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Louisville needs to prioritize diversifying its housing Median Age: 43 years. stock to adequately meet the needs of current and Highest in Boulder future residents. Otherwise, the city will continue to become more unaffordable to the wide range of County households necessary to maintain and strengthen a robust Homeowner rates and resilient community. 16\ fell 5%, 201 1-2021 Louisville's population is aging quicker than nearby cities, so the city needs to prioritize attainable and Age: Residents ages appropriate housing options for seniors. An aging �� 25-44 dropped 27%, population will need more smaller units that meet 201 1-2021 accessibility standards than what the market currently provides. Many seniors are also on fixed -incomes, making MH11: $125,124 them especially vulnerable to housing cost increases so 0 (50% increase, 201 1- income-restricted housing for seniors also needs to be a 2021 priority. Louisville lacks housing rental and ownership opportunities for younger residents and families. Louisville has become less affordable for younger residents and families due to the sharp increase in housing costs locally and throughout the region. To address this the city needs to prioritize: Multifamily rentals for young residents who either choose to live alone or for smaller households seeking more affordable rental options. Attached and smaller detached units such as stacked condominiums, plex development, townhomes, and small bungalows or cottages that are more affordable to first-time homebuyers and young families looking to locate in Louisville. Louisville needs to provide income -restricted housing to create and maintain a more diverse and inclusive community. The housing market is unlikely to deliver income -restricted housing given its inherent financial complexities without more direct support from the City. If income - restricted housing is not prioritized, lower income earners will likely continue to seek housing opportunities further away from Louisville as higher -income earners seek to locate in Louisville. Louisville needs to plan for housing to support both the current and future workforce and a more vibrant commercial sector. There is a critical need for an array of housing options that are affordable to the city's workforce. A lack of diverse workforce housing will compromise the ability for local businesses to retain and attract essential Avg. Home Sale employees, such as teachers, healthcare professionals, and $ A Price: $831,000 public servants. (132% increase from 2011) current unmet housing needs along with future housing Increased 58% needed for the next several decades. The HNA shows a gap of about 2,483 new housing units over the next $ Cost Burden: approximately 25 years that are needed to address current 41 %Renters housing underproduction and accommodate future potential 16% Owners Louisville needs to identify housing strategies to address Rent Price: Louisville Housing Plan Part 1: Introduction VA