March 28, 2018
Ms. Donna Bailey Department of Metropolitan Development City of Evansville 1 NW MLK Jr. Blvd. Evansville IN, 47708
Re: Updated Housing Needs Assessment – Evansville, Indiana
Dear Ms. Bailey,
Bowen National Research is pleased to provide you with the updated Housing Needs Assessment of the city of Evansville we completed on your behalf. This update includes the following elements from the original Housing Needs Assessment that was completed in September of 2014, with subsequent updates completed in October 2015 and September 2016:
Updated Demographic and Economic Trends Update Housing Supply (Rental, For-Sale and Senior Living) Updated Residential Pipeline Information (Planned and Proposed) Revised Housing Gap/Demand Estimates Updated Submarket Overviews
While this draft of the report includes all required work elements, we certainly will respond to any changes or additions you may require.
We have enjoyed working on this project again and look forward to hearing from you.
Respectfully,
Patrick M. Bowen President
Enc.
Bowen National Research 155 E. Columbus Street, Suite 220 Pickerington, Ohio 43147 (614) 833-9300
Housing Needs Assessment
Rental & For-Sale Housing Needs Assessment Evansville, Vanderburgh County, Indiana
Prepared For
Ms. Donna Bailey City of Evansville, Indiana Department of Metropolitan Development 1 NW MLK Jr. Boulevard Evansville, Indiana 47708
Effective Date
March 28, 2018
Job Reference Number (Author)
17-642 (Patrick Bowen)
155 E. Columbus Street, Suite 220 Pickerington, Ohio 43147 Phone: (614) 833-9300 Bowennational.com
TABLE OF CONTENTS
I. Introduction II. Executive Summary III. Study Area Delineation IV. Demographic Analysis V. Economic Analysis VI. Housing Supply Analysis VII. Other Housing Market Factors VIII. Housing Gap/Demand Analysis IX. Qualifications Addendum A – Telephone Survey of Senior Facilities Addendum B – Telephone Survey of Conventional Rentals Addendum C – Sources Addendum D – Glossary Addendum E – Subarea/Neighborhood Analysis
I. INTRODUCTION
A. PURPOSE
This Evansville Housing Needs Assessment involves an update of key work elements from the original (2014) Evansville Housing Needs Assessment completed by our firm on behalf of the city of Evansville (Indiana) Department of Metropolitan Development. The original report was last updated in September of 2016.
This updated report intends to:
Present and evaluate past, current and projected detailed demographic characteristics of Evansville.
Present and evaluate economic characteristics and trends of Evansville.
Determine current characteristics of all major housing components within Evansville (for-sale/ownership and rental housing alternatives).
Calculate a housing gap by tenure and income segment within Evansville.
By accomplishing the study’s objectives, area stakeholders, local public officials, area employers, and private housing developers can: 1) better understand Evansville’s evolving housing market, 2) modify or expand Evansville’s housing policies, and 3) enhance and/or expand Evansville’s housing market to meet future housing needs.
B. METHODOLOGIES
The following methods were used by Bowen National Research to collect and analyze data for this study:
Study Area Delineation
The primary geographic scope of this study is the city of Evansville (44.6 square miles), which is referred to as the Primary Study Area (PSA). Because of the size of the city and some of the unique attributes within portions of the city, we have divided the PSA in to five separate submarkets: Central Submarket, East Submarket, Near East Submarket, North Submarket, and West Submarket. These five submarkets, which are compared with each other and with the overall city of Evansville, are delineated in Section III of this report. We have also provided analysis of three districts or designated areas in Addendum E, which include Downtown, the Arts District, and the Jacobsville Redevelopment District.
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Demographic Information
Demographic data for population, households, housing, crime, and employment was secured from ESRI, Incorporated, the 2000 and 2010 United States Census, Applied Geographic Solutions, U.S. Department of Commerce, and the American Community Survey. Estimates for 2017 and projections for 2022 are also provided. This data has been used in its primary form and by Bowen National Research for secondary calculations. All sources are referenced throughout the report and in Addendum C of this report.
Employment Information
Employment information was obtained and evaluated for various geographic areas that were part of this overall study. This information included data related to wages by occupation, employment by job sector, total employment, unemployment rates, identification of top employers, and identification of large-scale job expansions or contractions. Most information was obtained through the U.S. Department of Labor, Bureau of Labor Statistics. However, Bowen National Research also conducted numerous interviews with local stakeholders familiar with employment characteristics and trends of the Evansville area.
Housing Component Definitions
This study is concerned with two major housing components: 1) for-sale/ownership (both single-family and multifamily) and 2) rental (both multifamily apartments and smaller, non-conventional units). For-sale/ownership housing includes single- family homes and condominiums. Multifamily rentals include single-family homes and multifamily apartments (generally 20+ units per building). Note that for the purposes of this analysis, we provide supplemental senior care housing information, including congregate care, assisted living and nursing home market data.
Housing Supply Documentation
During January and February of 2018, Bowen National Research conducted telephone research, as well as on-line research, to update key metrics of the Evansville housing supply. This research involved an update of the properties identified in our analysis and the addition of new properties. The following data was collected on each property.
1. Property Information: Name, address, total units, and number of floors 2. Owner/Developer and/or Property Manager: Name and telephone number 3. Population Served (i.e. seniors vs. family, low-income vs. market-rate, etc.) 4. Available Amenities/Features: Both in-unit and within the overall project 5. Years Built and Renovated (if applicable) 6. Vacancy Rates 7. Distribution of Units by Bedroom Type 8. Square Feet and Number of Bathrooms by Bedroom Type
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9. Gross Rents or Price Points by Bedroom Type 10. Property Type 11. Quality Ratings* 12. GPS Locations
*Quality ratings used in this study were established after a careful examination of the housing properties and their surrounding neighborhoods. Factors influencing the ratings include curb appeal, unit and property amenities, age, interior and exterior building conditions, parking arrangements, architectural design, landscaping and grounds, management presence, accessibility, visibility, signage, public infrastructure, condition of adjacent properties, neighborhood interviews, and area services.
Information regarding for-sale single-family homes was collected by Bowen National Research in-office staff during the aforementioned research period. Home listings were gleaned from realtor.com and MLS listings.
Housing Demand
Based on the demographic data for both 2017 and 2022, and taking into consideration the housing data from our field survey of area housing alternatives, we are able to project the potential number of new units the Evansville market can support.
Rental Housing – We included renter household growth, the number of units required for a balanced market, and the need for replacement housing as the demand components for new rental housing units. As part of this analysis, we accounted for vacancies reported among all rental alternatives and considered product in the development pipeline. We concluded this analysis by providing the number of units that the market can support by three different income segments (less than $25,000, $25,000 to $49,999, and $50,000 and higher).
For-Sale Housing – We considered potential demand from new owner-occupied household growth, the number of units required for a balanced market, and need for replacement housing in our estimates for new for-sale housing. We deducted the estimated number of available for-sale housing to yield a net support base of potential for-sale housing. Demand estimates were provided for three income stratifications (less than $30,000, $30,000 to $59,999, and $60,000 and higher).
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C. REPORT LIMITATIONS
The intent of this report is to collect and analyze significant levels of housing data for the city of Evansville, Indiana. Bowen National Research relied on a variety of data sources to generate this report (see Addendum C). These data sources are not always verifiable; however, Bowen National Research makes a concerted effort to assure accuracy. While this is not always possible, we believe that our efforts provide an acceptable standard margin of error. Bowen National Research is not responsible for errors or omissions in the data provided by other sources.
We have no present or prospective interest in any of the properties included in this report, and we have no personal interest or bias with respect to the parties involved. Our compensation is not contingent on an action or event resulting from the analyses, opinions, or use of this study.
I-4 II. EXECUTIVE SUMMARY
Purpose: Bowen National Research was retained by the Evansville, Indiana Department of Metropolitan Development in late 2017 to conduct an update to the 2014 Comprehensive Housing Needs Assessment that we completed of the city of Evansville and last updated in 2016. This Executive Summary provides key findings and recommendations from this update.
Work Elements: The work elements incorporated into this updated report include an analysis of more than 100 demographic and economic metrics, a rental housing survey of 105 multifamily rental properties with a total of 11,951 units, a survey of 90 non-conventional rentals, a survey of 18 senior care facilities, an analysis of historical for-sale residential data on 10,718 homes sold since January 2010 and 327 currently available for-sale residential units, a rental and for-sale housing gap analysis for various income segments, and an overview of other housing factors (crime statistics and employee drive times) that influence housing markets. The study concludes with recommendations on potential residential opportunities that should be considered to meet Evansville’s greatest housing needs.
Study Areas: The primary focus of this analysis involves assessing the housing needs of the city of Evansville, with additional consideration given to five submarkets comprising Evansville. Each study area is delineated in Section III of this report. An enlarged version of the map below is found on page III-4. A supplemental analysis of the Downtown, the Arts District and the Jacobsville Redevelopment Area is included in Addendum E: Subarea-Neighborhood Analysis.
II-1 Demographic Characteristics and Trends: The demographic picture of the Primary Study Area (Evansville) is diverse, contributing to a variety of housing product needs. Additionally, the PSA is projected to experience overall population and household growth and it is also expected to undergo notable changes within different household age, income and tenure segments that will have significant changes on the housing needs of Evansville. Key demographic characteristics and trends are summarized below:
Overall, the PSA’s population increased by 1.8% between 2010 and 2017, an increase of 2,171 people. The projected population growth from 2017 to 2022 will be very similar to the trends from 2010 and 2017 for Evansville and the submarkets. Overall, the PSA is projected to add 1,450 (1.2%) people. All submarkets are projected to increase in population during this period. Individual submarket growth is projected to be 228 people in the North Submarket, 341 in the East Submarket, 452 in the Near East Submarket, 382 in the Central Submarket, and 46 in the West Submarket.
Between 2010 and 2017, household growth trends within the PSA were positive, with 916 (1.8%) households added to the market. By 2022, it is projected that Evansville will gain an additional 639 households. As such, it appears that Evansville will recover a sizable portion of the households it lost between 2000 and 2010. Household growth rates are projected to be positive for all five individual submarkets, ranging from 0.4% (West Submarket) to 2.1% (East Submarket). The Near East, East, and Central Submarkets are all projected to add over 150 households between 2017 and 2022. Projected growth in all five submarkets will increase the need for additional housing in Evansville.
Within the PSA, it is projected that the greatest growth of households by age between 2017 and 2022 will be among households between the ages of 65 and 74. This age cohort is projected to grow by 1,023 (14.7%) households. Notable growth is also projected to occur among the 35- to 44-year old age group (711 additional households; 9.0% increase) and the 75+ age group (392 additional households, 6.4% increase). The greatest decline in households is projected to occur within the 45- to 54-year old age cohort, which is expected to decline by 550 (-6.6%). A decline is also projected to occur among younger households between the ages of 25 and 34, with a decrease of 530 households (-5.6%) during this period.
From 2017 to 2022, owner-occupied households are projected to increase by 292 (1.1%), while renter-occupied households are projected to increase by 347 (1.4%). The projected increase in households will increase the demand for both for-sale and rental housing in Evansville.
II-2 Between 2010 and 2017, the PSA experienced a notable shift among the various household income segments, with an increase in the number of households with annual incomes of $25,000 and higher. At the same time, households with incomes below $25,000 declined during this period. However, the number of households earning below $15,000 a year are projected to increase between 2017 and 2022. While some of these shifts are the result of various household income levels migrating into or out of the market, a closer analysis of households by age and tenure indicate that the projected loss of higher income households and gain in lower incomes is likely the result of seniors aging in place. More specifically, it appears that many baby boomer seniors within the 55 to 64 age group in 2017 will be aging in place and will be transitioning into the 65 to 74 age group. Because most senior households that reach age 65 often retire, their household incomes decline. Therefore, this relationship between household income and age appears to be the driving force behind the projected shifts in the distribution of PSA households through 2022.
The largest share of households by household income in 2022 is projected to be among those with incomes below $15,000, expected to represent 17.8% of PSA households. The largest increase is projected among those households earning between $75,000 and $99,999. An increase of 428 households (9.0%) is projected within this income level between 2017 and 2022. Middle-income households (earning between $35,000 and $74,999) are projected to decrease during this period in the PSA.
Within the individual submarkets, it is projected that most of the growth between 2017 and 2022 will be among high-income households ($75,000 to $149,999) in the Near East Submarket. An increase of 281 households earning between $75,000 and $149,999 is projected for the Near East Submarket, while an increase of 222 households is projected in the North submarket within the same income range. An increase of 110 households (4.3%) earning less than $15,000 is also projected between 2017 and 2022 within the Near East Submarket. All five Evansville submarkets are projecting an overall decline of households earning between $35,000 and $74,999 between 2017 and 2022.
II-3 Housing Supply: Based on our updated survey of common housing alternatives in the Evansville market, while it appears that vacancies are increasing among the rental housing stock, rental housing that is affordable to low-income households has limited availability and a majority of the submarkets have very limited choices available, regardless of the affordability level. The only rental segment where vacancies are prevalent is the C and D class multifamily rentals, which have a combined 10.9% vacancy rate. Meanwhile, the for-sale housing market appears to have become “tighter”, as the inventory of available product dwindles to four-year lows and home prices continue to climb. The senior care facilities supply appears to have remained generally stable and is still in high demand, with the exception of the nursing care facilities, which have softened since September of 2016 and now have a relatively low occupancy rate of 85.1% (the national average is 86.4%). An analysis of area housing alternatives is summarized as follows:
Multifamily Apartment Rentals
Overall, Bowen National Research identified and personally surveyed 105 rental housing projects containing a total of 11,951 units within the PSA (Evansville). These projects have a combined occupancy rate of 95.0%, which indicates the overall study area has a healthy and stable rental housing stock. The Evansville apartment market’s current 95.0% occupancy rate is slightly below the 97.1% occupancy rate from our last analysis of Evansville from September of 2016.
The following table summarizes the overall PSA’s (Evansville) and submarkets’ multifamily rental housing supply.
Overall Market Performance by Area North East Near East Central West Evansville Projects Surveyed 12 25 26 32 10 105 Total Units 2,040 4,398 2,929 1,525 1,059 11,951 Vacant Units 64 205 280 32 16 597 Current Occupancy Rate 96.9% 95.3% 90.4% 97.9% 98.5% 95.0% (Occupancy % from 9/2016) (98.9%) (96.7%) (93.9%) (99.7%) (99.1%) (97.1%) Source: Bowen National Research
Healthy, well-balanced rental housing markets have occupancy levels generally between 94% and 96%. Typically, a market occupancy level over 97.0% is an indication of a possible housing shortage, which can lead to housing problems such as unusually rapid rent increases, people forced to live in substandard housing, households living in rent overburdened situations, and residents leaving the area to seek housing elsewhere. Conversely, occupancy rates below 94% may indicate some softness or weakness in a market, which may be the result of a saturated or overbuilt market, or one that is going through a decline due to economic downturns and corresponding demographic declines.
II-4 With an overall occupancy rate of 95.0%, the PSA (Evansville) rental housing market appears to be relatively healthy, though this is down from the 97.1% occupancy rate from September of 2016. The 98.5% occupancy rate in the West Submarket, the 97.9% occupancy rate in the Central Submarket and the 96.9% occupancy rate in the North Submarket are very high. As a result, it appears that there is relatively limited availability among multifamily rental properties in these submarkets. The lowest occupancy rate of 90.4% is in the Near East Submarket is relatively low. This submarket, as well as the East Submarket, has more than 200 vacant units indicating the prospective renters have a large base of potential rental alternatives from which they can choose. It does appear, however, that most of the vacancies in these two submarkets are within C or D class product, as residents continue to respond more positively to modern and better quality product.
Details of the rental housing supply starts on page VI-13 of this report.
For-Sale Housing Supply
Within the entire city of Evansville there were 10,718 housing units sold between January 2010 and January 2018. More than one-third (37.0%) of the PSA’s sold homes were within the Near East Submarket. The remaining four submarkets each contain roughly 10% to 20% of the sold housing supply. There are a total of 327 housing units available for purchase in the city of Evansville, of which nearly 40% are within the Near East Submarket, which is significantly greater than the other submarkets. The following table summarizes the available and recently sold (since January 2010) housing stock for the PSA and its submarkets.
Evansville For-Sale/Sold Housing Supply Type North East Near East Central West Evansville Available 42 38 129 87 31 327 Sold 2,337 1,504 3,970 1,554 1,353 10,718 Total 2,379 1,542 4,099 1,641 1,384 11,045 Source: Multiple Listing Service and Bowen National Research, LLC
Details of the for-sale housing market start on page VI-27 of this report.
II-5 a. Historical For-Sale Analysis
The following table includes a summary of annual for-sale residential transactions that occurred within the PSA (Evansville) since January 2010.
City of Evansville For-Sale Housing by Year Sold Units Sold Median Price Sold Year Number Change Price Change 2010 1,929 - $103,500 - 2011 1,867 -3.2% $100,900 -2.5% 2012 2,136 14.4% $108,838 7.9% 2013 2,345 9.8% $110,000 1.1% 2014 1,852 -21.0% $104,311 -5.2% 2015 1,371 -26.0% $82,900 -20.5% 2016 1,551 13.1% $87,000 4.9% 2017 1,631 5.2% $89,500 2.9% 2018* 57 - $90,000 - Source: Multiple Listing Service and Bowen National Research, LLC *Through January
Excluding the partial year of 2018, annual residential for-sale activity within the PSA has ranged between 1,371 in 2015 and 2,345 in 2013. The annual sales activity decreased by 21.0% in 2014 and 26.0% in 2015. This decline is likely more of a function of limited supply and the age and quality of such supply, as opposed to a declining demand. The number of home sales in the PSA has increased in each of the past two years. After experiencing fluctuations in the median sales price from 2010 to 2014, the market experienced a notable decline in sales prices in 2015, declining by 20.5%. However, since then, the median home sales price in the PSA has increased in each of the past two years at an annual average of 3.9%. It is believed that the lower median price of homes in recent years is primarily attributed to the large amount of pre-1960 product that was sold in the market, as there has been a limited number of newer product added to the market in recent years. Regardless, it appears that the volume of homes sales and median home sales price have increased over the past couple of years, while the available inventory continues to diminish. Additional historical for-sale housing data and analysis is provided starting on page VI-27 of this report. b. Available For-Sale Housing Supply
It should be noted that when the PSA’s (Evansville’s) estimated 27,665 owner- occupied housing units are considered, the 327 available for-sale units represent a 1.2% vacancy rate, which is lower than the 2.0% from our September 2016 analysis of this market and significantly lower than the 4.9% estimated for-sale housing vacancy rate from October of 2015. As such, the inventory of available for-sale housing appears to have decreased significantly since 2016. Beyond our analysis of the characteristics and trends of the for-sale housing market, we also considered the available housing units by price point in our demand estimates for housing units by household income levels in Section VIII of this report.
II-6 The following table summarizes the inventory of available for-sale housing in Evansville by submarket.
Available For-Sale Housing by Market Total % Share Low High Average Median Average Days Units of PSA List Price List Price List Price List Price On Market North 42 12.8% $12,900 $425,000 $131,054 $113,500 104 East 38 11.6% $39,500 $445,000 $188,105 $156,450 149 Near East 129 39.5% $9,900 $489,000 $84,556 $69,900 103 Central 87 26.6% $9,000 $449,500 $63,869 $39,900 189 West 31 9.5% $14,900 $199,900 $98,797 $92,400 113 PSA - Evansville 327 100.0% $9,000 $489,000 $98,408 $73,900 132 Source: Multiple Listing Service and Bowen National Research, LLC
Based on the preceding table, the largest share (39.5%) of the available product is located in the Near East Submarket. The median list price ($69,900) of housing in this submarket is the second lowest of the five submarkets and it has the lowest average days on market (103). This may be an indication that despite the large inventory of available product in this submarket, demand for housing remains strong. The available inventory of for-sale housing in the four remaining submarkets represents shares of the overall PSA that range from 9.5% to 26.6%. The lowest median list price ($39,900) is within the Central Submarket, while the highest median list price ($156,450) is in the East Submarket. While the Central Submarket appears to have a large number of for- sale housing product that might be considered affordable to low-income households, based on our personal on-site observations, it appears that much of this product is older and lower quality. In fact, most of the available for-sale product is more than 40 years old. Therefore, while this product may be considered affordable, it is likely that due to its age and lower quality, that such product would require additional costs to repair, update and maintain that may be difficult for some lower income households to afford. Additional information regarding the available inventory of for-sale housing can be found starting on page VI-34 of this report.
c. Senior Care Housing Supply
Within the Evansville area we identified and surveyed 18 senior residential facilities, including one independent living facility, three congregate care facilities, eight assisted living facilities, and 12 nursing homes (Note: some projects offer more than one housing type). These 18 facilities represent most of the senior care facilities in Evansville and are representative of the typical housing choices available to seniors requiring special care housing. We referenced the Medicare.com and Indiana State Department of Health websites for all licensed assisted living facilities and cross referenced this list with other senior care facility resources. As such, we believe the identified and surveyed senior care facilities represent most licensed facilities in Evansville.
II-7 The 18 surveyed facilities are summarized as follows:
Independent Congregate Assisted Nursing Living Care Living Care Total Facilities Surveyed 1 3 8 12 18** Total Units/Beds 700 150 477 1,179 2,506 Current Occupancy Rate 99.0% 94.7% 92.9% 85.1% - (Occupancy % from 9/2016) (99.1%) (94.9%) (88.6%) (89.4%) National Occupancy Rate* 92.4% 92.4%* 90.6% 86.4% - Source: American Seniors Housing Assn. The State of Seniors Housing 2017 *Used occupancy rate from Independent Living data for The State of Seniors Housing 2017 **Some facilities offer more than one type of housing product
The Evansville senior care market is reporting overall occupancy rates between 85.1% (nursing care) to 99.0% (independent living). The American Seniors Housing Association (ASHA) conducts an annual survey of retirement and senior residential care communities in the United States. The occupancy rates at the most senior care facilities surveyed by Bowen National Research within Evansville are higher than those reported by ASHA. As such, there remains strong demand for such housing in the PSA and there may be an opportunity to develop additional senior care housing in the Evansville market. An analysis of the senior care housing supply starts on page VI-40, while a detailed survey of senior care facilities is included in Addendum A of this report.
Housing Gap Analyses: The rental and for-sale housing demand estimates for the Primary Study Area (Evansville) are below. Details of methodology, assumptions, and data sets are included in Section VII: Housing Demand-Gap Analysis.
Rental Housing Demand Estimates Summary
The table on the following page includes a demand calculation for rental units targeting the three income segments considered in this analysis. It should be noted that while numerous multifamily projects are being considered for development in the market, we have only considered those projects with units actually under construction or that have received the required building permits and/or financing to proceed. The majority of the 188 confirmed apartments in the development pipeline will likely have product serving households with incomes between $25,000 and $49,999. Therefore, we have included 180 of these units in the $25,000 to $49,999 demand segment and 8 units in the $50,000 and higher segment. While the Housing Authority has several subsidized projects being redeveloped, they appear to involve existing housing projects and should not involve new units. Therefore, we have not accounted for these units in our demand estimates.
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2017-2022 Rental Demand Potential by Income Level & Rent Evansville, Indiana Primary Study Area Household Income Range < $25,000 $25,000-$49,999 $50,000+ Rent Affordability < $625 $625-$1,249 $1,250+ New Income-Qualified Renter Household 177 -183 357 Units Needed for Balanced Market 415 115 -23 Total Replacement Housing Needed by 2022 652 455 278 Less Residential Units in the Development Pipeline 0 -180 -8 Total Overall Market (PSA) Units of Potential Support by 2022 1,244 207 604 *Vacancy based on Bowen National Research field survey of each rental housing alternative **Substandard housing includes the share of units that are overcrowded and lack of complete plumbing ***Considers annual replacement rate of existing rental product between 2017 and 2022
As the preceding table illustrates, by 2022 the overall PSA could potentially support up to 1,244 new rental units affordable to households with annual income under $25,000 (rents below $625), 207 new rental households affordable to households with annual incomes between $25,000 and $49,999 (rents between $625 and $1,249), and 604 units affordable to households with annual incomes of $50,000 and higher.
For-Sale Housing Gap Estimates
We considered the existing available for-sale housing supply and compared it with the potential support that is projected to exist between 2017 and 2022 to estimate the projected for-sale housing gap that will exist in Evansville during this five-year period. Such an analysis provides estimates on the surplus or deficit of for-sale housing by selected household income segments.
The potential support for new for-sale housing in Evansville is below.
2017-2022 For-Sale Housing Demand by Income Level & Price Point Evansville, Indiana Primary Study Area Household Income Range < $30,000 $30,000-$59,999 $60,000+ Housing Price Affordability < $100,000 $100,000-$199,999 $200,000+ New Owner-Occupied Household Growth (2017 to 2022) 198 -276 374 Housing Units Needed for Balanced Market -26 184 224 Total Replacement Housing Needed by 2022 115 156 0 Less Product in Development Pipeline 00 -42 Total Overall Market (PSA) Units of Potential Support by 2022 287 64 556 *Includes available for-sale product from Bowen National Research’s analysis of MLS data **Includes substandard rate (overcrowded and lacking complete plumbing facilities) ***Considers annual demolition rate of existing for-sale product depending upon price point
As the preceding table illustrates, over the five-year projection period, there is a potential need for for-sale housing of up to 287 units priced less than $100,000, 64 units between $100,000 and $199,000, and 556 for units priced above $200,000.
II-9 Senior Care Housing Demand Estimates
Using market industry standards for senior care housing, we have estimated demand for each senior care housing alternative. The following summarizes potential demand for senior care housing in the Evansville PSA between 2017 and 2022.
Senior Care Facilities - Housing Demand Estimates Minimum Total Support for Base Monthly Annual Income Additional Facility Type (Age) Fee/Rent Required* Units/Beds Independent (65+) $530 $18,000 202 Congregate Care (65+) $810 $28,000 108 Assisted Living (75+) $2,310 $34,650 236 Nursing Care (75+) $5,262 $78,900 0 *Also includes assets that seniors can use to cover housing care costs
Based on an evaluation of area senior demographics and the existing senior housing supply (both surveyed and non-surveyed properties), there is potential support for a variety of senior housing alternatives. There appears to be support for up to 202 independent living units, 108 congregate care units, and 236 assisted living units. While our estimates do not show a current need for nursing care housing, with the projected senior growth projected over the next several years, it may be warranted to evaluate this senior housing product again in the near future.
Overall City-Wide Conclusions
Based on the findings contained in this report, there remains a need for additional rental, for-sale and senior care housing in Evansville. While the overall multifamily rental housing occupancy rate has dropped to a still healthy 95.0% (was 97.1% in September 2016), the affordable rental product (Tax Credit and government- subsidized) has very limited availability and many affordable projects operate with wait lists. A majority of the submarkets are operating at occupancy levels of 96.9% or higher, further indicating the limited availability of multifamily rentals in these areas. The only notable vacancies appear to be among the lower quality product, with class C and D market-rate product in Evansville operating at a combined vacancy rate that exceeds 10%. As a result of this analysis, it is clear that there remains a strong level of demand for a variety of new rental product
The demand for for-sale housing within Evansville remains strong, as evidenced by the fact that the inventory of available product continues to diminish and the median home prices of available product continue to increase for the third year in a row. The 327 available for-sale units represent a 1.2% vacancy rate, which is a four-year low for Evansville and is considered a relatively limited inventory of housing. While there is a need for new for-sale product at a variety of price points, there is a notable shortage of product priced above $200,000. As a result, we believe development opportunities continue to exist, as there remain few modern for-sale housing alternatives affordable to lower-income households and there is a limited inventory of available product priced above $200,000 in Evansville, which may limit its ability to attract professionals and other households seeking higher-priced product.
II-10 With the exception of nursing care housing, we believe the market continues to exist for the development of additional senior care housing alternatives, such as independent living, congregate care and assisting living housing. With a growing base of area seniors, the demand for housing to meet the specific needs of seniors requiring some level of services is expected to grow for the foreseeable future. As such, the development of such housing should be supported.
Subarea-Neighborhood Summaries
While a primary objective of this report is to evaluate the overall housing factors and needs of Evansville and its five submarkets, we have also provided supplemental analysis on smaller selected neighborhoods located within the Central Submarket. Specifically, this section of the report addresses the various demographics and housing characteristics and trends of the Downtown, the Arts District and the Jacobsville Redevelopment District. For the purposes of this analysis, we have referred to these areas as the Downtown Study Area, Arts District Study Area and Jacobsville Study Area.
We have provided a summary of conclusions for each subarea-neighborhood in this Executive Summary. Additional data and analysis of these markets is included in Addendum E.
The map on the following page delineates the boundaries of the three subareas (neighborhoods or districts), all of which fall within the Central Submarket.
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Downtown Study Area - The Downtown Redevelopment Area, hereinafter referred to as the Downtown Study Area, is located in the Central Submarket or central portion of Evansville, along the east side of the Ohio River. The area generally encompasses the Evansville Central Business District and includes a variety of government facilities, offices, retail establishments, and multifamily residential housing.
Demographic trends within the Downtown Study Area (DSA) have been positive between 2010 and 2017, experiencing both population and household growth. It is projected that between 2017 and 2022, the DSA will increase by 45 (4.2%) people and 26 (5.5%) households. While a large portion of the households in the DSA have incomes below $35,000, the greatest growth is expected to occur among moderate- income households earning between $35,000 and $49,999. It is also projected that the greatest household growth by age group is expected to occur among households between the ages of 35 and 44 and between the ages of 65 and 74. These positive projected demographic characteristics and changes will contribute to the demand for housing that will serve low-income households and moderate-income households, including both younger and older adult households. With more than $220 million in new development activity recently completed, currently underway or planned for the downtown area, it is expected that the need for affordable workforce housing and housing for young professionals and medical school students will increase within the DSA.
II-12 According to Bowen National Research’s survey of rental housing alternatives and a review of the for-sale housing inventory, the DSA has few available housing units and there appears to be pent-up demand for additional housing, particularly housing serving low-income households. Multifamily rental product identified and surveyed has median rents by bedroom type that range from $700 (one-bedroom) to $900 (two- bedroom) for the market rate units. As such, the market-rate supply is generally not affordable to households with incomes under $30,000, which comprises the largest share of households in the DSA. With a median list price of $279,000, most available for-sale housing is not considered affordable to households within the DSA that generally make $60,000 or less.
Based on this analysis, the Downtown Study Area has a large base of low-income households and a large population living in poverty, many of which are cost burdened. Adding to the difficulty of area residents is the fact that there were few multifamily rental units identified in the market that are available for rent and the few for-sale housing options that are available. As a result, it appears the downtown area is in need of additional rental and for-sale product, with emphasis on product affordable to lower income households, but also product that is affordable to the growing base of moderate- income households.
Arts District Study Area - The Arts District Redevelopment Area, hereinafter referred to as the Arts District Study Area (ADSA), is located in the Central Submarket or central portion of Evansville, along the east side of the Ohio River and south of the downtown area of Evansville. The area generally encompasses museums, parks, medical facilities, the Riverside Historic District, retail and office space, and multifamily and single-family residential uses.
The Arts District Study Area (ADSA) experienced a total population increase of 80 (2.7%) and the number of households increased by 50 (3.4%) between 2010 and 2017. While modest overall growth, these trends reflect a reversal in demographic trends from the 10 preceding years. This appears to illustrate a renewed interest of people wanting to live in the Arts District. These positive growth trends are expected to continue between 2017 and 2022. The greatest growth between 2017 and 2022 is projected to occur among households between the ages of 65 and 74, though notable growth is also projected to occur among households between the ages of 35 and 44 and ages 75 and older. The greatest projected growth within the ADSA from 2017 to 2022 is expected to occur among households with income of $75,000 and higher, though some growth is projected to occur among households with incomes below $15,000. Approximately one-half of all renter households in the ADSA are considered “rent burdened” (paying 30% or more of their income towards rent). Therefore, the ADSA will likely experience a growing need of housing affordable to low-income households and higher-end market-rate product. With numerous revitalization efforts, including new housing and commercial development, along with infrastructure and beautification initiatives either underway or planned, the Arts District is expected to experience positive economic and demographic growth that will contribute to the need for additional housing in the district.
II-13 There were nine multifamily rental units vacant among the multifamily rental properties identified in the ADSA and only seven housing units marketed for purchase in the neighborhood. With few available housing alternatives in the market, prospective renters and homebuyers have very limited housing options in the district. The market would likely benefit from the development of a variety of new housing alternatives, including housing that is affordable to low-income households (generally earning below $25,000) and higher-income households (generally earning $75,000 or more).
Jacobsville Study Area - The Jacobsville Redevelopment Area, hereinafter referred to as the Jacobsville Study Area (JSA), is located in the northern portion of the Central Submarket, which is in the north central portion of Evansville. The area generally encompasses medical facilities, light industrial uses, retail and office space, and residential units.
The Jacobsville Study Area (JSA) experienced notable declines in its population and households from 2000 to 2010, but slower declines between 2010 and 2017. While it is projected that the total population base and number of households will continue to decline from 2017 to 2022, the decline will be even slower than the previous seven years. As such, it appears this neighborhood is stabilizing from a demographic standpoint. The slowdown in the demographic decline, which is likely attributed, in part, to reinvestment and renewed interest in the JSA, is indicative of a stabilizing neighborhood. The several initiatives recently completed, currently underway or planned, including the removal of vacant/blighted buildings, and residential, commercial and manufacturing development and expansion, will have a very positive impact on the Jacobsville area. This, in turn, will have a positive impact on job and demographic growth, which will have a positive impact on housing demand. Despite the overall negative demographic trends within the JSA, this area will experience some growth among its older adult household base, as it is projected that most of the household growth between 2017 and 2022 will occur among householders age 65 and older, increasing by 42 households.
Nearly two-thirds of the overall households within the JSA had incomes below $35,000 in 2017, nearly one-third of the population lives in poverty and just under one-half of all renter households in the JSA are considered “rent burdened” (paying 30% or more of their income of their incomes towards rent). As such, affordability of housing remains important within this area. The greatest projected household growth between 2017 and 2022 is expected to occur among those making below $15,000 and between $75,000 and $99,999. As such, it is expected that demand for housing that is affordable to low-income households and high-income households will increase.
II-14 According to our survey of rental housing alternatives and a review of the for-sale housing inventory, the JSA has few available housing units and there appears to be pent-up demand for additional housing. Overall, we identified only two vacant units among the 218 multifamily rental units surveyed in the neighborhood. As such, there is clear pent-up demand in the Jacobsville Study Area for affordable housing, as well as market-rate housing. Despite the fact that the JSA has rental product priced below $600 and the limited supply of vacant for-sale housing product is priced below $60,000, a large share of area households are considered cost burdened, meaning that many area households are paying a disproportionately high share of their income towards housing costs. Additionally, with available for-sale product having a median list price of $53,500, it is anticipated that such housing will not be affordable to most low-income households once repair and modernization costs are considered. Additionally, we would anticipate such housing will not appeal to most moderate- and high-income households. As a result, it does not appear that the rental or for-sale supply within the JSA adequately serve the needs of most households that may be seeking housing in the JSA.
II-15 III. STUDY AREA DELINEATION
The focus of this analysis is to assess the market characteristics of, and to determine the housing needs for, the overall city of Evansville and pre-determined, smaller submarkets within Evansville.
The Primary Study Area (PSA) of this report is the city of Evansville, which contains a total of 44.6 square miles. Because of the size of the city and the distinct socio- economic differences that exist within the various portions of the city, we have divided the PSA in to five separate submarkets. These five submarkets, which are compared with each other and with the overall city of Evansville, are defined below.
Central Submarket – The Central Submarket (often referred to by city representatives as the “Focus Area”) is generally defined as the section of the city of Evansville that is bounded by Pigeon Creek to the north, Kentucky Avenue, Willow Road, and Harlan Avenue to the east, Veteran’s Memorial Parkway (I-164) to the south, and the Ohio River and Pigeon Creek to the west. This area encompasses the following Qualified Census Tracts of Evansville: 11, 12, 13, 14, 17, 18, 19, 20, 21, 23, 24, 25 and 26. This area contains subareas generally described as the Downtown Redevelopment Area, the Arts District Redevelopment Area, and the Jacobsville Redevelopment Area. These subareas are further detailed later in this section. The overall Central Submarket contains a total of 7.7 square miles.
North Submarket – The North Submarket is generally considered the area of Evansville immediately north of the Central Submarket. The North Submarket is bounded by the Evansville city limits to the north, east, and west, and Pigeon Creek and Morgan Avenue (I-62) to the south. This submarket contains approximately 13.5 square miles.
Near East Submarket – The Near East Submarket is the area of Evansville between the designated Central and East Submarkets. The Near East Submarket is generally bounded by Morgan Avenue (I-64) to the north, South Green River Road to the east, Evansville city limits to the south, and Kentucky Avenue, Willow Road, and Harlan Avenue to the west. Overall, this submarket contains a total of 10.5 square miles.
East Submarket – The East Submarket is the area east of the Near East Submarket. Its boundaries consist of the Evansville city limits to the north, east and south, and South Green River Road to the west. Overall, this submarket contains a total of 7.2 square miles.
III-1 West Submarket – The West Submarket is located west of the Central Submarket. Its boundaries consist of the Evansville city limits to the north, south and west, and Pigeon Creek to the east. Overall, this submarket contains a total of 5.7 square miles.
We also evaluated three district areas or districts within the Central Submarket, which include the Downtown, the Arts District, and the Jacobsville Redevelopment District.
A map illustrating the boundaries of the PSA (Evansville) with its five submarkets follows this page.
III-2 Evansville, IN Primary Study Area Primary Study Area
0 0.45 0.9 1.8 2.7 1:115,000 Miles Sources: Esri, HERE, DeLorme, USGS, Intermap, increment P Corp., NRCAN, Esri Japan, METI, Esri China (Hong Kong), Esri (Thailand), TomTom, MapmyIndia, © OpenStreetMap contributors, and the GIS User Community Evansville, IN Primary Study Area Submarkets Central Submarkets East Near East North West
0 0.45 0.9 1.8 2.7 1:115,000 Miles Sources: Esri, HERE, DeLorme, USGS, Intermap, increment P Corp., NRCAN, Esri Japan, METI, Esri China (Hong Kong), Esri (Thailand), TomTom, MapmyIndia, © OpenStreetMap contributors, and the GIS User Community Central Submarket Evansville, IN Study Area Arts District Study Areas Downtown Jacobsville
N 0 0.2 0.4 0.8 1.2 1:51,462 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community IV. DEMOGRAPHIC ANALYSIS
A. INTRODUCTION
This section of the report evaluates key demographic characteristics for the Primary Study Area (Evansville) and the five submarkets within the city. Through this analysis, unfolding trends and unique conditions are revealed regarding populations and households residing in the selected geographic areas. Demographic comparisons among these geographies provide insights into the human composition of housing markets. Critical questions, such as the following, can be answered with this information:
Who lives in Evansville and what are these people like? In what kinds of household groupings do Evansville residents live? What share of people rent or own their Evansville residence? Are the number of people and households living Evansville increasing or decreasing over time?
This section is comprised of three major parts: population characteristics, household characteristics, and demographic theme maps. Population characteristics describe the qualities of individual people, while household characteristics describe the qualities of people living together in one residence. Theme maps graphically show varying levels (low to high concentrations) of a demographic characteristic across a geographic region.
It is important to note that 2000 and 2010 demographics are based on U.S. Census data (actual count), while 2017 and 2022 data are based on calculated estimates and projections provided by ESRI, a nationally recognized demography firm. The accuracy of these estimates depends on the realization of certain assumptions:
Economic projections made by secondary sources materialize; Governmental policies with respect to residential development remain consistent; Availability of financing for residential development (i.e. mortgages, commercial loans, subsidies, Tax Credits, etc.) remains consistent; Sufficient housing and infrastructure is provided to support projected population and household growth.
Significant unforeseen changes or fluctuations among any of the preceding assumptions could have an impact on demographic projections/estimates.
