Total Affordable
Owner-Occupied
Units
8,850
Percentage of
Higher Cost
Owner-Occupied
Units
47%
Percentage of
Affordable
Owner-Occupied
Units
22%
Percentage of
Workforce
Owner-Occupied
Units
31%
STUDY AREA SUMMARY, 2021
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
46% of Study Area households are housing cost-burdened.
Cost-Burdened Households
91
•In 2021, 29,829 households in the Study Area (46% of total households)
were considered cost-burdened, meaning that the household spends more
than 30% of its gross income on housing related costs.
•Within the Study Area, approximately 13,300 renter-occupied households
(55% of total renter-occupied households) and 16,500 owner-occupied
households are cost-burdened (41% of total owner-occupied households).
These percentages are higher than the County rates of 52% (renters) and
37% (owners).
•The percentage of cost-burdened households decreased by 1 percentage
point between 2019 and 2021 for both renters and owners.
FIGURE 71. COST-BURDEN BY TENURE AND YEAR, OUT OF TOTAL
HOUSEHOLDS, STUDY AREA
Source: 2017-2021 ACS 5-Year Estimates
17%
16%
17%
20%
20%
21%
37%
37%
37%
26%
27%
25%
2015
2019
2021
Renter-Occupied,
Not Cost-Burdened
Renter-Occupied,
Cost-BurdenedOwner-Occupied, Not Cost-Burdened Owner-Occupied, Cost-Burdened
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
•The highest rates of renter-occupied households who are housing cost-
burdened are in Subareas 12 (74% of households), 8 (66%) and 3 (65%).
92
Cost Burden Across Subareas
Cost-Burdened Households by Tenure
FIGURE 72. PERCENTAGE COST-BURDENED, RENTER-OCCUPIED, 2021
HOUSEHOLDS, 2021
FIGURE 73. PERCENTAGE COST-BURDENED, OWNER-OCCUPIED, 2021
Source: 2017-2021 ACS 5-Year Estimates Source: 2017-2021 ACS 5-Year Estimates
•The highest rates of owner-occupied households who are housing cost-
burdened are in Subareas 3 (56% of households), 7 (50%) and 14 (49%).
9
10
11 12
13
14
5
6
7
8
2
3
4
1
9
10
11 12
13
14
5
6
7
8
2
3
4
1
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
•Across both owner-and renter-occupied households, householders in the
youngest (ages 15 -24) and oldest (over 65) age brackets are more likely to
be housing cost-burdened than householders between the ages of 25 and
64.[1] Approximately 61% of all households aged 15-24 and 40% of
households aged 65+ are housing cost-burdened.
•For households with a primary householder aged 15 to 24, 64% of renters
and 42% of owners are cost-burdened. For householders aged 65 and
above, 65% of renters and 33% of owners are cost-burdened.
93
Both the youngest and oldest householders are most likely to be cost-burdened.
Cost-Burdened Households by Age
FIGURE 74. PERCENT OF COST-BURDENED HOUSEHOLDS BY AGE AND
TENURE, 2021
[1] Householder is defined by the US Census Bureau as “The person, or one of the
people, in whose name the home is owned, being bought, or rented.”
Source: 2017-2021 ACS 5-Year Estimates
64%
42%
52%
22%
52%
23%
65%
33%
0%
10%
20%
30%
40%
50%
60%
70%
Renters Owners
Householder 15 to 24 years Householder 25 to 34 years
Householder 35 to 64 years Householder 65 years and over
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Lower-income renter households have limited options and live in housing that exceeds their price range.
Housing Mismatch –Renter-Occupied
94
•Renter households at the lowest median incomes have the greatest
discrepancy between the number of units affordable to them and the
number of existing households that would find that unit affordable.
•There are approximately 2,041 rental units within the Study Area with rents
that are affordable to households earning at or below 30% AMI; however,
there are 6,341 households in this income bracket. This means that for
every available unit affordable at 30% AMI, there are more than three
households in need of that unit.
•Because of this mismatch, households at lower incomes who cannot find
a home that is affordable to them may need to spend more than 30% of
their income on housing costs on available homes within higher rent
brackets, as shown in Figure 75 (dashed lines).
FIGURE 75. RENTER-OCCUPIED HOUSING GAP
Source: 2017-2021 ACS 5-Year Estimates
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
< 30% AMI 30-60% AMI 60-80% AMI 80-120% AMI Greater than
120% AMI
Housing Units
Households
0/1-BR $444 $886 $1,181 $1,773 > $1,773
2-BR $549 $996 $1,329 $1,995 >$1,995
3-BR +$663 $1,108 $1,476 $2,214 > $2,214
Maximum Rent Limit
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
30% AMI 60% AMI 80% AMI 120% AMI 120%+ AMI
Lower-income households outnumber affordable homes at 30%, 60%, and 80% AMI levels.
Housing Mismatch –Owner-Occupied
95
•Like renters, there are a greater number of owner-households making 30%, 60%
and 80% of AMI than available homes that are affordable at those income levels.
•Conversely, there are a greater number of housing units affordable to households
earning 80 -120% AMI and over 120% AMI than the number of households
making those incomes. Households in these income brackets may have more
wealth outside of their annual income (long-term equity, generational wealth, or
other assets) or could have no mortgage payment, allowing them to more easily
afford a higher value home than what their annual income would suggest.
