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2023-05-10 CC Packet
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2023-05-10 CC Packet
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6/6/2023 3:10:37 PM
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5/5/2023 3:38:24 PM
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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 7 Assisted Living Demand in Primary Market Area, 2022 and 2027 <br />2022 2027 <br />Households Age 75+ with Incomes Above $50,000 2,258 3,163 <br />Households Age 75+ with Incomes Between $35,000 and $50,000 887 835 <br />Homeownership Rate 91 % 91 % <br />Asset -Qualified Households Age 75+ 808 760 <br />Total Income- and Asset -Qualified Households Age 75+ <br />3,066 <br />3,923 <br />Percentage of Households that Need Assistance with ADLs or IADLs z <br />20% <br />20% <br />613 <br />785 <br />Estimated Penetration Rate <br />50% <br />50% <br />307 <br />392 <br />Plus Demand from Outside Primary Market Area <br />20% <br />20% <br />383 <br />490 <br />Minus Existing and Planned AL Units in the Primary Market Area at 93% <br />Occupancy <br />492 <br />492 <br />Assisted Living Units Needed in the Primary Market Area <br />-109 <br />-2 <br />Estimated percentage capturable by Downtown Centerville <br />25% - 33% <br />25% - 33% <br />Demand at site <br />-27 - -36 <br />0 - -1 <br />1. Incomes for 2027 are increased by 3 % per year to account for inflation. <br />2. Activities of Daily Living (ADLs) are activities such as eating, dressing, or bathing. Instrumental <br />Activities of Daily <br />Living (IADLs) are <br />activities such as household chores or shopping. Source is Summary Health Statistics for <br />the U.S. Population: National <br />Health Interview <br />Survey, 2012. Centers for Disease Control. 2012. Study found 10 % incidence for AD Ls and 20% for IADLs. <br />Source: LOCI Consulting LLC <br />Page 97 <br />
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