IV-1 B. POPULATION CHARACTERISTICS
Population by numbers and percent change (growth or decline) for 2000 (Census), 2010 (Census), 2017 (Estimated), and 2022 (Projected) is shown in the following table:
Total Population 2000 2010 Change 2000-2010 2017 Change 2010-2017 2022 Change 2017-2022 Census Census # % Estimated # % Projected # % North 20,426 21,348 922 4.5% 21,582 234 1.1% 21,810 228 1.1% East 15,960 16,824 864 5.4% 17,394 570 3.4% 17,735 341 2.0% Near East 40,934 38,913 -2,021 -4.9% 39,662 749 1.9% 40,114 452 1.1% Central 30,726 26,959 -3,767 -12.3% 27,590 631 2.3% 27,972 382 1.4% West 13,494 13,385 -109 -0.8% 13,372 -13 -0.1% 13,418 46 0.3% Evansville (PSA) 121,540 117,429 -4,111 -3.4% 119,600 2,171 1.8% 121,050 1,450 1.2% Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
From 2000 to 2010, the PSA (Evansville) population decreased by 4,111 (3.4%), or by 411 (0.3%) per year. Of the five Evansville submarkets, the Central Submarket decreased in population the most, recording an overall loss of 3,767 people (-12.3%) during this 10-year period. A notable decline also occurred within the Near East Submarket, which lost 2,021 (-4.9%). While the West Submarket experienced virtually no change during this decade, the North Submarket added 922 (4.5%) people and the East Submarket added 864 (5.4%) people between 2000 and 2010.
Overall, the PSA’s population increased by 1.8% between 2010 and 2017, an increase of 2,171 people. The West Submarket experienced a small decline in population (13, or -0.1) between 2010 and 2017. The four remaining submarkets within Evansville all experienced population increases during this period, ranging from 1.1% (North Submarket) to 3.4% (East Submarket). While the estimated 3.4% increase for the East Submarket represents the greatest percentage change, the greatest increase in actual people was in the Near East Submarket, which added 749 people.
The projected population growth from 2017 to 2022 will be very similar to the trends from 2010 and 2017 for Evansville and the submarkets. Overall, the PSA is projected to add 1,450 (1.2%) people. All submarkets are projected to increase in population during this period. Individual submarket growth is projected to be 228 people in the North Submarket, 341 in the East Submarket, 452 in the Near East Submarket, 382 in the Central Submarket, and 46 in the West Submarket.
IV-2 The following graph compares percent change in population (growth) for two periods. 2010 to 2017 and 2017 to 2022:
Population Trends (2010-2022)
2010-2017 2017-2022
3.5% 3.4% 3.0% 2.5% 2.3% 2.0% 2.0% 1.9% 1.8% 1.5% 1.4% 1.0% 1.1% 1.1% 1.1% 1.2% Percent Change 0.5% 0.3% 0.0% -0.8% -0.5% North East Near East Central West Evansville
Submarket
Population by age cohorts for 2010, 2017, and 2022 is shown in the following table for Evansville and five identified submarkets:
Population by Age Median <25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ Age 6,209 2,982 2,523 3,157 2,580 1,796 2,100 2010 (29.1%) (14.0%) (11.8%) (14.8%) (12.1%) (8.4%) (9.8%) 40.8 5,749 3,185 2,653 2,654 2,982 2,176 2,183 2017 (26.6%) (14.8%) (12.3%) (12.3%) (13.8%) (10.1%) (10.1%) 41.8 North 5,771 2,882 2,933 2,515 2,858 2,541 2,310 2022 (26.5%) (13.2%) (13.4%) (11.5%) (13.1%) (11.7%) (10.6%) 42.6 Change 22 -303 280 -139 -124 365 127 2017-2022 (0.4%) (-9.5%) (10.6%) (-5.2%) (-4.2%) (16.8%) (5.8%) N/A 5,602 2,590 1,763 2,309 2,023 1,173 1,366 2010 (33.3%) (15.4%) (10.5%) (13.7%) (12.0%) (7.0%) (8.1%) 36.3 5,277 3,003 1,889 1,941 2,312 1,540 1,432 2017 (30.3%) (17.3%) (10.9%) (11.2%) (13.3%) (8.9%) (8.2%) 37.1 East 5,305 2,933 2,147 1,838 2,163 1,806 1,543 2022 (29.9%) (16.5%) (12.1%) (10.4%) (12.2%) (10.2%) (8.7%) 37.7 Change 28 -70 258 -103 -149 266 111 2017-2022 (0.5%) (-2.3%) (13.7%) (-5.3%) (-6.4%) (17.3%) (7.8%) N/A
IV-3 (Continued) Population by Age Median <25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ Age 13,983 5,639 4,447 5,280 4,370 2,461 2,734 2010 (35.9%) (14.5%) (11.4%) (13.6%) (11.2%) (6.3%) (7.0%) 34.7 13,472 5,833 4,791 4,616 4,910 3,352 2,688 2017 (34.0%) (14.7%) (12.1%) (11.6%) (12.4%) (8.5%) (6.8%) 36.0 Near East 13,689 5,506 5,154 4,363 4,755 3,823 2,824 2022 (34.1%) (13.7%) (12.8%) (10.9%) (11.9%) (9.5%) (7.0%) 36.6 Change 217 -327 363 -253 -155 471 136 2017-2022 (1.6%) (-5.6%) (7.6%) (-5.5%) (-3.2%) (14.1%) (5.1%) N/A 9,204 3,800 3,256 4,107 3,241 1,715 1,635 2010 (34.1%) (14.1%) (12.1%) (15.2%) (12.0%) (6.4%) (6.1%) 36.5 8,929 4,017 3,285 3,661 3,607 2,370 1,721 2017 (32.4%) (14.6%) (11.9%) (13.3%) (13.1%) (8.6%) (6.2%) 37.5 Central 8,927 3,988 3,464 3,418 3,528 2,752 1,895 2022 (31.9%) (14.3%) (12.4%) (12.2%) (12.6%) (9.8%) (6.8%) 38.0 Change -2 -29 179 -243 -79 382 174 2017-2022 (0.0%) (-0.7%) (5.4%) (-6.6%) (-2.2%) (16.1%) (10.1%) N/A 4,533 2,048 1,500 1,826 1,460 895 1,122 2010 (33.9%) (15.3%) (11.2%) (13.6%) (10.9%) (6.7%) (8.4%) 35.7 4,046 2,263 1,613 1,585 1,632 1,129 1,104 2017 (30.3%) (16.9%) (12.1%) (11.9%) (12.2%) (8.4%) (8.3%) 37.1 West 3,987 2,092 1,823 1,454 1,619 1,288 1,155 2022 (29.7%) (15.6%) (13.6%) (10.8%) (12.1%) (9.6%) (8.6%) 38.2 Change -59 -171 210 -131 -13 159 51 2017-2022 (-1.5%) (-7.6%) (13.0%) (-8.3%) (-0.8%) (14.1%) (4.6%) N/A 39,530 17,058 13,489 16,679 13,675 8,040 8,958 2010 (33.7%) (14.5%) (11.5%) (14.2%) (11.6%) (6.8%) (7.6%) 36.6 37,471 18,302 14,230 14,457 15,443 10,569 9,128 2017 (31.3%) (15.3%) (11.9%) (12.1%) (12.9%) (8.8%) (7.6%) 37.7 Evansville 37,681 17,401 15,520 13,588 14,923 12,210 9,727 2022 (31.1%) (14.4%) (12.8%) (11.2%) (12.3%) (10.1%) (8.0%) 38.3 Change 210 -901 1,290 -869 -520 1,641 599 2017-2022 (0.6%) (-4.9%) (9.1%) (-6.0%) (-3.4%) (15.5%) (6.6%) N/A Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
The PSA (Evansville) median age was 36.6 years in 2010. The median age increased by 1.1 years between 2010 and 2017. By 2022, the median age is projected to be 38.3 years, an increase of 1.7 years from 2010.
The North Submarket had a median population age of 40.8 in 2010, which is the oldest median age of the five Evansville submarkets. The median age in this submarket is projected to increase to 41.8 by 2022. Each of the four remaining submarkets generally appear to have similar median population ages, with a median age in the late 30s.
IV-4 From 2017 to 2022, the number of seniors age 65 and older within the PSA (Evansville) is projected to increase by 2,240 (11.4%). The greatest senior population growth (age 65+) is projected to occur in the Near East Submarket (607 additional seniors) and Central Submarket (556 additional seniors).
The largest projected decline in the PSA (Evansville) is among those between the ages of 25 and 34, which is projected to decline by 901 (-4.9%) people between 2017 and 2022. The largest percentage decrease is among those between the ages of 45 and 54. A decrease of 6.0% (869 persons) is projected among the 45- to 54-year old age ground between 2017 and 2022.
The graph below illustrates the population by age group for 2017:
Population by Age (2017)
45.0% 40.0% 35.0% North 30.0% East 25.0% Near East
Share 20.0% Central 15.0% West 10.0% Evansville 5.0% 0.0% <25 25 - 54 55+
Age Range
IV-5 Population by race for 2010 (latest race data available) is shown in the following table:
Population by Race
Total Races Races Race Alone Alone Race Some Other Some Asian Alone Alone Asian White Alone White Alone Two or More or Two American Alone Black or African or African Black Number 19,360 949 321 350 369 21,349 North Percent 90.7% 4.4% 1.5% 1.6% 1.7% 100.0% Number 14,133 1,576 438 266 411 16,824 East Percent 84.0% 9.4% 2.6% 1.6% 2.4% 100.0% Number 30,684 5,827 267 798 1,338 38,914 Near East Percent 78.9% 15.0% 0.7% 2.1% 3.4% 100.0% Number 19,308 6,171 81 400 998 26,958 Central Percent 71.6% 22.9% 0.3% 1.5% 3.7% 100.0% Number 12,792 252 50 95 197 13,386 West Percent 95.6% 1.9% 0.4% 0.7% 1.5% 100.0% Number 96,276 14,775 1,156 1,908 3,313 117,428 Evansville Percent 82.0% 12.6% 1.0% 1.6% 2.8% 100.0% Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
The largest share of population by race within the PSA (Evansville) is among the “White Alone” segment, which represents 82.0% of the city’s population. “Black or African American” represents the next largest share in the PSA at 12.6%.
The West Submarket has the largest share of “White Alone” population among the five submarkets, at 95.6% of its overall population.
The Central Submarket has the largest share of minorities when compared to the other submarkets, with 28.4% of the submarket’s population falling within one of the minority classifications.
IV-6 Population by marital status for 2017 is shown in the following table:
Population by Marital Status Not Married Married Total Never Married Divorced Widowed Number 5,588 2,795 1,397 8,398 18,178 North Percent 30.7% 15.4% 7.7% 46.2% 100.0% Number 4,439 1,800 865 7,369 14,473 East Percent 30.7% 12.4% 6.0% 50.9% 100.0% Number 12,404 5,371 2,196 12,240 32,211 Near East Percent 38.5% 16.7% 6.8% 38.0% 100.0% Number 8,723 4,592 1,737 7,180 22,232 Central Percent 39.2% 20.7% 7.8% 32.3% 100.0% Number 3,394 2,074 798 4,891 11,157 West Percent 30.4% 18.6% 7.2% 43.8% 100.0% Number 34,547 16,633 6,993 40,078 98,251 Evansville Percent 35.2% 16.9% 7.1% 40.8% 100.0% Source: ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
Overall, 40.8% of the PSA’s (Evansville) population is married, while 35.2% has never been married. Approximately, 16.9% of the PSA population is divorced.
The East Submarket has the largest share (50.9%) of married persons, while the Central Submarket has the lowest share (32.3%).
The Central Submarket has the highest share (20.7%) of divorced people.
IV-7 The following graph compares marital status shares for 2017:
Population by Marital Status (2017)
55.0% 50.0% 45.0% 40.0% North 35.0% East 30.0% Near East
Share 25.0% Central 20.0% West 15.0% Evansville 10.0% 5.0% 0.0% Never Married Divorced Widowed Married
Marital Status
Population by highest educational attainment for 2017 is shown in the following table:
Population by Educational Attainment
Degree Degree Total Degree Degree Degree Associate Associate Bachelor Bachelor Graduate Graduate No Degree Degree No Some College, Diploma Diploma School High Graduate Graduate No High School No High School Number 1,543 5,678 3,776 1,339 2,411 1,086 15,833 North Percent 9.7% 35.9% 23.8% 8.5% 15.2% 6.9% 100.0% Number 534 3,046 2,818 765 3,178 1,777 12,118 East Percent 4.4% 25.1% 23.3% 6.3% 26.2% 14.7% 100.0% Number 3,167 10,271 6,134 1,898 3,277 1,445 26,192 Near East Percent 12.1% 39.2% 23.4% 7.2% 12.5% 5.5% 100.0% Number 3,577 7,466 4,350 1,252 1,373 641 18,659 Central Percent 19.2% 40.0% 23.3% 6.7% 7.4% 3.4% 100.0% Number 1,123 3,527 2,347 755 1,032 545 9,329 West Percent 12.0% 37.8% 25.2% 8.1% 11.1% 5.8% 100.0% Number 9,943 29,988 19,424 6,009 11,271 5,493 82,128 Evansville Percent 12.1% 36.5% 23.7% 7.3% 13.7% 6.7% 100.0% Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
IV-8 Noteworthy observations from the preceding table include:
Overall, the PSA (Evansville) population base contained nearly 88.0% of people who either graduated from high school or went on to some level of post-secondary education. Conversely, 12.1% of the PSA’s population did not graduate from high school. Areas with low shares of education attainment often suffer from poverty and lower wages due to their more limited earning capacity.
The Central Submarket has the highest share of people without a high school diploma, representing 19.2% of the submarket’s population. The East Submarket has the highest share (95.6%) of people that graduated from high school and/or went on to obtain some level of post-secondary education. Over 40.0% of the population in the East Submarket has at least a bachelor’s degree.
The following graph compares educational attainment for 2017:
Population by Educational Attainment (2017)
50.0% 45.0% 40.0% North 35.0% East 30.0% Near East 25.0% Central Share 20.0% 15.0% West 10.0% Evansville 5.0% 0.0% No High School High School Some College, No College Graduate Diploma Graduate Degree
Education Level
IV-9 Population by poverty status for years 2011-2015 is shown in the following table:
Population by Poverty Status Income below poverty level: Income at or above poverty level: <18 18 to 64 65+ <18 18 to 64 65+ Total Number 767 1,316 292 3,420 11,183 3,375 20,353 North Percent 3.8% 6.5% 1.4% 16.8% 54.9% 16.6% 100.0% Number 417 1,086 116 3,007 9,014 2,810 16,450 East Percent 2.5% 6.6% 0.7% 18.3% 54.8% 17.1% 100.0% Number 3,419 4,765 317 5,469 18,231 4,571 36,772 Near East Percent 9.3% 13.0% 0.9% 14.9% 49.6% 12.4% 100.0% Number 3,092 5,344 547 2,988 11,845 2,398 26,214 Central Percent 11.8% 20.4% 2.1% 11.4% 45.2% 9.1% 100.0% Number 617 1,614 139 2,220 6,995 1,884 13,469 West Percent 4.6% 12.0% 1.0% 16.5% 51.9% 14.0% 100.0% Number 8,313 14,122 1,411 17,104 57,267 15,038 113,255 Evansville Percent 7.3% 12.5% 1.2% 15.1% 50.6% 13.3% 100.0% Source: U.S. Census Bureau, 2011-2015 American Community Survey; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
Over 20.0% of the PSA (Evansville) population lives in poverty. Among this group, nearly one in three children (under the age of 18) within the PSA live in poverty. Approximately 19.8% of PSA population between the ages of 18 and 64 lives in poverty, while only 8.6% of seniors ages 65 and older have incomes below poverty level.
The poverty rate is the highest within the Central Submarket, with 34.3% of the population living in poverty. Children in the Central Submarket are especially affected, as over half (50.9%) of those under the age of 18 live in poverty. The Near East Submarket also has a notable share of people living in poverty, with over one-fifth of its population having income below the poverty level.
The North Submarket and the East Submarket have the lowest poverty rates at 11.7% and 9.8%, respectively.
IV-10 The following graph compares poverty status for years 2011-2015:
Population by Poverty Status (2011-2015) Income below poverty Income at/above poverty
100.0% 90.0% 80.0% 70.0% 65.7% 60.0% 76.8% 82.4% 79.0% 88.3% 90.2%
Share 50.0% 40.0% 30.0% 20.0% 34.3% 10.0% 23.2% 17.6% 21.0% 11.7% 9.8% 0.0% North East Near East Central West Evansville Submarket
IV-11 Using five-year ACS poverty estimates, we compared poverty population estimates to the number of households with incomes of $25,000 or less for the years 2012 and 2016. The $25,000 household income was used as a proxy for household poverty because this is the approximate poverty threshold for a family of four. Because poverty by race at the Tract level is very unreliable, we did not incorporate race into the 2012 and 2016 estimates. However, we show in the following table the poverty rates of the minority concentrated areas (Census Tracts shaded in green) compared with all other Census Tracts in the city. The table also illustrates the change in poverty rates between 2012 and 2016.
Poverty Rates by Census Tract (2012 and 2016) Minority 2012 Percent of 2016 Percent of Concentrated Households in Households in Change Census Tract Area Poverty Poverty 2012-2016 181630001.00 16.91% 25.39% 8.47% 181630002.01 11.06% 16.27% 5.21% 181630002.02 15.69% 16.05% 0.35% 181630003.00 17.34% 20.78% 3.44% 181630004.00 10.44% 11.70% 1.27% 181630005.00 8.52% 7.75% -0.77% 181630006.00 11.46% 10.71% -0.74% 181630008.00 x 15.52% 19.31% 3.79% 181630009.00 x 16.94% 19.24% 2.30% 181630010.00 x 21.02% 22.74% 1.73% 181630011.00 x 23.07% 30.07% 7.00% 181630012.00 x 27.92% 27.10% -0.83% 181630013.00 x 32.46% 37.12% 4.65% 181630014.00 x 25.66% 35.58% 9.92% 181630015.00 x 23.97% 26.95% 2.98% 181630017.00 x 20.90% 20.92% 0.02% 181630018.00 14.47% 8.13% -6.34% 181630019.00 31.36% 34.78% 3.42% 181630020.00 25.33% 36.67% 11.33% 181630021.00 25.38% 29.63% 4.25% 181630023.00 21.45% 22.36% 0.91% 181630024.00 14.75% 18.73% 3.98% 181630025.00 23.68% 35.67% 11.99% 181630026.00 29.57% 29.42% -0.15% 181630028.00 16.66% 19.00% 2.35% 181630029.00 17.07% 20.33% 3.26% 181630030.00 13.75% 15.70% 1.95% 181630031.00 18.37% 19.96% 1.59% 181630032.00 16.97% 22.83% 5.86% Source: ACS, ESRI, UDG and Bowen National Research
IV-12 (Continued) Household Poverty by Census Tract (2012 & 2016) Minority 2012 Pct of 2016 Pct of Concentrated Households in Households in Change Census Tract Area Poverty Poverty 2012-2016 181630033.00 20.96% 24.87% 3.91% 181630034.00 12.59% 10.69% -1.91% 181630035.00 8.98% 14.84% 5.86% 181630036.00 18.24% 23.96% 5.72% 181630037.01 12.47% 11.15% -1.31% 181630037.02 x 22.09% 25.25% 3.16% 181630038.01 10.84% 14.50% 3.66% 181630038.03 7.38% 12.29% 4.91% 181630038.04 12.96% 12.77% -0.18% 181630039.00 14.79% 12.69% -2.10% 181630101.00 14.29% 21.41% 7.12% 181630102.02 5.65% 6.36% 0.71% City of Evansville 16.2% 20.5% 4.4% Source: ACS, ESRI, UDG and Bowen National Research
In 2016, the median share of households living in poverty per Census Tract for the overall city is 20.5%, indicating that one in five households lives in poverty within Evansville. Within the 10 minority concentrated neighborhoods (shown in the green shaded rows of the preceding table), the average share of households living in poverty is higher at 26.2%. Two of the Census Tracts (13.00 and 14.00) within the minority concentrated areas are among the highest shares of households living in poverty, representing more than a third of all households in their respective Census Tracts. These two Tracts are located generally east of South Governor Street and south of the East Lloyd Expressway. It is worth pointing out that with the exception of Census Tract 12.00, the share of households living in poverty within the minority concentrated areas has increased between 2012 and 2016.
IV-13 Population by migration (previous residence one year prior to survey) for years 2011-2015 is shown in the following table:
Population by Migration
Total Abroad Abroad Same House House Same Moved from from Moved In Same State In Same Different State Different Different House Different in Same Countyin Same Different County County Different Number 17,630 2,273 822 289 5 21,019 North Percent 83.9% 10.8% 3.9% 1.4% 0.0% 100.0% Number 13,224 1,546 809 639 58 16,276 East Percent 81.2% 9.5% 5.0% 3.9% 0.4% 100.0% Number 31,972 4,081 1,026 1,153 75 38,307 Near East Percent 83.5% 10.7% 2.7% 3.0% 0.2% 100.0% Number 21,529 4,010 652 447 42 26,680 Central Percent 80.7% 15.0% 2.4% 1.7% 0.2% 100.0% Number 11,417 1,644 295 224 0 13,580 West Percent 84.1% 12.1% 2.2% 1.6% 0.0% 100.0% Number 95,772 13,554 3,605 2,752 180 115,863 Evansville Percent 82.7% 11.7% 3.1% 2.4% 0.2% 100.0% Source: U.S. Census Bureau, 2011-2015 American Community Survey; ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
Annually, over 80.0% of the PSA’s population stayed within their place of residence between 2011 and 2015, while less than 20.0% moved to a different residence. Among those that moved to a different residence between 2011 and 2015, approximately two-thirds (67.0%) of these people stayed in Vanderburgh County.
While the migration rate does not vary greatly between the submarkets, the Central Submarket has the highest annual turnover rate (19.3%), while the West Submarket has the lowest annual turnover rate (15.9%). The annual turnover rate for the City of Evansville (17.4%) falls within this range.
IV-14 Population densities for selected years are shown in the following table:
Population Densities Year 2000 2010 2017 2022 Population 20,426 21,348 21,582 21,810 North Area in Square Miles 13.46 13.46 13.46 13.46 Density 1,517.2 1,585.7 1,603.0 1,620.0 Population 15,960 16,824 17,394 17,735 East Area in Square Miles 7.20 7.20 7.20 7.20 Density 2,215.3 2,335.2 2,414.4 2,461.7 Population 40,934 38,913 39,662 40,114 Near East Area in Square Miles 10.52 10.52 10.52 10.52 Density 3,889.9 3,697.8 3,769.0 3,812.0 Population 30,726 26,959 27,590 27,972 Central Area in Square Miles 7.70 7.70 7.70 7.70 Density 3,988.3 3,499.4 3,581.3 3,630.8 Population 13,494 13,385 13,372 13,418 West Area in Square Miles 5.74 5.74 5.74 5.74 Density 2,350.4 2,331.4 2,329.2 2,337.2 Population 121,540 117,429 119,600 121,050 Evansville Area in Square Miles 44.63 44.63 44.63 44.63 Density 2,723.6 2,631.4 2,680.1 2,712.6 Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
The 2017 PSA (Evansville) population density of approximately 2,680 persons per square mile is slightly higher than the population density in 2010 (2,631 persons per square mile). By 2022, it is projected that the PSA population density will increase to 2,713 persons per square mile.
By 2022, the Near East Submarket and the Central Submarket are projected to have the highest population density within the PSA at 3,812 and 3,631 persons per square mile, respectively. Conversely, the North Submarket will have the lowest population density (1,620 persons per square mile), less than half of the Near East and Central Submarkets. Note that the North Submarket is the largest in area (13.46 square miles) of the five Evansville submarkets.
IV-15 C. HOUSEHOLD CHARACTERISTICS
Households by numbers and percent change (growth or decline) for 2000 (Census), 2010 (Census), 2017 (Estimated), and 2022 (Projected) are shown in the following table:
Total Households 2000 2010 Change 2000-2010 2017 Change 2010-2017 2022 Change 2017-2022 Census Census # % Estimated # % Projected # % North 9,112 9,444 332 3.6% 9,555 111 1.2% 9,651 96 1.0% East 7,322 7,968 646 8.8% 8,255 287 3.6% 8,426 171 2.1% Near East 17,106 16,153 -953 -5.6% 16,426 273 1.7% 16,611 185 1.1% Central 12,770 11,051 -1,719 -13.5% 11,299 248 2.2% 11,464 165 1.5% West 5,939 5,972 33 0.6% 5,969 -3 -0.1% 5,991 22 0.4% Evansville 52,249 50,588 -1,661 -3.2% 51,504 916 1.8% 52,143 639 1.2% Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
From 2000 to 2010, the number of households in the PSA (Evansville) decreased by 1,661 (3.2% decline). However, between 2010 and 2017, household growth trends within the PSA were positive, with 916 (1.8%) households added to the market. By 2022, it is projected that Evansville will gain an additional 639 households. As such, it appears that Evansville will recover a sizable portion of the households it lost between 2000 and 2010.
Among the individual submarkets, between 2000 and 2010, two submarkets gained households, two submarkets had a decrease in households, and one remained virtually unchanged. The greatest decline during this period occurred in the Central Submarket, which lost 1,719 (-13.5%) households. While not as severe as the Central Submarket, the Near East Submarket lost 953 (-5.6%) households during this same period. The North Submarket increased by 332 (3.6%) households and the East Submarket grew at a more rapid rate, adding 646 (8.8%) households between 2000 and 2010.
Between 2017 and 2022, the PSA (Evansville) is projected to add 639 (1.2%) households, reaching a total household count of 52,143. Household growth rates are projected to be positive for all five individual submarkets, ranging from 0.4% (West Submarket) to 2.1% (East Submarket). The Near East, East, and Central Submarkets are all projected to add over 150 households between 2017 and 2022. Projected growth in all five submarkets will increase the need for additional housing in Evansville.
IV-16 The following graph compares percent change in households (growth + / decline -) for two time periods, 2010 to 2017 and 2017 to 2022:
Household Trends (2010-2022)
2010-2017 2017-2022
4.0% 3.5% 3.6% 3.0% 2.5% 2.0% 2.1% 2.2% 1.7% 1.8% 1.5% 1.5% 1.0% 1.2% 1.2% Percent Change 1.0% 1.1% 0.5% 0.4% 0.0% -0.1% -0.5% North East Near East Central West Evansville
Submarket
IV-17 Household heads by age cohort for the years 2010, 2017, and 2022 are shown in the following table:
Household Heads by Age
<25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ 554 1,454 1,400 1,859 1,591 1,179 1,407 2010 (5.9%) (15.4%) (14.8%) (19.7%) (16.8%) (12.5%) (14.9%) 429 1,546 1,401 1,520 1,795 1,407 1,456 2017 (4.5%) (16.2%) (14.7%) (15.9%) (18.8%) (14.7%) (15.2%) North 409 1,384 1,551 1,426 1,711 1,633 1,536 2022 (4.2%) (14.3%) (16.1%) (14.8%) (17.7%) (16.9%) (15.9%) Change -20 -162 150 -94 -84 226 80 2017-2022 (-4.7%) (-10.5%) (10.7%) (-6.2%) (-4.7%) (16.1%) (5.5%) 758 1,380 1,046 1,365 1,349 861 1,209 2010 (9.5%) (17.3%) (13.1%) (17.1%) (16.9%) (10.8%) (15.2%) 731 1,718 1,155 1,159 1,450 984 1,057 2017 (8.9%) (20.8%) (14.0%) (14.0%) (17.6%) (11.9%) (12.8%) East 748 1,662 1,305 1,096 1,350 1,141 1,125 2022 (8.9%) (19.7%) (15.5%) (13.0%) (16.0%) (13.5%) (13.3%) Change 17 -56 150 -63 -100 157 68 2017-2022 (2.3%) (-3.3%) (13.0%) (-5.4%) (-6.9%) (16.0%) (6.4%) 1,077 2,959 2,580 3,144 2,794 1,689 1,911 2010 (6.7%) (18.3%) (16.0%) (19.5%) (17.3%) (10.5%) (11.8%) 932 2,978 2,718 2,672 3,059 2,238 1,830 2017 (5.7%) (18.1%) (16.5%) (16.3%) (18.6%) (13.6%) (11.1%) Near East 941 2,795 2,925 2,524 2,955 2,542 1,931 2022 (5.7%) (16.8%) (17.6%) (15.2%) (17.8%) (15.3%) (11.6%) Change 9 -183 207 -148 -104 304 101 2017-2022 (1.0%) (-6.1%) (7.6%) (-5.5%) (-3.4%) (13.6%) (5.5%) 739 1,891 1,812 2,359 2,059 1,152 1,039 2010 (6.7%) (17.1%) (16.4%) (21.3%) (18.6%) (10.4%) (9.4%) 673 1,946 1,774 2,036 2,221 1,565 1,083 2017 (6.0%) (17.2%) (15.7%) (18.0%) (19.7%) (13.9%) (9.6%) Central 660 1,912 1,864 1,873 2,152 1,805 1,196 2022 (5.8%) (16.7%) (16.3%) (16.3%) (18.8%) (15.7%) (10.4%) Change -13 -34 90 -163 -69 240 113 2017-2022 (-1.9%) (-1.7%) (5.1%) (-8.0%) (-3.1%) (15.3%) (10.4%) 640 1,087 814 1,114 927 599 792 2010 (10.7%) (18.2%) (13.6%) (18.7%) (15.5%) (10.0%) (13.3%) 476 1,194 858 949 1,020 746 725 2017 (8.0%) (20.0%) (14.4%) (15.9%) (17.1%) (12.5%) (12.1%) West 446 1,101 973 867 1,007 843 755 2022 (7.4%) (18.4%) (16.2%) (14.5%) (16.8%) (14.1%) (12.6%) Change -30 -93 115 -82 -13 97 30 2017-2022 (-6.3%) (-7.8%) (13.4%) (-8.6%) (-1.3%) (13.0%) (4.1%) 3,766 8,773 7,646 9,845 8,720 5,480 6,358 2010 (7.4%) (17.3%) (15.1%) (19.5%) (17.2%) (10.8%) (12.6%) 3,242 9,383 7,907 8,336 9,545 6,940 6,151 2017 (6.3%) (18.2%) (15.4%) (16.2%) (18.5%) (13.5%) (11.9%) Evansville 3,203 8,853 8,618 7,786 9,175 7,963 6,543 2022 (6.1%) (17.0%) (16.5%) (14.9%) (17.6%) (15.3%) (12.5%) Change -39 -530 711 -550 -370 1,023 392 2017-2022 (-1.2%) (-5.6%) (9.0%) (-6.6%) (-3.9%) (14.7%) (6.4%) Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
IV-18 Noteworthy observations from the preceding table include:
Between 2010 and 2017, most age segments within the PSA experienced an increase in households. However, households between the ages of 45 and 54 experienced the most significant decline (1,509 households), a 15.3% decrease in households between 2010 and 2017. It should be noted that in 2017 the age 55 to 64 household segment represented the largest group of households (9,545), increasing 9.5% between 2010 and 2017.
Within the PSA, it is projected that the greatest growth between 2017 and 2022 will be among households between the ages of 65 and 74. This age cohort is projected to grow by 1,023 (14.7%) households. Notable growth is also projected to occur among the 35- to 44-year old age group (711 additional households; 9.0% increase) and the 75+ age group (392 additional households, 6.4% increase). The greatest decline in households is projected to occur within the 45- to 54-year old age cohort, which is expected to decline by 550 (-6.6%). A decline is also projected to occur among younger households between the ages of 25 and 34, with a decrease of 530 households ( -5.6%) during this period.
Note that all five Evansville submarkets are projecting an increase in households among those between the ages of 65 and 74. Specifically, the 65- to 74-year old age cohort within the Near East Submarket is projected to increase by 304 households (13.6%) between 2017 and 2022. The senior household segment (ages 65 to 74) within the Central Submarket is projected to increase by 240, or by 15.3% during the same period. The projected growth in households among the 65- to 74-year old age group will increase the need for senior-oriented housing within all Evansville submarkets.
IV-19 The following graph compares household age cohort shares for 2017:
Household Heads by Age (2017)
50.0% 45.0% 40.0% North 35.0% East 30.0% Near East 25.0% Share Central 20.0% West 15.0% Evansville 10.0% 5.0% 0.0% <25 25 - 54 55+ Age Range
Households by tenure for selected years are shown in the following table:
Households by Tenure 2000 2010 2017 2022 Household Type Number Percent Number Percent Number Percent Number Percent Owner-Occupied 6,211 68.2% 6,238 66.1% 6,097 63.8% 6,191 64.1% North Renter-Occupied 2,901 31.8% 3,206 33.9% 3,458 36.2% 3,460 35.9% Total 9,112 100.0% 9,444 100.0% 9,555 100.0% 9,651 100.0% Owner-Occupied 4,050 55.3% 3,686 46.3% 3,573 43.3% 3,612 42.9% East Renter-Occupied 3,272 44.7% 4,282 53.7% 4,682 56.7% 4,814 57.1% Total 7,322 100.0% 7,968 100.0% 8,255 100.0% 8,426 100.0% Owner-Occupied 11,026 64.5% 9,811 60.7% 9,428 57.4% 9,533 57.4% Near East Renter-Occupied 6,080 35.5% 6,342 39.3% 6,998 42.6% 7,078 42.6% Total 17,106 100.0% 16,153 100.0% 16,426 100.0% 16,611 100.0% Owner-Occupied 6,373 49.9% 5,023 45.5% 4,725 41.8% 4,811 42.0% Central Renter-Occupied 6,397 50.1% 6,028 54.5% 6,574 58.2% 6,653 58.0% Total 12,770 100.0% 11,051 100.0% 11,299 100.0% 11,464 100.0% Owner-Occupied 3,994 67.3% 3,591 60.1% 3,376 56.6% 3,344 55.8% West Renter-Occupied 1,945 32.7% 2,381 39.9% 2,593 43.4% 2,647 44.2% Total 5,939 100.0% 5,972 100.0% 5,969 100.0% 5,991 100.0% Owner-Occupied 31,654 60.6% 28,349 56.0% 27,199 52.8% 27,491 52.7% Evansville Renter-Occupied 20,595 39.4% 22,239 44.0% 24,305 47.2% 24,652 47.3% Total 52,249 100.0% 50,588 100.0% 51,504 100.0% 52,143 100.0% Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
IV-20
Noteworthy observations from the preceding table include:
Between 2010 and 2017, the number of owner-occupied households in the PSA decreased by 1,150 (4.1%). Meanwhile, renter-occupied households increased by 2,066 (9.3%) during this same period. The decline among owner-occupied households is likely the residual effects of the national recessions in which many area homes were foreclosed upon and some became rentals. From 2017 to 2022, owner-occupied households are projected to increase by 292 (1.1%), while renter-occupied households are projected to increase by 347 (1.4%). The projected increase in households will increase the demand for both for-sale and rental housing in Evansville.
The East and Central Submarkets are the only two submarkets that had shares of renter-occupied households above 50.0% in 2017. The North Submarket (63.8%), Near East Submarket (57.4%) and West Submarket (56.6%) each had an owner-occupied household share above 50.0% in 2017. By 2022, projections indicate that the East and Central Submarkets will continue to consist of mostly renter-occupied households, while the remaining three submarkets will continue to consist of mostly owner- occupied households.
IV-21 The following graph compares household tenure shares for 2017:
Households by Tenure (2017)
Owner-Occupied Renter-Occupied
100.0% 90.0% 80.0% 36.2% 42.6% 43.4% 47.2% 70.0% 56.7% 58.2% 60.0% 50.0% Share 40.0% 30.0% 63.8% 57.4% 56.6% 52.8% 20.0% 43.3% 41.8% 10.0% 0.0% North East Near East Central West Evansville Submarket
IV-22 Renter households by size for selected years are shown in the following table:
Persons Per Renter Household Average 1-Person 2-Person 3-Person 4-Person 5-Person Total H.H. Size 1,786 712 409 167 132 3,206 2010 (55.7%) (22.2%) (12.8%) (5.2%) (4.1%) (100.0%) 1.80 1,689 976 471 189 133 3,458 North 2017 (48.8%) (28.2%) (13.6%) (5.5%) (3.8%) (100.0%) 1.87 1,551 943 524 170 271 3,459 2022 (44.8%) (27.2%) (15.2%) (4.9%) (7.8%) (100.0%) 2.04 1,912 1,400 532 321 117 4,282 2010 (44.6%) (32.7%) (12.4%) (7.5%) (2.7%) (100.0%) 1.91 2,259 1,458 629 175 161 4,682 East 2017 (48.3%) (31.1%) (13.4%) (3.7%) (3.4%) (100.0%) 1.83 2,271 1,522 709 161 152 4,814 2022 (47.2%) (31.6%) (14.7%) (3.3%) (3.2%) (100.0%) 1.84 2,567 1,438 1,033 687 617 6,342 2010 (40.5%) (22.7%) (16.3%) (10.8%) (9.7%) (100.0%) 2.27 2,414 1,726 1,187 845 826 6,998 Near East 2017 (34.5%) (24.7%) (17.0%) (12.1%) (11.8%) (100.0%) 2.42 2,304 1,750 1,195 900 929 7,079 2022 (32.6%) (24.7%) (16.9%) (12.7%) (13.1%) (100.0%) 2.49 2,761 1,389 778 689 410 6,028 2010 (45.8%) (23.1%) (12.9%) (11.4%) (6.8%) (100.0%) 2.10 2,904 1,676 834 669 491 6,574 Central 2017 (44.2%) (25.5%) (12.7%) (10.2%) (7.5%) (100.0%) 2.11 2,882 1,693 814 715 547 6,652 2022 (43.3%) (25.5%) (12.2%) (10.8%) (8.2%) (100.0%) 2.15 1,055 726 357 118 125 2,381 2010 (44.3%) (30.5%) (15.0%) (5.0%) (5.2%) (100.0%) 1.96 1,333 612 330 278 40 2,593 West 2017 (51.4%) (23.6%) (12.7%) (10.7%) (1.5%) (100.0%) 1.87 1,380 607 317 308 36 2,648 2022 (52.1%) (22.9%) (12.0%) (11.6%) (1.4%) (100.0%) 1.87 10,061 5,618 3,109 2,024 1,428 22,239 2010 (45.2%) (25.3%) (14.0%) (9.1%) (6.4%) (100.0%) 2.06 10,612 6,426 3,439 2,178 1,650 24,305 Evansville 2017 (43.7%) (26.4%) (14.1%) (9.0%) (6.8%) (100.0%) 2.09 10,532 6,583 3,527 2,266 1,743 24,652 2022 (42.7%) (26.7%) (14.3%) (9.2%) (7.1%) (100.0%) 2.11 Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Noteworthy observations from the preceding table include:
In 2010, the share of PSA (Evansville) renter households with one- and two- persons was just over 70.0%, while three-person or larger renter households representing just under 30.0%. Renter household shares by household size are not projected to change much between 2017 and 2022. The PSA’s median renter household size of 2.09 in 2017 is projected to increase to 2.11 in 2022, thus remaining virtually unchanged.
IV-23 The Near East and Central submarkets had the largest shares of large-family (four-person or larger) renter households in 2017. In the Near East submarket, four-person or larger renter households represented 23.9% of all renter households in this submarket. In the Central submarket, large renter households represented 17.7% of all renter households in this submarket. As a result, these submarkets have the largest median renter household sizes. The West Submarket had the largest share of one-person renter households (51.4%) in 2017.
