a market conditions and project evaluation summary of - Georgia ...

Allen Wilson Phase III, Decatur, GA; Market Study
Income Cohort 2010
HOUSEHOLD INCOME PMA
PMA
Projected Mkt Entry June 2014 2015 Annual Change 2010 to 2015
Number Percentage Number Percentage Number Percentage Number Percentage
$0-9,999 3,614 9.2% 3553 8.7% 3,536 8.6% -16 -0.4%
$10,000-19,999 3,981 10.1% 3865 9.5% 3,833 9.4% -30 -0.7%
$20,000-29,999 3,934 10.0% 3861 9.5% 3,841 9.4% -19 -0.5%
$30,000-39,999 4,161 10.5% 3899 9.6% 3,826 9.3% -67 -1.6%
$40,000-49,999 3,907 9.9% 3965 9.8% 3,982 9.7% 15 0.4%
$50,000-59,999 3,056 7.7% 3109 7.6% 3,123 7.6% 14 0.4%
$60,000-74,999 4,428 11.2% 4159 10.2% 4,084 10.0% -69 -1.6%
$75,000-99,999 4,426 11.2% 4353 10.7% 4,333 10.6% -19 -0.4%
$100,000+ 7,954 20.2% 9883 24.3% 10,417 25.4% 492 6.2%
Total 39,461 100.0% 40,647 100.0% 40,975 100.0%
Source: Ribbon Demographics 2007, Novogradac & Company LLP, May 2012
The largest income cohort was between 100,000 +. The Subject will target households earning
below $45,000. However, the subject will operate with 100 percent subsidy, and will be
replacement housing therefore we believe there to be adequate demand for the subject proposed,
despite the prevalence of high income households in the PMA.
2d. Renter Households by Number of Persons in the Household
The following table illustrates the number of persons per household among renter households.
2000
Renter Households by Number of Persons - PMA
2010 Projected Mkt Entry June 2014 2015
Number Percentage Number Percentage Number Percentage Number Percentage
With 1 Person 7,513 42.6% 8,829 44.1% 9,341 44.8% 9,483 45.0%
With 2 Persons 5,186 29.4% 5,630 28.1% 5,705 27.3% 5,726 27.1%
With 3 Persons 2,247 12.7% 2,460 12.3% 2,518 12.1% 2,534 12.0%
With 4 Persons 1,325 7.5% 1,568 7.8% 1,665 8.0% 1,692 8.0%
With 5+ Persons 1,366 7.7% 1,540 7.7% 1,635 7.8% 1,661 7.9%
Total Renter Households 17,637 100.0% 20,027 100.0% 20,864 100.0% 21,096 100.0%
Source: Ribbon Demographics 2007, Novogradac & Company LLP, May 2012
Among renters in the PMA 72.2 percent reside in one-person and two-person households. This
bodes well for the subject’s proposed unit mix, as 55 of the total 71 proposed units are one or
two-bedroom units.
2e and f. Elderly and HFOP
Per DCA’s guidelines, elderly households populations will be based on households who are 62
years and older and HFOP populations will be based on households who are 55 years or older
according to the census.
CONCLUSION
The total population and annual household growth in the PMA is projected to grow over the next
three years at a slightly lesser pace than the MSA and nation. Similar to population trends,
annual household growth in the PMA is strong at 0.8 percent annually and estimated to increase
by 0.8 percent by 2015, but does not surpass that of MSA but is right in line with the nation’s
growth. The average household size is projected to remain relatively stable over the next three
years in all areas of analysis. The households within the PMA are split almost 50/50 between
owner-occupied and renter-occupied residences however renter occupied residences are
projected to increase. Renter-occupied residences account for 50.75% which is a significantly
higher percentage than the 13% that they account for in the nation. In addition, among renters in
Novogradac & Company, LLP 31