City Council Agenda and Packet 2023 09 26 SP

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as housing and other living costs, such as transportation, increase. Louisville also experienced a decrease in cost -burdening (discussed in more detail in more detail below), among owner and renter households, which should not be looked at as an increase in affordability given the degree at which housing costs in Louisville have increased. Rather, the decrease in cost - burdening again points to more lower -income households leaving the area and being replaced by more financially stable and higher -earning households. Exhibit 27: Change in Median Household Income Distribution, Louisville, 2021 Source: ACS 5-Year Data Tables, 2017-2021 2500 2207 2000 1500 1000 1399 878 899 651 1012 890 R 1150 1221 846 905 776 825 781 838 698 500 In- Nq 0 < $25k $25k - $50k - $75k - $100k- $125k - $150k - $200k + $50k $75k $100k $125k $150k $200k 2011 ■ 2021 Household Income by Tenure Across Boulder County, renter household incomes are significantly lower than ownership household incomes. In Louisville, the median homeowner income is roughly $159,000 annually, nearly twice the renter median income of about $80,000. 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. Exhibit 28: Median Household Incomes by Tenure, Louisville and Comparison Geographies, 2021 Source: ACS 5-Year Data Tables, 2017-2021 $200,000 , $150,000 $100,000 $50,000 $159,267 $121.307 $130,314 $80,2 $54,7 $43,8 $151,078 $8Q4 Louisville Boulder Boulder Erie County $161,366 $107,743 $104,166$100,922 $68.5 $54,9 Lafayette Longmont Superior ■ Renter ■ Owner High homeowner incomes can contribute to rising home sale prices in a city, further increasing the homeownership attainability gap for renters who might be interested in purchasing a home but do not have the funds to do so. In addition, high homeowner incomes can contribute an ECONorthwest 24 31