•Because of this mismatch, households at lower incomes who cannot find a home
that is affordable to them may need to spend more than 30% of their income on
housing costs on available homes at higher home value brackets, as shown in
Figure 76 (dashed lines).
•This data reflects trends in sale prices of single-family homes, which have been
increasing over the past several years (see Single-Family Housing section). As sale
prices increase and homes become increasingly unaffordable for current owners
and potential homebuyers, this mismatch between incomes and available units
may increase.
FIGURE 76. OWNER-OCCUPIED HOUSING GAP[1]
Housing Units
Households
Home Value $63,600 $115,400 $153,900 $231,000 > $231,000
[1] Housing tenure by income data for owner-occupied housing is only available at the census tract-level. Therefore, this
analysis uses census tract-level data for both households and housing units. Because census tract boundaries do not
fully align with the Study Area boundary, this data is presented as a general indicator of Study Area trends rather than an
exact amount. Ratios based on the number of owner-occupied housing units per block group have been applied to the
three census tracts that don’t fully align with Study Area boundary to provide as close of an estimate as possible. Source: 2017-2021 ACS 5-Year Estimates
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
Housing Affordability
Takeaways
96
•Renters are more likely than owners to be housing-cost burdened,
meaning the household pays more than 30% of its income on rent.
•The youngest (ages 15 -24) and oldest (age 65 and over) residents are
more likely to be housing cost-burdened than residents between the
ages of 25 and 64.This trend is consistent across renters and owners.
•Across both owners and renters, households in the lowest income
brackets have the greatest disparity between the number of existing
units that are affordable to them and the number of existing
households in that income bracket.For renters, there are more
households making under 30% AMI and between 30 -60% AMI than
there are affordable units at either income bracket. For owners, there are
more households at under 30% AMI, 30 -60% AMI, and 60 -80% AMI
than there are affordable units.
STUDY AREA HOUSING COST BURDEN, 2021
Source: 2017-2021 ACS 5-Year Estimates
Percentage of
Owner-Occupied
Cost-Burdened
Households
41%
Percentage of
Cost-Burdened
Households
46%
Percentage of
Renter-Occupied
Cost-Burdened
Households
55%
Percentage of
Cost-Burdened
Householders
Aged 65+
40%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment
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City of Clearwater
RESIDENTIAL INVENTORY AND HOUSING
AFFORDABILITY ASSESSMENT
AGENDA
1.Welcome & Overview
2.Defining Affordable & Workforce Housing
3.Affordable & Workforce Housing Inventory
4.Other Key Affordability Findings
[RECESS]
5.Unmet Housing Needs
6.Discussion of Unmet Housing Needs
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
WELCOME &
OVERVIEW
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Welcome & Overview
Introductions
4
CAITLIN
JOHNSON
Vice President
EMMA
BONANNO
Associate
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Welcome & Overview
Residential Inventory and Housing Affordability Assessment
5
Initial Analysis;
HDR and
SB Friedman
2021
2022 Update
RESIDENTIAL INVENTORY AND
HOUSING AFFORDABILITY
ASSESSMENT
2023 Update
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Welcome & Overview
Housing Assessment and Workshop Goals
6
Residential Inventory and Housing
Affordability Assessment
•Understand key demographic trends and how they intersect
with housing inventory and needs
•Evaluate how the City and regional economic base and
employee characteristics may influence current and future
housing needs
•Understand the existing housing inventory, including typology,
tenure, age, and other characteristics
•Understand the availability of and trends across housing at
different affordability levels, including affordable, workforce,
and higher cost housing
•Determine the extent to which there is an affordability
mismatch between the cost of existing housing and current
residents’ household incomes
City Council Educational Workshop
•Define affordable and workforce housing and understand area
median income
•Review key findings and trends from the Residential Inventory
and Housing Affordability Assessment
•Discuss unmet housing needs and priorities for advancing
housing goals in the City
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
DEFINING
AFFORDABILITY
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
1
Defining Housing Affordability
What does it mean for housing to be “affordable”?
30%
HOUSING
OWNERS
30% includes:
•Monthly mortgage
payment
•Utility costs
•Property taxes
•Insurance•Homeowner
association fees, if
applicable
•Maintenance costs
RENTERS
30% includes:
•Rent
•Utility costs
•Parking
•Storage
Food
Healthcare
Transportation
Taxes
Insurance
School Supplies
Education
Household
Goods
Clothing
Leisure
Savings and
Retirement
Housing is considered
affordable when a
household spends less
than 30% of their gross
income on housing-
related costs
Gross Annual
Household Income
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Housing Cost Burden
9
Affordable-
housing
household:
A household
spending less than
30% of their income
on housing
Cost-
burdened
households:
A household
spending more
than 30% of their
income on housing
Lower-income households are
more likely to spend over 30%
of their income on housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Cost-burdened households have to sacrifice on other costs
What is the impact of being housing cost-burdened?
