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<br />Market Analysis for Downtown Redevelopment ***Draft*** <br />City of Centerville Economic Development Authority <br />April 3, 2023 <br />Appendix <br />A.1For-Sale Townhome and Condominium Housing Demand in the PMA, 2022-2027 <br />Demand from Household Growth in the PMA <br />1 <br />Age/income qualified households in 2022 <br />21,439 <br />1 <br />Age/income qualified households in 2027 <br />24,307 <br />2,868 <br />Projected growth of the age/income qualified market <br />89% <br />Estimated percentage that will choose new for-sale housing <br />2,564 <br />Units needed to meet demand from household growth in the PMA <br />Demand from For-Sale Housing Turnover in the PMA <br />Estimated number of households that own in the PMA in 2022 25,586 <br />Estimated percentage that will seek new for-sale housing between 2022 and 202723% <br />Estimated percentage that will choose new for-sale housing 5% <br />Units needed to meet demand from turnover in PMA 295 <br />Demand from Outside the PMA <br />Estimated demand from outside PMA20% <br />Units needed to meet demand from outside the PMA715 <br />Demand in the PMA <br />Total for-sale demand in PMA3,574 <br />Minus vacant and competitive planned units 81 <br />Units needed in the PMA3,493 <br />Times percent of demand for condominiums and townhomes26% <br />Units needed in the PMA908 <br />Estimated demand capturable in Downtown Centerville5%10% <br />Units supportable at the Commercial Zone4591 <br />1. Age/income qualified households are households under age 65 with incomes above $100,000 plus 80% of households age 65 <br />and over with incomes above $100,000. 20% of households age 65 plus are assumed to prefer age-restricted housing with <br />services. <br />Source: LOCi Consulting LLC <br /> <br /> <br />Page | 91 <br /> <br />