The following graph compares renter household size shares for 2017:
Persons per Renter Household (2017)
55.0% 50.0% 45.0% 40.0% North 35.0% East 30.0% Near East
Share 25.0% Central 20.0% West 15.0% Evansville 10.0% 5.0% 0.0% 1-Person 2-Persons 3+ Persons Household Size
IV-24 Owner households by size for selected years are shown on the following table:
Persons Per Owner Household Average 1-Person 2-Person 3-Person 4-Person 5-Person Total H.H. Size 1,759 2,374 901 872 331 6,238 2010 (28.2%) (38.1%) (14.4%) (14.0%) (5.3%) (100.0%) 2.30 1,730 2,440 928 699 306 6,103 North 2017 (28.3%) (40.0%) (15.2%) (11.5%) (5.0%) (100.0%) 2.25 1,766 2,496 959 706 268 6,194 2022 (28.5%) (40.3%) (15.5%) (11.4%) (4.3%) (100.0%) 2.23 921 1,464 639 410 252 3,686 2010 (25.0%) (39.7%) (17.3%) (11.1%) (6.8%) (100.0%) 2.35 807 1,775 477 275 239 3,573 East 2017 (22.6%) (49.7%) (13.3%) (7.7%) (6.7%) (100.0%) 2.26 787 1,876 459 253 238 3,612 2022 (21.8%) (51.9%) (12.7%) (7.0%) (6.6%) (100.0%) 2.25 2,927 3,804 1,592 935 554 9,812 2010 (29.8%) (38.8%) (16.2%) (9.5%) (5.6%) (100.0%) 2.22 3,298 3,381 1,425 883 444 9,430 Near East 2017 (35.0%) (35.9%) (15.1%) (9.4%) (4.7%) (100.0%) 2.13 3,465 3,363 1,415 867 424 9,534 2022 (36.3%) (35.3%) (14.8%) (9.1%) (4.4%) (100.0%) 2.10 1,746 1,823 689 514 251 5,023 2010 (34.8%) (36.3%) (13.7%) (10.2%) (5.0%) (100.0%) 2.14 1,668 1,550 711 451 345 4,725 Central 2017 (35.3%) (32.8%) (15.0%) (9.5%) (7.3%) (100.0%) 2.21 1,713 1,552 749 448 349 4,811 2022 (35.6%) (32.3%) (15.6%) (9.3%) (7.3%) (100.0%) 2.20 1,214 1,022 611 541 204 3,592 2010 (33.8%) (28.5%) (17.0%) (15.0%) (5.7%) (100.0%) 2.30 1,081 1,193 424 432 246 3,376 West 2017 (32.0%) (35.3%) (12.6%) (12.8%) (7.3%) (100.0%) 2.28 1,090 1,214 401 423 217 3,345 2022 (32.6%) (36.3%) (12.0%) (12.6%) (6.5%) (100.0%) 2.24 8,556 10,469 4,434 3,297 1,593 28,349 2010 (30.2%) (36.9%) (15.6%) (11.6%) (5.6%) (100.0%) 2.26 8,552 10,359 3,961 2,742 1,589 27,202 Evansville 2017 (31.4%) (38.1%) (14.6%) (10.1%) (5.8%) (100.0%) 2.21 8,761 10,508 3,965 2,694 1,568 27,496 2022 (31.9%) (38.2%) (14.4%) (9.8%) (5.7%) (100.0%) 2.19 Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National
Noteworthy observations from the preceding table include:
In 2017, one- and two-person owner-occupied households represented nearly 70.0% of the owner-occupied household base within the PSA (Evansville). Three-person owner-occupied households represented approximately 15.0% of the PSA’s owner-occupied household base in 2017, while the remaining 15.0% share represented larger owner-occupied households (four-person or larger). This share is not projected to change much between 2017 and 2022. The average owner-occupied households size is projected to remain virtually unchanged (2.2 persons) during this period.
IV-25 All five Evansville submarkets also show that most owner-occupied households consisted of either one or two persons. Overall, there does not appear to be a discernible difference between the various owner-occupied household sizes among submarkets.
The following graph compares owner household size shares for 2017:
Persons per Owner Household (2017)
50.0% 45.0% 40.0% North 35.0% East 30.0% Near East 25.0%
Share Central 20.0% West 15.0% Evansville 10.0% 5.0% 0.0% 1-Person 2-Persons 3+ Persons Household Size
IV-26 Households by income for selected years are shown in the following table:
Households by Income $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - <$15,000 $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $150,000+ 1,786 1,480 1,234 1,587 1,802 805 654 96 2010 (18.9%) (15.7%) (13.1%) (16.8%) (19.1%) (8.5%) (6.9%) (1.0%) 1,223 1,481 1,011 1,711 1,778 992 987 378 2017 (12.8%) (15.5%) (10.6%) (17.9%) (18.6%) (10.4%) (10.3%) (4.0%) North 1,258 1,480 992 1,684 1,630 1,089 1,112 408 2022 (13.0%) (15.3%) (10.3%) (17.4%) (16.9%) (11.3%) (11.5%) (4.2%) Change 35 -1 -19 -27 -148 97 125 30 2017-2022 (2.9%) (-0.1%) (-1.9%) (-1.6%) (-8.3%) (9.8%) (12.7%) (7.9%) 1,420 935 955 1,272 1,516 644 741 485 2010 (17.8%) (11.7%) (12.0%) (16.0%) (19.0%) (8.1%) (9.3%) (6.1%) 1,420 829 1,012 1,194 1,330 884 862 724 2017 (17.2%) (10.0%) (12.3%) (14.5%) (16.1%) (10.7%) (10.4%) (8.8%) East 1,476 822 1,000 1,173 1,275 970 937 773 2022 (17.5%) (9.8%) (11.9%) (13.9%) (15.1%) (11.5%) (11.1%) (9.2%) Change 56 -7 -12 -21 -55 86 75 49 2017-2022 (3.9%) (-0.8%) (-1.2%) (-1.8%) (-4.1%) (9.7%) (8.7%) (6.8%) 3,482 2,970 2,149 2,845 2,524 1,106 763 315 2010 (21.6%) (18.4%) (13.3%) (17.6%) (15.6%) (6.8%) (4.7%) (1.9%) 2,555 2,294 2,534 2,888 3,182 1,515 1,092 368 2017 (15.6%) (14.0%) (15.4%) (17.6%) (19.4%) (9.2%) (6.6%) (2.2%) Near East 2,665 2,299 2,492 2,823 3,045 1,661 1,227 401 2022 (16.0%) (13.8%) (15.0%) (17.0%) (18.3%) (10.0%) (7.4%) (2.4%) Change 110 5 -42 -65 -137 146 135 33 2017-2022 (4.3%) (0.2%) (-1.7%) (-2.3%) (-4.3%) (9.6%) (12.4%) (9.0%) 3,919 2,104 1,343 1,670 1,231 458 243 83 2010 (35.5%) (19.0%) (12.2%) (15.1%) (11.1%) (4.1%) (2.2%) (0.8%) 2,770 1,966 1,875 1,858 1,468 668 457 237 2017 (24.5%) (17.4%) (16.6%) (16.4%) (13.0%) (5.9%) (4.0%) (2.1%) Central 2,855 1,941 1,854 1,880 1,435 742 509 247 2022 (24.9%) (16.9%) (16.2%) (16.4%) (12.5%) (6.5%) (4.4%) (2.2%) Change 85 -25 -21 22 -33 74 52 10 2017-2022 (3.1%) (-1.3%) (-1.1%) (1.2%) (-2.2%) (11.1%) (11.4%) (4.2%) 1,290 1,020 783 1,007 1,143 429 217 84 2010 (21.6%) (17.1%) (13.1%) (16.9%) (19.1%) (7.2%) (3.6%) (1.4%) 947 728 920 975 1,198 690 384 127 2017 (15.9%) (12.2%) (15.4%) (16.3%) (20.1%) (11.6%) (6.4%) (2.1%) West 982 719 900 934 1,136 754 430 138 2022 (16.4%) (12.0%) (15.0%) (15.6%) (19.0%) (12.6%) (7.2%) (2.3%) Change 35 -9 -20 -41 -62 64 46 11 2017-2022 (3.7%) (-1.2%) (-2.2%) (-4.2%) (-5.2%) (9.3%) (12.0%) (8.7%) 11,464 8,610 6,532 8,479 8,290 3,483 2,657 1,073 2010 (22.7%) (17.0%) (12.9%) (16.8%) (16.4%) (6.9%) (5.3%) (2.1%) 8,914 7,298 7,350 8,624 8,956 4,748 3,785 1,832 2017 (17.3%) (14.2%) (14.3%) (16.7%) (17.4%) (9.2%) (7.3%) (3.6%) Evansville 9,270 7,298 7,284 8,421 8,552 5,176 4,190 1,957 2022 (17.8%) (14.0%) (14.0%) (16.1%) (16.4%) (9.9%) (8.0%) (3.8%) Change 356 0 -66 -203 -404 428 405 125 2017-2022 (4.0%) (0.0%) (-0.9%) (-2.4%) (-4.5%) (9.0%) (10.7%) (6.8%) Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
IV-27 Noteworthy observations from the preceding table include:
Between 2010 and 2017, the PSA experienced a notable shift among the various household income segments, with an increase in the number of households with annual incomes of $25,000 and higher. At the same time, households with incomes below $25,000 declined during this period. However, the number of households earning below $15,000 a year are projected to increase between 2017 and 2022. While some of these shifts are the result of various household income levels migrating into or out of the market, a closer analysis of households by age and tenure indicate that the projected loss of higher income households and gain in lower incomes is likely the result of seniors aging in place. More specifically, it appears that many baby boomer seniors within the 55 to 64 age group in 2017 will be aging in place and will be transitioning into the 65 to 74 age group. Because most senior households that reach age 65 often retire, their household incomes decline. Therefore, this relationship between household income and age appears to be the driving force behind the projected shifts in the distribution of PSA households through 2022.
The largest share of households by household income in 2022 is projected to be among those with incomes below $15,000, expected to represent 17.8% of PSA households. The largest increase is projected among those households earning between $75,000 and $99,999. An increase of 428 households (9.0%) is projected within this income level between 2017 and 2022. Middle-income households (between $35,000 and $74,999) are projected to decrease during this period in the PSA.
Within the individual submarkets, it is projected that most of the growth between 2017 and 2022 will be among high-income households ($75,000 to $149,999) in the Near East Submarket. An increase of 281 households earning between $75,000 and $149,999 is projected for the Near East Submarket, while an increase of 222 households is projected in the North submarket within the same income range. An increase of 110 households (4.3%) earning less than $15,000 is also projected between 2017 and 2022 within the Near East Submarket. All five Evansville submarkets are projecting an overall decline of households earning between $35,000 and $74,999 between 2017 and 2022.
IV-28 The following graph compares household income shares for 2017:
Households by Income (2017)
45.0% 40.0% 35.0% North 30.0% East 25.0% Near East 20.0% Share Central 15.0% West 10.0% Evansville 5.0% 0.0% <$25,000 $25,000- $50,000- $100,000+ $49,999 $99,999 Household Income
IV-29 Renter households by income are shown in the following table:
Renter Households by Income $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - <$15,000 $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $150,000+ 1,126 712 438 461 296 114 48 10 2010 (35.1%) (22.2%) (13.7%) (14.4%) (9.2%) (3.6%) (1.5%) (0.3%) 858 758 475 672 480 145 19 50 2017 (24.8%) (21.9%) (13.7%) (19.4%) (13.9%) (4.2%) (0.6%) (1.5%) North 851 685 498 634 559 153 12 67 2022 (24.6%) (19.8%) (14.4%) (18.3%) (16.2%) (4.4%) (0.3%) (1.9%) Change -7 -73 23 -38 79 8 -7 16 2017-2022 (-0.8%) (-9.7%) (4.8%) (-5.7%) (16.4%) (5.7%) (-38.2%) (32.3%) 1,223 578 749 716 604 216 146 50 2010 (28.6%) (13.5%) (17.5%) (16.7%) (14.1%) (5.0%) (3.4%) (1.2%) 1,238 652 805 702 647 389 159 90 2017 (26.4%) (13.9%) (17.2%) (15.0%) (13.8%) (8.3%) (3.4%) (1.9%) East 1,272 701 771 662 594 501 187 113 2022 (26.5%) (14.6%) (16.0%) (13.8%) (12.4%) (10.4%) (3.9%) (2.4%) Change 34 50 -34 -40 -53 113 29 23 2017-2022 (2.8%) (7.6%) (-4.2%) (-5.8%) (-8.2%) (28.9%) (18.1%) (25.5%) 2,391 1,419 939 993 535 42 22 0 2010 (37.7%) (22.4%) (14.8%) (15.7%) (8.4%) (0.7%) (0.4%) (0.0%) 1,975 1,158 1,073 1,372 964 174 239 42 2017 (28.2%) (16.6%) (15.3%) (19.6%) (13.8%) (2.5%) (3.4%) (0.6%) Near East 2,030 999 805 1,504 937 180 592 34 2022 (28.7%) (14.1%) (11.4%) (21.2%) (13.2%) (2.5%) (8.4%) (0.5%) Change 56 -159 -268 132 -27 6 353 -8 2017-2022 (2.8%) (-13.7%) (-25.0%) (9.6%) (-2.8%) (3.5%) (147.4%) (-18.8%) 2,866 1,249 699 675 363 114 50 12 2010 (47.5%) (20.7%) (11.6%) (11.2%) (6.0%) (1.9%) (0.8%) (0.2%) 2,322 1,252 1,195 856 638 211 61 38 2017 (35.3%) (19.0%) (18.2%) (13.0%) (9.7%) (3.2%) (0.9%) (0.6%) Central 2,432 1,159 1,247 854 660 217 31 50 2022 (36.6%) (17.4%) (18.8%) (12.8%) (9.9%) (3.3%) (0.5%) (0.8%) Change 109 -93 52 -2 22 6 -30 12 2017-2022 (4.7%) (-7.4%) (4.4%) (-0.2%) (3.5%) (2.7%) (-49.7%) (31.2%) 892 425 416 316 180 113 38 0 2010 (37.5%) (17.9%) (17.5%) (13.3%) (7.6%) (4.7%) (1.6%) (0.0%) 757 433 539 337 299 171 46 10 2017 (29.2%) (16.7%) (20.8%) (13.0%) (11.5%) (6.6%) (1.8%) (0.4%) West 810 437 585 266 269 224 46 21 2022 (30.5%) (16.4%) (22.0%) (10.0%) (10.1%) (8.4%) (1.7%) (0.8%) Change 54 3 45 -71 -30 52 -1 11 2017-2022 (7.1%) (0.8%) (8.4%) (-21.0%) (-10.0%) (30.5%) (-1.1%) (111.3%) 8,299 4,499 3,317 3,231 1,945 588 286 74 2010 (37.3%) (20.2%) (14.9%) (14.5%) (8.7%) (2.6%) (1.3%) (0.3%) 7,138 4,308 4,078 3,909 3,051 1,083 522 217 2017 (29.4%) (17.7%) (16.8%) (16.1%) (12.6%) (4.5%) (2.1%) (0.9%) Evansville 7,455 4,168 3,975 3,829 3,078 1,246 649 257 2022 (30.2%) (16.9%) (16.1%) (15.5%) (12.5%) (5.1%) (2.6%) (1.0%) Change 317 -140 -103 -80 28 163 127 40 2017-2022 (4.4%) (-3.3%) (-2.5%) (-2.0%) (0.9%) (15.0%) (24.4%) (18.5%) Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
IV-30 Key findings from the preceding table are summarized below:
Between 2010 and 2017, there was a significant decrease (1,161, or 14.0%) in the number of renter households that earned below $15,000 in the PSA. However, it is projected that this income bracket will gain the most renter households (317) between 2017 and 2022.
The PSA’s renter household base increased among households earning between $50,000 and $74,999. The PSA added 1,106 households (a 56.9% increase) within this income bracket between 2010 and 2017. This is a notable shift from the first few years following the national recession, when incomes growth was primarily among the lowest income households. However, in the past couple of years, growth has begun to occur among moderate income and higher income households. It is projected between 2017 and 2022 that growth will primarily occur among those renter households earning below $15,000 and those with incomes between $75,000 and $149,999. Growth in the lower incomes is primarily attributed to households retiring.
Within the individual submarkets, between 2017 and 2022, the Near East Submarket is projected to have a significant increase in the number of renter households earning over $150,000. In 2017, it was estimated that there were 239 renter households earning over $150,000. By 2022, it is projected that there will be 592 renter households earning over $150,000. A decrease in renter households is also projected for those earning between $25,000 and $49,999 during this period. An increase of 109 renter households earning less that $15,000 is also projected in the Central Submarket between 2017 and 2022.
IV-31 The following graph compares renter household income shares for 2017:
Renter Households by Income (2017)
55.0% 50.0% 45.0% 40.0% North 35.0% East 30.0% Near East 25.0% Central Share 20.0% West 15.0% Evansville 10.0% 5.0% 0.0% <$25,000 $25,000- $50,000- $100,000+ $49,999 $99,999 Household Income
IV-32 Owner households by income are shown in the following table:
Owner Households by Income $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - <$15,000 $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $150,000+ 660 768 796 1,126 1,506 691 606 86 2010 (10.6%) (12.3%) (12.8%) (18.1%) (24.1%) (11.1%) (9.7%) (1.4%) 365 723 536 1,039 1,298 847 968 328 2017 (6.0%) (11.9%) (8.8%) (17.0%) (21.3%) (13.9%) (15.9%) (5.4%) North 407 795 494 1,050 1,071 936 1,100 340 2022 (6.6%) (12.8%) (8.0%) (17.0%) (17.3%) (15.1%) (17.8%) (5.5%) Change 42 72 -42 11 -227 89 132 13 2017-2022 (11.6%) (10.0%) (-7.8%) (1.1%) (-17.5%) (10.5%) (13.7%) (3.9%) 197 357 206 556 912 428 595 435 2010 (5.3%) (9.7%) (5.6%) (15.1%) (24.7%) (11.6%) (16.1%) (11.8%) 182 177 207 492 683 495 703 634 2017 (5.1%) (5.0%) (5.8%) (13.8%) (19.1%) (13.9%) (19.7%) (17.7%) East 204 121 229 511 681 469 750 648 2022 (5.6%) (3.3%) (6.4%) (14.2%) (18.9%) (13.0%) (20.8%) (17.9%) Change 22 -57 22 19 -2 -27 46 14 2017-2022 (12.0%) (-32.0%) (10.7%) (4.0%) (-0.3%) (-5.4%) (6.6%) (2.2%) 1,091 1,551 1,210 1,852 1,989 1,064 741 315 2010 (11.1%) (15.8%) (12.3%) (18.9%) (20.3%) (10.8%) (7.5%) (3.2%) 580 1,136 1,461 1,516 2,218 1,341 853 326 2017 (6.2%) (12.0%) (15.5%) (16.1%) (23.5%) (14.2%) (9.0%) (3.5%) Near East 635 1,300 1,687 1,319 2,108 1,481 635 369 2022 (6.7%) (13.6%) (17.7%) (13.8%) (22.1%) (15.5%) (6.7%) (3.9%) Change 54 164 226 -197 -110 140 -218 43 2017-2022 (9.4%) (14.5%) (15.5%) (-13.0%) (-5.0%) (10.4%) (-25.5%) (13.3%) 1,053 855 644 995 868 344 193 71 2010 (21.0%) (17.0%) (12.8%) (19.8%) (17.3%) (6.8%) (3.8%) (1.4%) 448 714 680 1,002 830 457 396 199 2017 (9.5%) (15.1%) (14.4%) (21.2%) (17.6%) (9.7%) (8.4%) (4.2%) Central 423 782 607 1,026 775 525 478 195 2022 (8.8%) (16.3%) (12.6%) (21.3%) (16.1%) (10.9%) (9.9%) (4.0%) Change -24 68 -73 24 -55 68 82 -4 2017-2022 (-5.4%) (9.6%) (-10.8%) (2.4%) (-6.6%) (14.9%) (20.8%) (-2.1%) 398 595 367 691 963 316 179 84 2010 (11.1%) (16.6%) (10.2%) (19.2%) (26.8%) (8.8%) (5.0%) (2.3%) 190 295 381 638 899 519 338 117 2017 (5.6%) (8.7%) (11.3%) (18.9%) (26.6%) (15.4%) (10.0%) (3.5%) West 172 282 315 668 867 530 384 126 2022 (5.1%) (8.4%) (9.4%) (20.0%) (25.9%) (15.9%) (11.5%) (3.8%) Change -19 -12 -65 30 -32 12 47 9 2017-2022 (-9.8%) (-4.2%) (-17.2%) (4.7%) (-3.6%) (2.3%) (13.8%) (7.8%) 3,165 4,111 3,215 5,248 6,345 2,895 2,371 999 2010 (11.2%) (14.5%) (11.3%) (18.5%) (22.4%) (10.2%) (8.4%) (3.5%) 1,776 2,990 3,272 4,715 5,905 3,665 3,263 1,615 2017 (6.5%) (11.0%) (12.0%) (17.3%) (21.7%) (13.5%) (12.0%) (5.9%) Evansville 1,815 3,130 3,309 4,592 5,474 3,930 3,541 1,705 2022 (6.6%) (11.4%) (12.0%) (16.7%) (19.9%) (14.3%) (12.9%) (6.2%) Change 39 140 37 -123 -432 265 278 90 2017-2022 (2.2%) (4.7%) (1.1%) (-2.6%) (-7.3%) (7.2%) (8.5%) (5.6%) Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
IV-33 Key observations from the preceding table include the following:
The largest increase in owner household growth within the PSA occurred among households that made between $75,000 and $149,999. Owner- occupied households within this income bracket increased by 1,662 (31.6%) between 2010 and 2017. By 2022, owner-occupied households earning between $75,000 and $149,999 are projected to increase by 543 (7.8%).
Owner-occupied households earning less than $25,000 decreased significantly between 2010 and 2017. In 2017, there were 2,510 less households within this income bracket than in 2010, representing a decline of 34.5%. Note that a slight increase in low-income owner households (those earning under $25,000) is projected between 2017 and 2022. The projected growth among the lower income households is primarily attributed to the large base of baby boomers that will be entering retirement age and experiencing declines in incomes.
The following graph compares owner household income shares for 2017:
Owner Households by Income (2017)
45.0% 40.0% 35.0% North 30.0% East 25.0% Near East
Share 20.0% Central 15.0% West 10.0% Evansville 5.0% 0.0% <$25,000 $25,000- $50,000- $100,000+ $49,999 $99,999 Household Income
IV-34 D. OVERALL DEMOGRAPHIC SUMMARY
The demographic picture of the Primary Study Area (Evansville) is diverse, contributing to a variety of housing product needs. Additionally, the Primary Study Area (PSA) is projected to experience overall population and household growth and is also expected to undergo notable changes within different household age, income and tenure segments that will have significant changes on the housing needs of Evansville. Key demographic characteristics and trends are summarized below:
The PSA experienced population growth of 2,171 (1.8%) between 2010 and 2017 and household growth of 916 (1.8%) during the same period. Between 2017 and 2022, the PSA is projected to add 1,450 (1.2%) people and 639 (1.2%) households. The largest number of new households is projected to be added to the Near East Submarket (185), East Submarket (171), and Central Submarket (165). The North Submarket is projected to add 96 households, while the West submarket is projected to remain relatively stable, adding only 22 households between 2017 and 2022. Projected household growth in Evansville will increase the need for additional housing.
Between 2010 and 2017, the PSA experienced a notable shift among the various household income segments, with an increase in the number of households with annual incomes of $25,000 and higher. Households with incomes below $25,000 declined during this period. However, the number of households earning below $15,000 and above $75,000 and higher are projected to grow between 2017 and 2022. While some of these shifts are the result of various household income levels migrating into or out of the market, a closer analysis of households by age and tenure indicate that the projected loss of higher income households and gain in lower incomes is likely the result of seniors aging in place. More specifically, it appears that many baby boomer seniors within the 55 to 64 age group in 2017 will be aging in place and will be transitioning into the 65 to 74 age group. Because most senior households that reach age 65 often retire, their household incomes decline. Therefore, this relationship between household income and age appears to be the driving force behind the projected shifts in the distribution of PSA households through 2022.
Within the PSA, it is projected that the greatest growth between 2017 and 2022 will be among households between the ages of 65 and 74. This age cohort is projected to grow by 1,023 (14.7%) households. Notable growth is also projected to occur among the age 35 to 44 group (711 additional households, 9.0% increase) and the 75+ age group (392 additional households, 6.4% growth). The greatest decline in households is projected to occur within the 45 to 54 age cohort, which is projected to decline by 550 (-6.6%) between 2017 and 2022. A decline is also projected among younger households between the ages of 25 and 34, with a decrease of 530 households (-5.6%) during this period.
IV-35 From 2017 to 2022, owner-occupied households are projected to increase by 292 (1.1%), while renter-occupied households are projected to increase by 347 (1.4%). Projected household growth will increase the demand for both for-sale and rental housing in Evansville, and was factored into the housing gap estimates shown in this report.
IV-36 V. ECONOMIC ANALYSIS
A. INTRODUCTION
The demand for housing within a given geographic area is influenced by the number of households choosing to live there. Although the number of households within Evansville at any given time is a function of many factors, one of the primary reasons for residency is job availability. In this section, Evansville’s workforce and employment are examined. The Primary Study Area’s (citywide Evansville’s) relationship with Vanderburgh County and the Evansville Metropolitan Statistical Area (MSA) are examined in this section.
In Section B below, an overview of Evansville’s workforce is provided through several overall metrics: employment by industry, wages by occupation, total employment, unemployment rates and in-place employment trends. When available, employment data for the five submarkets within the city limits is evaluated in detail and compared statistically with the PSA (Evansville) data. Finally, in Section C, conclusions of economic conditions and trends are provided, along with our opinion as to how employment factors will influence future housing needs within the PSA.
B. WORKFORCE ANALYSIS
Evansville comprises a large and diverse employment base within the city and the surrounding areas of Vanderburgh County that are interdependent on each other to some degree and are generally influenced by similar economic factors such as taxes, government policy, and labor laws. Due to the mobility of the workforce between each study area and the reliance that each economy has with the other, it was necessary to evaluate the economies of the entire Vanderburgh County area, and to a degree, the Evansville MSA. The following evaluates key economic metrics within the various study areas. It should be noted that based on the availability of various economic data metrics, some information is presented only for the PSA (Evansville), Vanderburgh County, MSA and/or the state.
Employment by Industry
The distribution of employment by industry sector in each of the five submarkets is compared with the overall PSA (Evansville) in the tables on the following pages.
V-1 Employment by Industry (Employees) North East Near East NAICS Group Number Percent Number Percent Number Percent Agriculture, Forestry, Fishing & Hunting 0 0.0% 3 0.0% 4 0.0% Mining 14 0.1% 27 0.1% 19 0.1% Utilities 0 0.0% 0 0.0% 8 0.0% Construction 644 4.0% 1,176 6.4% 383 1.5% Manufacturing 2,151 13.2% 641 3.5% 901 3.6% Wholesale Trade 2,449 15.1% 450 2.4% 301 1.2% Retail Trade 2,040 12.6% 5,541 30.0% 3,898 15.5% Transportation & Warehousing 1,677 10.3% 79 0.4% 170 0.7% Information 191 1.2% 179 1.0% 115 0.5% Finance & Insurance 437 2.7% 865 4.7% 444 1.8% Real Estate & Rental & Leasing 670 4.1% 538 2.9% 396 1.6% Professional, Scientific & Technical Services 286 1.8% 1,272 6.9% 2,807 11.2% Management of Companies & Enterprises 0 0.0% 3 0.0% 30 0.1% Administrative, Support, Waste Management & Remediation Services 287 1.8% 648 3.5% 398 1.6% Educational Services 1,209 7.4% 308 1.7% 2,046 8.2% Health Care & Social Assistance 1,328 8.2% 1,782 9.7% 9,204 36.7% Arts, Entertainment & Recreation 277 1.7% 545 3.0% 441 1.8% Accommodation & Food Services 1,268 7.8% 3,221 17.5% 1,842 7.3% Other Services (Except Public Administration) 980 6.0% 1,065 5.8% 1,506 6.0% Public Administration 326 2.0% 105 0.6% 154 0.6% Nonclassifiable 9 0.1% 6 0.0% 5 0.0% Total 16,243 100.0% 18,454 100.0% 25,072 100.0%
Employment by Industry (Employees) Central West Evansville NAICS Group Number Percent Number Percent Number Percent Agriculture, Forestry, Fishing & Hunting 26 0.1% 0 0.0% 33 0.0% Mining 146 0.3% 0 0.0% 206 0.2% Utilities 239 0.5% 25 0.3% 272 0.2% Construction 1,259 2.7% 621 7.0% 4,083 3.5% Manufacturing 3,669 7.8% 2,607 29.6% 9,969 8.6% Wholesale Trade 2,117 4.5% 460 5.2% 5,777 5.0% Retail Trade 6,892 14.7% 1,300 14.7% 19,672 17.0% Transportation & Warehousing 903 1.9% 206 2.3% 3,035 2.6% Information 1,434 3.1% 231 2.6% 2,150 1.9% Finance & Insurance 1,282 2.7% 171 1.9% 3,199 2.8% Real Estate & Rental & Leasing 382 0.8% 84 1.0% 2,069 1.8% Professional, Scientific & Technical Services 7,520 16.0% 187 2.1% 12,071 10.4% Management of Companies & Enterprises 232 0.5% 30 0.3% 295 0.3% Administrative, Support, Waste Management & Remediation Services 995 2.1% 74 0.8% 2,401 2.1% Educational Services 764 1.6% 577 6.5% 4,904 4.2% Health Care & Social Assistance 8,053 17.2% 556 6.3% 20,923 18.1% Arts, Entertainment & Recreation 2,876 6.1% 122 1.4% 4,261 3.7% Accommodation & Food Services 2,400 5.1% 688 7.8% 9,420 8.2% Other Services (Except Public Administration) 3,827 8.2% 793 9.0% 8,170 7.1% Public Administration 1,918 4.1% 89 1.0% 2,591 2.2% Nonclassifiable 6 0.0% 0 0.0% 26 0.0% Total 46,940 100.0% 8,821 100.0% 115,527 100.0% *Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research Note: Since this survey is conducted of establishments and not of residents, some employees may not live within the PSA. These employees, however, are included in our labor force calculations because their places of employment are located within the PSA.
V-2 The labor force within the PSA (Evansville) is very diversified and balanced with no industry sector representing more than 18.1% of the overall PSA employment base. The largest employment sectors in the PSA are Health Care & Social Assistance (18.1%), Retail Trade (17.0%), and Professional, Scientific, and Technical Services (10.4%). Combined, these three industry sectors represent over 52,000 jobs. The Central Submarket contains 46,940 jobs, which represents the most jobs among the five submarkets and more than 40.0% of all PSA jobs. This submarket, which contains the Central Business District, has the largest share of employed persons within Health Care and Social Assistance (17.2%) and Professional, Scientific, and Technical Services (16.0%).
The Near East Submarket also contains a notable share of the city’s jobs, with an estimated 25,072 persons employed. Health Care and Social Assistance (36.7%) and Retail Trade (15.5%) represented the largest shares of employment within this submarket.
The largest employment segments for the three remaining submarkets are as follows: North Submarket: Wholesale Trade (15.1%) and Manufacturing (13.2%); East Submarket: Retail Trade (30.0%) and Accommodation and Food Services (17.5%); West Submarket: Manufacturing (29.6%) and Retail Trade (14.7%).
Because the overall PSA employment base is diversified and well balanced, it appears that Evansville is less vulnerable to an economic downturn in a specific job sector. Additionally, because Evansville employment is distributed among a variety of professional (white collar) and labor (blue collar) jobs, the area has a diverse base of income levels for workers that ultimately have a variety of housing needs (including affordability). The household income levels are evaluated in greater detail in Section IV: Demographic Analysis and was considered in Section VIII: Housing Demand – Gap Analysis. A pie chart illustrating the distribution of employment by job sector for the PSA is included below.
V-3 Employment by Industry
Health Care & Social Assistance - 18.1%
3.5% Retail Trade - 17.0% 3.7% 14.1% 18.1% Pro., Scientific & Tech. Svcs. - 10.4% 4.2% Manufacturing - 8.6% 17.0% Accommodation & Food Services - 8.2% 5.0% Other Services (Except Pub. Admin.) - 7.1% 7.1% 10.4% Wholesale Trade - 5.0% 8.2% 8.6% Educational Services - 4.2% Arts, Entertainment & Recreation - 3.7% Construction - 3.5% Other Industry Groups - 14.1%
V-4 Typical wages by job category for the Evansville Metropolitan Statistical Area (MSA) are compared with those of Indiana in the following table:
Typical Wage by Occupation Type Occupation Type Evansville MSA Indiana Management Occupations $95,800 $93,210 Business and Financial Occupations $61,090 $62,880 Computer and Mathematical Occupations $66,700 $70,930 Architecture and Engineering Occupations $71,580 $70,160 Community and Social Service Occupations $40,860 $41,580 Art, Design, Entertainment and Sports Medicine Occupations $36,000 $42,130 Healthcare Practitioners and Technical Occupations $75,620 $72,880 Healthcare Support Occupations $29,270 $28,960 Protective Service Occupations $38,440 $38,470 Food Preparation and Serving Related Occupations $20,740 $21,170 Building and Grounds Cleaning and Maintenance Occupations $26,570 $25,780 Personal Care and Service Occupations $21,700 $23,120 Sales and Related Occupations $34,540 $37,090 Office and Administrative Support Occupations $33,650 $34,310 Construction and Extraction Occupations $50,370 $48,260 Installation, Maintenance and Repair Occupations $43,690 $44,010 Production Occupations $36,350 $36,460 Transportation and Moving Occupations $32,010 $34,590 Source: U.S. Department of Labor, Bureau of Statistics
The area employment base has a broad spectrum of wages by occupation. Most annual blue-collar salaries range from $20,740 to $50,370 within the Evansville MSA. White-collar jobs, such as those related to professional positions, management and medicine, have an average salary of $74,158. Salaries for most Evansville MSA occupations are slightly lower than typical wages for the state of Indiana. However, the three highest-paying occupations listed on the table (Management Occupations, Healthcare Practitioners and Technical Operators, Architecture and Engineering Operations) all have higher wages than Indiana state averages.
Employment Base and Unemployment Rates
The following tables were generated from the U.S. Department of Labor, Bureau of Labor Statistics and reflect employment trends of the county in which the site is located.
The employment base has increased by 6.2% over the past five years in Evansville City, less than the Vanderburgh County increase of 6.8% and the Indiana state increase of 8.8% during this period. Total employment reflects the number of employed persons who live within the county.
V-5 The following illustrates the total employment base for Evansville City, Vanderburgh County, Indiana and the United States.
Total Employment Evansville City Vanderburgh County Indiana United States Total Percent Total Percent Total Percent Total Percent Year Number Change Number Change Number Change Number Change 2007 55,606 - 86,554 - 3,061,042 - 146,388,400 - 2008 55,646 0.1% 86,733 0.2% 3,041,828 -0.6% 146,047,748 -0.2% 2009 53,253 -4.3% 83,152 -4.1% 2,864,985 -5.8% 140,696,560 -3.7% 2010 53,917 1.2% 83,894 0.9% 2,845,608 -0.7% 140,469,139 -0.2% 2011 54,727 1.5% 85,342 1.7% 2,891,945 1.6% 141,791,255 0.9% 2012 54,236 -0.9% 84,786 -0.7% 2,905,549 0.5% 143,621,634 1.3% 2013 53,916 -0.6% 84,478 -0.4% 2,944,275 1.3% 145,017,562 1.0% 2014 55,447 2.8% 87,142 3.2% 3,032,693 3.0% 147,446,676 1.7% 2015 56,120 1.2% 88,434 1.5% 3,109,362 2.5% 149,733,744 1.6% 2016 56,724 1.1% 89,387 1.1% 3,180,104 2.3% 152,169,822 1.6% 2017 57,280 1.0% 90,262 1.0% 3,203,351 0.7% 154,577,363 1.6% Source: Department of Labor; Bureau of Labor Statistics
Evansville Total Employment (2007-2017) 58,000
57,000
56,000
55,000
54,000 Total Employed
53,000
52,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year
V-6 Vanderburgh County Total Employment (2007-2017) 91,000 90,000 89,000 88,000 87,000 86,000 85,000 Total Employed 84,000 83,000 82,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year
In 2009, the Evansville and Vanderburgh County economy began to be significantly impacted by the National recession. While Evansville lost 4.3% of its employment base in 2009, this drop in the employment base was not as significant as the overall decrease of 5.8% for the state of Indiana. Since 2009, Evansville has added 4,027 jobs and the employment base has increased by 7.6%. Evansville’s December 2017 employment base of 57,280 was higher than pre- recession levels and an indication that Evansville has reached full recovery from the economic impact of the national recession. It is worth noting that the employment base in Vanderburgh County has grown by 6.8% since the start of 2013.
The unemployment rate in Evansville City has remained between 3.5% and 9.8%, below the Indiana state average since 2007. Unemployment rates for Evansville City, Vanderburgh County, Indiana and the United States are illustrated as follows:
Unemployment Rate Year Evansville City Vanderburgh County Indiana United States 2007 5.3% 4.7% 4.6% 4.7% 2008 5.8% 5.2% 5.9% 5.8% 2009 9.0% 8.2% 10.3% 9.3% 2010 9.8% 8.9% 10.4% 9.7% 2011 8.7% 8.0% 9.1% 9.0% 2012 8.4% 7.7% 8.3% 8.1% 2013 7.7% 7.1% 7.7% 7.4% 2014 5.8% 5.4% 6.0% 6.2% 2015 4.6% 4.3% 4.8% 5.3% 2016 4.4% 4.1% 4.4% 4.9% 2017 3.5% 3.3% 3.5% 4.5% Source: Department of Labor, Bureau of Labor Statistics
V-7
Unemployment Rate (2007-2017)
Evansville Vanderburgh Co. Indiana U.S. 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% Unemployment Rate 4.0% 3.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Year
Historically, the Evansville unemployment trend has been very similar to the overall state of Indiana’s rate. After reaching a decade-high unemployment rate of 9.8% in 2010, the Evansville unemployment rate has declined in each of the past seven full years. The most recent (December 2017) unemployment rate of 3.5% is the lowest unemployment rate for the city of Evansville in the past 10 years. While slightly higher than the Vanderburgh County unemployment rate of 3.3%, the December 2017 unemployment rate for Evansville is lower than the overall Indiana rate and the national rate for this period. This declining unemployment rate, which has improved more rapidly than national rates, is a positive indicator of the area’s economic recovery.
V-8 In-place employment reflects the total number of jobs within the county regardless of the employee's county of residence. The following illustrates the total in-place employment base for Vanderburgh County.
In-Place Employment Vanderburgh County Year Employment Change Percent Change 2007 106,937 - - 2008 107,333 396 0.4% 2009 103,813 -3,520 -3.3% 2010 104,094 281 0.3% 2011 105,699 1,605 1.5% 2012 104,870 -829 -0.8% 2013 103,355 -1,515 -1.4% 2014 105,177 1,822 1.8% 2015 106,446 1,269 1.2% 2016 106,993 547 0.5% 2017* 106,701 -292 -0.3% Source: Department of Labor, Bureau of Labor Statistics *Through June
Data for 2016, the most recent year that year-end figures are available, indicates in-place employment in Vanderburgh County to be 119.7% of the total Vanderburgh County employment (89,387). This means that Vanderburgh County has more employed persons coming to the county from other counties for work (daytime employment) than those who both live and work there. This may represent an opportunity for area developers.
Economic Drivers & Major Employers
General Employment Activity
The Evansville Metropolitan Statistical Area (MSA) is the 206th largest in the United States and consists of four Indiana counties and two Kentucky counties. These counties are Gibson, Posey, Vanderburgh and Warrick counties in southwest Indiana, along with Henderson and Webster counties in Kentucky. Major cities in the area include Evansville, Princeton, Mount Vernon and Henderson, Kentucky. In 2015, the Evansville, Indiana-Henderson, Kentucky MSA was ranked number 211 (out of 381) in the nation for growth and economic impact by the Policom Corporation 2015 Economic Strength Rankings.
Downtown Evansville was a major retail draw in the 1960’s, but then large retail areas were built outside the city on the east and west sides, causing downtown retail to diminish. Evansville officials are actively working on reviving the downtown area by adding the Ford Center, the new convention hotel (Doubletree by Hilton) and Indiana University Medical School Evansville. The overall retail sector in Evansville has tended to stay stable, even during the recession, with not a lot of major fluctuations. The Eastland Mall opened in 1981 and continues to bring in an estimated 10 million visitors annually. Eastland Mall is the largest shopping center within a two-hour radius of Evansville.
V-9 According to a representative with the Growth Alliance for Greater Evansville, the Evansville economy is improving. Evansville is one of the most manufacturing-dependent metro areas in the nation and the local economy was markedly impacted by the 2008 recession. Since 2007, Evansville’s manufacturing workforce has fallen by 8.2% (or about 1,100 workers), while the state of Indiana’s manufacturing workforce only dropped by 5.1% during the same time period. Evansville manufacturing dollars are a significant driver of economic activity, accounting for approximately 27.0% of total earnings in the city’s economy. A greater portion of the goods that are manufactured in Evansville are distributed and sold nationally, so the city’s recovery is closely linked to the recovery of the rest of the nation. But employment and demand for Evansville’s locally-manufactured products have now gone past their pre- recession levels and city officials expect that disposable income and manufacturing output growth will continue to increase. In 2015, the manufacturing sector created 272 new jobs and had over $18 million in new manufacturing investments. The city’s stakeholders are working with existing businesses to create a Worker Attraction and Talent program to bring in more skilled workers to Evansville because the area’s population has generally remained stagnant over the past few years.
