Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

thethe highest highesthighest allowable allowableallowable income incomeincome for forfor aaa household householdhousehold of ofof eight eighteight qualifying qualifyingqualifying underunder the under 80% AMI thethe 80% 80% AMIAMI income incomeincome band. band.band. The The The cost costcost of ofof housing housinghousing is isis generally 30%30% or generallygenerally 30% oror more moremore of ofof household householdhousehold income. income.income. Factoring FactoringFactoring this thisthis into intointo the thethe rent rentrent limits limitslimits and andand maximummaximum allowable maximum allowableallowable incomes, incomes,incomes, aaa target targettarget income incomeincome band bandband for forfor the thethe subject subjectsubject can cancan be bebe determined. determined.determined. Household HouseholdHousehold income incomeincome underunder these under thesethese ranges rangesranges may maymay be bebe higher higherhigher but butbut cannot cannotcannot exceed exceedexceed the thethe maximum maximummaximum allowable allowableallowable incomes. incomes.incomes. PagePage 48 Page 4848 ValueValue Tech Value TechTech Realty RealtyRealty Services, Services,Services, Inc. Inc.Inc. www.www. gotovalue.gotovalue. comcom www.gotovalue.com 63-63- 63-  Sound Side Apartments Market Supply and Demand Analysis ANNUAL INCOME REQUIREMENTS 60% and 80% AMI Based on Based on Low Based on High Income Necessary for End of Range End of Range Home Ownership Rent 745 1 , 538 Housing (: ost 30% 30% Monthly Income 2, 483 5, 127 Annual Income 30, 000 62, 000 61, 000 As summarized above, the subject' s appropriate income band for demand is $ 28, 000 to $ 70, 000. However, the high -end of the income range overlaps with the demand segment likely to consider homeownership. For this reason, with consideration of the $ 5, 000 increments for income classification of the US Census Bureau, the income groups of $25, 000 to $ 24, 999, $ 25, 000 to $ 29, 999, $ 30, 000 to 34, 999, $ 35, 000 to $ 39, 999, $ 40, 000 to $ 44, 999, $ 45, 000 to $ 49, 999, and $ 50, 000 to $ 59, 999 were used to calculate the demand for those qualifying for housing at 60% and 80% of median income. MARKET HOUSEHOLD INCOME BY AGE GROUP- 60% 60% andand 80% 80% AMIAMI Income Levels 18 -24 25 -34 35 -44 45 -54 Total 25,25, 000000 toto$ $ 29,29, 999999 263 420 405 207 1, 295 30, 000 to $34,999 179 367 537 200 1, 283 35, 000 to $ 39,999 155 408 545 241 1, 349 40,000 to $ 44, 999 89 325 378 302 1, 094 45, 000 to $ 49,999 27 288 364 226 1 905 50, 000 to ;$59,999 107 441 607 379 1, 534 2000 Census Total 820 1 2, 249 2, 836 1, 555 7, 460 Source:P55, Age of Householder by Household Income in 1999. Data Set: Census 2000 Summary File 3 SF 3) Sample Data. The data above reflects US Census estimates based on year 2000. The 2000 Census was utilized because other demographic sources do not provide as detailed income segmentations. Environmental Systems Research Institute, Inc. provided household growth from 2000 to 2009 as shown in the table below. HOUSEHOLDS BY AGE: PRIMARY MARKET AREA Households Households Percent Change, Households Percent Change, Age in 2000 in 2009 2000 to 2009 in 2014 2009 to 2014 Under 25* 1, 641 1, 615 - 1. 6% 1, 514 6. 3% 25 -34 4, 054 4, 565 12. 6% 4, 774 4. 6% 35 -44 5, 256 4, 214 - 19. 8% 4, 401 4.4% 45 -54 3, 871 4,912 26. 9% 4, 530 7. 8% Totals 113, 181 13, 691 3. 9% 13, 705 0. 1% Compounded Annual Growth Rate, 2009 to 2014 0. 02% Consists of adult