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. The City has 98 multi-family housing complexes which are homes to over 8,800 residents. . Over 78%c� the heads c� household within owner occupied multi-family housing (condominiumand townhome) are over 45 years of age. 57%c� the heads c� household of the owner occupied multi-family housing are over 55 years c� age. As the average age c� building occupants increases, the new residents tend to be over 55 years c� age. • In rental multi-family housing, 76%c� the head c� households are 54 years c� age or less and only 23%c� the renters are over 55. This younger population is an excellent target market for first time home buyer programs in the City. • Approximately 5%c� the multi-family population is children, while 28% (2,539) are seniors over the age c� 55. � The number c� multi-family complexes where children represent more than 10%cf the population is limited to 15 c£ 98 total complexes. The number c� multi-family complexes where seniors represent more than 10%of the population is 42 of 98 total complexes, explaining the different service needs c� some c� these complexes. . In tearms c£ the number cf residents, the top ten range from 447 to 262 and average 310 residents per complex - each comparable to a small neighborhood. However, the majority c� the complexes have smaller populations; less than 100 residents per complex. • Approximately 56%c� the multi-family residents have lived in their homes for more than five years. When renters move, 66%move to another rental property and 30%move to a single family home. Between 22-25%of aI� moves by multi-family residents are within the City. • Although the vacancy rate for rental property has decreased from 10%in 1990 to approxirnately 2%in 2000 and increased in 2002 by 6%, the turn- over rate remains as high as 30%per year paxticularIy as young adults move in and out. � Owners c£ multi-family housing (condos, townhomes, cooperatives) represent 25%cf the total units. When condo owners move, nearly 55% go to a rental housing unit. . Working adults represent 72%c� the multi-family population. • The City's multi-family housing: . consists c� 26%c� the population (8,810); . covers 5%(453 acres) of the land area; * has a market value c� $509 million (15%c£ total); and Ttosev�Ie Comprehensive Plan - 2003 Update Page 5 of 5