The Evansville Vanderburgh School Corporation (EVSC) is the third largest school corporation in the state of Indiana, and a major employer in the Evansville area (3,000+ employees). EVSC has worked to eliminate spending waste over the past ten years and now has a cash reserve over 10.0% of their operating budget. This is about $15 million that the school district added to their cash reserves. This cash reserve was accumulated while the budget was decreased by $25 million, because of property tax caps that went into effect in 2010.
The City of Evansville is coping with cutting over $3.5 million from the City budget. There are many issues being debated between City workers’ insurance premiums, to cutting non-profit funds from the general fund. At the same time, many citizens are paying a substantial (45.0%) increase in water and sewer bills because of federally mandated improvements to the systems and upgrading other infrastructure, including roads, and finding funding to pave, maintain and upgrade transportation structures. Increases in water and sewer bills started in January 2018, and are expected to continue through 2020.
In October 2017, Tropicana opened a new single-level, 75,000 square-foot casino between its existing hotels in Downtown. The $50 million entertainment complex includes a 24-hour casino, two restaurants and an entertainment lounge. Gambling machines were moved from the original riverboat casino, which closed earlier in the month, to the land-based casino. Tropicana made a pre-rent payment of $25 million to the city to support the project.
V-10 Both Deaconess Health System and St. Mary’s Health System are rapidly expanding, pushed by the growing population of seniors and seniors with significant health problems. St. Mary’s, which recently rebranded under the St. Vincent name, is currently building a new health complex on the west side off Rosenberger Avenue and another complex by North High School.
Indiana University, along with the University of Evansville and the University of Southern Indiana, is building a new medical teaching center in downtown to be known as the Indiana University School of Medicine's Academic Health Science and Research Center. This project is a $60 million investment that is planned for opening in August of 2018 and will be for medical and dentistry students from Indiana University and for students in the University of Evansville’s Master of Physician Assistant and Doctor of Physical Therapy programs. The campus will include classrooms, labs, work stations and administrative offices. It is expected to produce $340 million in annual economic impact by 2020.
The Jacobsville neighborhood, just north of Downtown Evansville, had been, until recently, neglected with minimal economic investment in the area for approximately 20 years. In 2013, neighborhood residents and city stakeholders came up with a Quality of Life plan, using $16 million from TIF district funds to revitalize the neighborhood. North Main Street is currently being modernized between Division Street and Franklin Street. They are also creating a protected bike lane that will be part of the bike loop that will connect from the riverfront to downtown from North Main Street and Garvin Park. A local artist created a community mural on a large vacant building. ECHO Housing Corporation received a Planning and Enhancement grant from the U.S. Department of Justice to help carry out a plan to address the blighted and deteriorating structures that have been a haven for crime and drug activity in the area. Garfield Commons, a 44-unit affordable housing complex, is currently under construction on vacant land owned by ECHO. Garfield Commons, which is being developed using Tax Credits awarded by IHCDA and funds from the City of Evansville, is expected to open in spring 2018. The six principal areas of the neighborhood Quality of Life plan are housing, making the neighborhood safe and clean, to create business corridors, concentrate on youth education and activities, creation of jobs, and update the local infrastructure and local parks.
Construction of the new Midwest Fertilizer Corporation's new nitrogen fertilizer plant in Posey County, which is within the Evansville MSA, is expected to begin in 2018. It is estimated to be a $2.4 billion project that will create 2,500 construction jobs and up to 185 permanent high-wage jobs when the plant is up and running in 2022. This plant is expected to positively impact the overall region’s economy by supplying fertilizers to farms in several states. As of 2017, financing arrangements for the facility (using tax-exempt bonds) still needed to be finalized.
V-11 The new five-story, 241-room Evansville Doubletree Hotel and Convention Center opened in February 2017. Located at 601 Walnut Street, the project consists of mixed-use components to allow for a complete destination experience including a hotel and convention center, a 568-stall parking garage and future retail and entertainment, all connected with above ground skywalks that link the hotel to the Old National Events Plaza and the Ford Center. The project includes a grand ballroom of 6,480 square feet and 4,176 square feet of pre-function space on the first floor. There are 11 meeting rooms and a total of 12,000 square feet of meeting, reception and event space in addition to a 100+ seat restaurant and bar and a lobby coffee bar, all located on the ground floor. A separate street entrance is provided for the restaurant/bar. The project totaled $61 million.
In October 2015, a developer began renovating the former Sterling Brewery site into a mixed-use project that will include office space. SS&C Technology Holdings expanded and moved into the first two floors in May 2017 and plans to add 360 new jobs to their existing 200 employees during the next five years. SS&C provides software and services for the global financial services industry. Local stakeholders feel that having the company downtown will help keep more of Evansville’s college graduates from leaving the area after they finish school. The developer of the brewery site invested $1 million in the renovations.
The IRD Group bought the former International Revolving Door Manufacturing Facility on North 6th Avenue at an auction in September 2015. The developer began the manufacturing of the revolving doors again in late 2015. A total of 129,000 square feet of the building is leased for warehousing and 8,000 square feet was renovated into office space. A total of 23 jobs were created by this project. This project is estimated to have an economic impact of $40 million over the next 10 years.
In June 2015, Fisher Dynamics opened their new seat mechanism manufacturing plant for the auto industry in Evansville within a portion of the former Whirlpool manufacturing site. They invested over $11 million and have hired 50 new employees and plan to have over 160 new employees by 2017 when they reach their full production capacity. This manufacturing plant supplies General Motors facilities in Michigan, Tennessee, and Kansas. The entire investment will be over $11 million.
V-12 The Evansville Brownfields Corporation, with other city officials, announced several new projects in an effort to enhance the area around Haynie’s Corner. This is part of the ongoing revitalization of the Haynie’s Corner Arts District, an arts and culture neighborhood close to downtown Evansville. Through the Brownfields Corporation the city owns about 140 parcels of land in the District. Over the past two years there have been two bar expansions, Haynie’s Corner Pub and Bokeh Lounge, two new restaurant openings, Sauced and Dapper Pig, with a third, Walton’s, that opened in late 2015. Evansville Brewhouse opened in May 2017 at 56 Adams Street in Haynie’s Corner.
In August 2014, the city of Princeton’s Toyota plant announced an expansion in the company's local auto manufacturing plant to increase the production of their Highlander sport utility vehicle. The expansion was a $100 million investment. In March 2015, a job fair was held to fill 500 new positions. The company announced another expansion in August 2016, resulting in the hiring of 160 assembly, production control and welding positions. Toyota is currently hiring for production positions with a starting wage of $17.30/hour (as of March 2018).
Berry Plastics Group, which changed its name to Berry Global Group in 2017, is a large plastics manufacturer located in the southwestern corner of the Jacobsville neighborhood at 101 Oakley Street. In 2014, the company invested $33 million in its Evansville facilities and added 115 new employees to fill professional, technical and production jobs while relocating manufacturing equipment to its four southwest Indiana facilities. Approximately $31 million was invested for needed infrastructure and equipment. They added another 330 production jobs in Evansville, Princeton and Richmond by the end of 2015, with approximately 280 of these jobs being in Evansville. The city of Evansville and Vanderburgh County estimate receiving a positive economic impact in excess of $236 million over the next ten years as a result of the new jobs created and capital investment. In August 2015, the company agreed to buy Avintiv Incorporated for $2.45 billion in cash and is now firmly placed as a Fortune 500 company. In March 2018, Berry Global announced its plans to once again expand manufacturing operations in Evansville by investing $70 million and creating up to 150 new jobs by 2020. The company currently has 1,600 employees in Evansville and 23,000 across the country.
Haier America (now known as GE Appliances, a Haier company) located its North American Tech Center in Evansville in 2015 at the former Coca-Cola bottling plant on West Pennsylvania Street as part of a $2.8 million renovation. This is the company’s research and development (R&D) tech center. In December 2016, GE Appliances announced that up to 20 jobs would be eliminated at the Evansville R&D facility as part of a consolidation of its operations in Louisville, Kentucky. As of 2017, there were approximately 45 high-wage engineering jobs at this research facility.
V-13 A 228-acre, major neighborhood planned development project, The Promenade, is in development stages. The Promenade project broke ground in March 2014 and presently consists of Academy Sports and Outdoors, Zaxby’s restaurant, and Fresh Thyme Market. A Costco Wholesale store will also be part of this development, expected to open in fall 2018. The Shoppes of the Promenade, a retail plaza, currently offers space for lease. There are plans for a new 224-unit high-end apartment complex named The Havens of Promenade, one more shopping center with approximately 90,000 square feet, restaurants, a man-made lake, and at least two large office buildings. The entire Promenade development is bounded on the south side by Columbia Street, on the west side by Burkhardt Road, on the north side by Oak Grove Road and on the east side by Interstate I- 64. The developer is Hirsch-Martin Development.
Additional retail developments have been completed since 2015 in Evansville:
CVS Pharmacy – 609 N. St. Joseph Avenue (2015) Walgreens – 4701 N. First Avenue (2015) Schnucks Grocery – 12920 Old State Road (2015) Meijer – 2622 Menards Drive (2016) Walmart Neighborhood Market – 2500 N. First Avenue (2016) Los Bravos Restaurant – 6226 Waterford Boulevard (2016)
Imperial Fastener and Industrial Supply will be building a new office/warehouse facility at 4814 Spring Street in Evansville. Plans to construct this facility were announced in July 2017, with construction starting in late summer 2017. This facility is expected to create seven (7) new jobs by 2019.
Warehouse Services Incorporated (WSI) announced in November 2017 that it would create a North American distribution center for TaylorMade Golf Company. This distribution center will be an expansion of its existing facility at 4400 Garrison Avenue in Evansville. Once complete, the distribution facility will be over 300,000 square feet, and is expected to create 52 additional jobs by 2019.
V-14 Tourism
According to the representative of the Evansville Convention & Visitors Bureau (CVB), Evansville has many premium attractions that appeal to persons young and old. There are eight museums in the Evansville area, such as Evansville Museum of Arts, History & Science, Koch Family Children’s Museum, Evansville African American Museum, John James Audubon Museum, and Reitz Home Museum. There is also the LST 325 World War II Warship and Memorial, and the EMTRAC-Evansville Museum Transportation Center. Other local attractions are the Victory Theatre, a 1,950-seat venue that recently underwent a $20 million renovation and is the home of the Evansville Philharmonic Orchestra, the Burdette Park Aquatic Center and BMX Track. There is a thriving arts district consisting of several galleries including the Bower-Suhrheinrich Foundation Art Gallery. The Haynie’s Corner Arts District, an arts and culture neighborhood close to Downtown Evansville, is planning for its 16th annual Funk in the City Haynie’s Corner Art Festival in September 2018. The city’s weekend events are growing and have started attracting a larger regional audience.
The Evansville Convention and Visitors Bureau (ECVB) held the grand opening for the city’s new Deaconess Sport Complex in May 2015. The complex is located adjacent to the Goebel Soccer Complex in northeast Evansville. The Sport Complex has eight baseball/softball fields, with amenities including a concession building, playground and Wi-Fi towers. The CVB estimates it will generate $13 to $16 million in direct expenditures from tournament play and is actively promoting the Evansville area with their grants program which endows about $100,000 annually to area events. This sports complex has a full season of tournaments and other events scheduled for spring and summer of 2018. The ECVB also has Tourism Capital Development Fund that is a dedicated account funded by a set percentage of the revenue from the local hotels and motels income to be used only for the development of brick and mortar projects that are expected to increase tourism.
Infrastructure
Evansville’s city leaders are planning a $13 million investment over three years to address some deteriorating roads and to fix drainage projects. This plan is named “Municipal Moves.” The three-year focus on street maintenance and drainage will use a portion of the pre-payment from Tropicana for their land based casino. A contract was awarded to MAC Construction in December 2016 to work on the Cass-Adams sewer interceptor, a 60-inch sewer pipe that is expected to combine overflow from two area streets. This project started in 2017, and has a timeframe of approximately 20 months to complete.
V-15 Evansville’s combined sewer project is getting closer to fruition and will be the city’s biggest infrastructure project in its history. The city has been working on an Integrated Overflow Control Plan (IOCP) to meet the federal mandate to comply with the Clean Water Act. The city’s plan was finally approved by the Environmental Protection Agency in January 2016 with a $729 million budget. Evansville Water and Sewer Utility (EWSU) proposed a 24.5-year, $729 million plan, called Renew Evansville to upgrade the city's sewer system infrastructure, improve operations and reduce water pollution. The EWSU plans include the largest wetland treatment systems in the country, replacing Bee Slough near Veterans Memorial Parkway. The new plan will capture 98.0% of the sewage overflow that currently goes into the Ohio River. They are proposing a 24.5-year completion schedule to keep customer rates growing at a slow pace and not go above 2.0% of Evansville’s median household income. Some EPA-approved, preliminary IOCP projects have begun. Work on combining the sewer lines from Chestnut Street to the one that exists on Cherry Street and bring them to a common point at Cherry and 4th Streets was completed near the end of 2015 with a $7 million investment.
The I-69 extension is one of the largest infrastructure improvements in the Evansville area. The current I-69 stretch runs from Evansville to Bloomington. Section 5 of this highway, extending to Martinsville, is expected to be complete in 2018. Construction of the last section (Martinsville to Indianapolis) is projected to begin in 2020. Once completed, Interstate 69 will connect Evansville to Indianapolis, and eventually create a highway running from Texas to Canada. Improvements connected to the Interstate 69 extension were also completed in Evansville. A cloverleaf intersection at Lloyd Expressway and Highway 41 was completed in fall of 2015, along with construction of another cloverleaf at Highway 41 and I-64. The city is currently working on plans for a new Interstate quality bridge that will connect I-69 from Evansville through Henderson, Kentucky. The Governors of Indiana and Kentucky signed an inter-local agreement funding an EIS to start the Bridge connection between the two states. As of January 2018, three routes were under consideration for this bridge.
The ongoing Pigeon Creek Greenway project will entail construction of a 40-mile paved bicycle and pedestrian trail throughout the city of Evansville and Vanderburgh County. Currently, almost seven miles of the trail are complete along Pigeon Creek and through the downtown riverfront. Sections of the Greenway that pass through the Downtown Study Area include part of the Industrial Corridor and the Riverfront Corridor. According to local sources, the completed miles of the trail have shown to be a community amenity that contributes to the quality of life for residents and visitors. The development of the project is still proceeding.
V-16 Top Employers
The ten largest employers within the Evansville area comprise a total of 26,908 employees. These employers are summarized as follows:
Total Employer Name Business Type Address City Zip Employed Deaconess Hospital Medical Services 600 Mary Street Evansville 47710 5,600 St. Vincent Evansville Medical Services 3700 Washington Avenue Evansville 47714 3,638 Berry Global Injection-molded plastics 101 Oakley Street Evansville 47710 3,220 Evansville Vanderburgh School Corporation Education 951 Walnut Street Evansville 47713 3,214 University of Southern Indiana Education 8600 University Boulevard Evansville 47712 2,895 SKANSKA/Industrial Contractors Construction 401 Northwest First Street Evansville 47708 2,425 Mead Johnson Pediatric Nutrition 2400 West Lloyd Expressway Evansville 47721 1,807 T. J. Maxx Distribution Center 3301 Maxx Road Evansville 47711 1,500 Industrial Auto Parts Koch Enterprises, Incorporated Manufacturing 14 South 11th Avenue Evansville 47712 1,409 Vectren Utility: Gas and Electric P.O. Box 209 Evansville 47702 1,200 Total 26,908 Source: Growth Alliance for Greater Evansville, Economic Development Coalition – Fall 2017
The area’s largest employers range in size from 1,200 to 5,600 employees. According to local sources, the area’s largest employers are generally considered stable. The Deaconess Hospital is the city’s largest employer with 5,600 employees. Located just north of the downtown area, this health service provider adds to the area’s stability, as health services are more immune to economic downturns. Berry Global (formerly Berry Plastics) is the third largest Evansville employer, and the largest company to have its corporate headquarters in Evansville. A map delineating the location of the area’s largest employers is on the following page.
V-17 Evansville, IN Primary Study Area Major Employers B Major Employers
T. J. Maxx B
Deaconess Hospital Berry Global Mead Johnson B Koch Enterprises,B Incorporated BB Evansville Vanderburgh School Corporation B B SKANSKA/Industrial Contractors B Vectren University of Southern Indiana St. Vincent Evansville B B
N 0 0.425 0.85 1.7 2.55 1:110,000 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community Layoffs, Closures & Other Concerns
The Worker Adjustment and Retraining Notification Act (WARN) was enacted on August 4, 1988 and became effective on February 4, 1989. WARN offers protection to workers, their families, and communities by requiring employers to provide 60 days’ notice in advance of covered plant closings and covered mass layoffs. In general, employers are covered by WARN if they have 100 or more employees. This does not include employees who have worked fewer than six months in the past 12 months or employees who work an average of less than 20 hours a week. Private, for-profit employers and private, nonprofit employers are covered, as are public and quasi-public entities that operate in a commercial context and are separately organized from the regular government. Regular federal, state, and local government entities that provide public services are not covered. (Additional information about WARN is available at: http://www.doleta.gov/programs/factsht/warn.htm.)
According to the Indiana Department of Workforce Development there has been two WARN notice reported for Evansville since January 2017, summarized in the following table.
WARN Notices Company Location Jobs Notice Date Effective Date Covance Evansville 101 04/24/2017 07/24/2017 Gannett Publishing Services Evansville 48 01/25/2017 03/27/2017
The two WARN notices for Evansville represented a total of 149 jobs lost since January 2017.
V-19 C. CONCLUSIONS
The PSA (Evansville) labor force is well balanced, with no industry sector representing more than 18.1% of total employment. Top employment sectors include Health Care & Social Assistance (18.1%) and Retail Trade (17.0%), and Professional, Scientific & Technical Services (10.4%). It is due to this diversity that Evansville appears to be less vulnerable to large economic fluctuations that are more prevalent in other large communities. The Evansville annual unemployment rate has declined each year since 2010, and the December 2017 unemployment rate of 3.5% is below pre-recession levels. Evansville’s December 2017 employment base of 57,280 is also above pre-recession levels and an indication that Evansville has reached full recovery from the economic impact of the national recession.
While the Evansville MSA has a diverse economy and a wide band of wages by occupation type, the typical wages by occupation appear to be concentrated in jobs with annual salaries less than $50,000. Approximately two-thirds of occupation categories illustrated on page V-4 of this report have typical wages under $50,000 per year. Based on demographic data presented in Section IV of this report, over 60.0% of all Evansville households estimated in 2017 have annual household incomes of less than $50,000. By 2022, it is projected that households earning $15,000 or less will represent 17.8% of all households in Evansville. The largest increase (9.0%) is projected among those households earning between $75,000 and $99,999 during the same period. Middle-income households (between $35,000 and $74,999) are projected to decrease in Evansville between 2017 and 2022.
Based on this analysis of both wage and household income data, it appears that the majority of area employment opportunities are lower wage paying jobs leading to a large base of low-income households. However, it is projected that most of the household growth up to at least 2022 will be among lower and higher income jobs and households, likely leading to a growing need for additional affordable and market-rate housing. Household income data has been considered in the Housing Gap Analysis portion of this report, beginning on page VIII-1.
There are numerous employment expansions and business starts planned for the Evansville area, as well as ongoing revitalization efforts. The two largest projects underway are Renew Evansville (a 24.5-year, $729 million infrastructure replacement) and the Interstate 69 corridor, which will connect Evansville to Indianapolis once completed. With hundreds of millions of dollars in anticipated public and private sector investments underway or planned for the area, Evansville is poised for continued economic growth, which will create a continued healthy and growing housing market.
V-20 VI. HOUSING SUPPLY ANALYSIS
This housing supply analysis considers both rental and for-sale housing. Understanding the historical trends, market performance, characteristics, composition, and current housing choices provide critical information as to current market conditions and future housing potential. The housing data presented and analyzed in this section includes primary data collected directly by Bowen National Research and secondary data sources including American Community Survey (ACS), U.S. Census housing information and data provided by various government entities and real estate professionals.
While there are a variety of housing alternatives offered in the Evansville area, we focused our analysis on the most common alternatives. The housing structures included in this analysis are as follows:
Rental Housing – Rental Properties generally with 20 or more units were identified and surveyed. A total of 105 multifamily properties with a total of 11,951 units in Evansville were surveyed and updated by Bowen National Research. A total of 90 non-conventional rental units (e.g. single-family homes, duplexes, units over storefronts, etc.) were identified as currently available for rent and are also evaluated. A total of 18 senior care facilities (e.g. assisted living, nursing homes, etc.) with a total of 2,506 beds were also surveyed.
For-Sale Housing – We identified attached and detached for-sale housing. Some of these include individual homes, while others were part of a planned development or community, as well as attached multifamily housing such as condominiums. A total of 10,718 housing units sold between January of 2010 and January of 2018, as well as 327 currently available for-sale homes, were identified in Evansville.
For the purposes of this analysis, the housing supply information is presented for the Primary Study Area (Evansville) and compared with the five submarkets within the PSA. This analysis includes secondary Census housing data (renter- and owner- occupied), Bowen National Research’s survey of area rental alternatives, and for- sale housing data (both historical sales and available housing alternatives) obtained from secondary data sources (Indiana Regional MLS, REALTOR.com, and other on-line sources). Finally, other housing dynamics such as planned or proposed housing and residential foreclosures were considered for their potential impact on housing market conditions and demand.
Maps illustrating the location of various housing types are included throughout this section.
Please note, the totals in some charts may not equal the sum of individual columns or rows or may vary from the total reported in other tables due to rounding.
VI-1 A. HOUSING SUPPLY OVERVIEW
This section of area housing supply is based on secondary data sources such as the U.S. Census, American Community Survey and ESRI, and is provided for the Primary Study Area (PSA, Evansville) and the five submarkets within the PSA.
The distributions of the area housing stock within each submarket and Evansville in 2010 are summarized in the following table:
Households by Tenure - 2010 Total Owner- Renter Occupied Occupied Occupied Vacant Total Number 9,444 6,238 3,206 822 10,266 North % 92.0% 66.1% 33.9% 8.0% 100.0% Number 7,968 3,686 4,282 747 8,715 East % 91.4% 46.3% 53.7% 8.6% 100.0% Number 16,153 9,811 6,342 2,140 18,293 Near East % 88.3% 60.7% 39.3% 11.7% 100.0% Number 11,051 5,023 6,028 2,866 13,917 Central % 79.4% 45.5% 54.5% 20.6% 100.0% Number 5,972 3,591 2,381 636 6,608 West % 90.4% 60.1% 39.9% 9.6% 100.0% Number 50,588 28,349 22,239 7,211 57,799 Evansville % 87.5% 56.0% 44.0% 12.5% 100.0% Source: 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Based on the 2010 U.S. Census, of the 57,799 total housing units in Evansville, 12.5% were vacant, with individual vacancy rates within the submarkets ranging from 8.0% in the North Submarket to 20.6% in the Central Submarket. Note that the higher vacancy rate in the Central Submarket area is likely in part due to the fact that this area is primarily comprised of the downtown portion of Evansville. Typically, more urban areas such as the Central Submarket area experience higher than usual vacancy rates influenced by traditional urban flight and higher concentration of rentals. Regardless, the 20.6% vacancy rate reported within the Central Submarket is more than double those reported in three of the submarkets (North, East, and West), and nearly double that of the Near East Submarket within the PSA. This may be an indication that demand for housing is higher within the four other submarkets comprised within the PSA. In 2010, Evansville homeowners occupied 56.0% of all occupied housing units, while the remaining 44.0% were occupied by renters. These shares are considered typical for a market of similar size and with similar socioeconomic characteristics as Evansville.
VI-2 Households by Tenure (2010) Owner-Occupied Renter-Occupied 100.0% 90.0% 33.9% 80.0% 39.3% 39.9% 44.0% 70.0% 53.7% 54.5% 60.0% 50.0% 40.0% 66.1% 30.0% 60.7% 60.1% 56.0% 20.0% 46.3% 45.5% 10.0% 0.0% North East Near East Central West Evansville Submarket
Based on the 2011-2015 ACS data, the following is a distribution of all renter- occupied housing units in each study area by year of construction (Note: Data not reflective of projects built in 2016 or 2017).
Renter Occupied Housing by Year Built 2014 or 2010 to 2000 to 1990 to 1980 to 1970 to 1950 to 1949 or Later 2013 2009 1999 1989 1979 1969 Earlier Total Number 0 35 205 335 543 771 790 358 3,037 North % 0.0% 1.2% 6.8% 11.0% 17.9% 25.4% 26.0% 11.8% 100.0% Number 0 37 692 736 883 777 757 159 4,041 East % 0.0% 0.9% 17.1% 18.2% 21.9% 19.2% 18.7% 3.9% 100.0% Number 0 1 91 385 271 701 2,802 1,984 6,235 Near East % 0.0% 0.0% 1.5% 6.2% 4.3% 11.2% 44.9% 31.8% 100.0% Number 0 4 306 319 305 615 1,379 3,586 6,514 Central % 0.0% 0.1% 4.7% 4.9% 4.7% 9.4% 21.2% 55.1% 100.0% Number 0 12 273 309 202 330 633 763 2,522 West % 0.0% 0.5% 10.8% 12.3% 8.0% 13.1% 25.1% 30.3% 100.0% Number 0 90 1,567 2,084 2,203 3,194 6,360 6,850 22,348 Evansville % 0.0% 0.4% 7.0% 9.3% 9.9% 14.3% 28.5% 30.7% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
VI-3 As evidenced by the preceding table, nearly 60.0% of the overall Evansville rental housing supply was built prior to 1970. This is indicative of an older rental housing market. This is especially true within the Central Submarket, where over 75.0% of the existing rental housing supply was built prior to 1970. Further, only 7.4% of the renter-occupied housing units in the PSA were built in 2000 or later, indicating that there is a relatively small share of modern rental product in the Evansville market. It is also of note that while the overall Evansville market offers a relatively limited supply of modern rental product, this is especially lacking within the downtown portions (Central and Near East Submarkets) of Evansville, in which less than 5.0% of all renter-occupied housing units were built in 2000 or later.
Based on the 2011-2015 ACS data, the following is a distribution of all owner- occupied housing units in each study area by year of construction (Note: Data not reflective of projects built in 2016 or 2017).
Owner Occupied Housing by Year Built 2014 or 2010 to 2000 to 1990 to 1980 to 1970 to 1950 to 1949 or Later 2013 2009 1999 1989 1979 1969 Earlier Total Number 0 54 508 660 595 848 2,491 1,199 6,355 North % 0.0% 0.8% 8.0% 10.4% 9.4% 13.3% 39.2% 18.9% 100.0% Number 0 8 171 397 1,000 757 1,108 321 3,762 East % 0.0% 0.2% 4.5% 10.6% 26.6% 20.1% 29.5% 8.5% 100.0% Number 24 7 186 186 237 503 4,005 3,991 9,139 Near East % 0.3% 0.1% 2.0% 2.0% 2.6% 5.5% 43.8% 43.7% 100.0% Number 0 40 153 195 135 75 668 3,584 4,850 Central % 0.0% 0.8% 3.2% 4.0% 2.8% 1.5% 13.8% 73.9% 100.0% Number 0 0 103 81 71 155 999 2,150 3,559 West % 0.0% 0.0% 2.9% 2.3% 2.0% 4.4% 28.1% 60.4% 100.0% Number 24 110 1,121 1,519 2,038 2,338 9,271 11,244 27,665 Evansville % 0.1% 0.4% 4.1% 5.5% 7.4% 8.5% 33.5% 40.6% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
Similar to renter-occupied units, the majority of owner-occupied units (74.1%) in the Evansville PSA were built prior to 1970, while only 4.6% of all owner- occupied units have been added to the market since 2000. These trends demonstrate that the owner-occupied housing market within the Evansville PSA is also relatively old. Similar to the existing renter-occupied units, the majority of units built since 2000 (67.3%) are located outside of the downtown portions (Central and Near East Submarkets) of Evansville.
VI-4 Based on the 2011-2015 ACS data, the following is a distribution of all renter- occupied housing by units in structure for each study area.
Renter Occupied Housing by Units in Structure 50+ Total 2 to 4 2 to 4 5 to 9 10 to 19 10 to 19 20 to 49 1; Attached 1; Attached 1; Detached 1; Detached Mobile Homes Homes Mobile
Boat, RV, Vans Number 803 106 492 329 542 347 356 56 9 3,040 North % 26.4% 3.5% 16.2% 10.8% 17.8% 11.4% 11.7% 1.8% 0.3% 100.0% Number 527 82 653 1,001 1,032 252 471 22 0 4,040 East % 13.0% 2.0% 16.2% 24.8% 25.5% 6.2% 11.7% 0.5% 0.0% 100.0% Number 2,590 238 1,262 584 1,064 277 185 36 0 6,236 Near East % 41.5% 3.8% 20.2% 9.4% 17.1% 4.4% 3.0% 0.6% 0.0% 100.0% Number 2,722 193 1,242 829 588 419 457 63 0 6,513 Central % 41.8% 3.0% 19.1% 12.7% 9.0% 6.4% 7.0% 1.0% 0.0% 100.0% Number 906 103 361 590 288 113 114 10 37 2,522 West % 35.9% 4.1% 14.3% 23.4% 11.4% 4.5% 4.5% 0.4% 1.5% 100.0% Number 7,548 722 4,008 3,333 3,513 1,408 1,583 188 46 22,349 Evansville % 33.8% 3.2% 17.9% 14.9% 15.7% 6.3% 7.1% 0.8% 0.2% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
More than one-third of the rental housing stock in Evansville consists of single- family homes (detached and attached), while the remaining rental housing stock was primarily comprised of multifamily units (two units or larger). Only 0.8% of the entire rental housing stock in Evansville is comprised of mobile homes. Note that while most submarkets have similar rental housing structure shares as compared to Evansville as a whole, the East Submarket area comprises a significantly larger share (84.4%) of multifamily rental units as compared to the Evansville PSA.
VI-5 Renter-Occupied Housing by Units in Structure (2011-2015)
Single-Family Multi-Family Other
90.0% 84.4% 80.0% 67.9% 70.0% 61.9% 58.1% 60.0% 54.1% 54.2% 45.3% 44.8% 50.0% 40.0% 40.0% 37.0% 29.9% 30.0% 15.0%
Percent of Units Percent of 20.0%
10.0% 2.1% 0.5% 0.6% 1.0% 1.9% 1.0% 0.0% North East Near East Central West Evansville Submarket
Based on the 2011-2015 ACS data, the following is a distribution of all owner- occupied housing by units in structure for each study area.
Owner Occupied Housing by Units in Structure 50+ Total 2 to 4 2 to 4 5 to 9 10 to 19 10 to 19 20 to 49 1; Attached 1; Attached 1; Detached 1; Detached Mobile Homes Homes Mobile
Boat, RV, Vans Number 5,889 206 25 6 21 37 0 169 0 6,353 North % 92.7% 3.2% 0.4% 0.1% 0.3% 0.6% 0.0% 2.7% 0.0% 100.0% Number 3,455 80 14 22 17 0 114 60 0 3,762 East % 91.8% 2.1% 0.4% 0.6% 0.5% 0.0% 3.0% 1.6% 0.0% 100.0% Number 8,846 99 96 12 0 0 0 86 0 9,139 Near East % 96.8% 1.1% 1.1% 0.1% 0.0% 0.0% 0.0% 0.9% 0.0% 100.0% Number 4,617 76 82 12 9 45 0 9 0 4,850 Central % 95.2% 1.6% 1.7% 0.2% 0.2% 0.9% 0.0% 0.2% 0.0% 100.0% Number 3,456 12 67 0 0 0 0 23 0 3,558 West % 97.1% 0.3% 1.9% 0.0% 0.0% 0.0% 0.0% 0.6% 0.0% 100.0% Number 26,263 473 284 53 47 82 114 347 0 27,663 Evansville % 94.9% 1.7% 1.0% 0.2% 0.2% 0.3% 0.4% 1.3% 0.0% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
Over 95% of the owner-occupied housing stock in the Evansville PSA consists of single-family homes, most of which are located in the North and Near East Submarkets. It is also of note that 2.7% of all owner-occupied structures in the North Submarket are comprised of mobile homes. Very few of Evansville’s owner-occupied units are located in multifamily structures.
VI-6 Owner-Occupied Housing by Units in Structure (2011-2015)
Single-Family Multi-Family Other
97.9% 97.4% 96.6% 100.0% 95.9% 93.9% 96.8% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0%
Percent of Units Percent of 20.0% 4.5% 1.2% 3.0% 2.1% 10.0% 1.4% 2.7% 1.6% 0.9% 0.2% 1.9% 0.6% 1.3% 0.0% North East Near East Central West Evansville Submarket
Substandard housing is an important component to consider when evaluating a housing market and potential housing need. Substandard housing is generally considered housing that 1.) Lacks complete kitchen and/or plumbing facilities, 2.) Is overcrowded, and 3.) Has a rent/cost over-burden situation. Markets with a disproportionately high share of any of the preceding substandard housing characteristics may be in need of replacement housing. As a result, we have evaluated each of these characteristics for each of the study areas.
The following tables demonstrate the share of substandard housing found in the study areas, based on the presence or absence of complete kitchen and plumbing facilities:
Renter Occupied Housing by Kitchen & Plumbing Characteristics Kitchens Plumbing Complete Incomplete Total Complete Incomplete Total Number 3,038 0 3,038 3,038 0 3,038 North % 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% Number 4,028 12 4,040 4,017 22 4,039 East % 99.7% 0.3% 100.0% 99.5% 0.5% 100.0% Number 6,189 46 6,235 6,210 25 6,235 Near East % 99.3% 0.7% 100.0% 99.6% 0.4% 100.0% Number 6,480 34 6,514 6,504 10 6,514 Central % 99.5% 0.5% 100.0% 99.8% 0.2% 100.0% Number 2,487 34 2,521 2,510 11 2,521 West % 98.7% 1.3% 100.0% 99.6% 0.4% 100.0% Number 22,222 126 22,348 22,279 68 22,347 Evansville % 99.4% 0.6% 100.0% 99.7% 0.3% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
VI-7 Based on the 2011-2015 ACS estimates, the percentage of renter-occupied housing with incomplete kitchen facilities was 0.6% in Evansville. Only 0.3% of renter-occupied units had incomplete plumbing facilities. While representing small shares, there are nearly 200 renter-occupied units in the Evansville PSA that have either incomplete kitchens or plumbing. All of the renter-occupied units with incomplete kitchen or plumbing facilities are located in the East, Near East, Central and West Submarkets, while there are none of these units located in the North Submarket.
The share of owner-occupied housing units that lack complete kitchen or plumbing facilities for each of the study areas is summarized below:
Owner Occupied Housing by Kitchen & Plumbing Characteristics Kitchens Plumbing Complete Incomplete Total Complete Incomplete Total Number 6,326 29 6,355 6,355 0 6,355 North % 99.5% 0.5% 100.0% 100.0% 0.0% 100.0% Number 3,762 0 3,762 3,762 0 3,762 East % 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% Number 9,124 14 9,138 9,135 4 9,139 Near East % 99.8% 0.2% 100.0% 100.0% 0.0% 100.0% Number 4,823 28 4,851 4,837 13 4,850 Central % 99.4% 0.6% 100.0% 99.7% 0.3% 100.0% Number 3,558 0 3,558 3,558 0 3,558 West % 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% Number 27,594 71 27,665 27,647 17 27,664 Evansville % 99.7% 0.3% 100.0% 99.9% 0.1% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
Owner-occupied housing units which lack complete kitchen or plumbing facilities comprise only 0.4% of all owner-occupied housing units in the Evansville PSA. Notably, the largest number of owner-occupied housing units which lack complete kitchen or plumbing facilities are located in the Central Submarket.
The following table illustrates the percentage of households that are living in crowded quarters by tenure, as defined by the presence of 1.01 or more occupants per room.
VI-8 Occupied Housing by Household Size (Occupants Per Room) Renter Owner < 1.0 1.01+ Total < 1.0 1.01+ Total Number 2,924 115 3,039 6,277 78 6,355 North % 96.2% 3.8% 100.0% 98.8% 1.2% 100.0% Number 3,911 128 4,039 3,734 29 3,763 East % 96.8% 3.2% 100.0% 99.2% 0.8% 100.0% Number 5,982 254 6,236 9,037 102 9,139 Near East % 95.9% 4.1% 100.0% 98.9% 1.1% 100.0% Number 6,186 327 6,513 4,801 49 4,850 Central % 95.0% 5.0% 100.0% 99.0% 1.0% 100.0% Number 2,494 26 2,520 3,531 27 3,558 West % 99.0% 1.0% 100.0% 99.2% 0.8% 100.0% Number 21,497 851 22,348 27,380 285 27,665 Evansville % 96.2% 3.8% 100.0% 99.0% 1.0% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
Of the 22,348 renter-occupied housing units in Evansville, 851 (3.8%) have 1.01 or more occupants per room and are considered overcrowded. Note that approximately 68.3% of all overcrowded renter-occupied units are located within the Near East and Central Submarkets.
Only 1.0% of all owner-occupied units in the Evansville PSA contain 1.01 or more occupants per room and are considered overcrowded. Similar to renter- occupied units, the majority of overcrowded owner-occupied units are also located within the Near East and Central Submarkets.
Percent of Overcrowded Renter Households (2011-2015)
6.0%
5.0% 5.0% 4.0% 4.1% 3.8% 3.8% 3.0% 3.2% 2.0%
1.0% 1.0% 0.0% North East Near East Central West Evansville Submarket
VI-9 Percent of Overcrowded Owner Households (2011-2015)
1.4%
1.2% 1.2% 1.0% 1.1% 1.0% 1.0% 0.8% 0.8% 0.8% 0.6%
0.4%
0.2%
0.0% North East Near East Central West Evansville Submarket
Evaluating the share of income a household pays towards housing costs is an important factor to consider when evaluating housing needs. Households that are rent burdened (typically paying more than 30% of income towards rent) often find it difficult paying their rent or meeting other financial obligations. The following table compares the percent of household income by tenure that is applied to rent based on data provided by American Community Survey for 2011 to 2015 for each of the study areas.
Occupied Housing by Percent of Income Paid Towards Rent Renter Owner 20%- 20%- < 20% 30% 30% + Unknown Total < 20% 30% 30% + Unknown Total Number 782 759 1,242 256 3,039 3,706 1,311 1,305 33 6,355 North % 25.7% 25.0% 40.9% 8.4% 100.0% 58.3% 20.6% 20.5% 0.5% 100.0% Number 949 901 1,847 342 4,039 2,300 870 564 29 3,763 East % 23.5% 22.3% 45.7% 8.5% 100.0% 61.1% 23.1% 15.0% 0.8% 100.0% Number 1,210 1,496 3,102 427 6,235 4,741 2,087 2,230 80 9,138 Near East % 19.4% 24.0% 49.8% 6.8% 100.0% 51.9% 22.8% 24.4% 0.9% 100.0% Number 1,164 1,474 3,309 567 6,514 2,473 1,058 1,266 54 4,851 Central % 17.9% 22.6% 50.8% 8.7% 100.0% 51.0% 21.8% 26.1% 1.1% 100.0% Number 558 467 1,305 191 2,521 2,254 796 496 12 3,558 West % 22.1% 18.5% 51.8% 7.6% 100.0% 63.4% 22.4% 13.9% 0.3% 100.0% Number 4,663 5,097 10,805 1,783 22,348 15,475 6,122 5,861 208 27,666 Evansville % 20.9% 22.8% 48.3% 8.0% 100.0% 55.9% 22.1% 21.2% 0.8% 100.0% Source: American Community Survey (2011-2015); ESRI; Urban Decision Group; Bowen National Research
VI-10 An estimated 48.3% of renter-occupied households in Evansville are paying 30% or more of their income towards rent. This is considered a high share of rent burdened households. The share of rent burdened households in the North and East Submarkets of the Evansville PSA are noticeably lower than those reported in other submarkets, as well as that reported for Evansville as a whole. This indicates that rental housing may be more affordable to households currently living in the North and East Submarkets compared to other areas within the Evansville PSA. Conversely, the share of rent burdened households is highest in the Near East, Central and West Submarkets, with rough half of all renter households paying 30% or more of their income towards housing costs, indicating the challenges renters have with affordability issues in these areas.