10
Food
Healthcare
Transportation
Taxes
Insurance
School Supplies
Education
Household Goods
Clothing
LeisureSavings and
Retirement
WHEN HOUSING IS
AFFORDABLE:
WHEN A HOUSEHOLD IS
COST-BURDENED:
>30%
HOUSING
<30%
HOUSING
Taxes
Savings
Transportation
Food
Insurance
Healthcare
Household Goods
Leisure
Education
>30%
HOUSING
Taxes Savings
Transportation
Food
Insurance
Healthcare
Household Goods
Leisure
Education
Clothing
School SuppliesSchool Supplies
Clothing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Housing policy is centered around the concept of area median income (AMI)
What is Area Median Income (AMI)?
11
Source: Florida Housing Finance Corporation, 2021
Area Median Income (AMI) is the midpoint of a
region’s income distribution - 50% of households
earn more and 50% earn less
•Clearwater is part of the Tampa-St. Petersburg-
Clearwater, FL MSA “region”
•U.S. Department of Housing and Urban Development
(HUD) uses AMI to identify specific income targets
that define the income ranges for various income
groups, calculated as a percentage of AMI
•HUD adjusts for household size within income groups
$65,450
2021 Tampa -St. Petersburg-
Clearwater, FL MSA Median
Household Income for a 3-
person household (“100% AMI”)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
2
There are two types of “Affordable Housing”
Different Types of Affordable Housing
12
(1) LEGALLY-RESTRICTED AFFORDABLE HOUSING (LRAH):
•Housing that is contractually bound to serve lower-income households (most often
under 60% AMI)
•Units are typically funded, owned, and operated by mission-driven organizations
including local governments, nonprofits, and more.
•Commonly requires low-income housing tax credits (LIHTC), project-based
vouchers, or other federal funding sources
(2) NATURALLY-OCCURRING AFFORDABLE HOUSING
(NOAH):
•Privately owned units that offer affordable rents for households at 60% AMI or
prices for households at or below 100% AMI
•Affordable is defined as less than 30% of the occupant’s household income
•Lower-cost due to age, building quality, location, condition, and/or historically
inequitable housing policies like redlining
•Units vulnerable to affordability loss
“Affordable Housing” is:
Housing affordable to
households earning
below 60% of Area
Median Income (AMI)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Housing at Other Affordability Levels
13
WORKFORCE HOUSING
•Housing that is affordable to households making between 60 –120%
AMI
•Generally, workforce housing is affordable to residents with a range of
fulltime occupations within the area
•Can be eligible for certain funding programs and subsidies targeted to
this AMI bracket
HIGHER INCOME HOUSING
•Housing that is affordable to households making more than 120% AMI
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Households are categorized into different income brackets based on their annual income as a % of AMI
How does housing utilize AMI?
14
Source: Florida Housing Finance Corporation, 2021
For the purposes of the Housing Assessment, 2021 income limits were used to align with 2021 ACS data (the most
current Census data available). Current Limits are posted on the City’s website.
30% AMI 60% AMI 80% AMI 100% AMI 120% AMI > 120% AMI
Extremely Low
Income
Very Low
Income
Low
Income
Median
Income
Moderate
Income
High
Income
$21,960 $39,850 $53,150 $65,450 $79,800 > $79,8003-PERSON
HOUSEHOLD
AFFORDABLE WORKFORCE HIGHER
INCOME
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
There is a need for housing that is affordable to various income levels
Occupations at Different AMI Brackets
15
[1] Wages are shown as the average annual salary across the Tampa MSA by occupation.
[2] Average annual wages for all occupations are above $21,960. Some jobs may exist with
lower wages, or workers may work part-time.
Source: BLS OEWS May 2022
< 30% AMI 30 -60% AMI 80 -120% AMI > 120% AMI
Extremely Low
Income
Very Low
Income Workforce High
Income
Income
Limit
(3-person
household)
$21,960 $39,850 $79,800 > $79,800
Example
Occupations
and Average
Annual
Wages [1]
None [2]
Physical Therapist Aids:$30,700 Secondary School
Teachers:$68,070 General and Operations
Managers:$111,220
Fast Food and Counter
Workers:$25,800 Licensed Nurses:$52,640 Project Management
Specialists:$95,780
EMTs:$36,910 Dental Assistants:$45,950 Software Developers:$110,650
Preschool Teachers:$30,560 Firefighters:$53,790 Civil Engineers:$104,800
Customer Service
Representatives:$38,950
Supervisors of Office
and Administrative
Workers:
$63,740 General Internal
Medicine Physicians:$299,610
Laborers and Movers:$34,700 Heavy Truck Drivers:$58,680 Registered Nurses:$79,920
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
30% AMI 60% AMI 80% AMI 100% AMI 120% AMI
1
2
3
4
5
Income limits increase for households with more people to account for additional costs
AMI Variation by Household Size
16
Source: Florida Housing Finance Corporation, 2021
TAMPA-ST. PETERSBURG-CLEARWATER, FL MSA 2021 MAXIMUM INCOME LIMITS BY HOUSEHOLD SIZE
NUMBER OF
PEOPLE IN
HOUSEHOLD
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Households by AMI in the Study Area
1717
RENTERS
Source: 2017-2021 ACS 5-Year Estimates
6,300
4,826
3,062
4,079
5,082
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
< 30% AMI 30-60% AMI 60-80% AMI 80-120% AMI Greater than
120% AMI
OWNERS
5,770 6,430
4,250
6,550
16,870
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
30% AMI 60% AMI 80% AMI 120% AMI 120%+ AMI
39,870 Households 23,350 Households
Number of Households
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
30% AMI 60% AMI 80% AMI 100% AMI 120% AMI > 120% AMI
Extremely Low
Income
Very Low
Income
Low
Income
Median
Income
Moderate
Income
High
Income
$21,960 $39,850 $53,150 $65,450 $79,800 > $79,800
Home
Value $63,600 $115,400 $153,900 $192,500 $231,000 > $231,000
Rental
Limit /
Month
$389 -
$663
$775 -
$1,108
$1,034 -
$1,476
$1,273 -
$1,818
$1,551 -
$2,214
> $1,551 -
$2,214
Housing categorized as Affordable, Workforce, or Higher Cost reflects housing that is affordable (<30% of
income spent on housing) to households within these income brackets.
