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LOC,1 Market Analysis for Downtown Redevelopment CONSULTING City of Centerville Economic Development Authority April 3, 2023 FA—.51 Active Adult Rental Demand in Primary Market Area, 2022 and 2027 2022 2027 Households Age 55 to 65 Households Age 55 to 64 with Incomes Above $50,000 1 7,448 6,862 Households Age 55 to 64 with Incomes Between $35,000 and $50,000 471 397 Homeownership Rate 90% 90% Asset -Qualified Households Age 55 to 64 425 358 Total Income- and Asset -Qualified Households Age 55 to 64 7,873 7,220 Penetration Rate for Active Adult Rental 0.0% 0.0% Total Demand from Households Age 55 to 64 - - Households Age 65 to 74 Households Age 65 to 74 with Incomes Above $50,000 5,183 5,853 Households Age 65 to 74 with Incomes Between $35,000 and $50,000 580 669 Homeownership Rate 97% 97% Asset -Qualified Households Age 65 to 74 562 648 Total Income- and Asset -Qualified Households Age 65 to 74 5,745 6,502 Penetration Rate for Active Adult Rental 2% 2% Total Demand from Households Age 65 to 74 115 130 Households Age 75+ Households Age 75+ with Incomes Above $50,000 1 2,258 3,163 Households Age 75+ with Incomes Between $35,000 and $50,000 1 887 835 Homeownership Rate 91 % 91 % Asset -Qualified Households Age 75+ 808 760 Total Income- and Asset -Qualified Households Age 75+ 3,066 3,923 Penetration Rate for Active Adult Rental 4% 4% Total Demand from Households Age 75+ 123 157 Total Demand for Active Adult Rental Units 238 287 Demand from Outside PMA 20% 20% 297 359 Minus Existing and Planned AA Rental Units in the PMA at 95% Occupancy 310 310 Total Active Adult Rental Units Needed in the PMA -13 49 Estimated percentage capturable by Downtown Centerville 25% - 33% 25% - 33% Demand at site -3 - -4 12 - 16 1. Incomes for 2027 are increased by 3 % per year to account for inflation. Source: LOCI Consulting LLC Page 95