While not as prevalent as the renter-occupied housing costs, 21.2% of Evansville homeowners pay over 30% of their income towards housing costs. The greatest shares of cost-burdened homeowners reside in the Near East and Central Submarkets, indicating that owner-occupied housing is likely less affordable to households currently living in these submarkets compared to other areas within the Evansville PSA.
Renter-Occupied Housing by Percent of Income Paid Towards Rent (2011-2015)
<20% 20%-30% 30%+ 60.0% 50.8% 51.8% 49.8% 48.3% 50.0% 45.7% 40.9% 40.0%
30.0% 25.0% 25.7% 23.5% 22.3% 24.0% 22.6% 22.8% 22.1% 20.9% 19.4% 18.5% 20.0% 17.9%
10.0% Percent of Households Percent of 0.0% North East Near East Central West Evansville Submarket
VI-11 Owner-Occupied Housing by Percent of Income Paid Towards Rent (2011-2015) <20% 20%-30% 30%+ 63.4% 61.1% 58.3% 60.0% 55.9% 51.9% 51.0% 50.0%
40.0%
30.0% 26.1% 23.1% 24.4% 21.8% 22.4% 22.1% 20.6% 20.5% 22.8% 21.2% 20.0% 15.0% 13.9%
10.0% Percent of Households Percent of 0.0% North East Near East Central West Evansville Submarket
VI-12 B. RENTAL HOUSING SUPPLY
1. Multifamily Rental Housing Supply
Multifamily Rental Housing Overview
During January and February of 2018, Bowen National Research telephone updated a total of 105 rental housing properties within Evansville, Indiana. These 105 surveyed projects represent more than one-half of the total rental housing projects identified within the city. As such, this survey represents a good base from which characteristics and trends of rental housing can be evaluated, and from which conclusions can be drawn.
Projects surveyed operate as market-rate and under a number of affordable housing programs including the Low-Income Housing Tax Credit (LIHTC) and various HUD programs. Definitions of each housing program are included in Addendum D: Glossary. Data collected during our survey is presented in aggregate format for the Primary Study Area (PSA) and submarkets within the PSA.
Managers and leasing agents at each project were surveyed to collect a variety of property information including vacancies, rental rates, design characteristics, amenities, utility responsibility, and other features. Projects were also rated based on quality and upkeep; and each was photographed and mapped as part of the original study we completed.
Overall, Bowen National Research identified and personally surveyed 105 rental housing projects containing a total of 11,951 units within the PSA (Evansville). These projects have a combined occupancy rate of 95.0%, which indicates the overall study area has a healthy and stable rental housing stock. The Evansville apartment market’s current 95.0% occupancy rate is slightly below the 97.1% occupancy rate from our last analysis of Evansville from September of 2016.
VI-13 Because certain portions of the city of Evansville may exhibit rental housing characteristics or trends that may be unique, we have also evaluated the rental housing supply of Evansville based on five geographic submarkets (see Section III: Study Area Delineation for descriptions and maps of these submarkets). The following table summarizes the overall PSA’s (Evansville) and submarkets’ rental housing supply.
Overall Market Performance by Area North East Near East Central West Evansville Projects Surveyed 12 25 26 32 10 105 Total Units 2,040 4,398 2,929 1,525 1,059 11,951 Vacant Units 64 205 280 32 16 597 Current Occupancy Rate 96.9% 95.3% 90.4% 97.9% 98.5% 95.0% (Occupancy % from 9/2016) (98.9%) (96.7%) (93.9%) (99.7%) (99.1%) (97.1%) Source: Bowen National Research
Healthy, well-balanced rental housing markets have occupancy levels generally between 94% and 96%. Typically, a market occupancy level over 97.0% is an indication of a possible housing shortage, which can lead to housing problems such as unusually rapid rent increases, people forced to live in substandard housing, households living in rent overburdened situations, and residents leaving the area to seek housing elsewhere. Conversely, occupancy rates below 94% may indicate some softness or weakness in a market, which may be the result of a saturated or overbuilt market, or one that is going through a decline due to economic downturns and corresponding demographic declines.
With an overall occupancy rate of 95.0%, the PSA (Evansville) rental housing market appears to have a good and healthy base of vacant units. However, the 98.5% occupancy rate in the West Submarket and the 97.9% occupancy rate in the Central Submarket remain very high. In fact, given that there were only 32 or fewer vacant units identified in these particular submarkets, it appears that there is relatively limited availability among multifamily rental properties in these submarkets. The lowest occupancy rate of 90.4% is in the Near East Submarket is primarily attributed to several C and D class projects operating at sub-90% occupancy levels. This submarket, as well as the East Submarket, has more than 200 vacant units indicating the prospective renters have a large base of potential rental alternatives from which they can choose, though much of it is lower quality product.
VI-14 Rental Occupancy Rate by Market
100.0% 90.0% 96.9% 95.3% 97.9% 98.5% 95.0% 80.0% 90.4% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% North East Near East Central West Evansville Market
Total Conventional Rental Units by Submarket
4500 4000 4,398 3500 3000 2500 2,929 2000 1500 2,040 1000 1,525 500 1,059 0 North East Near East Central West Submarket
While the preceding graph illustrates that the East Submarket has the most rental units contained in multifamily housing units surveyed, it is important to note that based on data from American Community Survey and shown on page IV-2 of this report, the Near East and Central Submarkets actually have the most rental units. However, these rentals are most frequently non- conventional rentals, such as detached/attached single-family units. Non- Conventional rentals are evaluated further beginning on page VI-22.
VI-15 Non-Subsidized Housing (Market-rate and Tax Credit)
Non-subsidized rental housing consists of product that does not receive or operate with any direct federal government financial assistance. This typically includes market-rate housing and product developed under the Low-Income Housing Tax Credit program. While Tax Credit housing has programmatic income and rent restrictions, the property owner and renters do not receive a federal subsidy of any kind. Therefore, these two housing segments are evaluated together as non-subsidized housing.
The following table summarizes the breakdown of market-rate and Tax Credit units surveyed within the PSA (Evansville).
Market-rate Median Collected Bedroom Baths Units Distribution Vacancy % Vacant Rent Studio 1.0 118 1.3% 14 11.9% $438 One-Bedroom 1.0 4,090 43.7% 238 5.8% $585 One-Bedroom 1.5 18 0.2% 2 11.1% $1,050 Two-Bedroom 1.0 2,541 27.1% 165 6.5% $659 Two-Bedroom 1.5 739 7.9% 30 4.1% $735 Two-Bedroom 2.0 1,116 11.9% 40 3.6% $870 Two-Bedroom 2.5 158 1.7% 7 4.4% $950 Three-Bedroom 1.0 66 0.7% 6 9.1% $895 Three-Bedroom 1.5 237 2.5% 11 4.6% $950 Three-Bedroom 2.0 230 2.5% 23 10.0% $1,020 Three-Bedroom 2.5 41 0.4% 2 4.9% $1,435 Four-Bedroom 1.5 10 0.1% 0 0.0% $1,150 Five-Bedroom 3.0 1 0.0% 0 0.0% $1,000 Total Market-rate 9,365 100.0% 538 5.7% - Tax Credit, Non-Subsidized Median Collected Bedroom Baths Units Distribution Vacancy % Vacant Rent Studio 1.0 5 0.7% 0 0.0% $447 One-Bedroom 1.0 171 24.3% 7 4.1% $415 Two-Bedroom 1.0 209 29.7% 12 5.7% $595 Two-Bedroom 1.5 106 15.1% 3 2.8% $590 Three-Bedroom 1.0 10 1.4% 0 0.0% $625 Three-Bedroom 1.5 30 4.3% 2 6.7% $630 Three-Bedroom 2.0 91 12.9% 3 3.3% $725 Three-Bedroom 2.5 27 3.8% 0 0.0% $600 Four-Bedroom 1.5 3 0.4% 0 0.0% $491 Four-Bedroom 2.0 40 5.7% 0 0.0% $578 Four-Bedroom 2.5 8 1.1% 0 0.0% $825 Four-Bedroom 3.0 4 0.6% 0 0.0% $625 Total Tax Credit 704 100.0% 27 3.8% -
The market-rate units are 94.3% occupied and the Tax Credit units are 96.2% occupied. These are both relatively high occupancy rates, indicating healthy markets but somewhat limited availability of product.
VI-16 As part of our analysis of rental housing data, we have evaluated the median market-rate and Tax Credit rents of the most common bedroom/bathroom types offered in Evansville. Numerous factors affect the ability of a project to achieve certain rents. Such factors include product quality, age, amenities offered, square footage, number of bathrooms, design, interior finishes, physical upkeep and maintenance, management, marketing, utility responsibility, and location. As a result, an evaluation of median rents provides a general guide as to the typical rents that are charged in a market. As for Tax Credit units, rents are often limited by programmatic restrictions that are based on income limits.
The following tables summarize the breakdown of non-subsidized (market- rate and Tax Credit) units surveyed within Evansville and its five submarkets.
Market-Rate Median Collected Rents Bedroom / Baths North East Near East Central West Evansville Studio / 1.0 - $420 $438 - - $438 One-Bedroom / 1.0 $579 $665 $556 $475 $460 $585 One-Bedroom / 1.5 - - - $1,050 - $1,050 Two-Bedroom / 1.0 $659 $759 $645 $695 $635 $659 Two-Bedroom / 1.5 $740 $730 $735 - $915 $735 Two-Bedroom / 2.0 $910 $840 $840 $1,200 $1,016 $870 Two-Bedroom / 2.5 - $950 $935 - $1,035 $950 Three-Bedroom / 1.0 - - $895 $625 - $895 Three-Bedroom / 1.5 $850 $995 $950 - $1,075 $950 Three-Bedroom / 2.0 $840 $1,107 $825 $650 $1,200 $1,020 Three-Bedroom / 2.5 - $1,435 - - - $1,435 Four-Bedroom / 1.5 - $800 $1,150 - - $1,150 Five-Bedroom / 3.0 - - $1,000 - - $1,000 Tax Credit, Non-Subsidized Median Collected Rents Bedroom / Baths North East Near East Central West Evansville Studio / 1.0 - $447 - - - $447 One-Bedroom / 1.0 - $568 $510 $340 - $415 Two-Bedroom / 1.0 - $682 $595 $575 - $595 Two-Bedroom / 1.5 - - $551 $600 - $590 Three-Bedroom / 1.0 - - - $625 - $625 Three-Bedroom / 1.5 - - $630 - - $630 Three-Bedroom / 2.0 - $664 $740 $695 - $725 Three-Bedroom / 2.5 - - - $600 - $600 Four-Bedroom / 1.5 - - $491 - - $491 Four-Bedroom / 2.0 - - - $578 - $578 Four-Bedroom / 2.5 - - - $825 - $825 Four-Bedroom / 3.0 - - - $625 - $625 Source: Bowen National Research
All five of the submarkets offer at least some market-rate multifamily choices, though the Central Submarket has relatively limited options. Generally, market-rate rents are the highest in the East and West Submarkets and lowest in the Central Submarket. As for Tax Credit units,
VI-17 the North and West Submarkets do not offer any Tax Credit units, or we were unable to survey any Tax Credit projects. While the Tax Credit rents between the submarkets do not vary significantly, the Central Submarket appears to offer some of the lowest Tax Credit rents.
Market-rate Median Collected Rent
North East Near East Central West
$1,200 $1,200 $1,000 $1,107
$800 $840 $825 $759 $600 $695 $665 $659 $645 $635 $650 $579 $556 $400 $475 $460 Median Rent $200
$0 1-Br/1.0-Ba 2-Br/1.0-Ba 3-Br/2.0-Ba Bedrooms/Bathrooms
Tax Credit Median Collected Rent
North East Near East Central West
800
700 $740 $682 $695 600 $664 $595 500 $568 $575 $510 400 300 $340
Median Rent 200 100 0 1-Br/1.0-Ba 2-Br/1.0-Ba 3-Br/2.0-Ba Bedrooms/Bathrooms
VI-18 Within the PSA (Evansville), Tax Credit rents are generally lower than market-rate rents. As shown in our analysis of occupancy levels, both market-rate and Tax Credit housing have limited availability. Residents seeking moderately-price rental alternatives that are comparable to the typical Evansville Tax Credit rents may have difficulty finding such housing available in Evansville.
Government-Subsidized Housing
There are a total of 22 projects in the PSA (Evansville) that contain some type of government subsidy. These 22 projects contain a total of 1,882 units. A total of 17 of these projects are fully occupied, and most of these properties maintain wait lists as long as 356 households or up to two years in duration. In fact, most of these projects maintain a wait list for vacant units. The 98.3% occupancy rate and wait lists at a majority of the government-subsidized projects are clear indications that there is pent-up demand for rental housing affordable to very low-income households.
The government-subsidized units (both with and without Tax Credits) in the PSA (Evansville) are summarized in the following tables.
Subsidized Tax Credit Bedroom Baths Units Distribution Vacancy % Vacant Studio 1.0 273 45.6% 1 0.4% One-Bedroom 1.0 160 26.7% 1 0.6% Two-Bedroom 1.0 86 14.4% 4 4.7% Two-Bedroom 1.5 14 2.3% 0 0.0% Three-Bedroom 1.0 37 6.2% 3 8.1% Three-Bedroom 1.5 11 1.8% 0 0.0% Four-Bedroom 2.0 18 3.0% 2 11.1% Total Subsidized Tax Credit 599 100.0% 11 1.8% Government-Subsidized Bedroom Baths Units Distribution Vacancy % Vacant Studio 1.0 18 1.4% 0 0.0% One-Bedroom 1.0 727 56.7% 20 2.8% Two-Bedroom 1.0 215 16.8% 0 0.0% Two-Bedroom 1.5 122 9.5% 1 0.8% Three-Bedroom 1.0 110 8.6% 0 0.0% Three-Bedroom 1.5 53 4.1% 0 0.0% Three-Bedroom 2.0 20 1.6% 0 0.0% Four-Bedroom 1.0 3 0.2% 0 0.0% Four-Bedroom 1.5 15 1.2% 0 0.0% Total Subsidized 1,283 100.0% 21 1.6%
The subsidized Tax Credit units are 98.2% occupied and the government- subsidized units are 98.4% occupied.
VI-19 The subsidized housing market is dominated by smaller bedroom types, with nearly two-thirds (62.6%) of all subsidized housing consisting of studio and one-bedroom units. This disproportionately high share of smaller bedroom types is likely influenced by the fact that approximately half of the subsidized projects are restricted to seniors. The share of two-bedroom units is around 25% and the share of three-bedroom or larger units is around 15%. The share of three-bedroom or larger units is fairly typical, however, the share of two-bedroom units is lower than normal. Regardless, demand for all bedroom types is strong as evidenced by the high occupancy rates and wait lists at virtually all of the subsidized projects.
A map illustrating the location of all multifamily apartments surveyed within Evansville is included on the following page.
VI-20 Primary Study Area Evansville, IN Submarkets Apartment Locations Central East Near East North West Apartments Type (! Govt-sub (! Mkt rate/Govt-sub (! Mkt rate (! Mkt rate/Tax Credit (! Tax Credit (! Tax Credit/Govt-sub (!61(!80 (!91
104 (! 41 (! (!81 95 33 (! (!(!47 27 19 (! (!93 (!18 (! 20 (!21 (! (!98 45 (! (!87 (!99 101(! 56 (!57(! (!17 (!35 16 15 50 (!3 (!(! 10 (! !54 69 65 (! 103(! 100 ((! (!11 (! (! 25 70 9 (!79 (!89 (!26 (!90 (!(!44(! (! (!62 40 42 75 (! (! 84 43 (! (! (! 58 76 92 13 (! (!!74 (! 6 (!82 64 (! (39 (! (! (!73 (! (!88 !22 (!60 (!72 (!37 102(! ( (!68 (!7 !77 12 (!52 ( (! 29 71 (! (! (!66 32 31 2 (!48 (!53 (!67 (!(! (! 78 !38 30 49 (! ( 28 14(! (! (!8 5 (! (! (!34 !4 (! 36 (!1 (!85 ( (!94 (! (!23 (!24 (!46 59 (!55 (! 63 (! (!86 (!96 (!51 105(!83 (! (!97 N 0 0.425 0.85 1.7 2.55 1:109,393 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community 2. Non-Conventional Rentals
While over 100 multifamily rentals properties were phone surveyed as part of this report, the PSA (Evansville) has a large number of non-conventional rentals within detached single-family homes, duplexes, units over storefronts, etc. As a result, we have conducted a sample survey of non- conventional rentals within Evansville. Overall, a total of 90 individual units were identified and surveyed. While this does not include all non- conventional rentals available in the market, we believe these properties are representative of the typical non-conventional rental housing alternatives in the market. Information regarding the bedroom/bathroom configuration, year built, collected rent and total square footage was collected and evaluated when available.
The following table aggregates the 90 non-conventional rental units surveyed in the PSA by bedroom type.
Non-Conventional Rental Supply Bedroom Units Rent Range Average Rent Average Rent PSF One-Bedroom 9 $465-$525 $502 $0.77 Two-Bedroom 38 $500-$1,000 $656 $0.67 Three-Bedroom 34 $595-$2,100 $1,037 $0.77 Four-Bedroom+ 9 $595-$2,250 $1,555 $0.75 Total 90 PSF – Per square foot
The distribution of surveyed units by bedroom type is relatively balanced, as two- and three-bedroom units typically represent the largest share of rentals in most markets. As such, the preceding provides a good cross section of the non-conventional supply. Average rents by bedroom type range from $502 for a one-bedroom unit to $1,555 for a four-bedroom or larger unit. The average rents per-square-foot by bedroom type range from $0.67 for a two-bedroom unit to $0.77 for both a one- and three-bedroom unit.
The following tables provide the listing of the non-conventional rentals surveyed within the PSA by bedroom type (Note: properties were identified through multiple sources).
VI-22 ONE -BEDROOM Year Square Address (City) Beds Baths Built Amenities Rent Feet 3313 Igleheart Avenue 1 1 1927 H/U, kitchen appliances $465 690 122 North Willow Road 1 1 1959 Stove, fridge $475 504 1651 East Koch Avenue 1 1 1930 - $495 826 828 Negley Avenue 1 1 1939 W/D, stove, fridge, hardwood flooring, carport $495 592 17 South Harper Avenue 1 1 1945 - $495 836 820 Negley Avenue 1 1 1939 W/D, hardwood floors $515 575 1407 Cedar Street 1 1 1929 H/U $525 560 1501 East Franklin Street 1 1 1925 H/U $525 752 205 North 3rd Avenue 1 1 1919 H/U, kitchen appliances $525 565 One-Bedroom Averages $502 656
TWO-BEDROOM Year Square Address (City) Beds Baths Built Amenities Rent Feet 1122 Macarthur Circle 2 1 1943 H/U, stove, fridge, hardwood flooring $500 1,080 213 East Maryland Street 2 1 1879 - $525 1,237 1220 South Lombard Avenue 2 1 1953 W/D $525 1,646 6619 Kratzville Road 2 1 1940 $550 817 1606 Fountain Avenue 2 1 1839 Hardwood flooring $550 833 713 South Governor Street 2 1 1919 H/U, stove $550 1,140 1621 South Bedford Avenue 2 1 1910 - $550 864 720 Bell Avenue 2 1 1910 W/D, stove, fridge $550 776 2618 West Virginia Street 2 1 1900 $550 976 1308 East Negley Avenue 2 1 1945 Stove, fridge, dishwasher, microwave $550 684 1219 South Roosevelt Drive 2 1 1945 - $550 1,116 2715 South Alvord Boulevard 2 1 1945 - $550 825 2417 Joan Court 2 1 1944 Stove, fridge, one-car garage, carport $575 700 2301 Maplewood Circle 2 1 1948 1.5-car detached garage $625 825 315 East Chandler Avenue 2 1 1919 Hardwood flooring, appliances $625 931 4607 Omer Place 2 1 - H/U, stove, fridge $625 810 2707 South Vann Avenue 2 1 1944 - $625 930 1514 Jackson Avenue 2 1 1940 H/U $625 639 1001 Corregidor Avenue 2 1 1943 H/U, stove, fridge, microwave, garbage disposal $625 1,500 102 East Oregon Street 2 1 1917 Hardwood floors, fridge stove $650 1,008 1624 East Indiana Street 2 1 1923 W/D, appliances included $650 696 1719 Monroe Avenue 2 1 1944 - $650 865 102 1st Avenue 2 1 - - $650 - 1624 East Indiana Street 2 1 1923 W/D $650 696 106 North 9th Avenue 2 1 1884 Stove, fridge, dishwasher $654 1,006 201 North 3rd Avenue 2 1 1919 H/U, kitchen appliances $665 840 1125 Jefferson Avenue 2 1 1938 One-car detached garage $675 1,488 1627 North Willow Road 2 1 - Stove, fridge $695 900 2109 Herbert Avenue 2 1 1948 H/U, two-car detached garage $700 725 411 Kock Avenue West 2 1 1940 W/D $725 720 W/D, fridge w/ ice maker, stove, dishwasher, 2125 Washington Avenue 2 1 1942 microwave, garbage disposal $750 800
VI-23 (Continued) TWO-BEDROOM Year Square Address (City) Beds Baths Built Amenities Rent Feet 1117 West Oregon Street 2 1 2004 H/U, one-car garage $750 960 498 Lincoln Avenue 2 1 - H/U, stove, fridge, dishwasher, microwave $779 900 1708 Irvington Avenue 2 1 1949 W/D, stove, fridge, dishwasher, microwave $795 888 3206 Kratzville Road 2 1 1910 W/D, kitchen appliances $800 1,203 2226 Bellemeade Avenue 2 1 1922 W/D, hardwood flooring $850 1,035 6525 Mesker Park Drive 2 1 - Garage, hardwood flooring $1,000 1,000 W/D, stove, fridge, dishwasher, garage, 2724 Marion Avenue 2 1 1904 hardwood flooring $1,000 1,976 Two-Bedroom Averages $656 974
THREE-BEDROOM Year Square Address (City) Beds Baths Built Amenities Rent Feet 1514 Southeast Riverside Drive 3 1 1951 One-car carport, stove, W/D hookups $595 828 1016 North 3rd Avenue 3 2 1889 W/D, fridge, stove, dishwasher, microwave $625 1,500 1563 Marshall Avenue 3 2 1930 - $650 1,338 1333 East Franklin Street 3 1 1919 - $650 1,113 2 East Riverside Drive 3 1 1955 H/U $650 900 1427 South Governor Street 3 1 1924 H/U, stove, fridge $650 1,172 2313 Pollack Avenue 3 1.5 1940 H/U $695 912 1250 East Indiana Street 3 1 1919 H/U, garage, appliances $695 1,110 1117 West Louisiana Street 3 1 1899 W/D, garage, garbage disposal $695 1,516 25 South Congress Avenue 3 1 1946 H/U, appliances included $725 1,004 4804 North 1st Avenue 3 1 1944 1.5-car garage, hardwood flooring $775 929 208 South Thomas Avenue 3 1 - Garage $809 1,200 Air conditioning, range, dishwasher, fridge, 5606 North New York Avenue 3 1 1978 hardwood floors $825 912 3409 Kensington Avenue 3 1 1953 W/D, stove, fridge, dishwasher $825 950 312 Reis Avenue 3 2 1919 W/D, garage $850 1.175 5804 Stringtown Road 3 2 1954 Stove $895 - 1738 Bonnie View Drive 3 1 1986 One-car garage $950 1,084 1701 East Mulberry Street 3 1 1927 W/D, stove, fridge, dishwasher $975 897 905 Stewart Avenue 3 2 2003 Stove, fridge, $1,000 1,317 3808 E Negley Avenue 3 1.5 1971 One-car carport $1,000 1,211 503 Lincoln Avenue 3 1.5 2000 H/U, stove, fridge, dishwasher, microwave $1,149 1,150 3305 Kern Road 3 1.5 1974 Two-car garage $1,150 1,625 6400 Olmstead Road 3 2 1894 W/D, kitchen appliances $1,190 2,000 106 South Weinbach Avenue 3 2 1939 H/U, stove, fridge, one-car garage $1,200 1,930 5124 Hogue Road 3 1.5 1920 W/D, hardwood flooring, furnished $1,250 1,490 6202 North University Parkway 3 1 1976 W/D, stove fridge, garage $1,295 2,176 Fridge, stove, microwave, garbage disposal, 2301 Silver Crest Court 3 2 2000 dishwasher, fireplace, two-car garage $1,295 1,231 Stove, dishwasher, microwave, two-car attached 615 Crestwood Drive 3 2 1984 garage, 2.5-car detached garage $1,295 1,715
VI-24 (Continued) THREE-BEDROOM Year Square Address (City) Beds Baths Built Amenities Rent Feet 3807 Deer Trail 3 2 1995 H/U, stove, fridge, dishwasher, two-car garage $1,450 1,394 Fireplace, two-car garage, stove, fridge, 3324 Cobblefield Drive 3 2 1997 microwave $1,450 2,105 734 South Burkhardt Road 3 2 1954 W/D, garage, swimming pool $1,495 2,241 4929 Paddock Drive 3 2 2015 Two-car garage, appliances $1,500 1,649 H/U, stove, fridge, dishwasher, microwave, 6221 Shoreham Drive 3 2 1999 fireplace, hardwood flooring, garage $1,895 2,005 Fireplace, garage, stove, fridge, dishwasher, 4239 Saybrook Drive 3 2.5 2000 microwave $2,100 2,063 Three-Bedroom Averages $1,037 1,354
FOUR-BEDROOM+ Year Square Address (City) Beds Baths Built Amenities Rent Feet 319 East Louisiana Street 4 2 1909 - $595 1,572 602 East Chandler Avenue 5 2 1919 W/D, hardwood flooring $750 1,555 W/D, dishwasher, stove, fridge, garbage disposal, 3104 West Virginia Street 4 2 1937 hardwood flooring $1,300 1,640 8540 Hazel Court 4 2.5 2002 Two covered parking spaces $1,500 2,105 2100 Mahrendale Avenue 4 3 1960 Stove, fridge, dishwasher, microwave $1,600 2.261 616 South Englewood Avenue 4 1.5 1925 W/D, fridge, stove, dishwasher, hardwood flooring $1,800 1,852 3011 Ridgetop Drive 5 3.5 1959 Garbage disposal $2,000 3,816 Fireplace, two-car garage, stove, fridge, 804 Canterbury Drive 4 2.5 1984 dishwasher $2,200 3,458 425 South St. James Fireplace, two-car garage, stove fridge, Boulevard 4 3 1962 dishwasher, microwave $2,250 2,648 Four-Bedroom+ Averages $1,555 2,072
As the preceding tables illustrate, the rents for non-conventional rentals identified range from $465 to $2,250. It is important to note that most of the surveyed non-conventional rental product identified in Evansville was built prior to 2000. In fact, a large number of the surveyed units were built prior to 1970. Much of the non-conventional product surveyed in the market includes very limited amenity packages, with the most common amenities offered include a stove, refrigerator, dishwasher, garbage disposal, and washers/dryers. While there is a relatively high number of non- conventional rentals available to rent, given the relatively old age, lower quality and the fact that residents at most properties will also have to pay for utilities in addition to the rent, much of the non-conventional rentals may not be affordable to or meet the needs of many of the low-income households in the market. However, given the relatively limited number of vacant units among the more affordable multifamily apartments, many low- income households are likely forced to choose from the non-conventional housing alternatives.
VI-25 Primary Study Area Evansville, IN Non-Conventional Rental Locations Non-Conventional Rentals Rent <= $600 $601 - $700 $700 - $800 $800 - $900 $900+
N 0 0.375 0.75 1.5 2.25 1:95,000 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community C. FOR-SALE HOUSING SUPPLY
For-Sale Housing Overview
Bowen National Research, through a review of the Multiple Listing Service information for the PSA (Evansville) and the five submarkets of the PSA, identified both historical for-sale residential data and currently available for- sale housing stock. Key metrics that were considered include age of product, bedroom types, number of bathrooms, square footage, geographic location, and days on market (DOM).
Within the entire city of Evansville there were 10,718 housing units sold between January 2010 and January 2018. More than one-third (37.0%) of the PSA’s sold homes were within the Near East Submarket. The remaining four submarkets each contain roughly 10% to 20% of the sold housing supply. There are a total of 327 housing units available for purchase in the city of Evansville, of which nearly 40% are within the Near East Submarket, which is significantly greater than the other submarkets. The following table summarizes the available and recently sold (since January 2010) housing stock for the PSA and its submarkets.
Evansville For-Sale/Sold Housing Supply Type North East Near East Central West Evansville Available 42 38 129 87 31 327 Sold 2,337 1,504 3,970 1,554 1,353 10,718 Total 2,379 1,542 4,099 1,641 1,384 11,045 Source: Multiple Listing Service and Bowen National Research, LLC
The historical and available for-sale housing supply for the PSA is compared with the five submarkets in this section.
Historical For-Sale Analysis
The historical data includes any home sales that occurred within the study areas from January 2010 to January 2018. It is our opinion that an evaluation of sales activity after 2009 is representative of true market conditions following the recession.
VI-27 The following table includes a summary of annual for-sale residential transactions that occurred within the PSA (Evansville) since January 2010. It should be noted that the 2018 sales data is only for January of this year.
City of Evansville For-Sale Housing by Year Sold Units Sold Median Price Sold Year Number Change Price Change 2010 1,929 - $103,500 - 2011 1,867 -3.2% $100,900 -2.5% 2012 2,136 14.4% $108,838 7.9% 2013 2,345 9.8% $110,000 1.1% 2014 1,852 -21.0% $104,311 -5.2% 2015 1,371 -26.0% $82,900 -20.5% 2016 1,551 13.1% $87,000 4.9% 2017 1,631 5.2% $89,500 2.9% 2018* 57 - $90,000 - Source: Multiple Listing Service and Bowen National Research, LLC *Through January
Excluding the partial year of 2018, annual residential for-sales activity within the PSA has ranged between 1,371 in 2015 and 2,345 in 2013. The annual sales activity decreased by 21.0% in 2014 and 26.0% in 2015. This decline is likely more of a function of limited supply as opposed to a declining demand. The number of home sales in the PSA has increased in each of the past two years. After experiencing fluctuations in the median sales price from 2010 to 2014, the market experienced a notable decline in sales prices in 2015, declining by 20.5%. However, since then, the median home sales price in the PSA has increased in each of the past two years at an annual average of 3.9%. It is believed that the lower median price of homes in recent years is primarily attributed to the large amount of pre-1960 product that was sold in the market, as there has been a limited number of newer product added to the market in recent years. Regardless, it appears that the volume of homes sales and median home sales price have increased over the past couple of years, while the available inventory continues to diminish (as discussed in detail beginning on page VI-34.
The following graphs illustrate the overall annual number of homes sold in the PSA (Evansville) since January of 2010 (excluding 2018).
VI-28 PSA (Evansville) Annual Home Sales (2010-2017)
2,500 2,345 2,300 2,136 2,100 1,929 1,852 1,900 1,867 1,631 1,700 1,551
1,500 1,371
1,300 2010 2011 2012 2013 2014 2015 2016 2017 Year
PSA (Evansville) Annual Median Sales Price (2010-2017)
$115,000 $108,838 $110,000 $110,000 $103,550 $105,000 $104,311 $100,000 $100,900 $95,000 $89,500 $90,000 $87,000 $85,000 $80,000 $82,900 $75,000 2010 2011 2012 2013 2014 2015 2016 2017 Year
VI-29 The following table and graph include a summary of the total for-sale residential transactions that occurred within each submarket and the overall PSA since January 2010.
Sales History by Submarket Total Percent of Low High Average Median Average Days Units PSA Sales Price Sales Price Sales Price Sales Price On Market North 2,337 21.8% $2,775 $850,000 $106,787 $99,000 80 East 1,504 14.0% $12,000 $1,194,820 $149,257 $129,250 94 Near East 3,970 37.1% $500 $1,300,000 $77,836 $70,000 89 Central 1,554 14.5% $25 $535,000 $53,563 $30,000 109 West 1,353 12.6% $2,000 $375,000 $75,531 $74,900 80 PSA - Evansville 10,718 100.0% $25 $1,300,000 $90,360 $79,500 89 Source: Multiple Listing Service and Bowen National Research, LLC
The average sales price of a home in Evansville since 2010 is $90,360 (up from the $87,354 average sales price from the September 2016 study), while the median home sales price is $79,500 (up from the median price of $77,500 from the September 2016 study). The highest median home sales price of $129,250 in the East Submarket. The overall average days on market (number of days a home is listed before it is actually sold) for the entire PSA is 89 days, which is down from previous studies: 98 days in September 2016, 102 days in August 2015 and 105 days from August 2014. As such, homes appear to be selling quicker in each of the preceding three years. The West and North Submarkets have the shortest number of days on market (80), which may correlate to the fact that these submarkets very few housing units available for purchase.
The graph below illustrates the number of homes sold by submarket within the PSA since 2010.
Total Units Sold by Submarket
4,000 3,500 3,970 3,000 2,500 2,000 2,337 1,500 1,504 1,554 1,000 1,353 500 0 North East Near East Central West Submarket
VI-30 Average home sales prices for each submarket are summarized in the table below:
Average Annual Sales Price by Submarket
$160,000
$140,000 $149,257 $120,000
$100,000 $106,787 $80,000 $77,836 $60,000 $75,531 $40,000 $53,563 $20,000 $0 North East Near East Central West Submarket
Because newer product sold in the PSA (Evansville) provides insight as to the potential for additional new product, we have evaluated the home sales activity of product built since 2000. The distribution of home sales by bedroom type for modern product (built since 2000) in the PSA is summarized in the following table:
PSA - CITY OF EVANSVILLE New Home Sales by Bedrooms – Year Built (2000 and later) Number Average Average Median Median Price Average Days Bedrooms Sold Baths Square Feet Price Range Sales Price Per Sq. Ft. on Market One-Br. 6 1.25 911 $43,000 -$146,600 $133,000 $134.00 352 Two-Br. 95 2.0 1,291 $10,000 -$405,000 $125,000 $101.59 142 Three-Br. 305 2.25 1,730 $18,000 -$510,000 $150,000 $97.50 98 Four-Br. 61 3.0 2,765 $41,000 -$850,000 $210,500 $93.09 83 Five-Br. 3 3.75 4,266 $150,000 -$1,125,000 $455,900 $126.82 6 Total 470 2.25 1,781 $10,000 -$1,125,000 $147,100 $98.63 107 Source: Multiple Listing Service and Bowen National Research, LLC
VI-31 As the preceding table illustrates, nearly two-thirds (64.9%) of the newer units sold contained three-bedrooms. As expected, with the exception of the six (6) one-bedroom units and the three (3) five-bedroom units, the more bedrooms a unit contains equates to higher median home prices. Interestingly, the average days on market (the number of days a home was listed for sale before it sold) for the newer product is 107, which is slightly longer than the overall market’s average of 89 days on market. It should be noted, however, that it is not unusual for newer product with its correspondingly higher prices to take longer to sell than older and lower priced product. This is typically the result of the more limited number of higher income households that can afford these higher priced and newer units. A map illustrating the location of all homes sold between January 2010 and January 2018 within Evansville is included on the following page.
VI-32 Primary Study Area Evansville, IN Submarkets Historical Home Sales Central East Near East North West Historical Sale Sold Price <= $50,000 $50,001 - $100,000 $100,001 - $150,000 $150,001 - $200,000 $200,000+
N 0 0.375 0.75 1.5 2.25 1:100,000 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community Available For-Sale Housing Supply
Through Multiple Listing Services, we identified 327 housing units within Evansville that were listed as “for sale” housing as of January of 2018. This is less than the 577 available units of supply from September 2016, indicating a significantly smaller inventory of product from which homebuyers can choose. Virtually all of the product we surveyed included single-family home listings, while a limited number of duplexes, manufactured homes, and other non- conventional product were identified. While there are likely some other for-sale residential units available for purchase, such homes were not identified during our research due to the method of advertisement or simply because the product was not actively marketed.
The available for-sale data we collected and analyzed includes the following:
Distribution of Housing by Bedrooms Distribution of Housing by Price Point Distribution of Housing by Year Built Distribution of Housing of New Product
It should be noted that when the PSA’s (Evansville’s) estimated 27,665 owner- occupied housing units are considered, the 327 available for-sale units represent a 1.2% vacancy rate, which is lower than the 2.0% from our September 2016 analysis of this market and significantly lower than the 4.9% estimated for-sale housing vacancy rate from October of 2015. As such, the inventory of available for-sale housing appears to have decreased significantly since 2016. Beyond our analysis of the characteristics and trends of the for-sale housing market, we also considered the available housing units by price point in our demand estimates for housing units by household income levels in Section VIII of this report.
The following table summarizes the inventory of available for-sale housing in Evansville by submarket.
Available For-Sale Housing by Market Total % Share Low High Average Median Average Days Units of PSA List Price List Price List Price List Price On Market North 42 12.8% $12,900 $425,000 $131,054 $113,500 104 East 38 11.6% $39,500 $445,000 $188,105 $156,450 149 Near East 129 39.5% $9,900 $489,000 $84,556 $69,900 103 Central 87 26.6% $9,000 $449,500 $63,869 $39,900 189 West 31 9.5% $14,900 $199,900 $98,797 $92,400 113 PSA - Evansville 327 100.0% $9,000 $489,000 $98,408 $73,900 132 Source: Multiple Listing Service and Bowen National Research, LLC
VI-34 Based on the preceding table, the largest share (39.5%) of the available product is located in the Near East Submarket. The median list price ($69,900) of housing in this submarket is the second lowest of the five submarkets and it has the lowest average days on market (103). This may be an indication that despite the large inventory of available product in this submarket, demand for housing remains strong. The available inventory of for-sale housing in the four remaining submarkets represents shares of the overall PSA that range from 9.5% to 26.6%. The lowest median list price ($39,900) is within the Central Submarket, while the highest median list price ($156,450) is in the East Submarket. While the Central Submarket appears to have a large number of for- sale housing product that might be considered affordable to low-income households, based on our personal on-site observations, it appears that much of this product is older and lower quality. In fact, most of the available for-sale product is more than 40 years old. Therefore, while this product may be considered affordable, it is likely that due to its age and lower quality, that such product would require additional costs to repair, update and maintain that may be difficult for some lower income households to afford.
Total Available For-Sale Units by Submarket
150
125 129 100
75 87
50
25 42 38 31 0 North East Near East Central West Submarket
VI-35 Average For-Sale Price by Submarket
$200,000 $188,105 $160,000
$120,000 $131,054
$80,000 $98,797 $84,556 $63,869 $40,000
$0 North East Near East Central West Submarket
The distribution of available for-sale residential units by price point follows:
Available For-Sale Housing by Price Point Less Than $100k $100k-$149,999 $150k-$199,999 $200k-$249,999 $250k-$299,999 $300,000+ Median Median Median Median Median Median Units Price Units Price Units Price Units Price Units Price Units Price North 20 $69,900 9 $124,900 7 $174,900 2 $247,900 1 $270,000 3 $340,000 East 8 $66,750 11 $133,900 6 $183,250 4 $228,500 2 $286,200 7 $355,000 Near East 107 $66,900 12 $127,200 4 $173,950 1 $224,900 4 $263,900 1 $489,000 Central 78 $38,500 3 $149,900 1 $179,900 1 $245,000 1 $279,900 3 $399,000 West 17 $54,900 7 $119,900 7 $169,900 0 - 0 - 0 - Evansville 230 $59,900 42 $125,000 25 $179,000 8 $234,000 8 $271,250 14 $357,450 Source: Multiple Listing Service and Bowen National Research, LLC
Nearly three-fourths (70.3%) of the available for-sale supply in the PSA (Evansville) is priced below $100,000. Of the 230 units priced below $100,000, the median price is $59,900. Based on our on-site evaluation of the PSA’s housing stock and an analysis of secondary data on such housing, it appears that much of the housing inventory is more than 40 years old and of lower quality. As a result, while it may be deemed that there is an abundance of for-sale product available to lower-income households, such product likely requires additional costs for repairs, modernization and maintenance, which may be difficult for many low-income households to afford. It should also be pointed out that there are only 25 homes available that are priced between $150,000 and $199,999 and only 16 homes available that are priced between $200,000 and $299,999 within the overall PSA. This appears to be a disproportionately low share of such product. As a result, the PSA may have difficulty retaining or attracting higher income households seeking such product. The available inventory has been considered in the housing gap estimates portion of this report.
