City Council Agenda and Packet 2023 09 26 SP

Home Browse Search

Approximately 64% of Louisville workers live outside of the city but commute into Louisville for work, while 32% of workers live in Louisville but commute to another location for work. Only 4% of workers both live and work in Louisville. The number of workers commuting into Louisville has increased by 58% over the past decade, which could indicate challenges for employees who work in Louisville to also live in Louisville. Of comparison geographies, workers commuting to Louisville for work the second longest commute (Boulder had the longest commute), with just over 15 miles. In general, long commutes can contribute to increased traffic congestion, leading to heightened fuel consumption and elevated greenhouse gas emissions. Additionally, longer commutes can also put additional financial pressure on households, as transportation is often the second highest household cost, behind housing. Housing Stock and Market Trends The housing stock has become more diverse since 2011 with an increase in multifamily housing units, but the majority of housing units in Louisville are single-family detached. The majority of housing in Louisville (67%) is detached single-family, the second highest share among comparison geographies, behind Erie (89%). Housing production in Louisville slowed substantially over the last few years. ■ Louisville is one of the slower growing geographies in the county, with an 11% growth of housing units from 2011 to 2021. ■ The majority (70%) of housing permits issued in recent years have been for single family housing, primarily focused on rebuilding after the 2021 Marshall Fire. Residential development in Louisville declined substantially between 2018-2021. The sharp increase in units observed between 2022-2023 is almost entirely due to the permitted of replacement units from the Marshall Fire. Louisville has the second highest average home sale price among comparison geographies, as well as the second highest rate of home sale price increase. As of 2023, Louisville had an average home sales price of $831,000, second highest behind Boulder. The average home price in Louisville is about $150,000 higher than the County overall. Between 2012 and 2023, the average home sale price in Louisville increased by about $473,000, or 132%. Rents prices increased moderately compared to other geographies in Boulder County, but still increased substantially. ■ Like home sales prices, rent rates rose significantly across all geographies over the past decade. Multifamily rents in Louisville increased by $721, or 58%, from 2012 to 2023. ECONorthwest 6 13