Resolution 2024-22 - Laserfiche WebLink

Home Browse Search

households and 17% in the County). However, while Louisville has a relatively high share of high earning households, 30% of Louisville households earn less than $75,000 annually. Exhibit 8: Median Household Income Distribution, Louisville and Boulder County, 2021 Source: ACS 5-Year Data Tables, 2017-2021 50% 40% 30% 26% 20% 14% 11% 14% 11% 14% 10% 12/0 0 11% 10% g% 8% 12/o 15% o 17% 10% 8% 0% < $25k $25k - $50k - $75k - $100k- $125k- $150k- $200k+ $50k $75k $100k $125k $150k $200k Louisville Boulder County Exhibit 9 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). At the same time, the number of households earning less than $100,000 decreased by about 20% in Louisville. Exhibit 9: 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% 3% 1% 0% _0 -3% -2% -10% ° -8% -5% Louisville < $25k $25k - $50k 8% 1% 1% 4% -5% -7% Boulder County $50k -$75k $75k -$100k ■ $100k - $125k ■ $125k - $150k $150k - $200k $200k + The percent 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. There are a few possible explanations for this increase. However, with 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. The reduction in households earning less than $100,000 annually could be caused by lower income households moving out of Louisville 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. Louisville Housing Plan Part 2: Housing Needs and Market Assessment 15