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�- t The City has 98 multi-family housing complexes which are homes to over 8,800 residents. • Over 78% of the heads of household within owner occupied multi-family housing (condominium and townhome) are over 45 years of age. 57% of the heads of household of the owner occupied multi-family housing are over 55 years of age. As the average age of building occupants increases, the new residents tend t o be over 55 years of age. i I n rental multi-family housing, 76% of the head of households are 54 years of age or less and only 23% of the renters are over 55. This younger population is an excellent target market for first time home buyer programs in the City. i Approximately 5% of the multi-family population is children, while 28% (2,539) are seniors over the age of 55. + The number of multi-family complexes where children represent more than 10% of the population is limited to 15 of 98 total complexes. The number of multi-family complexes where seniors represent more than 10% of the population is 42 of 98 to�h�l complexes, explaining the different service needs of some of these complexes. ■ I n terms of the number of residents, the top ten range from 447 to 262 and average 310 residents per complex - each comparable to a small neighborhood. However, the majority of the complexes have smaller populations; less than 100 residents per complex. + Approximately 56% of 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 all moves by multi- family residents are within the City. � Although the vacancy rate fo r rental property has decreased from 10% in 1990 to approximately 2% in 2000 and increased in 2002 by 6°l0, the turn-over rate remains as high as 30% per year particularly as young adults move in and out. * Owners of multi-family housing (condos, townhomes, cooperatives) represent 25% of the total units. When condo owners move, nearly 55% go to a rental housing unit. • Working adults represent 72% of the multi-family population. • The City's multi-family housing: • consists of 26% of the population (8,810); • covers 5% (453 acres) of the land area; • has a market value of $509 million (15% of total); and . generates property taxes in excess of $5.6 million (10% of total). Housing Plan — 2005 Page 5 RQSevilte HRA