How Does Housing Utilize AMI?
18Source: Florida Housing Finance Corporation, 2021
AFFORDABLE WORKFORCE HIGHER
INCOME
3-PERSON
HOUSEHOLD
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Housing Units by AMI in the Study Area
1919
RENTERS
Source: 2017-2021 ACS 5-Year Estimates
OWNERS 39,870 Housing Units
4,430 4,430
3,300
8,910
18,800
5,770 6,430
4,250
6,550
16,870
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
30% AMI 60% AMI 80% AMI 120% AMI 120%+ AMI
23,350 Housing Units
2,041
3,974
6,569
5,038 5,728 6,300
4,826
3,062
4,079
5,082
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
< 30% AMI 30-60% AMI 60-80% AMI 80-120% AMI Greater than
120% AMI
Number of HouseholdsNumber of Units
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
THE STATE OF HOUSING
IN CLEARWATER
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Fact or Myth?
21
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Defined Subareas
Geographic Levels of Analysis Used to
Understand Housing Needs:
•Pinellas County
•Study Area (shown on right)
•Fourteen (14) subareas within the Study Area
SUBAREAS MAP
Source: City of Clearwater, ESRI, SB Friedman
Gulf to Bay Blvd
Court St
Union St McMullen Booth RdDruid Rd
Curlew Rd
Sunset Pointe Rd
Drew St
Bellair Rd
Enterprise Rd
9
10
11
12
13
14
5
6
7
8
2
3
4
1
Census tracts (2021)
Subarea boundaries
22
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Population and Households
23
Source: 2017-2021 ACS 5-Year Estimates
POPULATION HOUSEHOLDS
958,000
Pinellas County
146,500
Study Area
15%
Study Area Share
of County
415,730
Pinellas County
63,490
Study Area
15%
Study Area Share
of County
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
FACT OR MYTH?
The Study Area is gaining
population at a faster rate than
the County.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Population and Household Change
25
Between 2016 – 2021, the Study Area
population grew by a CAGR of 1.1%, while
the County population grew by a 0.4%
CAGR.
FACT
Source: 2012-2016 and 2017-2021 ACS 5-Year Estimates
(371)(24)
509
7,405
238
Under 20 20-34 35-49 50-74 75+
CHANGE IN POPULATION BY AGE, 2016-2021
52
(604)
2,046
1,255 1,359
Less than
$25,000
$25,000 -
$49,999
$50,000 -
$99,999
$100,000 -
$149,999
$150,000+
CHANGE IN POPULATION BY
INCOME, 2016-2021 (in 2021$)
The Study Area added 7,760 people and
4,100 households between 2016 and 2021.
Increases were driven by those who are
older and wealthier.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Population Migration
Study
Area
Pinellas County
Hillsborough
County
Pasco
County
Hernando
County
ON AVERAGE,
35 NET NEW
PEOPLE MOVE TO
PINELLAS COUNTY DAILY
ON AVERAGE,
144 NET NEW
PEOPLE MOVE TO
THE MSA DAILY [1]
[1] Counties in the MSA include Pinellas, Hernando, Pasco, and Hillsborough Counties.
Source: 2016-2020 ACS 5-Year Estimates
26
An average of 35 net new people
move to Pinellas County every day,
mostly from states outside Florida.
Pinellas County loses population to
other Florida counties. An average of 7
net people move from Pinellas to
Pasco County every day.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Median Household Income
27
Income Is presented in 2021 dollars. Median household income by tenure data is only available at the census tract level.
Because census tract boundaries do not fully align with the Study Area boundaries, this data is presented as a general
indicator of the Study Area trends rather than an exact amount.
Source: 2012-2016 and 2017-2021 ACS 5-Year Estimates
COMPOUND ANNUAL GROWTH RATE
(CAGR), 2016 - 2021
Overall Owners
1.7%2.2%
MEDIAN HOUSEHOLD INCOME (2021)
STUDY AREA
PINELLAS
COUNTY
2.7%2.6%
Renters
0.9%
2.7%
Median Household Income is lower for renters than for homeowners.
Between 2016 and 2021, incomes also rose more slowly for renters.
Study Area Overall: $57,900
Owners: $70,765
Renters: $42,919
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing and Economic Development
28
STUDY AREA COMMUTING PATTERNS, 2020
Source: LEHD 2010-2020,
Data Axle (2023), Target
Employment and
Industrial Land Study
(TEILS) Update 2022
13,070
Live in the Study Area and
are employed elsewhere
Work in the Study Area
and live elsewhere
Live and work
in the Study Area
56,450 44,660
Total employment grew by 23%
between 2010 – 2020, from 56,520 to
69,520 jobs, an average of 1,300 new
jobs per year.
In 2020, 23% of Study Area residents
(13,070) both lived and worked in the
Study Area.
As of 2023, the Study Area has 1,038
businesses in Target Industries, key
higher-wage economic clusters
identified by Forward Pinellas.
PINELLAS COUNTY TARGET INDUSTRIES AND NUMBER OF BUSINESSES IN STUDY
AREA
Business Services 282
Financial Services 277
Marketing, Design, and Publishing 258
Information Technology 66
Medical Technologies / Life Sciences 34
Aviation / Aerospace / Defense 17
Micro-Electronics 4
HOUSING INVENTORY
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Most housing units within the Study Area are single-family detached or part of larger multifamily buildings.
Housing Typology
30
Total occupied and unoccupied units. Source: ACS 2017-2021 5-Year Estimates
TOTAL UNITS BY TYPE, STUDY AREA, 2021
30,400 4,100 9,600 26,900 5,900
single-family
detached units
single-family
attached units
(townhome)
units in smaller
multifamily
buildings
(2-9 units)
units in
larger multifamily
buildings
(10+ units)
other units
(mobile home/RV)
40% of total 5% of total 12% of total 35% of total 8% of total
12% of county 15% of county 14% of county 22% of county 12% of county
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing Typology by Subarea
31
SHARE MULTIFAMILY, 2021
Source: 2017-2021 ACS 5-Year Estimates
SHARE SINGLE-FAMILY, DETACHED, 2021
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing Tenure
32
Source: ACS 2017-2021 5-Year Estimates
HOUSING TENURE BY GEOGRAPHY, 2021
The Study Area has a greater share of renter-
occupied households than the County (37% to 31%).
Unoccupied seasonal housing is an important
component of the area’s tourism industry but also
removes housing units from the market that would
otherwise be available to residents.
25%
44%
51%
52%
53%
57%
61%
62%
63%
69%
71%
73%
74%
76%
79%
82%
75%
56%
49%
48%
47%
43%
39%
38%
37%
31%
29%
27%
26%
24%
21%
18%
Subarea 3
Subarea 13
Subarea 11
Subarea 7
Subarea 2
Subarea 14
Subarea 4
Subarea 12
Study Area
County
Subarea 10
Subarea 6
Subarea 5
Subarea 8
Subarea 9
Subarea 1
Owner-Occupied Renter-Occupied
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop 33
The State of Housing in Clearwater
Housing Tenure by Subarea
HOUSING TENURE, SHARE OWNER-OCCUPIED, 2021[1]
[1] Percentage values are out of total occupied housing units. Source: 2017-2021 ACS 5-Year Estimates [2] Percentage values are out of total occupied housing units. Source: 2017-2021 ACS 5-Year Estimates
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
HOUSING TENURE, SHARE RENTER-OCCUPIED, 2021[2]
20% - 39%
60% - 79%
80% - 100%
40% - 59%
Less than 20%
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing Age
34
MEDIAN YEAR BUILT
Source: 2017-2021 ACS 5-Year Estimates
1964
1965
1967
1970
1971
1975
1976
1976
1976
1976
1978
1978
1979
1979
1981
1981
1983
Subarea 2
Subarea 8
Subarea 7
Subarea 6
Subarea 4
Subarea 3
Subarea 12
Study Area
City
County
Subarea 10
Subarea 1
Subarea 11
Subarea 14
Subarea 5
Subarea 13
Subarea 9
The age and character of the overall housing stock is
reflective of the Clearwater’s major period of growth
and development (from 1960 to 1980). The median
year built of Study Area housing is 1976, indicating
that half of all housing was built almost 50 or more
years ago.
As properties continue to age, preserving the Study
Area’s existing housing stock will become
increasingly critical.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Single-Family Housing
35
SALES OF SINGLE-FAMILY, DETACHED HOMES, 2018 -2023 (IN 2023$)
[1] In inflation-adjusted 2023 dollars.
Source: Pinellas County Property Appraiser Office (August 2023)
Median home values increased by 44% between
2019 - 2021, from $223,000 to $267,000. [1] Lower cost
homes increased at a greater rate than higher cost
homes.
The average sale price of all single-family homes and
condos increased by 42% between 2018 and 2023. In
2023, the average sale price of a single-family,
detached home was $499,200 and a single-family,
attached home was $386,800.
Increasing price and decreasing sales transactions
indicate a constrained single-family housing market.
COVID-19
2,038 1,959 1,868 2,175 1,708 836
$350,900 $370,000
$430,900
$480,200
$507,900 $499,200
-
500
1,000
1,500
2,000
2,500
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2018 2019 2020 2021 2022 2023 YTD
Number of Sales Average Sale Price [2]
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
FACT OR MYTH?
A household earning $100,000 per
year could afford the typical cost
of a new construction home.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Single-Family Housing
37
Source: Pinellas County Property Appraiser Office (August 2023), FRED, Florida Housing Finance Corporation
Home
Sales
Price
Income Needed
for Home to be
Affordable [1]
AMI [2]Upfront
Costs [3]
75% Percentile $708,000 $196,000 >120% AMI $106,200
Median $400,000 $112,000 >120% AMI $60,000
25% Percentile $209,000 $56,000 100% AMI $31,400
[1] Assuming monthly housing costs are 30% of household income. November
2023 interest rate for a 30-yr fixed rate mortgage.
[2] Three-person household
[3] Includes a 10% downpayment and 5% closing costs
COST AND AFFORDABILITY OF NEWER CONSTRUCTION
SINGLE-FAMILY HOUSING, STUDY AREA
Households need to earn about
$112,000 annually and have $60,000
saved to be able to afford most newer
homes.
MYTH
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Market-Rate Multifamily Housing
38
MULTIFAMILY INVENTORY BY SUBAREA AND AGE
Source: Costar (August 2023)
Fewer than 10 units
10 - 49 units
50 - 99 units
100+ units
Pre-2010
2010 - 2020
2021 - 2023
SIZE AGE
9
10
11
12
13
14
5
6
7
8
2
3
4
1
72% of all multifamily housing is concentrated
across five subareas.
In terms of size, multifamily developments were
smaller historically (less than 10 units), while
recent development is larger (100+ units).
Most units are older in age: 76% of all
multifamily units were built prior to 2010.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
FACT OR MYTH?
New multifamily development has
a 50% rent premium over units
built prior to 2010.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
993 new market-rate multifamily units have been developed between 2021 and 2023.
New Market-Rate Multifamily Development
40
MULTIFAMILY INVENTORY BY SUBAREA AND AGE
ARABELLE
CLEARWATER
2021
314 UNITS
ASKING RENT/SF: $2.29
>120% AMI
AVENTON LANA
2023
396 UNITS
ASKING RENT/SF:
$2.25
>120% AMI
BAINBRIDGE
BAYVIEW
2023
283 UNITS
ASKING RENT/SF: $2.60
>120% AMI
Source: Apartments.com, Costar (August 2023)
Fewer than 10 units
10 - 49 units
50 - 99 units
100+ units
Pre-2010
2010 - 2020
2021 - 2023
SIZE AGE
9
10
11
12
13
14
5
6
7
8
2
3
4
1
FACT
New multifamily
development has a 50%
rent premium over units
built prior to 2010.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop 41
The State of Housing in Clearwater
Market-Rate Multifamily Housing
STUDY AREA RENT PER SF, TOTAL MULTIFAMILY INVENTORY AVERAGE EFFECTIVE RENTS BY BUILDING AGE AND SIZE
For all buildings with rent data indicated.
Source: Costar (August 2023)
$1.52
$2.11
$2.28
$1.19
$1.42 $1.55
$1.87
Pre-2010 2010-2020 2021-2023 Fewer than 10
units
10-49 units 50-99 units 100+ units
AGE SIZE
Average effective rents increased dramatically between 2019 and 2023, growing by 29%
across the market-rate multifamily inventory. Rents vary by building age and size.$0.97$1.00$1.00$0.99$1.00$1.03$1.10$1.12$1.13$1.07$1.05$1.06$1.08$1.09$1.12$1.19$1.24$1.28$1.34$1.40$1.48$1.81$1.86$1.81$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023 YTDStudy Area (Rent per SF)Florida (Rent per SF)
Built 2021 - 2023:
$2.28 / sf
Built pre-2010:
$1.52 / sf
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Mobile Homes & Manufactured Housing
42
75% of units were built before 1976, and
therefore qualify as mobile homes.
There are 26 mobile home parks, accounting for
84% of all mobile homes and manufactured
housing units. 19 parks have out-of-state owners.
There are 3 resident-owned communities
(ROCs), accounting for 10% of all mobile homes
and manufactured housing units.
- 200 400 600 800 1,000 1,200 1,400 1,600
Subarea 8
Subarea 7
Subarea 6
Subarea 5
Subarea 3
Subarea 1
Subarea 2
Subarea 12
Subarea 11
Subarea 10
Subarea 4
Subarea 14
Subarea 9
Subarea 13
Manufactured Home
(On Individually Owned Lot)
Manufactured Home
(Co-Op, Individually Owned)
Manufactured Home
(Land Condo, Individually Owned)
Manufactured Home Park
(Lot Rental Community)
Manufactured Home Park -
Mixed Usage - store(s), apts, etc
73 335
153
2,855
35
STUDY AREA
TOTAL UNITS
Source: Pinellas County Property Appraiser Office (August 2023)
3,451
TOTAL UNITS
1,520
1,011
492
145
123
101
58
1
0
0
0
0
0
0
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
FACT OR MYTH?
About half of all mobile home
residents own their home and
property.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Mobile Homes & Manufactured Housing
44
Only 6% of all mobile homes and
manufactured housing units receive a
homestead exemption.
