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2. Housing Needs & Market Assessment As demographics and economic conditions change over time, the types of housing needed to support the community also evolves. This section provides a detailed assessment of Louisville's affordability challenges. It analyzes population and household trends in Louisville and other geographies in the region to help determine how demand for housing by type, size, and price point has and may continue to shift into the future. Factors like aging, household size and composition changes, income growth, and employment are considered. The current housing stock available is also assessed in terms of its ability to meet housing needs. Population Growth and Forecast _1 ➢ Note on Affordability "Affordable housing" and "affordability" are frequently referenced throughout the Housing Plan. Housing is "affordable" to a household if cumulative housing costs account for less than 30% of a household's gross income. Population growth and household formation are the major Therefore, housing factors in understanding housing demand. The rate of "affordability" will be different population growth and household characteristics heavily for each individual household influence the demand for specific housing types. Population Growth Louisville is the second smallest of comparison cities based on population, with a population of 19,394 as of 2022. Between 2010-2020, Louisville added about 2,700 residents, representing a 15% increase over a ten-year period. However, the population peaked in 2018 at just over 21,000 residents and has largely plateaued since then .2 2 The decline in population shown in 2022 is in part a result of the Marshall Fire that occurred at the end of 2021, destroying 549 homes and businesses, displacing many of Louisville's households. 12 Louisville Housing Plan Part 2: Housing Needs and Market Assessment