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LOC,1 Market Analysis for Downtown Redevelopment <br />CONSULTING City of Centerville Economic Development Authority <br />April 3, 2023 <br />A 6 Independent Living Demand in Primary Market Area, 2022 and 2027 <br />2022 2027 <br />Households Age 65 to 74 <br />Households Age 65 to 74 with Incomes Above $50,000 1 5,183 5,853 <br />Households Age 65 to 74 with Incomes Between $35,000 and $50,000 1 580 669 <br />Homeownership Rate 97% 97% <br />Asset -Qualified Households Age 65 to 74 562 648 <br />Total Income- and Asset -Qualified Households Age 65 to 74 <br />5,745 <br />6,502 <br />Penetration Rate for Independent Living <br />2% <br />2% <br />Total Demand from Households Age 65 to 74 <br />115 <br />130 <br />Households Age 75+ <br />Households Age 75+ with Incomes Above $50,000 1 <br />2,258 <br />3,163 <br />Households Age 75+ with Incomes Between $35,000 and $50,000 1 <br />887 <br />835 <br />Homeownership Rate <br />91 % <br />91 % <br />Asset -Qualified Households Age 75+ <br />808 <br />760 <br />Total Income- and Asset -Qualified Households Age 75+ <br />3,066 <br />3,923 <br />Penetration Rate for Independent Living <br />11 % <br />11 % <br />Total Demand from Households Age 65 to 74 <br />337 <br />432 <br />Total Demand for Independent Living Units 452 562 <br />Demand from Outside PMA 20% 20% <br />565 702 <br />Minus Existing and Planned IL Units in the PMA at 95% occupancy 599 599 <br />Total Independent Living Units Needed in the PMA -34 103 <br />Estimated percentage capturable by Downtown Centerville 25% - 33% 25% - 33% <br />Demand at site -8 - -11 26 - 34 <br />1. Incomes for 2027 are increased by 3 % per year to account for inflation. <br />Source: LOCI Consulting LLC <br />Page 96 <br />