What's Happening in the C.E.D.?

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It’s almost construction season.  During the 1960s, ‘70s and ‘80s, Perinton developers built an average of 300 to 350 detached single-family homes a year.  Today, they’re building fewer detached single-family homes and more multi-family units.

Let’s take a look at the numbers:  During 2016, the Town issued 46 building permits for detached single-family homes.  The median value of construction was $300,000.  The average cost to buy those homes was probably close to the mid-$300,000 range, which is a price tag suitable for established professionals or empty nesters, but not ideal for young families.

Our primary residential growth has occurred in the area of multi-family.  During the past three years, the Town has approved four projects (Creekstone, Stonebrook, Whitney Town Center, and the Glen at Perinton Hills) that will introduce nearly 500 apartment rental units to the market.  These rental units consist of detached single-family dwellings, duplexes, three- and five-unit townhomes, and apartment buildings with one-, two-, and three-bedroom units.  The rents range from about $1,300 per month for a one-bedroom apartment to about $2,700 per month for a single-family dwelling.  The rental costs for these units indicate that they are primarily aimed at empty-nesters and seniors.

The Town does not currently have any new major detached single-family subdivisions under consideration.  During 2017, Pride Mark Builders should begin construction on 16 duplex homes (totaling 32 units for sale) off of High Street Extension, across from Dudley School.  Each of those units will sell in the range of $275,000 to $325,000.

In 2014 and 2015, the Town issued 36 and 60 detached single-family permits, respectively.  In 2014, the average value of construction was $180,000 (meaning the average cost to buy was probably in the $220,000 range).  In 2015, the average value of construction was $199,000 (average cost to buy probably $240,000).

The Town’s latest Comprehensive Plan (2011) predicted a rise in housing development for empty-nesters and seniors, and a decline in school enrollment, which is largely accurate.  With the expansion and development of new multi-family units, the belief is that many of our empty-nesters and seniors will be attracted to the new product being offered in Perinton, thereby freeing up the existing single-family housing stock so young families move in and make Perinton their home.  The developers have said that about 20 to 25 percent of the people interested in their new multi-family product have come from Perinton.  But it might be too early to see results from this approach.  The American Community Survey indicates that our under-18 population has still declined nearly 10 percent since 2011, from about 11,000 to about 10,000.  And the median age of the Perinton resident has risen from 44 in 2010 to 45.2 in 2015.

Perinton still represents a value, however.  According to the 2015 American Community Survey, the median housing value is $192,600 and the median household income is $79,105, an affordability ratio of 2.43 (a ratio less than 3.0 is considered affordable).  Of course, that statistic is relative to the median household income in Perinton.  When one includes all of Monroe County, featuring a median household income of $52,553, the affordability ratio is 3.66, meaning that Perinton may not be as affordable a choice for young families as compared to other Monroe County communities.

Overall, there is still strong demand to live in Perinton.  According to the 2015 American Community Survey, the Town’s current total housing occupancy rate (which includes all owner-occupied housing units as well as rental units) is 97.2 percent.  The rental occupancy rate is 96.8 percent.  Those occupancy rates are among the best in Monroe County, certainly a reflection of the high quality of life in our community.