Source: Pinellas County Property Appraiser Office (August 2023)
2,855
35
335
153 73 0 0 128 52 41
-
500
1,000
1,500
2,000
2,500
3,000
Manufactured Home
Park (Lot Rental
Community)
Manufactured Home
Park - Mixed Usage -
store(s), apts, etc
Manufactured Home
(Co-Op, Individually
Owned)
Manufactured Home
(Land Condo,
Individually Owned)
Manufactured Home
(On Individually
Owned Lot)
Number of Units Number of Units with Homestead Exemption (2023)
NUMBER OF UNITS BY TYPE AND HOMESTEAD EXEMPTION STATUS, 2023
Mobile Home Parks Owned
by an Outside Entity
Resident-Owned
Parks
Most units (2,890) are in mobile home
parks owned by an outside entity. None of
these units have homestead exemptions.
MYTH
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Senior & Age-Restricted Housing
45
RESIDENTIAL HEALTH FACILITY UNITS BY SUBAREA, 2021
Source: Florida Data Clearinghouse, 2021
12
32
47
56
27
20
44
150
200
175
161
60
120
120
150
165
120
120
256
10
13
617
0 100 200 300 400 500 600 700 800 900
Subarea 1
Subarea 12
Subarea 7
Subarea 14
Subarea 2
Subarea 10
Subarea 13
Subarea 8
Subarea 6
Subarea 9
Subarea 5
Subarea 11
Subarea 3
Subarea 4
Assisted Living Nursing Home Other
There are 2,675 residential health units in
the Study Area.
As the senior population continues to
grow, providing a range of housing
options is necessary to support residents
at all stages of life.
HOUSING AFFORDABILITY
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop 47
60% AMI 120% AMI 120%+ AMI
0/1-BR < $886 $887 -$1,181 $1,182 -$1,773 > $1,773
2-BR < $996 $997 -$1,329 $1,330 -$1,995 > $1,995
3-BR +< $1,108 $1,109 -$1,476 $1,477 -$2,214 > $2,214
Maximum Monthly Rent Limit
80% AMI
The State of Housing in Clearwater
Housing Affordability | Renters
Source: 2017-2021 ACS 5-Year Estimates, Florida Data Clearinghouse
There are 6,020 units affordable to
households earning <60% AMI, 26% of
total Study Area rental units.
6,570 units (28% of total) are classified
as low-income workforce housing and
5,040 units (22% of total) are classified
as middle-income workforce housing.
RENTER-OCCUPIED HOUSING UNITS
23%
Share of
county
15%
Share of
county
15%
Share of
county
31%
Share of
county
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
FACT OR MYTH?
The Study Area lost 400 NOAH
units between 2019-2021.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing Affordability | Renters
49
CHANGE IN TOTAL RENTAL UNITS BY AFFORDABILITY TYPE, 2019 -2021
Source: 2017-2021 and 2015-2019 ACS 5-Year Estimates4,190 10,230 4,750 3,67511,610 5,730 -
2,000
4,000
6,000
8,000
10,000
12,000
14,000
NOAH Units Workforce Higher Rent
2019 2021
- 515
+ 1,380
+ 980
Filtering is the process by which housing units
become more affordable with age as new units
are added to the supply. Filtering “up” is the
process by which housing units become less
affordable over time as rent increases push the
unit up into a higher AMI affordability bracket.
DEFINITIONS
MYTH
The Study Area lost approximately 515
NOAH units between 2019 - 2021.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing Affordability | Owners
50
OWNER-OCCUPIED HOUSING UNITS
Source: 2017-2021 and 2015-2019 ACS 5-Year Estimates4,320 4,530 3,340 8,940 19,010 -
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
< 30% AMI < 60% AMI < 80% AMI < 120% AMI 120%+ AMI
Affordable
Home Value $63,600 $115,400 $153,900 $231,000 Greater than
$231,000
11%
Share of
county
29%
Share of
county
Workforce Higher Cost
Only 22% of all Study Area owner-occupied units
are considered affordable to households making
under 60% AMI.
The Study Area captures 14% of all countywide
owner-occupied units, but only 8% of affordable
and 11% of workforce units.
Limited amounts of affordable and workforce
owner-occupied housing can present challenges
for lower- and middle-income households looking
to purchase homes.
8%
Share of
county
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing Affordability Mismatch
51
RENTERS
Source: 2017-2021 ACS 5-Year Estimates2,041 3,974 6,569 5,038 5,728 6,300 4,826 3,062 4,079 5,082 -
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
< 30% AMI 30-60% AMI 60-80% AMI 80-120% AMI Greater than
120% AMI
OWNERS
4,4314,4283,3008,91218,7975,7706,4314,2506,54716,8700
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
30% AMI 60% AMI 80% AMI 120% AMI 120%+ AMI
Housing UnitsHouseholds
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
FACT OR MYTH?
40% of Study Area households are
housing cost-burdened.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
The State of Housing in Clearwater
Housing Cost Burden
HOUSING COST BURDEN BY AGE
29,829 households in the Study Area (46% of
total households) are housing cost-burdened.
55% of renter-occupied households are
housing cost-burdened, compared to 41% of
owner-occupied households.
MYTH 64%
42%
52%
22%
52%
23%
65%
33%
Householder 15 to 24 years Householder 25 to 34 years
Householder 35 to 64 years Householder 65 years and over
RENTERS
OWNERS
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
State of Housing in Clearwater
54
QUESTIONS /
COMMENTS?
