New housing units haven't kept pace with the tremendous job growth in the city of Plano in recent years, spurring more people to live outside the city and commute to work.
That's one of several findings of a housing trends analysis and strategic plan prepared for the city this year by the Denver-based firm Economic & Planning Systems.
The report, conducted with the help of a local advisory committee, included focus groups, data analyses, a survey of more than 3,300 residents and workers and a public meeting.
David Schwartz, executive vice president of Economic & Planning Systems, presented an overview of the plan at a recent City Council meeting. It looked at the unique factors at work in Plano, which is home to over 285,000 residents and 157,000 jobs.
The information is key for the future of this land-locked city, which is largely built out. That's because a shortage of housing plays a role in affordability, transportation patterns, civic amenities and other factors that ultimately affect the local economy, the report stated.
"The lack of housing supply, particularly affordable entry-level and senior housing options, ownership or rental, means that the community will struggle with solidifying new resident civic engagement and investment, as well as the disenfranchisement of its long-time residents," the report states.
Here are some findings from the plan meant to help inform city leaders in future decisions:
1. Between 2002 and 2015, the city added some 84,000 jobs. That amounts to about 6,500 jobs a year. But between 2000 and 2016, the city only added about 25,000 households, a rate of nearly 1,600 a year, the report states.
That imbalance in supply and demand affects affordability for those living in Plano. "For existing residents, this means rising property values [property taxes], and for new residents, this means locking in greater portions of household income on the cost of housing," the report states.
2. A larger percentage of the city's workforce is commuting.
In 2002, the city had about 115,000 jobs and 113,000 workers. That meant the city was importing a net of about 2,000 workers. By 2015, as the number of jobs outpaced the city's labor force, the city was importing a net of about 59,000 workers.
3. That surge in commuters is "pushing local roads beyond capacity," the report stated.
In 2007, about 28 lane miles in Plano were at or above 100 percent volume over capacity. By 2017, the city had about 140 lane miles at or above 100 percent volume over capacity.
4. Plano's residents, on average, are getting older. In 2000 more than half of the city's residents were under 35 years old. About 12 percent of the population was 55 or older. By 2016, less than 45 percent of the city's residents were younger than 35 and the over-55 population was about 24 percent.
"If households age in place, and thus, spend less, they generate less sales tax for the city," the report stated. "Without bringing in more households, sales tax revenues to Plano could increase more slowly and eventually stagnate."
5. New mortgage investments in the city have declined. About 80 percent of owner households in Plano held a mortgage in 2005. But by 2016, that number dropped to 67 percent, Schwartz said.
"While it's a good thing to celebrate that households are paying off their mortgages, on the other hand, you would like some sense of equilibrium where new households — new owner households — are forming and buying in and investing into the community," he said.
Read the full report here:
