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Exhibit 23. Illustration of Housing Needs Calculation <br />Sources: ECONorthwest. <br />The future needs analysis focuses on estimating housing needs based on future housing needed <br />by 2047 and current needs based on housing underproduction.$ The inclusion of current housing <br />underproduction helps to ensure housing needs targets address current unmet housing needs not <br />provided for in the existing housing inventory. More detail on assumptions and methodology for <br />the future housing needs analysis can be found in the full HNA included in Appendix A. <br />Exhibit 24: Total Housing Need in Louisville by 2047 <br />Source: ECONorthwest and DOLA <br />Future Need Based on Assumed <br />2,075 housing units <br />Population Growth <br />Housing Underproduction (or <br />409 housing units <br />H <br />Housing Shortage) <br />Total Housing Need <br />2,483 housing units <br />Combining the current housing underproduction (409 housing units) with the future housing units <br />needed brings the total to 2,483 new housing units needed by 2047 based on the population <br />forecasts in this section. On an annual basis this means an average of 96 new housing units per <br />year. <br />Housing Need by Income <br />While understanding the total number of housing needs required to meet the City's population <br />forecast is an important step in planning for the future, it's also important to understand how the <br />housing units should be distributed among income earners to address if there are enough units <br />attainable for each household. More details on assumptions and methodology for allocating <br />future housing need by income levels can be found in the full HNA included in Appendix 1. <br />8 DOLA's latest county -level population forecast is for 2047. <br />24 <br />Louisville Housing Plan Part 2: Housing Needs and Market Assessment <br />