Affordability
Owners / Renters
Demographics
Single-Family
Multifamily
Mobile HomesAge-Restricted
Housing
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
RECESS
(10 MINUTES)
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
UNMET HOUSING
NEEDS
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
Overview
57
1 Entry-Level For-Sale
Homes
3 Housing for Lower-
Income Renters
5 Preservation of Missing
Middle Housing
4 Options for Downsizing
and Aging in Place
6 Workforce Housing
Affordable at Area Wages
7 Strategies to Prevent Mobile
Home Resident Displacement
Infill Rental
Apartments2
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
1 | Entry-Level For-Sale Homes
58
•Sale prices are increasing. The 2023 average
sale price of a single-family detached home
within the Study Area was $499,213, a 42%
increase from 2018 (in 2023 dollars)
•The number of sales is decreasing. The
supply of housing is constrained, with fewer
units available on the market than historically.
WHAT WE KNOW
•New construction home prices are currently
unaffordable for many families. The median
price of a new construction single-family
home is $400,000, only affordable to
households making over 120% AMI.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
2 | Infill Rental Apartments
59
•While increased density along major corridors
aligns with ongoing planning initiatives, newer
projects in the Study Area have primarily
consisted of larger, single-use apartment
buildings that are not necessarily integrated
into their surroundings.
•New multifamily rental developments typically
cater to higher-income households.
WHAT WE KNOW
•There is a need for additional rental housing,
including missing middle and/or accessory
dwelling units (ADUs) which can be
accommodated on smaller sites and may be
more affordable.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
3 | Housing for Lower-Income Renters
60
WHAT WE KNOW
•New construction multifamily units are
unaffordable for most families. Units built 2021
and after have a 50% rent premium over units
built prior to 2010, and rents are only affordable
to households making more than 120% AMI.
•Between 2019 and 2023, the Study Area lost
both NOAH and LRAH rental housing. This is
partially due to units “filtering up” as rent
increases put formerly affordable units (<60%
AMI) into higher income brackets (>60% AMI).
•Over half of all renters are housing cost-
burdened.
•There is a mismatch between the number
of affordable units available in lower AMI
brackets and the number of households in
those income brackets, increasing the
chance that lower-income households will
have to spend over 30% of their income
on housing.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
4 | Options for Downsizing and Aging in Place
61
•The senior population is growing. Between
2016 and 2021, the population of residents
aged 50-74 increased by 7,400 people.
•Through 2035, the fastest growth in
population countywide will be among people
aged 75+ as Baby Boomers age. Within the
Study Area, there are currently 17,350
residents aged 75+ and 43,500 aged 55-74.
Combined, these residents comprise 42% of
the Study Area population.
WHAT WE KNOW
•There are 2,700 residential health units in the
Study Area. These units are crucial to provide
a range of options to support residents at all
stages of life.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
5 | Preservation of Missing Middle Housing
62
•The median year built of Study Area housing
is 1976.
•Housing structures typically need substantial
reinvestment after 20 years.
•Older and/or smaller buildings are typically
more affordable. However, as structures
approach or exceed 20-years of age, there is
greater potential for substandard housing
conditions and/or greater need for
investment.
WHAT WE KNOW
•There are no new multifamily rental
developments with fewer than 10 units
(“missing middle”) currently in the
development pipeline. All existing 10-unit or
fewer developments were built prior to 2010.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
6 | Workforce Housing Affordable at Area Wages
63
•Housing costs have outpaced income growth
between 2016 -2021. Rents grew by a 7.9%
compound annual growth rate (CAGR), while
median household income grew by a CAGR
of 1.7%.
WHAT WE KNOW
•The average annual wage for workers in
Clearwater’s top employment sectors is
generally less than $60,000. This wage puts
households around the 80% to 100% AMI
income bracket, below the income generally
necessary to afford new construction for-sale
homes and multifamily rental units.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
7 | Strategies to Prevent Mobile Home Resident Displacement
64
•84% of all units are in mobile home parks
owned by an outside entity. This increases
the risk of resident displacement if park
owners raise rents, sell, or are forced to close
because of deteriorating conditions.
•75% of all units were built prior to 1976. As
mobile home parks age, many residents
suffer from deteriorating buildings and site
infrastructure.
WHAT WE KNOW
•Of the 26 mobile home parks in the Study
Area, 19 have out-of-state owners, indicating
a greater likelihood of absentee property
owners, who may own the park as an
investment property.
•Sale prices for mobile home parks have
increased steeply. Five parks were sold twice
between 2018 and 2023, and the second
purchase prices range from 38 - 82% higher
than the first purchase prices.
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
DISCUSSION: UNMET
HOUSING NEEDS
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
Instructions
66
RANK YOUR
HOUSING
PRIORITIES FROM
MOST TO LEAST
URGENT.
If you have others,
write them in!
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
Unmet Housing Needs
Overview
67
1 Entry-Level For-Sale
Homes
3 Housing for Lower-
Income Renters
5 Preservation of Missing
Middle Housing
4 Options for Downsizing
and Aging in Place
6 Workforce Housing
Affordable at Area Wages
7 Strategies to Prevent Mobile
Home Resident Displacement
Infill Rental
Apartments2
CITY OF CLEARWATER | Residential Inventory and Housing Affordability Assessment | City Council Workshop
THANK
YOU!