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<br /> 7
<br />Bowen National Research
<br />155 E. Columbus Street, Suite 220
<br />Pickerington, Ohio 43147
<br />(614) 833-9300
<br />Renter
<br />Households
<br />2021 (Projected)
<br />1-Person 2-Person 3-Person 4-Person 5-Person+ Total
<br />Less Than $15,000 662 327 153 109 126 1,377
<br />$15,000 to $24,999 577 274 129 91 109 1,180
<br />$25,000 to $34,999 341 248 116 82 97 884
<br />$35,000 to $49,999 444 349 162 116 136 1,207
<br />$50,000 to $74,999 290 283 132 94 110 909
<br />$75,000 to $99,999 202 203 95 67 77 644
<br />$100,000 to $149,999 267 260 122 87 102 838
<br />$150,000 to $199,999 74 72 35 24 28 233
<br />$200,000 & Over 50 43 19 14 14 140
<br />Total 2,907 2,059 963 684 799 7,412
<br />Source: ESRI; Urban Decision Group
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<br />As illustrated by the preceding tables, the total number of renter households is projected
<br />to increase by 221, or 3.1%, between 2016 and 2021. This demonstrates an expanding
<br />base of renter households which will likely increase demand for rental product within the
<br />Site PMA.
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<br />The following table further details renter growth by income between 2016 and 2019, the
<br />projection period utilized in our demand calculations later in this letter, for the Site PMA:
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<br />Annual
<br /> Income
<br />Renter Households
<br />2016 2019 Change % Change
<br />Less Than $15,000 1,226 1,317 91 7.4%
<br />$15,000 to $24,999 1,150 1,168 18 1.6%
<br />$25,000 to $34,999 1,041 947 -94 -9.0%
<br />$35,000 to $49,999 1,272 1,233 -39 -3.1%
<br />$50,000 to $74,999 1,267 1,052 -215 -17.0%
<br />$75,000 to $99,999 578 618 40 6.9%
<br />$100,000 to $149,999 487 698 211 43.3%
<br />$150,000 to $199,999 105 182 77 73.3%
<br />$200,000 & Over 65 110 45 69.2%
<br />Total 7,191 7,324 133 1.8%
<br />Source: ESRI; Urban Decision Group; Bowen National Research
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<br />As the preceding table illustrates, renter households are projected to increase by 133
<br />(1.8%) within the Site PMA between 2016 and 2019. More specific to low-income
<br />housing, renter households earning less than $35,000 are projected to increase by 15, or
<br />0.4%, during this same time period. This is considered modest renter growth among
<br />lower-income households. However, it is also important to note that nearly 47.0% of all
<br />renter households are projected to earn below $35,000 in 2019. This is a good indication
<br />that demand exists for affordable rental product within the Mounds View market.
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