VI-36 The West Submarket has no homes available for purchase that are priced $200,000 and higher, and none of the submarkets offers more than 13 of these higher priced homes. As a result, the overall market is lacking higher-end product. Both the Central and Near East Submarkets have disproportionately high shares (over 80%) of product priced below $100,000 and very little product priced above $150,000. As stated earlier, this lower priced product that dominates the Central and Near East Submarkets is generally of older and lower quality product that will likely need repaired or modernized. As a result, these two submarkets will likely require rehabilitation or replacement of some of the older housing stock and possibly the addition of some higher priced product that could appeal to young professionals and empty nesters (age 55+ households) seeking to downsize from their current residences. While the North and East Submarkets have smaller inventories of available for-sale product, they both have a good balance of product by various price points. As a result, these submarkets appear to have the ability to serve a variety of housing needs.
PSA (Evansville) Available For-Sale Housing by Price 80.0% 70.3% 70.0% 60.0% 50.0% 40.0% Share 30.0% 20.0% 12.8% 7.6% 10.0% 2.4% 2.4% 4.3% 0.0% Less than $100k- $150k- $200k- $250k- $300,000+ $100K $149,999 $199,999 $249,999 $299,000 Price Range
VI-37 The following table illustrates residential units currently available for purchase in Evansville that were built in 2000 or later.
PSA - CITY OF EVANSVILLE Available New Homes by Bedrooms – Year Built (2000 and later) Average Number Average Square Median Median Price Average Days Bedrooms Listed Baths Feet Price Range List Price Per Sq. Ft. on Market Two-Br. 2 2 1,493 $125,000 -$199,900 $162,450 $107.45 14 Three-Br. 7 2.75 2,343 $174,900 -$449,500 $197,000 $101.65 114 Total 9 2.5 2,154 $125,000 -$449,500 $197,000 $101.65 91 Source: Multiple Listing Service and Bowen National Research, LLC
There are only nine identified residential units in the PSA (Evansville) that are available for purchase and built in 2000 or later. This inventory of newer product is similar to the 16 available homes from our survey in September 2016 but down significantly from the 58 newer homes identified in August of 2015. The average square footage of the newest for-sale residential units is 2,154, with a median list price of $197,000, representing a substantial increase from the median list price of $166,450 of the available modern homes in September of 2016. Overall, these newer homes have an average number of days on market of 91, which is much lower than the 164 days on market from September of 2016. These nine (9) modern homes represent less than 3% of all homes currently available for purchase in the market. As such, there are very limited options available for potential buyers seeking modern housing alternatives in the PSA. This is particularly true of people like young professionals or seniors seeking to downsize from their current housing situation, as well as for families whose incomes have increased and are wanting to upgrade from their current residences. As such, there is likely a need for modern for-sale product that serves such households. A map illustrating the location of available for-sale homes in Evansville is included on the following page.
VI-38 Primary Study Area Evansville, IN Submarkets Available For-Sale Homes Central East Near East North West Available Homes Listing Price <= $30,000 $30,001 - $50,000 $50,001 - $80,000 $80,001 - $110,000 $110,000+
N 0 0.375 0.75 1.5 2.25 1:100,000 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community D. SENIOR CARE HOUSING
Evansville, like larger communities throughout the country, has a large senior population that requires a variety of senior housing alternatives. Among seniors age 75+, some individuals are either seeking a more leisurely lifestyle or need assistance with Activities of Daily Living (ADLs). Four levels of care typically respond to older adults seeking, or who need, alternatives to their current living environment. They include, in order of increasing care requirements, independent living, congregate care, assisted living (including memory care), and nursing care.
Independent living and congregate care have often been used to describe the same type of housing. Independent living (in its purest form) is shelter only without services. Congregate care provides shelter and services such as meals and housekeeping. For the purposes of this analysis, we have classified independent living facilities as shelter without any meals included in monthly fees. These facilities may or may not have additional services included in the monthly fees.
In Indiana, assisted living facilities are licensed as Residential Care Facilities by the Indiana State Department of Health (ISDH) Division of Long Term Care. The licensure dictates that a facility must meet a certain building standard that dictates construction, fire rating, and other health and safety issues. These facilities generally offer limited care that is designed for senior citizens who need some assistance with daily activities but do not require nursing care.
A nursing home or nursing care facility is a privately operated establishment providing maintenance and personal or nursing care for persons (as the aged or the chronically ill) who are unable to care for themselves properly. These facilities are licensed by the Indiana State Department of Health (ISDH) Division of Long Term Care.
Within the Evansville area we identified and surveyed 18 senior residential facilities, including one independent living facility, three congregate care facilities, eight assisted living facilities, and 12 nursing homes (Note: some projects offer more than one housing type). These 18 facilities represent most of the senior care facilities in Evansville and are representative of the housing choices available to seniors requiring special care housing. We referenced the Medicare.com and Indiana State Department of Health websites for all licensed assisted living facilities and cross referenced this list with other senior care facility resources. As such, we believe the identified and surveyed senior care facilities represent most licensed facilities in Evansville.
VI-40 The 18 surveyed facilities are summarized as follows:
Independent Congregate Assisted Nursing Living Care Living Care Total Facilities Surveyed 1 3 8 12 18** Total Units/Beds 700 150 477 1,179 2,506 Current Occupancy Rate 99.0% 94.7% 92.9% 85.1% - (Occupancy % from 9/2016) (99.1%) (94.9%) (88.6%) (89.4%) National Occupancy Rate* 92.4% 92.4%* 90.6% 86.4% - Source: American Seniors Housing Assn. The State of Seniors Housing 2017 *Used occupancy rate from Independent Living data for The State of Seniors Housing 2017 **Some facilities offer more than one type of housing product
The Evansville senior care market is reporting overall occupancy rates between 85.1% (nursing care) to 99.0% (independent living). The American Seniors Housing Association (ASHA) conducts an annual survey of retirement and senior residential care communities. The occupancy rates at the most senior care facilities surveyed by Bowen National Research within Evansville are higher than those reported by ASHA. As such, there remains strong demand for such housing in the PSA and there may be an opportunity to develop additional senior care housing in the Evansville market. A detailed survey of senior care facilities is included in Addendum A of this report.
The base monthly fees for independent living rental housing are $530 per month, congregate care has a base fee starting at $810 a month, assisted living starts fees at around $2,310 a month (excludes sleeping rooms), and nursing care has a base monthly fee starting near $5,262 (using a daily fee). These base fees and rents were used to determine the minimum income and/or assets required to live in each senior housing alternative.
Using market industry standards for senior care housing, we have estimated demand for each senior care housing alternative. The following summarizes potential demand for senior care housing in the Evansville PSA between 2017 and 2022.
Senior Care Facilities - Housing Demand Estimates Minimum Total Support for Base Monthly Annual Income Additional Facility Type (Age) Fee/Rent Required* Units/Beds Independent (65+) $530 $18,000 202 Congregate Care (65+) $810 $28,000 108 Assisted Living (75+) $2,310 $34,650 236 Nursing Care (75+) $5,262 $78,900 0 *Also includes assets that seniors can use to cover housing care costs
VI-41 Based on an evaluation of area senior demographics and the existing senior housing supply (both surveyed and non-surveyed properties), there is potential support for a variety of senior housing alternatives. There appears to be support for up to 202 independent living units, 108 congregate care units, and 236 assisted living units. While our estimates do not show a current need for nursing care housing, with the projected senior growth projected over the next several years, it may be warranted to evaluate this senior housing product again in the next year.
It is important to point out there are three senior facilities in the development pipeline in or near the city of Evansville that may diminish the demand for such housing. This includes a 176-unit independent living project, a 119-unit assisted living project and an unknown number of assisted living and memory care units. Details of these projects are included on page VI-46.
VI-42 Primary Study Area Evansville, IN Senior Facilities Senior Facilities Complex Type )" Assisted Living )" Nursing Care )" Congregate Care )" Independent Living
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N 0 0.45 0.9 1.8 2.7 1:116,866 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community E. PLANNED & PROPOSED RESIDENTIAL DEVELOPMENT
In order to assess housing development potential, we evaluated recent residential building permit activity and identified residential projects in the development pipeline for Evansville. Understanding the number of residential units and the type of housing being considered for development in Evansville can assist in determining how these projects are expected to meet the housing needs of the city.
The following tables illustrate single-family and multifamily building permits issued within the city of Evansville and Vanderburgh County for the past ten years:
Housing Unit Building Permits for Evansville, IN: Permits 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Multifamily Permits 86 56 35 39 2 22 2 4 10 80 Single-Family Permits 67 39 37 39 44 74 62 88 54 96 Total Units 153 95 72 78 46 96 64 92 64 176 Source: SOCDS Building Permits Database at http://socds.huduser.org/permits/index.html
Housing Unit Building Permits for Vanderburgh County: Permits 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Multifamily Permits 167 114 72 64 12 24 24 26 54 104 Single-Family Permits 373 213 191 213 214 279 278 296 289 322 Total Units 540 327 263 277 226 303 302 322 343 426 Source: SOCDS Building Permits Database at http://socds.huduser.org/permits/index.html
Within the city of Evansville, overall residential building permit activity in 2007 was 153, but then declined in 2008 and in the next few years as the effects of the national recession began to impact the area. While many economic, demographic and housing metrics within the city have been positive and are trending in a positive direction, new residential building permit activity in Evansville had remained below 100 units annually from 2008 to 2015. However, activity increase significantly in 2016, when it reached 176 units which is a 10-year high. Residential building permit activity has increased in Vanderburgh County over each of the past three years (up through 2016). As a result, it is clear that residential development activity has generally been on the rise in recent years.
According to local planning officials, there are several notable residential projects being considered for development within Evansville. These projects are summarized in the following table.
VI-44 1. Rental Developments
According to planning and building representatives, there are currently eight rental housing projects planned and/or proposed within the PSA. (There are several redevelopment projects of public housing complexes through the RAD Program). These projects are summarized in the table that follows.
Project Name & Address Type Units Developer Status/Details Approved//LIHTC funded, re-use of old downtown 1913 YMCA building, 20 one- Central Lofts Anderson Partners bedroom units and 45 two bedrooms, 14 will 203 N.W. Fifth Street Development/ECHO be permanent supportive housing units, to Tax Credit 64 Housing Corp begin construction in late 2018, ECD 2020 Permitted/January 2018, adaptive reuse of the former Schneider Heating and Air building, affordable housing targeting Garvin Lofts chronically homeless individuals, including 101 N Garvin Street seven set aside units for FUSE (Frequent Tax Credit 27 ECHO Housing Users System Engagement) participants Under Construction/Reuse the St. Joseph Carpenter Court Parrish Catholic School building, one- through 607 E Iowa Street Pioneer three-bedrooms for those earning below 30% Tax Credit 45 Development to 60% AMHI, ECD August 2018 Proposed/Request for Proposal was issued July 2017 for mixed-use project with Downtown Development Evansville commercial space, parking garage, grocery, Across from 100 NW 2nd Street Metropolitan tentative completion date in 2019. Market-rate 140 Development TBD Coudret 2301 West Michigan Street Properties/Ted Received Building Commission Market-rate 8 Kares/Rexing Approval/No further details available Under Construction/Developer received Garfield Commons LIHTC funding 2016, one- through three- 210 W Virginia Street ECHO Housing bedrooms at 30% through 60% AMHI, three Tax Credit 44 Corporation units will be lease to own, ECD fall 2018 Block of Second Street and Planned/ Ground-level office and retail Vine Street Scannell Properties spaces, unknown number of market-rate apts., Mixed-use N/A LLC Construction is expected to start in 2018 In planning stages/Developer still trying to comply with all required ordinances for the Havens at Promenade infrastructure for a high-end, one-, two- and 4004 East Morgan Avenue Market-rate three-bedroom complex in a mixed-use Mixed-use 224 The Martin Group neighborhood development, The Promenade Under renovations/Renovating public housing complexes with LIHTC funding and RAD funding, on April 1, 2016 repairs and cosmetic updates as needed began on the following RAD Phase 1 housing developments: Kennedy Towers, Buckner Multiple Public Housing Tax-Credit & Evansville Housing Towers, White Oak Towers, Schnute Towers Developments Section 8 559 Authority and Caldwell Homes. TBD-To be determined N/A – Not Available
VI-45 2. Senior Care Housing
According to planning and building representatives, there are currently three senior living facilities projects planned and/or under construction within the Site PSA. These projects are summarized in the table that follows.
Project Name & Address Type Units Developer Status/Details TBD Senior Independent Spurling Under Construction/ Plans in 5200 East Virginia Street Living 176 Development building permit review In Site Review/Studio and one- Silver Birch of Evansville Assisted Living/Tax Vermillion bedroom units, salon, common 475 Governor Street Credit 119 Development spaces, walking paths Under Construction/Existing Memory Care facility of 45 units opened in 2014 in former Senior Memory nursing care facility, is Oasis Dementia Care Care renovating to add unknown 4301 Washington Avenue Assisted Living N/A HR Investments number of assisted living units, TBD-To be determined N/A-Not available
3. For-Sale Housing and Sub-Division Developments
According to planning and building representatives, there are two for-sale housing projects and subdivisions planned and/or under construction within the PSA, which are summarized as follows.
Status Price Range/Details Subdivision/Location Units Product Type Developer Planned/ Existing 105 lot subdivision, Prices The Orchard North Range-$166,000.00 to $241,600.00 Christ Road and Cameo Single Family Size Range-1154 to 2594 square feet, Drive 25 Homes Jagoe Homes Planned 1 Story, 1.5 Story, 2 Story Centerra Ridge Telephone Road, Six section active subdivision.167 homes currently. between Old Boonville Single Family Lots sell from $35,000 to $47,000, Homes sell for Hwy.& county line 17 Homes Jagoe Homes Planned $250,000 to $400,000, 54 lots in review
As the preceding tables illustrate, there are numerous residential projects in the development pipeline. Overall, there are more than 1,100 apartment units planned or proposed or being renovated in Evansville, though it is likely many more are being considered for development. Nearly 300 senior care units/beds are planned for the market. Additionally, there are multiple known for-sale housing projects planned or under construction. However, most of these only include lots. It is up to homebuyers to select and build upon the lots at these sites. Therefore, it is unknown how many and when additional homes will actually be built. The product in the development pipeline is considered in our demand estimates (Section VIII) to determine remaining housing gaps that may exist.
VI-46 F. RESIDENTIAL FORECLOSURES
The foreclosure of residential structures became prominent in markets throughout the United States during the national recession starting in 2008. Evansville was not immune to the rapid increase in foreclosures that resulted from loss of jobs, declining household incomes, predatory lending practices, and other factors that prohibited homeowners from paying their monthly mortgage. The following table summarizes monthly residential foreclosure activity in Evansville since January of 2014.
Residential Foreclosure Filings - Evansville Month Filings Monthly Change 2014- January 95 +75 February 95 0 March 140 +45 April 85 -55 May 110 +25 June 40 -70 July 75 +35 August N/A N/A September 68 -7 October 105 +37 November 122 +17 December 46 -76 2015- January 76 +30 February 181 +105 March 35 -146 April 102 +67 May 79 -23 June 88 +9 July 90 +2 August 49 -41 September 92 +43 October 57 -35 November 27 -30 December 5-22 2016- January 64 +59 February 71 +7 March 81 +10 April 80 -1 May 43 -37 June 99 +56 July 64 -35 August 61 -3 September N/A - October N/A - November N/A - December N/A - N/A – Not Available
VI-47 (Continued) Residential Foreclosure Filings - Evansville Month Filings Monthly Change 2017- January N/A - February 46 - March 58 +12 April 34 -24 May 42 +8 June 13 -29 July 41 +28 August 8-33 September 46 +38 October 46 0 November 34 -12 December 35 +1 Total Foreclosures 2,828 - Avg. Monthly 67.3% - Source: RealtyTrac.com Note: The number of monthly filings is approximated N/A – Not Available
Evansville, IN Residential Foreclosures (January 2017 - December 2017) 60 55 50 45 40 35 30 Filings 25 20 15 10 5 Jan* Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec N/A Month
*N/A – Not available
Since January 2014 (excluding five months in which data was not available), there have been approximately 2,828 residential foreclosure filings in the city of Evansville, with an average of 67.3 foreclosures a month. However, it is critical to point out that monthly foreclosures rates have dropped over the past couple of years and the 36.6 average monthly foreclosure rate in 2017 represents a significant decline from recent years.
VI-48 The overall foreclosure rates over the past 12 months for Evansville, Vanderburgh County, Indiana and the United States are compared in the following table and graph.
Geographic Comparison Vanderburgh Data Evansville County Indiana National Annual Foreclosure Rate .04% .04% .07% .07% Source: RealtyTrac.com (January 2018)
Foreclosure Rates (Past 12 Months) 0.08%
0.07% 0.07% 0.06%
0.04% 0.04% 0.04% Annual Rate
0.02%
0.00% Evansville Vanderburgh Co. Indiana National
Location
The .04% annual foreclosure rate for Evansville as of January of 2018 represents a decline from the annual foreclosure rate of .07% in September of 2016. This current rate is identical to the county’s rate, but below both the state (.07%) and national (.05%) averages. As such, foreclosure activity appears to have diminished significantly over the recent past.
VI-49
VII. OTHER HOUSING MARKET FACTORS
A. INTRODUCTION
Factors other than demography, employment, and housing supply (analyzed earlier in this study) can affect the strength or weakness of a given housing market. The following additional factors that can influence a housing market’s performance and are discussed relative to the Primary Study Area (PSA) in this section:
Personal Mobility Crime Risk
This update does not include information on blight, education or community attributes/services.
B. PERSONAL MOBILITY
The ability of a person or household to move easily, quickly, and affordably throughout a locality influences the desirability of a housing market. If traffic jams create long commuting times or public transit service is not available for car-less people, the quality of life is diminished. Factors that lower resident satisfaction ultimately weaken housing markets. People move about their locality most often to commute, run errands, or recreate. Determinants of personal mobility ease include commuting patterns and public transit availability and costs.
Commuting Patterns
The following table shows two commuting pattern attributes (mode and time) for six geographic areas (including the PSA and five submarkets):
Commuting Mode
Total Alone Other Other Home Drove Public Means Means Transit Walked Carpooled Carpooled Worked at
Number 9,097 618 101 63 58 250 10,187 North Percent 89.3% 6.1% 1.0% 0.6% 0.6% 2.5% 100.0% Number 7,142 756 41 222 71 334 8,566 East Percent 83.4% 8.8% 0.5% 2.6% 0.8% 3.9% 100.0% Number 13,616 1,571 587 271 264 315 16,624 Near East Percent 81.9% 9.5% 3.5% 1.6% 1.6% 1.9% 100.0% Number 8,186 1,328 673 410 304 188 11,089 Central Percent 73.8% 12.0% 6.1% 3.7% 2.7% 1.7% 100.0% Number 5,970 403 74 176 50 177 6,850 West Percent 87.2% 5.9% 1.1% 2.6% 0.7% 2.6% 100.0% Number 44,011 4,675 1,477 1,142 747 1,264 53,316 Evansville Percent 82.5% 8.8% 2.8% 2.1% 1.4% 2.4% 100.0% Source: U.S. Census Bureau, 2011-2015 American Community
VII-1
Commuting Time
Total Home Home 15 to 29 29 to 15 44 to 30 59 to 45 Minutes Minutes Minutes Minutes Minutes Minutes Worked at Worked 60 or More More or 60 Less Than 15 Less Than
Number 3,750 4,710 1,111 181 185 250 10,187 North Percent 36.8% 46.2% 10.9% 1.8% 1.8% 2.5% 100.0% Number 3,112 3,694 895 308 222 334 8,565 East Percent 36.3% 43.1% 10.4% 3.6% 2.6% 3.9% 100.0% Number 5,890 7,565 1,912 458 486 315 16,626 Near East Percent 35.4% 45.5% 11.5% 2.8% 2.9% 1.9% 100.0% Number 4,003 5,058 922 369 547 188 11,087 Central Percent 36.1% 45.6% 8.3% 3.3% 4.9% 1.7% 100.0% Number 2,528 2,980 775 196 195 177 6,851 West Percent 36.9% 43.5% 11.3% 2.9% 2.8% 2.6% 100.0% Number 19,283 24,007 5,615 1,513 1,635 1,264 53,317 Evansville Percent 36.2% 45.0% 10.5% 2.8% 3.1% 2.4% 100.0% Source: U.S. Census Bureau, 2011-2015 American Community
Noteworthy observations from the preceding tables include:
Overall, one-third of PSA residents have commute times of less than 15 minutes and over 80% have commute times of less than 30 minutes. Just over 2.0% work from home. Generally speaking, most area commuters have relatively short drive-times to work, thereby keeping their travel costs down. In fact, the drive times of less than 30 minutes is relatively consistent between the five submarkets. Therefore, it appears that none of the submarkets have abnormally long drive times and, as a result, should not have abnormally high transit costs that would notably influence housing choices.
The five submarkets have very similar commuting modes. It does not appear that any one submarket has a notably higher or lower share of people using any particular mode of commuting to employment. Often, in markets that contain a Central Business District, like the Central Submarket, there is a higher share of people walking to work. The Central Submarket in Evansville has the highest share (3.7%) of people that walked to work.
A drive-time map showing travel times from the geographic center of the PSA follows this page.
VII-2 Primary Study Area Evansville, IN 5 minutes 15 minutes Drive Time 25 minutes
N 0 1.5 3 6 9 1:440,000 Miles Sources: Esri, HERE, DeLorme, USGS, Intermap, increment P Corp., NRCAN, Esri Japan, METI, Esri China (Hong Kong), Esri (Thailand), MapmyIndia, © OpenStreetMap contributors, and the GIS User Community
C. CRIME RISK
Crime risk, whether perceived or real, can influence a person’s decision to move to, leave, or remain at, a particular location. The desirability of a housing market, whether citywide or neighborhood-specific, is often judged by its level of security and safety. Existing and potential residents often monitor crime risk, both on a “personal” and “property” basis. When certain geographic areas exhibit higher crime rates, potential residents tend to move elsewhere and existing residents may relocate. Conversely, areas with lower crime rates tend to attract potential residents and retain existing ones. Stronger housing markets normally enjoy low or decreasing crime rates, while weaker markets usually suffer from high or increasing crime rates.
For this study, the FBI Uniform Crime Report (UCR) was used. The FBI collects data from roughly 16,000 separate law enforcement agencies across the country and compiles it into the UCR. The most recent data shows a 95% coverage rate of all jurisdictions nationwide.
Applied Geographic Solutions uses the UCR at the jurisdictional level to model seven crime types for specific geographic areas. Risk indexes are standardized based on national averages. A Risk Index value of 100 for a particular crime type in a certain area means that the probability of the risk is consistent with the national average. It should be noted that aggregate indexes for total crime, personal crime, and property crime are not weighted, and a murder is no more significant statistically than petty theft. Therefore, caution should be exercised when using the aggregated crime risk indices.
The following table compares the UCR crime risk probabilities for Evansville and its five submarkets:
Personal Crime Property Crime Total Vehicular Crime Murder Rape Robbery Assault Total Burglary Larceny Theft Total North 122 76 109 72 101 78 136 191 82 142 East 111 82 103 52 111 77 154 139 52 120 Near East 121 95 126 74 101 86 158 163 50 128 Central 117 85 106 90 111 84 158 146 53 124 West 94 80 77 60 91 68 134 115 36 99 Evansville 117 82 105 73 106 80 152 161 60 129 Source: Applied Geographic Solutions
VII-4
The overall Crime Risk Index for the Primary Study Area (PSA) is 117, which is slightly above the national average (100). The PSA has a property crime index that is much higher than the personal crime index. Among the individual submarkets, the overall crime risk indices range from 94 (West Submarket) to 122 (North Submarket), which is generally considered a narrow range. As a result, it does appear that any one submarket has a disproportionately high or low crime risk index and it is likely that crime is not a significant factor that would impact the respective submarket’s housing markets.
Maps illustrating crime risk for Evansville follow this page.
VII-5 Primary Study Area Evansville, IN 2017 Crime Risk Tract 1 - 50 (Half of Average) 51 - 100 (Below Average) 101 - 200 (Above Average) 201 - 400 (More than 2X Average) 401 and up (More than 4X Average) No Data
N 0 0.4 0.8 1.6 2.4 1:105,000 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community, Esri, AGS VIII. HOUSING GAP/DEMAND ANALYSIS
INTRODUCTION
Since the development of new housing in Evansville could include a variety of product types and target markets, our estimates for the number of units that can be supported consider a variety of rents/price points and corresponding income levels. For the purposes of this analysis, we have segmented demand into three levels of household income types: 1.) Very Low Income, 2.) Low Income, and 3.) Moderate/High Income. The actual household incomes for each segment differ between the demand for rentals versus for-sale housing and are discussed in further detail within their corresponding sections.
1. Rental Housing
Rental housing to meet the housing needs of both current and future households in Evansville will most likely take the shape of apartment, duplex and single-family housing alternatives. There are a variety of financing mechanisms that can support the development of rental housing alternatives such as federal government programs and state programs, as well as conventional financing through private lending institutions. These different financing alternatives often have specific income and rent restrictions, which affect the market they target.
We have evaluated the Evansville market’s ability to support rental housing based on three levels of income/affordability. While there may be overlap among these three levels due to program targeting and rent levels charged, we have established specific income stratifications that are exclusive of each other in order to eliminate double-counting demand. The three levels of affordability are described below:
Very Low Income Households – There are a variety of federal housing programs that assist in meeting the needs of low-income households. While the actual parameters for qualifying housing based on income levels are affected by the program type, household size limits, and other programmatic restrictions, most projects using federal housing program financing or assistance are occupied by households with annual incomes under $25,000. This income level generally represents 40% of Area Median Household income levels (depending upon household sizes) and is often associated with federally assisted projects. For the purposes of this analysis, we have limited our demand estimates for housing that serves very low-income households to households with incomes up to $25,000.
VIII-1 Low-Income Households – Development of housing for low-income households is often financed through state issued (but federally mandated) Tax Credits under the Section 42 program. Such housing is restricted to households with incomes of up to 60% of AMHI. While the minimum income requirement is usually based on the lowest gross rent that a Tax Credit project would charge, for the purposes of this analysis, we have limited the minimum income requirement to the maximum income limit ($25,000) used for the very low-income households demand estimates. The maximum income limit used for this housing segment is $49,999.
Moderate/High Income Households – Projects that are not limited by federal and state government programs are considered market-rate housing. Market-rate units can fall within the entire spectrum of affordability, as it is up to ownership and management of a market-rate project to determine the rents to charge and the corresponding income qualifications of prospective residents. For the purposes of this analysis, we assume households with incomes above 60% of AMHI will respond to market-rate housing. The income level used for this housing segment is $50,000 and higher.
The following table summarizes the three income segments used in this analysis to estimate potential demand.
Income Range Household Type (% AMHI) Income Range Very Low Income (<40% AMHI) <$25,000 Low Income (40% to 60% AMHI) $25,000 to $49,999 Moderate/High Income (61% AMHI+) $50,000+
While different state and federal housing programs establish income and rent restrictions for their respective programs, in reality, there is potential overlap between windows of affordability between the programs. Further, those who respond to a certain product or program type vary and many households could respond to multiple project types. This is because housing markets are highly dynamic, with households entering and exiting by tenure and economic profile. Further, qualifying policies of property owners and management impact the households that may respond to specific project types. As such, while a household may prefer a certain product, ownership/management qualifying procedures (i.e. review of credit history, current income verification, criminal background checks, etc.) may affect housing choices that are available.
VIII-2 Regardless, we have used the preceding income segmentations as the ranges that a typical project would use to qualify residents, based on their household income. Ultimately, any new product added to the market will be influenced by many decisions made by the developer and management. This includes eligibility requirements, design type, location, rents, amenities and other features. As such, our estimates assume that the rents, quality, location, design and features are marketable and will appeal to most renters.
There are generally three primary sources of demand for new rental housing. These sources include the following:
New Housing Needed to Meet Projected Household Growth Additional Units Required for a Balanced Market Replacement Housing for Demolished and Substandard Housing
New Renter Household Growth
The first source of demand is generally easily quantifiable, and includes the net change in renter households between the baseline year of 2017 and the projection year of 2022.
Units Required for a Balanced Market
The second demand component considers the number of units a market requires to offer balanced market conditions, which is usually a market with 5% of the rental supply available (95% occupied). Healthy markets require approximately 4% to 6% of the rental market to be available in order to allow for inner-market mobility and encourage competitive rental rates. Markets with vacancy rates below a healthy rate often suffer from rapid rent increases, minimal tenant turnover (which may result in deferred maintenance), and residents being forced into housing situations that do not meet their housing needs. The vacancy rates by program type and/or affordability level are based on our survey of area rental alternatives. To determine a balanced market, we have applied a 5% vacancy rate to the projected 2022 rental housing supply.
VIII-3 Replacement Housing
Demand for new units as replacement housing takes into consideration that while some properties are adequately maintained and periodically updated, a portion of the existing stock reaches a point of functional obsolescence over time and needs to be replaced. This comes in the form of either units that are substandard (lacking complete plumbing and/or are overcrowded) or units expected to be removed from the housing stock through demolitions. According to U.S. Census data, up to 4.7% of renter households in Evansville are considered to be living in substandard housing, depending upon income levels (low-income households typically have a disproportionately high share of residents living in substandard housing). For the purposes of this analysis, we have used a substandard housing ratio of up to 4.7%, but lower shares for some of the higher income households. Further, while some households may physically be accommodated in existing housing structures, many households live in housing that is priced in such a way that creates a financial burden upon households. While financially burdened, these households are currently accommodated in existing housing and were not considered in this analysis.
Additionally, based on our own research and on secondary reports, up to 0.3% of existing housing stock should be replaced annually, particularly in older, urban areas with notable shares of functionally obsolete housing. This is often done through demolitions. We have used annual demolition rates of up to 0.3% in our demand estimates.
The table on the following page includes a demand calculation for rental units targeting the three income segments considered in this analysis. It should be noted that while numerous multifamily projects are being considered for development in the market, we have only considered those projects with units actually under construction or that have received the required building permits and/or financing to proceed. The majority of the 188 confirmed apartments in the development pipeline will likely have product serving households with incomes between $25,000 and $49,999. Therefore, we have included 180 of these units in the $25,000 to $49,999 demand segment and 8 units in the $50,000 and higher segment. While the Housing Authority has several subsidized projects being redeveloped, they appear to involve existing housing projects and should not involve new units. Therefore, we have not accounted for these units in our demand estimates.
VIII-4 2017 - 2022 Rental Demand Potential by Income Level & Rent Evansville, Indiana Primary Study Area Household Income Range < $25,000 $25,000-$49,999 $50,000+ Rent Affordability < $625 $625-$1,249 $1,250+ I. Growth Demand Household-Based: 2017 Renter Households 11,446 7,987 4,873 2022 Estimated Renter Households 11,623 7,804 5,230 New Renter Household Growth Over Projection Period (5 Years) 177 -183 357 II. Total Units Needed For Balanced (95.0% Occupied) Market 2022 Occupied Rental Housing Units 11,623 7,804 5,230 Estimated Total Units Needed for Balanced Market 2022 12,235 8,215 5,505 Units Required for a Balanced Market (Occupied & Vacant) 2022 612 411 275 Estimated Vacant Units 2022* -197 -296 -298 Additional/Fewer Rental Housing Units Needed for Balanced Market 415 115 -23 III. Replacement of Existing Rental Product Total Occupied Rental Units in 2017 11,446 7,987 4,873 Multiplied by the Share of Substandard Housing Units** 538 375 229 Multiplied by the Share of Replacement Housing Needed *** 114 80 49 Total Replacement Housing Needed by 2022 652 455 278 IV. Total Supply And Demand New Income-Qualified Renter Household 177 -183 357 Units Needed for Balanced Market 415 115 -23 Total Replacement Housing Needed by 2022 652 455 278 Less Residential Units in the Development Pipeline 0 -180 -8 Total Overall Market (PSA) Units of Potential Support by 2022 1,244 207 604 *Vacancy based on Bowen National Research field survey of each rental housing alternative **Substandard housing includes the share of units that are overcrowded and lack of complete plumbing ***Considers annual replacement rate of existing rental product between 2017 and 2022
As the preceding table illustrates, by 2022 the overall PSA could potentially support up to 1,244 new rental units affordable to households with annual income under $25,000 (rents below $625), 207 new rental households affordable to households with annual incomes between $25,000 and $49,999 (rents between $625 and $1,249), and 604 units affordable to households with annual incomes of $50,000 and higher.
It is critical to understand that these estimates represent potential units of demand by targeted rents and income levels. In order to achieve support for all of the preceding projected estimates, a large portion of the housing units that are classified as “substandard” would need to be removed from the market (through demolitions and/or conversions) and a large variety of product types (e.g. bedroom types, price ranges, features and amenities, designs, etc.) would have to be built to meet a broad range of housing needs. Both of these scenarios are unlikely to occur. Therefore, the actual number of rental units that can be supported is likely less than estimated above and will ultimately be contingent upon a variety of factors including the location of a project, proposed features, product quality, designs, management and marketing efforts. As such, the potential number of units of support should be considered a general guideline to residential development planning for the overall PSA.
VIII-5 2. For-Sale Housing Demand Estimates
This section of the report addresses the market demand for for-sale housing alternatives in Evansville. Like the rental housing demand estimates, we have segmented potential demand by three different income levels. This includes very low-income households (making less than $30,000 annually), low-income households (making between $30,000 and $59,999), and moderate/high income households (making $60,000 or higher).
There are a variety of factors that impact the demand for new homes within an area. In particular, area and neighborhood perceptions, quality of school districts, socioeconomic characteristics, mobility patterns, city demolition and revitalization efforts, and the number active builders all play a role in generating new home sales. Support can be both internal (households moving within the market) and external (households new to the market).
While new household growth alone is often the primary contributor to demand for new for-sale housing, demand will also be generated from additional housing needed to expand housing choices (in situations where availability is limited) and the need to replace some of the older housing stock. As a result, we have considered the following specific sources of demand for new for-sale housing in Evansville.
New Housing Needed to Meet Projected Household Growth Additional Units Required for a Balanced Market Replacement Housing for Functionally Obsolete/Substandard Housing
For the purposes of this analysis, we conservatively assume that a homebuyer will be required to make a minimum down payment of at least 10.0% of the purchase price for the purchase of a new home. Further, we assume that most buyers will be qualified on a mortgage to income ratio of 30%. Using this methodology, the following represents the potential purchase price by income level (this analysis also assumes a fixed rate of 5.0% financed over a period of 30 years):
Maximum Income Level Down Payment Purchase Price Less Than $29,999 $10,000 Up to $100,000 $30,000-$59,999 $10,000-$20,000 $100,000-$199,999 $60,000 and Higher $20,000+ $200,000and Higher
VIII-6 Naturally, there are cases where a household can afford a higher down payment to purchase a more expensive home. There are also cases in which a household purchases a less expensive home although they could afford a higher purchase price. The actual support for new housing will ultimately be based on a variety of factors such as price points, square footages, amenities, design, quality of finishes, and location. Considering these variations, this broad analysis provides the basis in which to estimate the potential sales of new for-sale housing within Evansville.
New Household Growth
We evaluated the number of new owner-occupied households that are expected to be added to the market between 2017 and 2022. It should be noted that changes in the number of households within a specific income segment does not necessarily mean that households are coming to or leaving the market, but instead, many of these households are likely to experience income growth or loss that would move them into a higher or lower income segment.
Units Required for a Balanced Market
Healthy, well-balanced for-sale housing markets typically require a sufficient supply of available product at a variety of price points in order to allow for internal market mobility (allowing people to upgrade or downsize their housing based on their household needs), to keep household pricing stable (lack of supply drives pricing up exceedingly high, while excessive supply could decrease housing prices), and to allow sufficient choices to attract new households to the Evansville market. Typically, in most for-sale housing markets, vacancy rates of around 3.0% are generally considered ideal, though higher vacancy rates could be supportable in high growth markets, for example. In Evansville, we believe the for-sale housing market could experience healthy market conditions at a 3.0% vacancy rate. Therefore, we have applied this 3.0% vacancy rate (97.0% occupancy rate) to the existing housing supply to estimate the number of vacant units that would be required at each pricing segment to achieve a “balanced” market (Note: A 2.0% vacancy rate was applied to the demand estimates for product priced at $200,000 and higher).
VIII-7 Replacement Housing
Given the limited development of new housing units in Evansville over the past several years, most homebuyers have primarily been limited to choosing from the established housing stock, much of which is more than 40 years old. Based on our on-site analysis of the existing housing stock, it appears the quality of housing varies greatly throughout the city. This variety in quality likely contributes to the variety of home pricing in the market.
Nationally, approximately 0.3% of all housing stock is considered functionally obsolete or uninhabitable on an annual basis. Certainly, factors such as the quality and type of housing originally constructed, local perceptions and expectations, seasonal climate influences, scope of city building and property maintenance codes, and political and other socioeconomic factors influence the need and rate for replacement housing. We have used up to a 0.3% annual demolition rate for the lowest priced product and none for the highest priced product.
Substandard housing is considered housing that suffers from overcrowded households, lacks completed kitchen plumbing or lacks completed bathroom plumbing. Based on demographic data, up to 1.4% of owner- occupied housing units are considered substandard. Since is likely that lower priced product has a higher propensity for having substandard conditions, for the purposes of this analysis we have applied a 1.5% substandard ratio to product priced below $100,000 and to product priced between $100,000 and $199,999, and we did not apply any substandard ratio to housing priced above $200,000.
VIII-8 Demand Estimates
The potential support for new for-sale housing in Evansville is below.
2017-2022 or-Sale Housing Demand by Income Level & Price Point Evansville, Indiana Primary Study Area Household Income Range < $30,000 $30,000-$59,999 $60,000+ Housing Price Affordability < $100,000 $100,000-$199,999 $200,000+ I. Growth of Owner-Occupied Households: 2017 Total Income-Qualified Owner-Occupied Households 6,402 8,713 12.086 2022 Total Income-Qualified Owner-Occupied Households 6,600 8,437 12.460 New Owner-Occupied Household Growth (2017 to 2022) 198 -276 374 II. Total Units Needed For Balanced (97.0% Occupied) Market Total Owner-Occupied Units in 2022 6,600 8,437 12,460 Total Units Needed for Balanced Market 2022 6,804 8,698 12,714 Vacant Units Needed for Balanced Market 2022 204 261 254 Less Current Vacant Units Available for Purchase* -230 -77 -30 Estimated (Surplus) or Deficit of For-Sale Housing -26 184 224 III. Replacement of Existing For-Sale Product Total Owner-Occupied Units in 2017 6,402 8,713 12,086 Substandard Units** 96 130 0 Units Expected to be Demolished*** 19 26 0 Total Replacement Housing Needed by 2022 115 156 0 IV. Total Supply And Demand New Owner-Occupied Household Growth (2017 to 2022) 198 -276 374 Housing Units Needed for Balanced Market -26 184 224 Total Replacement Housing Needed by 2022 115 156 0 Less Product in Development Pipeline 00 -42 Total Overall Market (PSA) Units of Potential Support by 2022 287 64 556 *Includes available for-sale product from Bowen National Research’s analysis of MLS data **Includes substandard rate (overcrowded and lacking complete plumbing facilities) ***Considers annual demolition rate of existing for-sale product depending upon price point
As the preceding table illustrates, over the five-year projection period, there is a potential need for for-sale housing of up to 287 units priced less than $100,000, 64 units between $100,000 and $199,000, and 556 for units priced above $200,000.
It is critical to understand that these estimates represent potential units of demand by targeted sales price and income levels. In order to achieve support for all of the preceding projected estimates, a large variety of product types (e.g. bedroom types, price ranges, features and amenities, designs, etc.) within a variety of geographic areas would have to be built to meet a broad range of housing needs. Both of these scenarios are unlikely to occur. Therefore, the actual number of for-sale units that can be supported is likely less than estimated above and will ultimately be contingent upon a variety of factors including the location of a project, proposed features, product quality, designs, management and marketing efforts. As such, the potential number of units of support should be considered a general guideline to residential development planning for the overall PSA.
