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LOCiMarket Analysis for Downtown Redevelopment <br />CONSULTING City of Centerville Economic Development Authority <br />April 3, 2023 <br />ADDendix <br />Demand Calculations <br />A.1 For -sale Townhome and Condominium Housing Demand in the PMA, 2022-2027 <br />(Demand from Household Growth in the PMA <br />Age/income qualified households in 2022 <br />Age/income qualified households in 2027 <br />21,439 <br />24,307 <br />Projected growth of the age/income qualified market <br />Estimated percentage that will choose new for -sale housing <br />2,868 <br />89% <br />Units needed to meet demand from household growth in the PMA <br />2,564 <br />Demand from For -Sale Housing Turnover in the PMA <br />Estimated number of households that own in the PMA in 2022 <br />Estimated percentage that will seek new for -sale housing between 2022 and 2027 <br />Estimated percentage that will choose new for -sale housing <br />25,586 <br />23% <br />5% <br />Units needed to meet demand from turnover in PMA <br />295 <br />Demand from Outside the PMA <br />Estimated demand from outside PMA <br />20% <br />Units needed to meet demand from outside the PMA <br />715 <br />Demand in the PMA <br />Total for -sale demand in PMA <br />Minus vacant and competitive planned units <br />3,574 <br />81 <br />Units needed in the PMA <br />3,493 <br />Times percent of demand for condominiums and townhomes 26% <br />Units needed in the PMA 908 <br />Estimated demand capturable in Downtown Centerville 5% - 10% <br />Units supportable at the Commercial Zone 45 - 91 <br />1. Age/income qualitied households are households underage with incomes above $lUU,UUU pus o Or households age btD <br />and overwith 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 />Page 191 <br />