Randy Weaver, a North Coast Labor Market Consultant, did a Humboldt Housing Affordability presentation to the Redwood Region Economic Development Commission (RREDC) this week and some of the quick observations were pretty interesting. There has been very little growth in Eureka over the last umpteenth years.
The median price for a home in Eureka is $250,000. $317,000 in McKinleyville and ….$459,000 in Redway!
Rental Vacancy rates in Eureka are at 3.4%. Fortuna has 9% available.
Renters represent 61% of Eureka Housing.
64% of all houses in Eureka were built before 1959! 32% of them were built before 1939!
Only 2% of the houses were built between 2000-2009. From 2010 to present there has been less than 1%.
Only 23% of residents can afford to buy a house. In 2007 it was only 11%!
When businesses are looking to relocate the most important criteria for such moves are:
1. Low Crime Rate: Not good that Eureka has a crime index rate of 1. Only 1% of all cities are as unsafe as Eureka.
2. Healthcare Facilities: Cost of Living index rate for healthcare is 119 compared to 100 for the US. Not good.
3. Education: Only 82% residents of graduated High School. Average student test scores are 24% less than national average. Student to teacher ratio in Eureka is 19:1 compared to 16:1 for the nation.
Just about every living index is greatly higher than the national average. And we have one of the highest Homeless per capita rate in the nation also. These are what businesses take into account when they decide to grow into a community.
What is the solution? Just the messenger here.