City Council Agenda and Packet 2023 09 26 SP

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Exhibit 25: Median Household Income Distribution, Louisville and Boulder County, 2021 Source: ACS 5-Year Data Tables, 2017-2021 50% 40% 30% 20% 14% 11% 14% 11% 14% 10% 8% 0% < $25k $25k - $50k - $50k $75k 26% ° 10% 12% 11% 10% 9% g% 15/° 12% 17% M ME In $75k - $100k- $125k- $150k- $200k+ $100k $125k $150k $200k Louisville ■ Boulder County Exhibit 26 shows the change in the share of households in each income bracket from 2011 to 2021. For example, the share of Louisville households earning less than $25,000 annually decreased by 4% between 2011 and 2021. Notably, Louisville experienced a substantial increase in the share of households earning greater than $200,000 annually (a 17% increase). This income group also increased the most at the county level, with an 8% increase. At the same time, the number of households earning less than $100,000 decreased by about 20% in Louisville. Exhibit 26: Change in Median Household Income Distribution, Louisville and Boulder County, 2011- 2021 Source: ACS 5-Year Data Tables, 2007-2011, 2017-2021 20% , 17 10 10% 3% 1% 0% ° -3% -2% -10% ° 5% 5% -7% Louisville < $25k ■ $25k - $ 50k ■ $50k - $ 75k 8% 1% 1% 4% E 2% 0% Boulder County $75k-$100k ■ $100 k - $125k ■ $125k - $150k ■ $150k- $200k ■ $200k + The influx of high earning households is most likely due to the in -migration of wealthier households. Exhibit 27 shows the nominal change in the number of households in each income category in Louisville from 2011 to 2021. As is also reflected in Exhibit 26 above, the number of households in all income groups under $150,000 largely declined over the 10-year period, while the number of households earning more than $200,000 annually increased by 1,509 households (or from 9% of households to 26%). There are a few possible explanations for this increase: first, wage increases, especially in response to an increased cost of living, increase in housing costs, and inflation, could have increased incomes for existing Louisville households. Second, it is possible that if adult children are moving back in with their parents, their incomes are contributing to higher household incomes. However, given the sharp increase in the number of very high -earning households, it is most likely that the main driver of this increase is wealthier households moving into Louisville. On the flipside, the reduction in households earning less than $100,000 annually could be caused by lower income households moving out of Louisville ECONorthwest 23 W