Mission housing stock is still good, but the condition is not quite as high as 10 years ago and housing value has not recovered from the recession in real dollars. Those were some of the conclusions from a city survey over the summer that evaluated each of the city’s more than 2,600 single family homes.
“In the grand scheme of things, it is looking very good,” said Rosalind Johnson, the city’s neighborhood services coordinator. The comparison was against a similar survey completed in 2003 that ranked each home on its exterior condition, landscaping, fencing and other structures. Using the same ranking criteria, the survey found that the judgment still left an overwhelming number of houses in the good to excellent categories, but with a drop in the overall rankings from 11 years ago.
The report, presented to the city council this week, also showed that the average appraised value of a Mission home had increased from $142,287 in 2003 to $145,764 in 2014, However, when the 2003 prices are adjusted for inflation, the value would have risen to $170,950. The survey was broken down into 11 city areas. Though not specifically by neighborhood, the section with the highest housing value essentially mimics the Milhaven neighborhood where the average value is $215,683.
The report also shows that single-family rental properties perform lower than owner-occupied homes. The 346 licensed rental houses have a lower ranking for their structural condition and have a code enforcement average nearly triple that of other housing. Rentals also showed a value drop that was close to double that of other property.
Creation of a neighborhood revitalization district that would provide financial incentive for home renovation was one suggestion the report made as an avenue to encourage investment.