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2023-06-21 EDA Packet
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2023-06-21 EDA Packet
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6/19/2023 5:15:00 AM
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<br />Market Analysis for Downtown Redevelopment <br />City of Centerville Economic Development Authority <br />April 3, 2023 <br />A.5Active Adult Rental Demand in Primary Market Area, 2022 and 2027 <br />20222027 <br />Households Age 55 to 65 <br />1 <br />Households Age 55 to 64 with Incomes Above $50,000 <br /> 6,8627,448 <br />1 <br />Households Age 55 to 64 with Incomes Between $35,000 and $50,000 <br /> 397471 <br />Homeownership Rate90%90% <br />Asset-Qualified Households Age 55 to 64 425 358 <br />Total Income- and Asset-Qualified Households Age 55 to 64 7,873 7,220 <br />Penetration Rate for Active Adult Rental0.0%0.0% <br />Total Demand from Households Age 55 to 64 - - <br />Households Age 65 to 74 <br />1 <br />Households Age 65 to 74 with Incomes Above $50,000 <br /> 5,8535,183 <br />1 <br />Households Age 65 to 74 with Incomes Between $35,000 and $50,000 <br /> 669580 <br />Homeownership Rate97%97% <br />Asset-Qualified Households Age 65 to 74 562 648 <br />Total Income- and Asset-Qualified Households Age 65 to 74 6,5025,745 <br />Penetration Rate for Active Adult Rental2%2% <br />Total Demand from Households Age 65 to 74 115 130 <br />Households Age 75+ <br />1 <br />Households Age 75+ with Incomes Above $50,000 <br /> 3,1632,258 <br />1 <br />Households Age 75+ with Incomes Between $35,000 and $50,000 <br /> 835887 <br />Homeownership Rate91%91% <br />Asset-Qualified Households Age 75+ 808 760 <br />Total Income- and Asset-Qualified Households Age 75+ <br /> 3,9233,066 <br />Penetration Rate for Active Adult Rental4%4% <br />Total Demand from Households Age 75+ 123 157 <br />Total Demand for Active Adult Rental Units 238 287 <br />Demand from Outside PMA20%20% <br />297359 <br />Minus Existing and Planned AA Rental Units in the PMA at 95% Occupancy310310 <br />Total Active Adult Rental Units Needed in the PMA-1349 <br />Estimated percentage capturable by Downtown Centerville25%-33%25%-33% <br />Demand at site-3--412-16 <br />1. Incomes for 2027 are increased by 3% per year to account for inflation. <br />Source: LOCi Consulting LLC <br /> <br /> <br /> <br />Page | 95 <br /> <br />
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