30 Housing Strategy | ENVISION FRANKLIN household incomes. To find the ratio between local wages and housing costs, divide the median home price by the median household income. The Franklin median multiple is 5.6, calculated by dividing the 2021 median home price of $592,200 by the 2021 median household income, $104,515. Local housing prices are generally considered affordable if that number is 2.5 or 3. EXAMPLES OF OTHER HOUSING POLICIES, PROGRAMS, AND PROJECTS Efforts in other communities tackling similar issues can offer ideas for implementing new approaches to local housing needs. Below are a variety of examples from some of Franklin’s peer cities and elsewhere in the country. HOUSING POLICIES AND PROJECTS IN PEER CITIES Horizon 2040 —Alpharetta, Georgia The Horizon 2040 comprehensive plan, adopted in 2021, is Alpharetta’s comprehensive plan and a long-range growth management tool. The plan defines the city’s vision for future development by addressing housing, sense of place, transportation alternatives, mixed uses developments, natural resources, and economic growth. The Comprehensive Plan includes a Community Involvement Plan, Existing Conditions Analysis, and the Plan Elements. The Plan provides a clear, shared vision and describes the future of the Alpharetta. The community identified needs, opportunities, and policies for six Themes or Areas of Focus in the Horizon 2040 Comprehensive Plan: Traffic Congestion/Walkability, Office and Retail Vacancies, Growth Management, Sense of Place/Placemaking, Open Space, and Housing. Examples of Housing Needs and Opportunities Identified in Horizon 2040: • Address affordability of housing • Manage scale of homes to lot size • Manage density • Create walkable neighborhoods • Diversify housing opportunities • Address missing housing types/price points • Protect existing workforce housing stock • Redevelop large surface parking lots in North Point area and suburban office areas with residential uses • Utilize accessory dwelling units (ADUs) to increase housing stock
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