City Council Agenda and Packet 2023 09 26 SP

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The share of both renter and homeowners aged 15 to 34 living alone decreased, as did the share of homeowners aged 35 to 64. The decline in young individuals living alone and the rise in two -person households within the City may suggest that younger people are struggling to afford living on their own. This could mean many are opting to live together or moving back in with their parents. ■ Household size has increased in Louisville, particularly for renter households. This relative increase in renter household size is likely a reflection of the increased cost of renting as a single person household, alongside increasing barriers to homeownership. ■ The city experienced an increase in the number of family households that rent, which could indicate a lack of opportunity for homeownership for young families. Louisville's saw the largest increase in median household income among comparison geographies over the last 10 years. ■ Louisville is one of the highest earning cities in the county, with a median income of $125,124. ■ While all cities saw substantial increases in median income, Louisville saw the greatest increase with a 50% increase in median income. ■ Louisville experienced a 17% increase in the share of households earning greater than $200,000 annually. The influx of high earning households is most likely due to the in - migration of wealthier households. ■ The median income for homeowner households in Louisville is roughly twice the median income for renter households. With the exception of Boulder (which is likely impacted by the high share of university students), Louisville has the largest income gap between renter households and ownership households. ■ The city experienced a decrease in the number of households earning $75,000 annually, which could be caused by lower income households moving out of Louisville as housing and other living costs increase. Employment and Commutina Louisville could expect a 20% increase, or 3,963 jobs, over the next 10 years.3 The manufacturing industry in Louisville increased by 8.4% between 2010-2020, while jobs in the information, administration, and finance industries (or more formal office - oriented jobs) declined, along with food service and retail. Of comparison geographies, Louisville had the smallest share of workers who both live and work in the city. 3 Assuming the city maintains its current share of the total jobs in the Boulder Metropolitan Statistical Areas (MSAs). ECONorthwest 5 12