VIII-9 Overall, there is potential support for a variety of residential development alternatives in Evansville. It is important to understand that the housing demand estimates shown in this report assume no major changes occur in the local economy and that the demographic trends and projections provided in this report materialize. As such, our demand estimates should be considered conservative and serve as a baseline for development potential. With a substantial amount of planned investments and infrastructure projects, Evansville could experience significant job and demographic growth that could far exceed those projected in this report. As such, housing demand estimates could be significantly greater than our current estimates.
VIII-10 IX. QUALIFICATIONS
The Company
Bowen National Research employs an expert staff to ensure that each market study includes the highest standards. Each staff member has hands-on experience evaluating sites and comparable properties, analyzing market characteristics and trends, and providing realistic recommendations and conclusions. The Bowen National Research staff has national experience and knowledge to assist in evaluating a variety of product types and markets.
Primary Contact and Report Author Patrick Bowen, President of Bowen National Research, has conducted numerous housing needs assessments and provided consulting services to city, county and state development entities as it relates to residential development, including affordable and market rate housing, for both rental and for-sale housing, and retail development opportunities. He has also prepared and supervised thousands of market feasibility studies for all types of real estate products, including housing, retail, office, industrial and mixed-use developments, since 1996. Mr. Bowen has worked closely with many state and federal housing agencies to assist them with their market study guidelines. Mr. Bowen has his bachelor’s degree in legal administration (with emphasis on business and law) from the University of West Florida and currently is a member of the NCHMA Executive Committee and is a co-chair of the NCHMA Standards Committee.
Patrick Bowen has served as the lead author/analyst and primary contacts of the following housing assessments since 2010:
Housing Needs Assessment – Yellow Springs, Ohio Housing Study & Needs Assessment – St. Johnsbury, Vermont Housing Needs Assessment – Spokane Tribe, Washington Housing Needs Assessment – Penobscot Nation, Maine Countywide Housing Needs Assessment – Preble County, Ohio Downtown Residential Feasibility Study – Charleston, West Virginia Regional Housing Needs Assessment – Asheville, North Carolina Region Statewide and County Level Housing Needs Assessments – Vermont Citywide Housing Needs Assessment – Evansville, Indiana Town Housing Needs Assessment – Nederland, Colorado Housing Market Study – Fort Wayne (Southeast Quadrant), Indiana Citywide Housing Market Study & Tornado Impact Analysis – Joplin, Missouri Downtown Residential Feasibility Study – Morgantown, West Virginia
IX-1 Downtown Housing Needs Analysis – Springfield, Illinois Countywide Rental Housing Needs Analysis & Hurricane Dolly Housing Impact Analysis– Hidalgo County, Texas Citywide Comprehensive Housing Market Study – Rock Island, Illinois For-Sale Housing Analyses – Richmond and Chesterfield County, Virginia Affordable Housing Market Analysis – Jacksonville, North Carolina. East District Rental Housing Needs Assessment – New Orleans, Louisiana Employer Survey and Housing Needs Assessment – Greene County, Pennsylvania Hill District Housing Needs Assessment – Pittsburgh, Pennsylvania Statewide Rural and Farm Labor Housing Needs Analysis – Texas
The following individuals provided research and analysis assistance and have been involved with previous housing needs assessment completed by our firm in some capacity:
June Davis, Office Manager of Bowen National Research, has 24 years of experience in market feasibility research. Ms. Davis has overseen production on over 20,000 market studies for projects throughout the United States.
Lisa Goff, Market Analyst, has conducted site-specific analyses in both rural and urban markets throughout the country. She is also experienced in the day-to-day operation and financing of Low-Income Housing Tax Credit and subsidized properties, which gives her a unique understanding of the impact of housing development on current market conditions.
Desireé Johnson is the Director of Operations for Bowen National Research. Ms. Johnson is responsible for all client relations, the procurement of work contracts, and the overall supervision and day-to-day operations of the company. She has been involved in the real estate market research industry since 2006. Ms. Johnson has an Associate of Applied Science in Office Administration from Columbus State Community College.
Jeff Peters, Market Analyst, has conducted on-site inspection and analysis for rental properties throughout the country. He is familiar with multiple types of rental housing programs, the day-to-day interaction with property managers and leasing agents and the collection of pertinent property details. Mr. Peters graduated from The Ohio State University with a Bachelor of Arts in Economics.
Craig Rupert, Market Analyst, has conducted on-site market analysis in both urban and rural markets throughout the United States since 2010. Mr. Rupert is experienced in the evaluation of multiple types of housing programs, including market-rate, Tax Credit and various government subsidies and uses this knowledge and research to provide both qualitative and quantitative analysis. Mr. Rupert has a degree in Hospitality Management from Youngstown State University.
IX-2 Stephanie Viren is the Research & Travel Coordinator at Bowen National Research. Ms. Viren focuses on collecting detailed data concerning housing conditions in various markets throughout the United States. Ms. Viren has extensive interviewing skills and experience and also possesses the expertise necessary to conduct surveys of diverse pools of respondents regarding population and housing trends, housing marketability, economic development and other socioeconomic issues relative to the housing industry. Ms. Viren's professional specialty is condominium and senior housing research. Ms. Viren earned a Bachelor of Arts in Business Administration from Heidelberg College.
Jack Wiseman, Market Analyst, has conducted extensive market research in over 200 markets throughout the United States since 2008. He provides thorough evaluation of site attributes, area competitors, market trends, economic characteristics and a wide range of issues impacting the viability of real estate development. He has evaluated market conditions for a variety of real estate alternatives, including affordable and market-rate apartments, retail and office establishments, educational facilities, marinas and a variety of senior residential alternatives. Mr. Wiseman has a Bachelor of Arts degree in Economics from Miami University.
In-House Researchers – Bowen National Research employs a staff of in-house researchers who are experienced in the surveying and evaluation of all rental and for-sale housing types, as well as in conducting interviews and surveys with city officials, economic development offices and chambers of commerce, housing authorities and residents.
No subconsultants were used as part of this assessment.
IX-3 ADDENDUM A. FIELD SURVEY OF SENIOR FACILITIES EVANSVILLE, INDIANA
The following section is a phone survey of senior housing alternatives with services. These properties were identified through a variety of sources including senior resource guides, yellow page listings, government agencies, and Chambers of Commerce. The intent of this phone survey is to evaluate the overall strength of the existing market for senior housing with services, identify trends that impact future development, and identify those properties that would be considered most comparable to the subject site.
The phone survey has been organized by the type of project surveyed. Properties have been color coded to reflect the project type. Projects have been designated as independent-living, congregate care (independent-living with services), assisted-living, and in some cases, nursing care. The phone survey is organized as follows:
A color-coded map indicating each property surveyed by project type.
A map identification list of properties surveyed by name, profit/non-profit status, year built and/or renovated, total beds or units, vacant beds or units, and occupancy rate. Projects are listed in numeric order and color coded by project type.
Distribution of fees or rents, entrance fees (if any), and a distribution by bed/unit type, vacancies, and occupancy rate.
A listing of properties surveyed with photograph, address, phone number, year built or renovated, number of units/beds, occupancies, any licensure, and relevant comments, and project ratings including building appearance, ease of access, and a neighborhood rating.
A listing of unit amenities.
A listing of project amenities.
Fees per unit type for each project.
Unit size in square feet for each project.
Survey Date: December 2017 A-1 Primary Study Area Evansville, IN Submarkets Apartment Locations Central East Near East North West Apartments Type (! Govt-sub (! Mkt rate/Govt-sub (! Mkt rate (! Mkt rate/Tax Credit (! Tax Credit (! Tax Credit/Govt-sub (!61(!80 (!91
104 (! 41 (! (!81 95 33 (! (!(!47 27 19 (! (!93 (!18 (! 20 (!21 (! (!98 45 (! (!87 (!99 101(! 56 (!57(! (!17 (!35 16 15 50 (!3 (!(! 10 (! !54 69 65 (! 103(! 100 ((! (!11 (! (! 25 70 9 (!79 (!89 (!26 (!90 (!(!44(! (! (!62 40 42 75 (! (! 84 43 (! (! (! 58 76 92 13 (! (!!74 (! 6 (!82 64 (! (39 (! (! (!73 (! (!88 !22 (!60 (!72 (!37 102(! ( (!68 (!7 !77 12 (!52 ( (! 29 71 (! (! (!66 32 31 2 (!48 (!53 (!67 (!(! (! 78 !38 30 49 (! ( 28 14(! (! (!8 5 (! (! (!34 !4 (! 36 (!1 (!85 ( (!94 (! (!23 (!24 (!46 59 (!55 (! 63 (! (!86 (!96 (!51 105(!83 (! (!97 N 0 0.425 0.85 1.7 2.55 1:109,393 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community MAP IDENTIFICATION LIST - EVANSVILLE,
MAP FOR YEAR TOTAL OCC. ID PROJECT NAME PROFIT BUILT BEDS/UNITS VAC. RATE A-1 Evansville Protestant Home NO 1926 72 10 86.1% N-1 Evansville Protestant Home NO 1964 73 22 69.9% N-2 Good Samaritan Home NO 1962 212 15 92.9% C-2 Good Samaritan Home NO 2002 16 4 75.0% A-3 Walnut Creek Alzheimer's Special Care Cen YES 2015 66 11 83.3% N-4 Columbia Healthcare Center YES 1983 151 21 86.1% N-5 Braun's Nursing Home YES 1957 71 20 71.8% N-6 Golden Living Center Brentwood NO 1984 114 34 70.2% N-7 Park Terrace Village NO 1970 96 18 81.3% A-8 West River Health Campus YES 2011 69 0 100.0% N-8 West River Health Campus YES 2011 60 10 83.3% N-9 Pine Haven Health & Rehab Center NO 1957 110 19 82.7% A-10 Riverwalk Communities YES 1917 105 0 100.0% N-11 University Nursing & Rehab Center NO 1966 47 3 93.6% C-11 University Terrace NO 1966 22 0 100.0% C-12 Willow Park YES 1988 112 4 96.4% I-13 Lakeside Manor YES 1993 700 7 99.0% A-14 Oasis Dementia Care YES 1960 45 1 97.8% N-15 Parkview Care Center YES 1965 93 10 89.2% A-16 River Pointe Health Campus YES 2003 43 4 90.7% N-16 River Pointe Health Campus YES 2003 65 4 93.8% A-17 Brookdale of Evansville YES 1996 42 8 81.0% A-18 Terrace at Solarbron NO 2000 35 0 100.0% N-18 Terrace at Solarbron NO 2008 87 0 100.0% TOTAL TOTAL OCCUPANCY FACILITY TYPE PROJECTS UNITS/BEDS RATE INDEPENDENT LIVING 1 700 99.0% CONGREGATE CARE 3 150 94.7% ASSISTED LIVING 8 477 92.9% NURSING CARE 12 1,179 85.1%
* - In Miles
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-3 DISTRIBUTION OF FEES BY SERVICE LEVEL - EVANSVILLE, INDIANA
INDEPENDENT LIVING BED TYPE MONTHLY RENT ENTRANCE FEES UNITS SHARE VACANT % OCCUPIED ONE BEDROOM $530 - $780 - 300 42.9% 0 100.0% TWO BEDROOM $660 - $810 - 400 57.1% 7 98.3% 700 100.0% 7 99.0%
CONGREGATE CARE BED TYPE MONTHLY FEE ENTRANCE FEES UNITS SHARE VACANT % OCCUPIED STUDIO $1,000 - $2,600 - 39 26.0% 2 94.9% ONE BEDROOM $810 - $3,200 - 88 58.7% 5 94.3% TWO BEDROOM $2,800 - $3,500 - 23 15.3% 1 95.7% 150 100.0% 8 94.7%
ASSISTED LIVING BED TYPE MONTHLY FEE SECOND PERSON UNITS SHARE VACANT % OCCUPIED SLEEPING ROOM $750 - $4,593 $750 - $750 201 42.1% 5 97.5% STUDIO $2,310 - $4,888 $920 - $1,759 46 9.6% 7 84.8% ONE BEDROOM $2,852 - $5,597 $788 - $1,759 87 18.2% 10 88.5% TWO BEDROOM $4,858 - 2 0.4% 0 100.0% ALZ/DEM $4,700 - $6,300 $5,600 - $5,600 141 29.6% 12 91.5% 477 100.0% 34 92.9%
NURSING CARE BED TYPE PRIVATE* SEMI-PRIVATE* BEDS SHARE VACANT % OCCUPIED SLEEPING ROOM $182 - $577 $182 - $276 945 80.2% 151 84.0% ALZ/DEM - $173 - $255 117 9.9% 9 92.3% SHORT-TERM $208 - $359 $220 - $276 117 9.9% 16 86.3% 1,179 100.0% 176 85.1%
* - Daily Fee
Survey Date: December 2017 A-4 COMMUNITY CONFIGURATION - EVANSVILLE, INDIANA
MAP FOR INDEPENDENT CONGREGATE ASSISTED NURSING ID PROJECT NAME PROFIT CCRC LIVING CARE LIVING CARE 1 Evansville Protestant Home NO YES X X
2 Good Samaritan Home NO YES X X
3 Walnut Creek Alzheimer's Special YES NO X Care Center 4 Columbia Healthcare Center YES NO X
5 Braun's Nursing Home YES NO X
6 Golden Living Center Brentwood NO NO X
7 Park Terrace Village NO NO X
8 West River Health Campus YES NO X X
9 Pine Haven Health & Rehab Center NO NO X
10 Riverwalk Communities YES NO X
11 University Nursing & Rehab Center NO NO X X
12 Willow Park YES NO X
13 Lakeside Manor YES NO X
14 Oasis Dementia Care YES NO X
15 Parkview Care Center YES NO X
16 River Pointe Health Campus YES YES XX
17 Brookdale of Evansville YES NO X
18 Terrace at Solarbron NO NO XX
Survey Date: December 2017 A-5 PROPERTY PROFILES - EVANSVILLE, INDIANA
I-13 Lakeside Manor Location 3201 N. Green River Rd. Total Units 700 Evansville, IN 47715 Occupancy Rate 99.0% Phone (812) 474-9999 Year Built 1993 Mgmt Co. Physical Structure B Ease of Access B Comments Select units have attached garage & higher Neighborhood B monthly fee; Offers a community center; Visibility B+ Additional units opened 2008
C-2 Good Samaritan Home Location 601 N. Boeke Rd. Total Units 16 Evansville, IN 47711 Occupancy Rate 75.0% Phone (812) 476-4912 Year Built 2002 Mgmt Co. Good Samaritan Home Inc. Physical Structure B Ease of Access A- Comments Neighborhood B+ Visibility A-
C-11 University Terrace Location 1236 Lincoln Ave. Total Units 22 Evansville, IN 47714 Occupancy Rate 100.0% Phone (812) 464-3607 Year Built 1966 Mgmt Co. Physical Structure C+ Ease of Access B Comments Waitlist: 35 households Neighborhood B Visibility B
C-12 Willow Park Location 5050 Lincoln Ave. Total Units 112 Evansville, IN 47715 Occupancy Rate 96.4% Phone (812) 817-0660 Year Built 1988 Mgmt Co. Holiday Retirement Physical Structure B Ease of Access B Comments Provides E-call pendants; Unit mix estimated Neighborhood B Visibility B
* - Occupied Beds
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-6 PROPERTY PROFILES - EVANSVILLE, INDIANA
A-1 Evansville Protestant Home Location 3701 Washington Ave. Total Beds 72 Evansville, IN 47714 Occupancy Rate 86.1% Phone (812) 476-3360 Year Built 1926 2009 Mgmt Co. Protestant Home Physical Structure B- Licensure Residential Care Facility Ease of Access B Comments Sleeping rooms have no appliances, studio has Neighborhood B+ small refrigerator, 1-br has full size appliances; Visibility A- Additional levels of care are a la carte, help with showering $10, transport to dining $2.50 A-3 Walnut Creek Alzheimer's Special Care Center Location 525 Bentee Wes Ct. Total Beds 66 Evansville, IN 47715 Occupancy Rate 83.3% Phone (812) 471-3100 Year Built 2015 Mgmt Co. Physical Structure N Licensure Residential Care Facility Ease of Access N Comments Opened 10/2015 Neighborhood N Visibility N
A-8 West River Health Campus Location 714 S. Eickhoff Rd. Total Beds 69 Evansville, IN 47712 Occupancy Rate 100.0% Phone (812) 985-9878 Year Built 2011 Mgmt Co. Trilogy Health Services Physical Structure A- Licensure Residential Care Facility Ease of Access A- Comments Higher additional levels of care fees for memory Neighborhood B care; Waitlist: 7 households; Square footage Visibility B+ estimated
A-10 Riverwalk Communities Location 101 SE 1st St. Total Beds 105 Evansville, IN 47708 Occupancy Rate 100.0% Phone (812) 425-1041 Year Built 1917 2010 Mgmt Co. Marketing Admin Physical Structure B- Licensure Residential Care Facility Ease of Access B+ Comments All units on Medicaid waiver; Transportation to Neighborhood B store bi-monthly; Cable fee $15.60/monthly; Visibility B Waitlist: 19 households Medicaid Beds* 105 Medicare Beds* 0
* - Occupied Beds
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-7 PROPERTY PROFILES - EVANSVILLE, INDIANA
A-14 Oasis Dementia Care Location 4301 Washington Ave. Total Beds 45 Evansville, IN 47714 Occupancy Rate 97.8% Phone (812) 303-3310 Year Built 1960 2014 Mgmt Co. Physical Structure N Licensure Residential Care Facility Ease of Access N Comments Purchased & renovated former nursing home to Neighborhood N memory care units 10/2014; Additional 22 units Visibility N UC, expect completion 4/2018 Medicaid Beds* 2 Medicare Beds* 0 A-16 River Pointe Health Campus Location 3001 Galaxy Dr. Total Beds 43 Evansville, IN 47715 Occupancy Rate 90.7% Phone (812) 475-2822 Year Built 2003 Mgmt Co. Trilogy Health Services Physical Structure B+ Licensure Residential Care Facility Ease of Access B+ Comments Community fee: $500 Neighborhood B Visibility A-
A-17 Brookdale of Evansville Location 6521 Greendale Dr. Total Beds 42 Evansville, IN 47711 Occupancy Rate 81.0% Phone (812) 867-7900 Year Built 1996 Mgmt Co. Brookdale Physical Structure B+ Licensure Residential Care Facility Ease of Access B Comments Level of care fees based on need, max monthly Neighborhood B+ fee $2,350; Unit mix estimated Visibility B
A-18 Terrace at Solarbron Location 1501 McDowell Rd. Total Beds 35 Evansville, IN 47712 Occupancy Rate 100.0% Phone (812) 985-0055 Year Built 2000 Mgmt Co. Physical Structure A Licensure Residential Care Facility Ease of Access C Comments Waitlist: 9 households; Also known as Solarbron Neighborhood B+ Pointe Visibility C-
* - Occupied Beds
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-8 PROPERTY PROFILES - EVANSVILLE, INDIANA
N-1 Evansville Protestant Home Location 3701 Washington Ave. Total Beds 73 Evansville, IN 47714 Occupancy Rate 69.9% Phone (812) 476-3360 Year Built 1964 Mgmt Co. Protestant Home Physical Structure B- Licensure Nursing Care Ease of Access B Comments Neighborhood B+ Visibility A- Medicaid Beds* 26 Medicare Beds* 20 N-2 Good Samaritan Home Location 601 N. Boeke Rd. Total Beds 212 Evansville, IN 47711 Occupancy Rate 92.9% Phone (812) 476-4912 Year Built 1962 2003 Mgmt Co. Good Samaritan Home Inc. Physical Structure B Licensure Nursing Care Ease of Access A- Comments No rooms set aside for respite care, offers when Neighborhood B+ rooms are available; Unit mix estimated Visibility A- Medicaid Beds* 118 Medicare Beds* 59 N-4 Columbia Healthcare Center Location 621 W. Columbia St. Total Beds 151 Evansville, IN 47710 Occupancy Rate 86.1% Phone (812) 428-5678 Year Built 1983 Mgmt Co. American Senior Communities Physical Structure B Licensure Nursing Care Ease of Access B Comments One wing closed (18 units) & one unit under Neighborhood B- renovations Visibility B+ Medicaid Beds* 114 Medicare Beds* 12 N-5 Braun's Nursing Home Location 909 1st Ave. Total Beds 71 Evansville, IN 47710 Occupancy Rate 71.8% Phone (812) 423-6214 Year Built 1957 Mgmt Co. Physical Structure B Licensure Nursing Care Ease of Access A- Comments 25 beds may be long term or short term care Neighborhood B- Visibility A- Medicaid Beds* 40 Medicare Beds* 7
* - Occupied Beds
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-9 PROPERTY PROFILES - EVANSVILLE, INDIANA
N-6 Golden Living Center Brentwood Location 30 E. Chandler Ave. Total Beds 114 Evansville, iN 47713 Occupancy Rate 70.2% Phone (812) 423-6019 Year Built 1984 2001 Mgmt Co. Physical Structure B- Licensure Nursing Care Ease of Access B Comments Square footage estimated Neighborhood C+ Visibility B Medicaid Beds* 48 Medicare Beds* 24 N-7 Park Terrace Village Location 25 S. Boehne Camp Rd. Total Beds 96 Evansville, IN 47712 Occupancy Rate 81.3% Phone (812) 423-7468 Year Built 1970 2010 Mgmt Co. Physical Structure B- Licensure Nursing Care Ease of Access C+ Comments Year built & square footage estimated Neighborhood B Visibility B- Medicaid Beds* 69 Medicare Beds* 4 N-8 West River Health Campus Location 714 S. Eickhoff Rd. Total Beds 60 Evansville, IN 47712 Occupancy Rate 83.3% Phone (812) 985-9878 Year Built 2011 Mgmt Co. Trilogy Health Services Physical Structure A- Licensure Nursing Care Ease of Access A- Comments Square footage estimated Neighborhood B Visibility B+ Medicaid Beds* 17 Medicare Beds* 18 N-9 Pine Haven Health & Rehab Center Location 3400 Stocker Dr. Total Beds 110 Evansville, IN 47720 Occupancy Rate 82.7% Phone (812) 424-8100 Year Built 1957 2014 Mgmt Co. Physical Structure C Licensure Nursing Care Ease of Access B- Comments 51 beds added in 2008 & have a higher monthly Neighborhood B- fee; Square footage estimated Visibility B- Medicaid Beds* 56 Medicare Beds* 18
* - Occupied Beds
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-10 PROPERTY PROFILES - EVANSVILLE, INDIANA
N-11 University Nursing & Rehab Center Location 1236 Lincoln Ave. Total Beds 47 Evansville, IN 47714 Occupancy Rate 93.6% Phone (812) 464-3607 Year Built 1966 Mgmt Co. Physical Structure C+ Licensure Nursing Care Ease of Access B Comments Neighborhood B Visibility B Medicaid Beds* 31 Medicare Beds* 9 N-15 Parkview Care Center Location 2819 N. St. Joseph Ave. Total Beds 93 Evansville, IN 47720 Occupancy Rate 89.2% Phone (812) 424-2941 Year Built 1965 2010 Mgmt Co. Admissions Director Physical Structure C+ Licensure Nursing Care Ease of Access B+ Comments Square footage estimated Neighborhood C+ Visibility B Medicaid Beds* 59 Medicare Beds* 17 N-16 River Pointe Health Campus Location 3001 Galaxy Dr. Total Beds 65 Evansville, IN 47715 Occupancy Rate 93.8% Phone (812) 475-2822 Year Built 2003 Mgmt Co. Trilogy Health Services Physical Structure B+ Licensure Nursing Care Ease of Access B+ Comments Neighborhood B Visibility A- Medicaid Beds* 31 Medicare Beds* 24 N-18 Terrace at Solarbron Location 1501 McDowell Rd. Total Beds 87 Evansville, IN 47712 Occupancy Rate 100.0% Phone (812) 985-0055 Year Built 2008 Mgmt Co. Physical Structure A Licensure Nursing Care Ease of Access C Comments Neighborhood B+ Visibility C- Medicaid Beds* 28 Medicare Beds* 28
* - Occupied Beds
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-11 FACILITY CAPACITY - EVANSVILLE, INDIANA
MAP LICENSED MARKETED SHARE OF ID PROJECT NAME CAPACITY BEDS LIC. A-1 Evansville Protestant Home 144 72 50.0% N-1 Evansville Protestant Home 87 73 83.9% N-2 Good Samaritan Home 212 212 100.0% A-3 Walnut Creek Alzheimer's Special Care Center 66 66 100.0% N-4 Columbia Healthcare Center 186 151 81.2% N-5 Braun's Nursing Home 71 71 100.0% N-6 Golden Living Center Brentwood 114 114 100.0% N-7 Park Terrace Village 118 96 81.4% A-8 West River Health Campus 69 69 100.0% N-8 West River Health Campus 61 60 98.4% N-9 Pine Haven Health & Rehab Center 120 110 91.7% A-10 Riverwalk Communities 113 105 92.9% N-11 University Nursing & Rehab Center 47 47 100.0% A-14 Oasis Dementia Care 45 45 100.0% N-15 Parkview Care Center 108 93 86.1% A-16 River Pointe Health Campus 59 43 72.9% N-16 River Pointe Health Campus 53 65 122.6% A-17 Brookdale of Evansville 56 42 75.0% A-18 Terrace at Solarbron 70 35 50.0% N-18 Terrace at Solarbron 91 87 95.6% 1,890 1,656 87.6%
Assisted Living Nursing Care Facility
Survey Date: December 2017 A-12 INDEPENDENT LIVING FEE SCHEDULE - EVANSVILLE, INDIANA
MAP ENTRANCE ONE- TWO- THREE- ID PROJECT NAME STUDIOFEES STUDIO BEDROOM BEDROOM BEDROOM OTHER 13 Lakeside Manor NONE - $530 - $780 $660 - $810 --
CONGREGATE CARE FEE SCHEDULE - EVANSVILLE, INDIANA
MAP ENTRANCE ONE- TWO- THREE- ID PROJECT NAME STUDIOFEES STUDIO BEDROOM BEDROOM BEDROOM OTHER 2 Good Samaritan Home NONE $1,000 $1,100 - --
11 University Terrace NONE - $810 - --
12 Willow Park NONE $1,499 - $1,600 - $2,800 - -- $2,600 $3,200 $3,500
Survey Date: December 2017 A-13 ASSISTED LIVING FEE SCHEDULE - EVANSVILLE, INDIANA
SLEEPING ROOM MAP BASE RATE ID (PRIVATE) LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4+ RANGE A-1 $1,989 $500 $1,000 - - $1,989 - $2,989 A-8 $3,863 $0 $250 $550 $1,500 $3,863 - $5,363 A-10 $750 - - - - $750 - $750 A-16 $3,833 - $4,593 $0 $200 $400 $1,500 $3,833 - $6,093
STUDIO MAP BASE RATE ID (PRIVATE) LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4+ RANGE A-1 $2,310 $500 $1,000 - - $2,310 - $3,310 A-17 $2,530 - $4,888 - - - - $2,530 - $4,888 A-18 $3,295 $525 $1,050 $1,575 $2,100 $3,295 - $5,395
ONE-BEDROOM MAP BASE RATE ID (PRIVATE) LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4+ RANGE A-1 $2,852 - $4,054 $500 $1,000 - - $2,852 - $5,054 A-16 $5,597 $0 $200 $400 $1,500 $5,597 - $7,097 A-17 $2,885 - $5,235 - - - - $2,885 - $5,235 A-18 $3,664 - $4,459 $525 $1,050 $1,575 $2,100 $3,664 - $6,559
TWO-BEDROOM MAP BASE RATE ID (PRIVATE) LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4+ RANGE A-18 $4,858 $525 $1,050 $1,575 $2,100 $4,858 - $6,958
* - Daily Fee
Survey Date: December 2017 A-14 ASSISTED LIVING FEE SCHEDULE - EVANSVILLE, INDIANA
ALZHEIMER'S/DEMENTIA MAP BASE RATE ID (PRIVATE)* LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4+ RANGE A-3 $6,300 - - - - $6,300 - $6,300 A-8 $5,810 $0 $250 $550 $1,500 $5,810 - $7,310 A-14 $4,700 - - - - $4,700 - $4,700
* - Daily Fee
Survey Date: December 2017 A-15 ASSISTED LIVING BED TYPES - EVANSVILLE, INDIANA
MAP MEDICAID PRIVATE PAY ID PROJECT NAME BEDS PERCENT BEDS PERCENT 1 Evansville Protestant Home00.0% 62 100.0%
3 Walnut Creek Alzheimer's 00.0%55 100.0% Special Care Center 8 West River Health Campus00.0% 69 100.0%
10 Riverwalk Communities 105 100.0% 0 0.0%
14 Oasis Dementia Care 24.5%42 95.5%
16 River Pointe Health Campus 00.0%39 100.0%
17 Brookdale of Evansville 00.0%34 100.0%
18 Terrace at Solarbron 00.0%35 100.0% 107 24.2% 336 75.8%
Survey Date: December 2017 A-16 NURSING CARE FEE SCHEDULE - EVANSVILLE, INDIANA
MAP SLEEPING ROOM ALZ / DEM SHORT TERM / RESPITE ID PROJECT NAME SEMI PRIVATE SEMI PRIVATE SEMI PRIVATE 1 Evansville Protestant Home $219 $182 - $304
2 Good Samaritan Home $220 $245 $255 $220 $245
4 Columbia Healthcare Center $210 $277 $215 $359
5 Braun's Nursing Home $185 $225
6 Golden Living Center Brentwood $182 $198 $173
7 Park Terrace Village $230 $250 $356
8 West River Health Campus $242 $280
9 Pine Haven Health & Rehab $198 - $215 $208 - $241 $208 - $241 Center 11 University Nursing & Rehab $235 Center 15 Parkview Care Center $226 $266 - $577
16 River Pointe Health Campus $276 $307 $276 $307
18 Terrace at Solarbron $216 $232 $251 $279 - $320
Reported as Daily Fees
Survey Date: December 2017 A-17 NURSING CARE BED TYPES - EVANSVILLE, INDIANA
MAP MEDICAID MEDICARE PRIVATE PAY ID PROJECT NAME BEDS PERCENT BEDS PERCENT BEDS PERCENT 1 Evansville Protestant Home 26 51.0% 20 39.2% 5 9.8%
2 Good Samaritan Home 118 59.9% 59 29.9% 20 10.2%
4 Columbia Healthcare Center 114 87.7% 12 9.2% 4 3.1%
5 Braun's Nursing Home 40 78.4% 7 13.7% 4 7.8%
6 Golden Living Center Brentwood 48 60.0% 24 30.0% 8 10.0%
7 Park Terrace Village 69 88.5% 4 5.1% 5 6.4%
8 West River Health Campus 17 34.0% 18 36.0% 15 30.0%
9 Pine Haven Health & Rehab 56 61.5% 18 19.8% 17 18.7% Center 11 University Nursing & Rehab 31 70.5% 9 20.5% 49.1% Center 15 Parkview Care Center 59 71.1% 17 20.5% 7 8.4%
16 River Pointe Health Campus 31 50.8% 24 39.3% 6 9.8%
18 Terrace at Solarbron 28 32.2% 28 32.2% 31 35.6% 637 63.5% 240 23.9% 126 12.6%
Survey Date: December 2017 A-18 UNIT SIZE BY BEDROOM TYPE - EVANSVILLE, INDIANA
INDEPENDENT LIVING MAP STUDIO/ ONE- TWO- THREE- ID EFFICIENCY BEDROOM BEDROOM BEDROOM OTHER I-13 Lakeside Manor - 630 866 - 870 - -
CONGREGATE CARE MAP STUDIO/ ONE- TWO- THREE- ID EFFICIENCY BEDROOM BEDROOM BEDROOM OTHER C-2 Good Samaritan Home 315 380 - - - C-11 University Terrace - 420 - - - C-12 Willow Park 410 - 604 486 - 767 860 - 968 - -
ASSISTED LIVING MAP SLEEPING STUDIO/ ONE- TWO- ALZ'S/ SHORT- ID ROOM EFFICIENCY BEDROOM BEDROOM DEM TERM A-1 Evansville Protestant Home 260 300 368 - 411 - - - A-3 Walnut Creek Alzheimer's - - - - 276 - 452 - Special Care Center A-8 West River Health Campus 320 - - - 275 - A-10 Riverwalk Communities 350 - 450 - - - - - A-14 Oasis Dementia Care - - - - 280 - 300 - A-16 River Pointe Health Campus 266 - 385 - 480 - - - A-17 Brookdale of Evansville - 288 324 - 360 - - - A-18 Terrace at Solarbron - 390 670 - 722 950 - 975 - -
NURSING CARE MAP SLEEPING STUDIO/ ONE- TWO- ALZ'S/ SHORT- ID ROOM EFFICIENCY BEDROOM BEDROOM DEM TERM N-1 Evansville Protestant Home 275 - - - - - N-2 Good Samaritan Home 275 - 325 - - - 275 - 325 275 - 325 N-4 Columbia Healthcare Center 275 - 325 - - - 325 275 N-5 Braun's Nursing Home 280 - - - - - N-6 Golden Living Center 250 - - - 250 - Brentwood N-7 Park Terrace Village 250 - 380 - - - - 380 N-8 West River Health Campus 225 - - - - - N-9 Pine Haven Health & Rehab 250 - - - - 250 Center N-11 University Nursing & Rehab 250 - - - - - Center
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-19 UNIT SIZE BY BEDROOM TYPE - EVANSVILLE, INDIANA
NURSING CARE MAP SLEEPING STUDIO/ ONE- TWO- ALZ'S/ SHORT- ID ROOM EFFICIENCY BEDROOM BEDROOM DEM TERM N-15 Parkview Care Center 200 - 400 - - - - - N-16 River Pointe Health Campus 275 - 380 - - - - 275 - 380 N-18 Terrace at Solarbron 275 - - - 275 275
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-20 UNITS/(VACANCIES) BY BEDROOM TYPE - EVANSVILLE, INDIANA
INDEPENDENT LIVING MAP STUDIO/ ONE- TWO- THREE- ID EFFICIENCY BEDROOM BEDROOM BEDROOM OTHER I-13 Lakeside Manor 0 300 400 0 0 (0) (0) (7) (0) (0) TOTAL UNITS 0 300 400 0 0 TOTAL VACANT 0 0 7 0 0
CONGREGATE CARE MAP STUDIO/ ONE- TWO- THREE- ID EFFICIENCY BEDROOM BEDROOM BEDROOM OTHER C-2 Good Samaritan Home 41200 0 (1) (3) (0) (0) (0) C-11 University Terrace 02200 0 (0) (0) (0) (0) (0) C-12 Willow Park 35 54 23 0 0 (1) (2) (1) (0) (0) TOTAL UNITS 39 88 23 0 0 TOTAL VACANT 2 5 1 0 0
ASSISTED LIVING MAP SLEEPING STUDIO/ ONE- TWO- ALZ'S/ SHORT- ID ROOM EFFICIENCY BEDROOM BEDROOM DEM TERM A-1 Evansville Protestant Home 17 17 38 0 0 0 (1) (3) (6) (0) (0) (0) A-3 Walnut Creek Alzheimer's 000066 0 Special Care Center (0) (0) (0) (0) (11) (0) A-8 West River Health Campus 39 0 0 0 30 0 (0) (0) (0) (0) (0) (0) A-10 Riverwalk Communities 105 0 0 0 0 0 (0) (0) (0) (0) (0) (0) A-14 Oasis Dementia Care 000045 0 (0) (0) (0) (0) (1) (0) A-16 River Pointe Health Campus 40 0 3 0 0 0 (4) (0) (0) (0) (0) (0) A-17 Brookdale of Evansville 0202200 0 (0) (4) (4) (0) (0) (0)
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-21 UNITS/(VACANCIES) BY BEDROOM TYPE - EVANSVILLE, INDIANA
ASSISTED LIVING MAP SLEEPING STUDIO/ ONE- TWO- ALZ'S/ SHORT- ID ROOM EFFICIENCY BEDROOM BEDROOM DEM TERM A-18 Terrace at Solarbron 092420 0 (0) (0) (0) (0) (0) (0) TOTAL UNITS 201 46 87 2 141 0 TOTAL VACANT 5 7 10 0 12 0
NURSING CARE MAP SLEEPING STUDIO/ ONE- TWO- ALZ'S/ SHORT- ID ROOM EFFICIENCY BEDROOM BEDROOM DEM TERM N-1 Evansville Protestant Home 73 0 0 0 0 0 (22) (0) (0) (0) (0) (0) N-2 Good Samaritan Home 161 0 0 0 46 5 (15) (0) (0) (0) (0) (0) N-4 Columbia Healthcare Center 111 0 0 0 23 17 (13) (0) (0) (0) (3) (5) N-5 Braun's Nursing Home 71 0 0 0 0 0 (20) (0) (0) (0) (0) (0) N-6 Golden Living Center 92 0 0 0 22 0 Brentwood (28) (0) (0) (0) (6) (0) N-7 Park Terrace Village 73 0 0 0 0 23 (10) (0) (0) (0) (0) (8) N-8 West River Health Campus 60 0 0 0 0 0 (10) (0) (0) (0) (0) (0) N-9 Pine Haven Health & Rehab 105 0 0 0 0 5 Center (18) (0) (0) (0) (0) (1) N-11 University Nursing & Rehab 47 0 0 0 0 0 Center (3) (0) (0) (0) (0) (0) N-15 Parkview Care Center 93 0 0 0 0 0 (10) (0) (0) (0) (0) (0) N-16 River Pointe Health Campus 33 0 0 0 0 32 (2) (0) (0) (0) (0) (2) N-18 Terrace at Solarbron 26 0 0 0 26 35 (0) (0) (0) (0) (0) (0)
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-22 UNITS/(VACANCIES) BY BEDROOM TYPE - EVANSVILLE, INDIANA
NURSING CARE MAP SLEEPING STUDIO/ ONE- TWO- ALZ'S/ SHORT- ID ROOM EFFICIENCY BEDROOM BEDROOM DEM TERM TOTAL UNITS 945 0 0 0 117 117 TOTAL VACANT 151 0 0 0 9 16
Assisted Living Nursing Care Facility Congregate Care Independent Living Survey Date: December 2017 A-23 PARKI NG ( A/ D/ C/ OOTHER ) X WASHER / DRYER X EXTRA STORAGE Full Mini/Small Refrigerator - - X PORCH/ PATI O F M X
REFRI GERATOR A-24 S S X X X X X X X X M INDIANA ,
RANGE Parking Attached Detached - - - - S S X X A D CCarport MI CROWAVE OOptional X X X X X X EMERGENCY CALL X X X X X X X X X X SYSTEM X DI SPOSAL Blinds Curtains - - - X Window Coverings DI SHWASHER B C DDrapes
CARPETI NG X X X X X X X X X X X WI NDOW TREATMENTS All Units Units Some Optional B B X X X X X X X X X - - - X S AI R CONDI TI ONI NG O X X X X X X X X X X X X
MAP I D C-2 A-1 A-3 A-8 I-13 A-18 C-11 C-12 A-10 A-14 A-16 A-17 Nursing Care Facility Congregate Care Living Independent Assisted Living Survey Date: December 2017 Date: December Survey UNIT AMENITIES - EVANSVILLE - AMENITIES UNIT OTHER PATIO FISHING LAKES PAVILION BAR SNACK STOCKED POND PET FRI ENDLY FIREPLACE PATIO; TERRACE COURTYARD; PUTTING G REEN X X X PI CNI C AREA X X X X X COMPUTER LAB X X X COMMUNI TY ROOM X X X X X X OUTSI DE WALK PATH X X X X X X X SECURED ENTRANCE X X X X X X MOVI E THEATER X X X WHI RLPOOL/ SPA S WI MMI NG POOL X LI BRARY INDIANA , X X X X BI STRO / CAFE X X X X A-25 X X X LAUNDRY ROOM X F F F I CE CREAM PARLOR F F X WELLNESS CENTER X X X X X CONVENI ENCE STORE X X EXERCI SE ROOM X X ELEVATOR X X X X Laundry Free Coin X X X X PRI VATE DI NI NG ROOM - - F C X X X X X X X X X X PUBLI C DI NI NG ROOM X X X X X X X X X X X CRAFT/ HOBBY ROOM X X LOUNGES X X X X X X CHAPEL X X X X X X X X X X X BI LLI ARDS AREA X X X X BEAUTY/ BARBER SHOP X X X X X X X X BANK X X X X X MAP I D Assisted Living Nursing Care Facility Congregate Care Living Independent C-2 A-8 A-1 A-3 I-13 C-11 C-12 A-17 A-18 A-14 A-16 A-10 Survey Date: December 2017 Date: December Survey PROJECT AMENITIES - EVANSVILLE - AMENITIES PROJECT ADDENDUM B: PHONE SURVEY OF CONVENTIONAL RENTALS EVANSVILLE, INDIANA The following section is a phone survey of conventional rental properties. These properties were identified through a variety of sources including area apartment guides, yellow page listings, government agencies, the Chamber of Commerce, and previous field inspection conducted by our firm. The intent of this phone survey is to evaluate the overall strength of the existing rental market, identify trends that impact future development, and identify those properties that would be considered most comparable to the subject site. None of these properties were visited in person. Because this information is collected by phone, we cannot verify the accuracy of this data.
