City Council Agenda and Packet 2023 09 26 SP

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Living Arrangement by Tenure and Age Exhibit 21 shows the share of households by living arrangement and tenure for 2011 and 2021. Of ownership households, the largest change was a 6.4% decrease in the share of family homeowner households. This likely corresponds with the 5.9% increase in family renter households and could indicate homeownership attainability concerns for renters who may otherwise have been interested in purchasing a home prior to starting a family. Additionally, there was a small (1.4%) increase in homeowners living with roommates, which could indicate that young homeowners need additional income to support their mortgage payments. This could also indicate that adult children are either staying with or moving back in with their parents. Exhibit 21: Living Arrangement by Tenure (Share of Total Households), Louisville, 2011-2021 Source: ACS 5-Year Data Tables, 2007-2011, 2017-2021 0 ° 58.9% 52.5% 60% 40% 20% 0% 12.9% 12.9% 1.5% 2.9% 7.4% 13.3% 15.1% 14.6% 4.1% 4.0% Family Lives alone Lives with Family Lives alone Lives with households roommates households roommates Owner Renter 2011 2021 Exhibit 22 shows the change in the share of each group from 2011 to 2021 for the entire Louisville population. For example, the share of family households with a householder aged 15 to 34 years decreased from 6.5% of the population in 2011 to 2.8% of the population in 2021, a decrease of 3.7%. While there was a 3.9% increase in the share of homeowner families over 65, this is offset by a 3.7% decrease in homeowner families under 35, and a 6.6% decrease in homeowner families aged 35 to 64 (the total change in the share of homeowner families was a 6.4% decrease over the time period). Households aged 35 to 64 also made up the majority of the increase in family renter households, representing 3.5% of the overall 5.9% increase. Additionally, while the overall share of households living alone remained relatively constant, 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 increase in family households that rent could indicate a lack of opportunity for homeownership for young families. Additionally, 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. ECONorthwest 20 27