Learning About Our Community: Housing

The third chapter of American Structurepoint's Existing Conditions Report on Troy deals with where we live - our homes.

This is the third installment in our publication’s series about the City of Troy’s Draft Existing Conditions Report put forward by American Structurepoint, as they continue to work with the community to draft a new Comprehensive Plan for the city. In case you are wondering what the Existing Conditions Report is, this article helps explain the role such reports have in developing a plan.

The draft report thoroughly examines the current state and trends influencing the city's residential framework in the third chapter, which is the topic of today’s publication.

As of 2023, the total housing supply in Troy was recorded at 12,333 units. This figure reflects a consistent growth trajectory from the year 2000, providing strong evidence of a community that has expanded to meet increasing demands. However, a closer inspection of construction activity reveals a more nuanced narrative where significant portions of the housing stock were erected before 1939, followed by fluctuating construction volumes across subsequent decades. Notably, the largest construction activities were observed in the 1970s, with more recent years showing a marked slowdown, potentially indicating a shift in the city’s development and economics.

The composition of Troy’s housing types is heavily weighted towards single-unit detached homes, which comprise 70.3% of all dwellings. This indicates a traditional preference for standalone homes, typical of most suburban American settings. Multi-unit buildings and attached single-unit homes like duplexes and town homes make up smaller portions of the housing landscape, suggesting a lesser focus on high-density residential options, which are often crucial for economically diverse communities and more importantly economic accessibility.

Occupancy trends in Troy also provide key insights, with 61.7% of homes being owner-occupied and 30.8% occupied by renters. This distribution underscores a stable property market but also highlights a significant rental sector that could be indicative of economic diversity or a transient population segment such as young professionals and smaller families. Meanwhile, the vacancy rate has declined from 7.4% in 2010 to 5.5% in 2020, a trend that suggests a tightening market with potentially rising housing demands not fully met by new construction.

The city’s housing value data from 2021 further complements this analysis, presenting a median home value of $156,851, with a majority of homes valued under $150,000. Post-pandemic assessments show an increase in median home values to $180,440, reflecting the broader national trends of escalating property values, which can affect affordability and accessibility for lower-income residents.

Moving Housing Forward

The draft report does not go into any detail on potential strategies that the city could undertake to help with some of the housing issues that the city is currently facing; but that is not the job of the report. The Existing Conditions Report is to simply show the lay of the land and provide a basis of discussion for community policymakers to make strategic decisions moving ahead.

However, any discussion of the challenges facing the community with any business owner, nonprofit director, community leaders or civic minded individuals, will include housing. These discussions are often marked with the statements that housing is too hard to find, too expensive and are often built in neighborhoods that lack access to amenities that make them attractive (such as parks and grocery stores).

With that context in mind, it doesn’t hurt to think about what are some of the strategic directions that American Structurepoint may recommend as the city’s new Comprehensive Plan takes shape. And in fact, several strategic initiatives could be beneficial for Troy.

First, addressing the need for more affordable housing is critical, as the rising home values may outpace the economic capabilities of many residents. Facilitating the development of affordable and mixed-income housing projects could help in accommodating a broader range of income levels. Additionally, the significant stock of older homes presents an opportunity for revitalization programs. By offering grants and low-interest loans for home improvements, especially those enhancing energy efficiency and sustainability, Troy could preserve its architectural heritage while modernizing living spaces. Both initiatives are going to require more proactive measures from local government in order to bring these initiatives to full flower.

Supporting first-time homebuyers through educational programs and financial assistance can also promote homeownership, which in turn could foster community stability and economic growth. Moreover, diversifying the types of available housing to include more high-density options like townhouses and condominiums could attract a more varied demographic and invigorate the city’s social and economic dynamism.

This publication talked about a new home buying saving program put forward by the state and how the city could piggyback on this program to help first time homebuyers.

Bringing Citizens Along in the Process

Community engagement is crucial in these efforts. By involving residents in the planning processes, Troy can ensure that developments are in line with the community’s needs and aspirations, thereby enhancing the effectiveness of housing policies and the overall satisfaction of its citizens.

Troy’s housing market, characterized by a dominant share of single-family homes and a growing but tight rental market, faces challenges that could be addressed through thoughtful policymaking and community-focused initiatives. These strategies not only aim to improve housing conditions but also need to ensure the long-term vitality and inclusiveness of the community.

A Personal Note

Today marks 11 months since the Civic Capacity Newsletter first hit the scene. As we get closer to the one-year anniversary of this effort, I hope you will notice the occasional publications that talk about the past year and some of the lessons learned as this newsletter has really become a part of the conversations people are having about our community! Also, this month, this publication will be sharing some of the kind notes our paid subscribers have given! Today’s note comes from David Hastings.

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