The phone survey has been organized by the type of project surveyed. Properties have been color coded to reflect the project type. Projects have been designated as market-rate, Tax Credit, government-subsidized, or a combination of the three project types. The field survey is organized as follows: · A color-coded map indicating each property surveyed and the project type followed by a list of properties surveyed. · Properties surveyed by name, address, telephone number, project type, year built or renovated (if applicable), number of floors, total units, occupancy rate, quality rating, rent incentives, and Tax Credit designation. Housing Choice Vouchers and Rental Assistance are also noted here. Note that projects are organized by project type. · Distribution of non-subsidized and subsidized units and vacancies in properties surveyed. · Listings for unit and project amenities, parking options, optional charges, utilities (including responsibility), and appliances. · Collected rent by unit type and bedrooms. · Unit size by unit type and bedrooms. · Calculations of rent per square foot (all utilities are adjusted to reflect similar utility responsibility). Data is summarized by unit type. · An analysis of units, vacancies, and median rent. Where applicable, non- subsidized units are distributed separately. · An analysis of units added to the area by project construction date and, when applicable, by year of renovation. · Aggregate data and distributions for all non-subsidized properties are provided for appliances, unit amenities and project amenities.
Survey Date: December 2017 B-1 · A rent distribution is provided for all market-rate and non-subsidized Tax Credit units by unit type. Note that rents are adjusted to reflect common utility responsibility. · Aggregation of projects by utility responsibility (market-rate and non-subsidized Tax Credit only). · A utility allowance worksheet.
Note that other than the property listing following the map, data is organized by project types. Market-rate properties (blue designation) are first followed by variations of market-rate and Tax Credit properties. Non-government subsidized Tax Credit properties are red and government-subsidized properties are yellow. See the color codes at the bottom of each page for specific project types. Finally, it should be noted that this is not likely a complete inventory of all rental properties. An in-person visit would allow verification of data collected by telephone, as well as an opportunity to identify other potential competitive properties.
Survey Date: December 2017 B-2 Primary Study Area Evansville, IN Submarkets Apartment Locations Central East Near East North West Apartments Type (! Govt-sub (! Mkt rate/Govt-sub (! Mkt rate (! Mkt rate/Tax Credit (! Tax Credit (! Tax Credit/Govt-sub (!61(!80 (!91
104 (! 41 (! (!81 95 33 (! (!(!47 27 19 (! (!93 (!18 (! 20 (!21 (! (!98 45 (! (!87 (!99 101(! 56 (!57(! (!17 (!35 16 15 50 (!3 (!(! 10 (! !54 69 65 (! 103(! 100 ((! (!11 (! (! 25 70 9 (!79 (!89 (!26 (!90 (!(!44(! (! (!62 40 42 75 (! (! 84 43 (! (! (! 58 76 92 13 (! (!!74 (! 6 (!82 64 (! (39 (! (! (!73 (! (!88 !22 (!60 (!72 (!37 102(! ( (!68 (!7 !77 12 (!52 ( (! 29 71 (! (! (!66 32 31 2 (!48 (!53 (!67 (!(! (! 78 !38 30 49 (! ( 28 14(! (! (!8 5 (! (! (!34 !4 (! 36 (!1 (!85 ( (!94 (! (!23 (!24 (!46 59 (!55 (! 63 (! (!86 (!96 (!51 105(!83 (! (!97 N 0 0.425 0.85 1.7 2.55 1:109,393 Miles Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS User Community MAP IDENTIFICATION LIST - EVANSVILLE, INDIANA
MAP PROJ. QUALITY YEAR TOTAL OCC. ID PROJECT NAME TYPE RATING BUILT UNITS VACANT RATE 1 Abbey Court MRR B 1973 249 32 87.1% 2 Addison Place Apts. MRR B 1972 152 7 95.4% 3 Anchor Court Apts. MRR C+ 1941 64 6 90.6% 4 Apartment Village MRR B 1965 56 1 98.2% 5 Arbors at Evansville MRR C 1969 271 17 93.7% 6 Ashley Pointe MRR B 1987 150 8 94.7% 7 Bellemeade & Line Apts. GSS N 1986 8 0 100.0% 8 Boeke Place MRR C+ 1972 32 2 93.8% 9 Bradford Pointe MRR C+ 1945 252 8 96.8% 10 Brickyard Apts. & Townhomes MRR B 1999 214 0 100.0% 11 Brooklyn Place Apt. Homes MRR B+ 2003 204 13 93.6% 12 Bryce de Moray MRR B 1967 136 5 96.3% 13 Buckner Towers TGS B 1968 108 0 100.0% 14 Carousel Apts. MRR B+ 2009 37 0 100.0% 15 Carriage House (Senior) GSS C 1977 132 0 100.0% 16 Carriage House I (Family) GSS C 1977 75 0 100.0% 17 Carriage House II (Family) GSS C 1979 100 0 100.0% 18 Cedar Trace I TAX B 2010 35 0 100.0% 19 Cedar Trace II TAX B+ 2011 35 0 100.0% 20 Cedar Trace III TAX B+ 2012 48 0 100.0% 21 Cedar Trace Senior Apts. TAX A 2014 51 0 100.0% 22 Country Place Apts. MRR N 2017 18 5 72.2% 23 Colonial Manor MRR C+ 1951 164 20 87.8% 24 Covert Apts. MRR C 1972 16 0 100.0% 25 Crescent Manor MRR C 1970 24 0 100.0% 26 Cross Lake Apts. MRR B 2001 208 4 98.1% 27 Crossings GSS C 1978 200 0 100.0% 28 Dalehaven Estates Cooperative TGS C+ 1969 119 5 95.8% 29 Devonshire Gardens MRR B 1969 137 11 92.0% 30 Devonshire Place MRR B 1977 106 5 95.3% 31 Dexter Apts. MRR B- 1999 10 0 100.0% 32 Dexter Villa MRR B- 1974 59 4 93.2% 33 Diamond Valley MRR C 1978 156 2 98.7% 34 Donaldson Arms Apts. MRR A+ 1912 60 2 96.7% 35 Eastland Apts. MRR B- 1973 161 17 89.4% 36 Eastlodge MRR C+ 1979 72 10 86.1% 37 Eco Square MRR C 1966 107 0 100.0%
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-4 MAP IDENTIFICATION LIST - EVANSVILLE, INDIANA
MAP PROJ. QUALITY YEAR TOTAL OCC. ID PROJECT NAME TYPE RATING BUILT UNITS VACANT RATE 38 Embassy MRR C+ 1972 246 49 80.1% 39 Evansville Public Housing GSS B- 1985 103 0 100.0% 40 Fairmont Apts. MRR C+ 1978 112 24 78.6% 41 Fairway Plaza MRR N 1972 30 0 100.0% 42 Fielding Court Apts. MRR B- 1966 100 1 99.0% 43 Foxfire West Apts. MRR A- 1979 132 4 97.0% 44 Franklin Manor MRR C- 1970 24 2 91.7% 45 Fulton Square GSS C 1957 84 0 100.0% 46 Grand Oak MRG C+ 1971 301 1 99.7% 47 Grandview Tower GSS C- 1979 170 20 88.2% 48 Grove MRR N 1935 24 3 87.5% 49 Hampton Apts. MRR C- 1965 15 0 100.0% 50 Harmony West MRR N 1978 48 0 100.0% 51 Heathmoore Apts. MRR C 1983 73 0 100.0% 52 Hickory Lake MRR A 2005 98 2 98.0% 53 Homes of Evansville TAX B 2013 40 0 100.0% 54 Independence Square Apts. GSS B- 1981 123 0 100.0% 55 Indian Woods MRR B 1984 202 4 98.0% 56 Jacobsville Apts. I TAX B 2005 35 0 100.0% 57 Jacobsville Apts. II TAX B- 2007 35 0 100.0% 58 John Cable Apts. GSS B 2004 24 0 100.0% 59 John M. Caldwell Homes TGS C 1953 121 11 90.9% 60 Kennedy Towers TGS B- 1965 75 0 100.0% 61 Kenzi Estates MRR B+ 2000 64 4 93.8% 62 Kimber Green MRR B 1975 112 2 98.2% 63 Kinway Apts. MRR N 2015 136 34 75.0% 64 Kunkel Square MRR A 2011 50 5 90.0% 65 Lakeshore Apt. Homes MRR A- 2005 224 10 95.5% 66 LexBrook Apts. (Lincoln Park Dr.) MRR C- 1973 48 7 85.4% 67 LexBrook Apts. (S. Weinbach Ave.) MRR D 1968 64 9 85.9% 68 Liberty Terrace Apts. GSS C 1983 58 0 100.0% 69 Lucas Place I GSS C 1999 20 0 100.0% 70 Lucas Place II GSS A 2011 27 0 100.0% 71 May Belle & Montrose Apts. MRR N 2015 14 1 92.9% 72 Meghann Manor MRR N 1925 48 2 95.8% 73 Memorial Place I & II MRT B- 1999 24 0 100.0% 74 Memorial Pointe I & II TAX C 1998 20 0 100.0%
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-5 MAP IDENTIFICATION LIST - EVANSVILLE, INDIANA
MAP PROJ. QUALITY YEAR TOTAL OCC. ID PROJECT NAME TYPE RATING BUILT UNITS VACANT RATE 75 Memorial Townhouses I MRR B 2003 8 0 100.0% 76 Memorial Townhouses I & II TAX B 2005 35 0 100.0% 77 Mulberry Square MRR C 1978 40 3 92.5% 78 Neighborhood Apts. MRR B- 1974 12 0 100.0% 79 Normandy Arms MRR B- 1978 176 0 100.0% 80 North Park Apts. MRR B- 1972 284 14 95.1% 81 Ohio Valley Apts. MRR C+ 1980 146 0 100.0% 82 Orchardgate Apts. MRR C+ 1978 128 3 97.7% 83 Parkside Terrace Senior World GSS C- 1979 20 0 100.0% 84 Pavilion Lakes MRR B 1981 200 12 94.0% 85 Phoenix Apts. MRR C+ 1950 39 3 92.3% 86 Pollack Apts. MRR C 1972 24 0 100.0% 87 Princeton Court MRR N 1976 62 0 100.0% 88 Regency Club MRR B- 1980 444 24 94.6% 89 Reserve MRR A 2008 158 9 94.3% 90 Schnute Apts. TGS C+ 1972 115 0 100.0% 91 Shady Tree MRR B 1970 126 5 96.0% 92 Shannon Glen Apts. TAX B 1969 144 10 93.1% 93 Sugar Mill Creek MRR A- 1985 487 8 98.4% 94 Sunrise East Apts. MRR B- 1974 48 8 83.3% 95 Timbers Apts. MRR B 1975 456 6 98.7% 96 Vann Park Apts. I-IV MRT C+ 1993 192 19 90.1% 97 Village Green MRR C 1978 382 68 82.2% 98 Villas at Theatre Commons MRR B+ 2008 154 0 100.0% 99 Vision 1505 TGS B 2013 32 0 100.0% 100 West Briar Apts. MRR N 1965 24 1 95.8% 101 Western Hills Apts. MRR B- 1970 86 0 100.0% 102 Westwood Apts. MRR C+ 1975 150 0 100.0% 103 White Oak Manor TGS C+ 1973 115 0 100.0% 104 Woodbridge Place MRR B- 1982 192 13 93.2% 105 Woodland Park MRR C 1975 322 12 96.3%
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-6 MAP IDENTIFICATION LIST - EVANSVILLE, INDIANA
PROJECT TYPE PROJECTS SURVEYED TOTAL UNITS VACANT OCCUPANCY RATE U/C MRR 71 9,127 531 94.2% 17 MRT 2 216 19 91.2% 0 MRG 1 301 1 99.7% 0 TAX 10 478 10 97.9% 0 TGS 7 685 16 97.7% 25 GSS 14 1,144 20 98.3% 108 Total units does not include units under construction.
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-7 DISTRIBUTION OF UNITS - EVANSVILLE, INDIANA
MARKET-RATE BEDROOMS BATHS UNITS DISTRIBUTION VACANT %VACANT MEDIAN NET RENT 0 1 118 1.3% 14 11.9% $438 1 1 4,090 43.7% 238 5.8% $585 1 1.5 18 0.2% 2 11.1% $1,050 2 1 2,541 27.1% 165 6.5% $659 2 1.5 739 7.9% 30 4.1% $735 2 2 1,116 11.9% 40 3.6% $870 2 2.5 158 1.7% 7 4.4% $950 3 1 66 0.7% 6 9.1% $895 3 1.5 237 2.5% 11 4.6% $950 3 2 230 2.5% 23 10.0% $1,020 3 2.5 41 0.4% 2 4.9% $1,435 4 1.5 10 0.1% 0 0.0% $1,150 5 3 1 0.0% 0 0.0% $1,000 TOTAL 9,365 100.0% 538 5.7% 17 UNITS UNDER CONSTRUCTION TAX CREDIT, NON-SUBSIDIZED BEDROOMS BATHS UNITS DISTRIBUTION VACANT %VACANT MEDIAN NET RENT 0 1 5 0.7% 0 0.0% $447 1 1 171 24.3% 7 4.1% $415 2 1 209 29.7% 12 5.7% $595 2 1.5 106 15.1% 3 2.8% $590 3 1 10 1.4% 0 0.0% $625 3 1.5 30 4.3% 2 6.7% $630 3 2 91 12.9% 3 3.3% $725 3 2.5 27 3.8% 0 0.0% $600 4 1.5 3 0.4% 0 0.0% $491 4 2 40 5.7% 0 0.0% $578 4 2.5 8 1.1% 0 0.0% $825 4 3 4 0.6% 0 0.0% $625 TOTAL 704 100.0% 27 3.8% TAX CREDIT, GOVERMENT-SUBSIDIZED BEDROOMS BATHS UNITS DISTRIBUTION VACANT %VACANT MEDIAN NET RENT 0 1 273 45.6% 1 0.4% N.A. 1 1 160 26.7% 1 0.6% N.A. 2 1 86 14.4% 4 4.7% N.A. 2 1.5 14 2.3% 0 0.0% N.A. 3 1 37 6.2% 3 8.1% N.A. 3 1.5 11 1.8% 0 0.0% N.A. 4 2 18 3.0% 2 11.1% N.A. TOTAL 599 100.0% 11 1.8% 25 UNITS UNDER CONSTRUCTION
Survey Date: December 2017 B-8 DISTRIBUTION OF UNITS - EVANSVILLE, INDIANA
GOVERNMENT-SUBSIDIZED BEDROOMS BATHS UNITS DISTRIBUTION VACANT %VACANT 0 1 18 1.4% 0 0.0% N.A. 1 1 727 56.7% 20 2.8% N.A. 2 1 215 16.8% 0 0.0% N.A. 2 1.5 122 9.5% 1 0.8% N.A. 3 1 110 8.6% 0 0.0% N.A. 3 1.5 53 4.1% 0 0.0% N.A. 3 2 20 1.6% 0 0.0% N.A. 4 1 3 0.2% 0 0.0% N.A. 4 1.5 15 1.2% 0 0.0% N.A. TOTAL 1,283 100.0% 21 1.6% 108 UNITS UNDER CONSTRUCTION GRAND TOTAL 11,951 - 597 5.0%
DISTRIBUTION OF UNITS BY BEDROOM NON-SUBSIDIZED SUBSIDIZED
437 231 4869 23% 12% 49% 732 0 BEDROOMS 7% 36 0 BEDROOMS 123651 1 BEDROOM 1%0% 2% 1 BEDROOM 1% 2 BEDROOMS 291 2 BEDROOMS 3 BEDROOMS 15% 3 BEDROOMS 4 BEDROOMS 4 BEDROOMS 5 BEDROOMS 4279 887 42% 48%
Survey Date: December 2017 B-9 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
1 Abbey Court Address 5301 Stonehedge Dr. Phone (812) 477-0488 Total Units 249 Evansville, IN 47715 (Contact by phone) Vacancies 32 Year Built 1973 Renovated 2010 Contact Stephanie Occupied 87.1% Comments Does not accept HCV; Higher rents due to unit upgrades, Floors 2 microwave & floor plan; Select units have patio storage; 2 Quality Rating B & 3-br have washer/dryer hookups Waiting List Rent Special Application fee waived None 2 Addison Place Apts. Address 1165 Shiloh Sq. Phone (812) 476-0331 Total Units 152 Evansville, IN 47714 (Contact by phone) Vacancies 7 Year Built 1972 Contact Shaun Occupied 95.4% Comments Does not accept HCV; Rents change daily; 2-br/2-ba have Floors 2 washer/dryer hookups Quality Rating B
Waiting List None 3 Anchor Court Apts. Address 2025 W. Columbia St. Phone (812) 423-3592 Total Units 64 Evansville, IN 47712 (Contact by phone) Vacancies 6 Year Built 1941 Renovated 1999 Contact Cathy Occupied 90.6% Comments HCV (2 units); Vacancies due to size of units; Year built Floors 2 estimated Quality Rating C+
Waiting List None 4 Apartment Village Address 2900 Ravenswood Dr. Phone (812) 618-9747 Total Units 56 Evansville, IN 47714 (Contact by phone) Vacancies 1 Year Built 1965 Renovated 2007 Contact Phyllis Occupied 98.2% Comments HCV (3 units) Floors 2 Quality Rating B
Waiting List None 5 Arbors at Evansville Address 3600 Covert Ave. Phone (812) 213-4462 Total Units 271 Evansville, IN 47714 (Contact by phone) Vacancies 17 Year Built 1969 Renovated 2012 Contact Vicki Occupied 93.7% Comments Accepts HCV; 3 & 4-br have washer/dryer hookups; Floors 1,2 Arbors at Evansville (built 1972, 150 units & have Quality Rating C disposals) merged with Stonebrook of Evansville Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-10 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
6 Ashley Pointe Address 410 Fuquay Rd. Phone (812) 496-3058 Total Units 150 Evansville, IN 47715 (Contact by phone) Vacancies 8 Year Built 1987 Contact Chris Occupied 94.7% Comments Does not accept HCV; Rents change daily; End units have Floors 2 fireplace; Garden units have patio storage, Lg 1-br is loft Quality Rating B style; Townhomes have storage shed Waiting List None 7 Bellemeade & Line Apts. Address 314 Bellemeade Ave. Phone (812) 428-8500 Total Units 8 Evansville, IN 47714 (Contact by phone) Vacancies 0 Year Built 1986 Renovated 2011 Contact Tim Occupied 100.0% Comments Public Housing Floors 1 Quality Rating N
Waiting List 6-12 months 8 Boeke Place Address 1401 S. Boeke Pl. Phone (812) 473-4904 Total Units 32 Evansville, IN 47714 (Contact by phone) Vacancies 2 Year Built 1972 Contact Susan Occupied 93.8% Comments Does not accept HCV; Approx 50% of units have disposal Floors 2 Quality Rating C+
Waiting List None 9 Bradford Pointe Address 1680 E. Franklin St. Phone (812) 477-1900 Total Units 252 Evansville, IN 47711 (Contact by phone) Vacancies 8 Year Built 1945 Renovated 1996 Contact Lauren Occupied 96.8% Comments HCV (20 units); Former Tax Credit property Floors 2 Quality Rating C+
Waiting List Rent Special Deposit $250 & application fee $20 None 10 Brickyard Apts. & Townhomes Address 3701 Upper Mount Vernon Rd. Phone (812) 424-4800 Total Units 214 Evansville, IN 47712 (Contact by phone) Vacancies 0 Year Built 1999 Renovated 2009 Contact Cara Occupied 100.0% Comments Does not accept HCV; Furnished units available for Floors 2 additional fee; Townhomes have microwave Quality Rating B
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-11 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
11 Brooklyn Place Apt. Homes Address 6830 Brooklyn Ct. Phone (812) 303-7100 Total Units 204 Evansville, IN 47715 (Contact by phone) Vacancies 13 Year Built 2003 Contact Jake Occupied 93.6% Comments Does not accept HCV; Larger 1-br has den Floors 3 Quality Rating B+
Waiting List None 12 Bryce de Moray Address 712 S. Kenmore Dr. Phone (812) 476-7757 Total Units 136 Evansville, IN 47714 (Contact by phone) Vacancies 5 Year Built 1967 Contact Desiree Occupied 96.3% Comments Does not accept HCV; Phase II opened in 1989; Rent range Floors 2,2.5 based on floor plan, level & fireplace; 1 & 3-br have Quality Rating B fireplace Waiting List Rent Special $199 security deposit 1-br: 5 households 13 Buckner Towers Address 717 Cherry St. Phone (812) 428-8521 Total Units 108 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1968 Renovated 2016 Contact Mandy Occupied 100.0% Comments HUD Section 8; Former Public Housing Floors 7 Quality Rating B
Waiting List 354 households 14 Carousel Apts. Address 1309 Carousel Ct. Phone (812) 962-3402 Total Units 37 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 2009 Contact Monique Occupied 100.0% Comments Does not accept HCV; Higher rents on units with attached Floors 1 garage or 2nd bathroom; 2-br/2-ba square footage estimated Quality Rating B+ Senior Restricted (55+) Waiting List 2-br: 45 households 15 Carriage House (Senior) Address 5300 Carriage Dr. Phone (812) 479-6829 Total Units 132 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 1977 Contact Millie Occupied 100.0% Comments HUD Section 8; Four handicap accessible units Floors 2 Quality Rating C Senior Restricted (62+) Waiting List 12-18 months
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-12 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
16 Carriage House I (Family) Address 5300 Carriage Dr. Phone (812) 479-6829 Total Units 75 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1977 Contact Cathy Occupied 100.0% Comments HUD Section 8; Townhomes have washer/dryer hookups Floors 2 Quality Rating C
Waiting List 6-18 months 17 Carriage House II (Family) Address 5300 Carriage Dr. Phone (812) 479-6829 Total Units 100 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 1979 Contact Cathy Occupied 100.0% Comments HUD Section 8; Some units have gas heat & hot water; Floors 2 Townhomes have washer/dryer hookups Quality Rating C
Waiting List 6-18 months 18 Cedar Trace I Address 2200 N. 7th Ave. Phone (812) 402-1711 Total Units 35 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2010 Contact Angela Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; HCV (11 units); Waitlist Floors 2 shared with all phases; Unit mix estimated Quality Rating B
Waiting List 52 households 19 Cedar Trace II Address 2200 N. 7th Ave. Phone (812) 402-1711 Total Units 35 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2011 Contact Angela Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; HCV (8 units); Waitlist Floors 1,2 shared with all phases Quality Rating B+
Waiting List 52 households 20 Cedar Trace III Address 2000 N. 7th Ave. Phone (812) 402-1711 Total Units 48 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2012 Contact Angela Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; HCV (15 units); Waitlist Floors 2 shared with all phases Quality Rating B+
Waiting List 52 households
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-13 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
21 Cedar Trace Senior Apts. Address 2200 N. 7th Ave. Phone (812) 401-5060 Total Units 51 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2014 Contact Delores Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; HCV (1 unit); Square Floors 2 footage estimated Quality Rating A Senior Restricted (55+) Waiting List 15 households 22 Country Place Apts. Address 118 SE First St. Phone (812) 401-5995 Total Units 18 Evansville, IN 47708 Vacancies 5 Year Built 2017 Contact Occupied 72.2% Comments Opened 11/2017, stil lin lease-up; adaptive reuse; Floors 3 originally built in 1917 Quality Rating N
Waiting List Rent Special 1st Month's rent free with 16 month lease None 23 Colonial Manor Address 1717 Lodge Ave. Phone (812) 477-3037 Total Units 164 Evansville, IN 47114 (Contact by phone) Vacancies 20 Year Built 1951 Renovated 1988 Contact Tracy Occupied 87.8% Comments Does not accept HCV Floors 2 Quality Rating C+
Waiting List None 24 Covert Apts. Address 1613 Green River Rd. Phone (812) 479-6366 Total Units 16 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 1972 Contact Debbie Occupied 100.0% Comments HCV (4 units); Select units have ceiling fans; Square Floors 2 footage estimated Quality Rating C
Waiting List 2 households 25 Crescent Manor Address 710 W. Michigan St. Phone (812) 424-0431 Total Units 24 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1970 Contact Byron Occupied 100.0% Comments Accepts HCV; Year built & square footage estimated Floors 2 Quality Rating C
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-14 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
26 Cross Lake Apts. Address 7900 Circle Front Ct. Phone (812) 479-4000 Total Units 208 Evansville, IN 47715 (Contact by phone) Vacancies 4 Year Built 2001 Contact Tamera Occupied 98.1% Comments Does not accept HCV; Larger 1-br has den Floors 2 Quality Rating B
Waiting List None 27 Crossings Address 2451 Waterbridge Wy. Phone (812) 422-3485 Total Units 200 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1978 Contact Taylor Occupied 100.0% Comments HUD Section 8; Rent range based on phase; Townhomes Floors 2 have washer/dryer hookups; Select units have ceiling fan Quality Rating C
Waiting List 18 months 28 Dalehaven Estates Cooperative Address 3700 Justus Ct. Phone (812) 479-0411 Total Units 119 Evansville, IN 47714 (Contact by phone) Vacancies 5 Year Built 1969 Renovated 2007 Contact Donna Occupied 95.8% Comments 30%, 40%, 50% & 60% AMHI (107 units); HUD Section 8 Floors 1,2 & 50% AMHI (33 units); HCV (42 units) Quality Rating C+
Waiting List Sec 8: 1-2 years 29 Devonshire Gardens Address 815 Erie Ave. Phone (812) 473-6070 Total Units 137 Evansville, IN 47715 (Contact by phone) Vacancies 11 Year Built 1969 Contact Paula Occupied 92.0% Comments Does not accept HCV; Nine 1-br & all 2-br have Floors 2,3 washer/dryer hookups; Select units have fireplace; Two Quality Rating B units under renovation; Rent range based floor plan & fireplace Waiting List Rent Special One month's rent free with 13 month's lease; $99 security deposit None 30 Devonshire Place Address 1237 Devonshire Pl. Phone (812) 476-9936 Total Units 106 Evansville, IN 47715 (Contact by phone) Vacancies 5 Year Built 1977 Contact Amanda Occupied 95.3% Comments Does not accept HCV; Some1-br & all 2-br units have Floors 2,3 washer/dryer hookups; Townhomes have fireplace; Rent Quality Rating B range based on unit upgrades Waiting List Rent Special Move-in: $99 deposit; 50% off 1st month's rent None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-15 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
31 Dexter Apts. Address 1003 Dexter Ave. Phone (812) 431-9363 Total Units 10 Evansville, IN 47714 (Contact by phone) Vacancies 0 Year Built 1999 Contact Candy Occupied 100.0% Comments Does not accept HCV; 3-br units have disposal; Square Floors 2 footage estimated by management Quality Rating B-
Waiting List None 32 Dexter Villa Address 2841 Washington Ave. Phone (812) 473-4904 Total Units 59 Evansville, IN 47714 (Contact by phone) Vacancies 4 Year Built 1974 Contact Susan Occupied 93.2% Comments Does not accept HCV; 2-br have balcony Floors 3 Quality Rating B-
Waiting List None 33 Diamond Valley Address 1151 Diamond Pl. Phone (812) 426-1640 Total Units 156 Evansville, IN 47710 (Contact by phone) Vacancies 2 Year Built 1978 Contact Sonya Occupied 98.7% Comments Does not accept HCV; Townhomes have dishwasher, Floors 2 washer/dryer hookups & patio Quality Rating C
Waiting List None 34 Donaldson Arms Apts. Address 1407 Howard St. Phone (812) 426-9074 Total Units 60 Evansville, IN 47713 (Contact by phone) Vacancies 2 Year Built 1912 Contact John Occupied 96.7% Comments HCV (3 units); Flooring is polished concrete; Random Floors 3.5 units have ceiling fans; No elevator Quality Rating A+
Waiting List None 35 Eastland Apts. Address 5308 Eden Dr. Phone (812) 476-3124 Total Units 161 Evansville, IN 47715 (Contact by phone) Vacancies 17 Year Built 1973 Renovated 2015 Contact Barika Occupied 89.4% Comments HCV (31 units); 2-br/1-ba have washer/dryer hookups; Floors 2 Vacancies due to eviction & relocation Quality Rating B-
Waiting List Rent Special 1st full month's rent free None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-16 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
36 Eastlodge Address 1625 Cass Ct. Phone (812) 473-5968 Total Units 72 Evansville, IN 47715 (Contact by phone) Vacancies 10 Year Built 1979 Contact Tabitha Occupied 86.1% Comments HCV (15 units); 3-br have washer/dryer hookups; Typical Floors 2 2-br rent $610; Vacancies typical for season Quality Rating C+
Waiting List Rent Special Reported 2-br rent discounted None 37 Eco Square Address 700 Chateau Dr. Phone (812) 477-2908 Total Units 107 Evansville, IN 47115 (Contact by phone) Vacancies 0 Year Built 1966 Contact Harley Occupied 100.0% Comments Does not accept HCV; One office unit not included in total; Floors 2 Rents change daily Quality Rating C
Waiting List Rent Special Application fee waived None 38 Embassy Address 1290 Hatfield Dr. Phone (812) 473-1119 Total Units 246 Evansville, IN 47714 (Contact by phone) Vacancies 49 Year Built 1972 Contact Special Occupied 80.1% Comments Accepts HCV; Two model units (studio & 1-br) not Floors 2 included in total; Select units have ceiling fans Quality Rating C+
Waiting List Rent Special Move-in: $399 None 39 Evansville Public Housing Address 528-534 S. Linwood Ave. Phone (812) 402-5993 Total Units 103 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1985 Contact Marissa Occupied 100.0% Comments Public Housing; Select units have attached garage, street Floors 1,2 parking, patio or ceiling fan; Scattered sites; Built between Quality Rating B- 1985-1999; Property to convert to HUD Sec 8 with Tax Credit renovations, expect to start 3/2018 Waiting List None 40 Fairmont Apts. Address 4982 Tippecanoe Dr. Phone (812) 476-8849 Total Units 112 Evansville, IN 47715 (Contact by phone) Vacancies 24 Year Built 1978 Contact Felicia Occupied 78.6% Comments HCV (16 units); Select units include dishwasher; Rent Floors 2 range based on floor plan, level & unit upgrades; Quality Rating C+ Vacancies due to previous mgmt Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-17 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
41 Fairway Plaza Address 702 Fairway Dr. Phone (812) 423-0456 Total Units 30 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1972 Contact Scott Occupied 100.0% Comments Does not accept HCV; Unit mix estimated Floors 2.5 Quality Rating N
Waiting List None 42 Fielding Court Apts. Address 3 Brentwood Dr. Phone (812) 477-8911 Total Units 100 Evansville, IN 47715 (Contact by phone) Vacancies 1 Year Built 1966 Contact Alice Occupied 99.0% Comments Does not accept HCV; Unit mix & square footage estimated Floors 2 Quality Rating B-
Waiting List None 43 Foxfire West Apts. Address 360 S. Rosenberger Ave. Phone (812) 491-1783 Total Units 132 Evansville, IN 47712 (Contact by phone) Vacancies 4 Year Built 1979 Renovated 2008 Contact Christian Occupied 97.0% Comments Does not accept HCV; Random units have fireplace; Rent Floors 3 range based on updated units or fireplace; Typical 1-br Quality Rating A- rents: $625-635 Waiting List Rent Special Reported 1-br rents discounted; Deposit $300 None 44 Franklin Manor Address 221 Harriet St. Phone (812) 423-2232 Total Units 24 Evansville, IN 47710 (Contact by phone) Vacancies 2 Year Built 1970 Contact Lisa Occupied 91.7% Comments HCV (4 units); Select units have ceiling fans; Square Floors 2 footage estimated Quality Rating C-
Waiting List None 45 Fulton Square Address 1328 & 1828 Dresden St. Phone (812) 428-8516 Total Units 84 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1957 Contact Jessica Occupied 100.0% Comments Public Housing; Property to convert to HUD Section 8 with Floors 2 Tax Credit after renovations completed; 108 units under Quality Rating C renovation; Merged with FKA Fulton Terrace Gardens, no longer senior designated Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-18 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
46 Grand Oak Address 5010 Cass Ave. Phone (812) 479-3441 Total Units 301 Evansville, IN 47715 (Contact by phone) Vacancies 1 Year Built 1971 Renovated 2010 Contact Andrea Occupied 99.7% Comments Market-rate (161 units); HUD Section 8 (140 units); Floors 1,2 Accepts HCV; One manager unit not included in total; Rent Quality Rating C+ range based on floor level, phase & unit location Waiting List Sec 8: 6-24 months 47 Grandview Tower Address 1000 Fulton Pkwy. Phone (812) 424-3507 Total Units 170 Evansville, IN 47710 (Contact by phone) Vacancies 20 Year Built 1979 Contact Donna Occupied 88.2% Comments HUD Section 8; Includes one hot meal M-F; 1st floor units Floors 10 have no patio Quality Rating C- Senior Restricted (62+) Waiting List None 48 Grove Address 1105 SE 1st St. Phone (812) 431-9363 Total Units 24 Evansville, IN 47713 (Contact by phone) Vacancies 3 Year Built 1935 Renovated 2015 Contact Candie Occupied 87.5% Comments Does not accept HCV Floors 2.5 Quality Rating N
Waiting List None 49 Hampton Apts. Address 1322 Parrett St. Phone (812) 909-5261 Total Units 15 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1965 Contact Tiffany Occupied 100.0% Comments HCV (2 units); 15 units under renovation, unknown Floors 2.5 completion date; Square footage estimated Quality Rating C-
Waiting List None 50 Harmony West Address 3110 Mt. Vernon Ave. Phone (812)426-2086 Total Units 48 Evansville, IN 47712 (Contact by phone) Vacancies 0 Year Built 1978 Contact Carol Occupied 100.0% Comments Does not accept HCV; 2nd & 3rd floor have balcony Floors 3 Quality Rating N
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-19 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
51 Heathmoore Apts. Address 2413 S. Green River Rd. Phone (812) 773-0692 Total Units 73 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 1983 Contact Janet Occupied 100.0% Comments HCV (3 units) Floors 1 Quality Rating C
Waiting List 1 household 52 Hickory Lake Address 1214 Lavendar Ct. Phone (812) 401-5001 Total Units 98 Evansville, IN 47712 (Contact by phone) Vacancies 2 Year Built 2005 Contact Amber Occupied 98.0% Comments Does not accept HCV; 20% of units are set aside for Floors 1 disabled 18+; Offers meals $4-6 each; Unit mix estimated Quality Rating A Senior Restricted (55+) Waiting List 2-br: 3 households 53 Homes of Evansville Address 400 Jefferson Ave. Phone (812) 602-1140 Total Units 40 Evansville, IN 47708 (Contact by phone) Vacancies 0 Year Built 2013 Contact Brittany Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; HCV (12 units); HOME Floors 1,2 Funds (One 50% 4-br) Quality Rating B Single-Family Homes Waiting List 12 households 54 Independence Square Apts. Address 201 W. Delaware St. Phone (812) 428-0362 Total Units 123 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1981 Renovated 2015 Contact Michelle Occupied 100.0% Comments HUD Section 202; Does not accept HCV Floors 5 Quality Rating B- Senior Restricted (62+) Waiting List None 55 Indian Woods Address 1900 Pueblo Pass Phone (812) 476-2324 Total Units 202 Evansville, IN 47715 (Contact by phone) Vacancies 4 Year Built 1984 Renovated 2007 Contact Chantall Occupied 98.0% Comments Does not accept HCV; Rents change daily; Townhomes Floors 1,2 have exterior storage Quality Rating B
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-20 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
56 Jacobsville Apts. I Address 1212 Baker Ave. Phone (812) 402-7360 Total Units 35 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2005 Contact Angela Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; Accepts HCV Floors 1,2 Quality Rating B
Waiting List 1 & 4-br: 20 HH 57 Jacobsville Apts. II Address 240 W. Florida St. Phone (812) 402-7360 Total Units 35 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2007 Contact Angela Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; HCV (15 units) Floors 1,2 Quality Rating B-
Waiting List 1 & 4-br: 20 HH 58 John Cable Apts. Address 1111 Cherry St. Phone (812) 402-5993 Total Units 24 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 2004 Contact Marissa Occupied 100.0% Comments Public Housing Floors 1,2 Quality Rating B Senior Restricted (62+) Waiting List 15-20 households 59 John M. Caldwell Homes Address 736 Cross St. Phone (812) 428-8527 Total Units 121 Evansville, IN 47713 (Contact by phone) Vacancies 11 Year Built 1953 Renovated 2016 Contact Jenna Occupied 90.9% Comments 60% AMHI; HUD Section 8 Floors 2 Quality Rating C
Waiting List None 60 Kennedy Towers Address 315 SE Martin Luther King Jr. Blvd. Phone (812) 428-8520 Total Units 75 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1965 Renovated 2016 Contact Gayle Occupied 100.0% Comments 60% AMHI; HUD Section 8; 25 units under renovation, Floors 7 completion date unknown Quality Rating B-
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-21 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
61 Kenzi Estates Address 1219 Kiwi Court Phone (812) 428-9900 Total Units 64 Evansville, IN 47710 (Contact by phone) Vacancies 4 Year Built 2000 Contact Sheila Occupied 93.8% Comments Does not accept HCV; Rent range based on floor level Floors 2 Quality Rating B+
Waiting List None 62 Kimber Green Address 200 Kimber Ln. Phone (812) 476-2329 Total Units 112 Evansville, IN 47715 (Contact by phone) Vacancies 2 Year Built 1975 Renovated 2011 Contact Jackie Occupied 98.2% Comments Does not accept HCV; 1 & 2-br garden units include Floors 2 washer/dryer; Higher rent on townhomes that include Quality Rating B washer/dryer Waiting List None 63 Kinway Apts. Address 1952 Colts Ln. Phone (812) 618-4517 Total Units 136 Evansville, IN 47714 (Contact by phone) Vacancies 34 Year Built 2015 Contact Amanda Occupied 75.0% Comments Does not accept HCV; Select units include washer/dryer; 2- Floors 1,2 br (926 sf) & 3-br (1,445 sf) have attached garage; Typical Quality Rating N 1-br rent: $629-$645; One 2-br model unit & one maintenance unit not included in total Waiting List Rent Special Reported 1-br rent discounted; Deposit $99, application fee waived None 64 Kunkel Square Address 329 Main St. Phone (812) 484-6545 Total Units 50 Evansville, IN 47708 (Contact by phone) Vacancies 5 Year Built 2011 Contact Whitney Occupied 90.0% Comments Does not accept HCV; Adaptive reuse, originally built in Floors 10 1916; Rent range based on floor level & unit location; Quality Rating A Additional surface parking $36/month Waiting List Rent Special $500 off 1st month's rent None 65 Lakeshore Apt. Homes Address 727 Beachfront Dr. Phone (812) 303-7780 Total Units 224 Evansville, IN 47715 (Contact by phone) Vacancies 10 Year Built 2005 Contact Abbie Occupied 95.5% Comments Does not accept HCV; 1 & 2-br have fireplace; Select top Floors 2 floor units have vaulted ceilings Quality Rating A-
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-22 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
66 LexBrook Apts. (Lincoln Park Dr.) Address 1101-1197 Lincoln Park Dr. Phone (812) 402-5448 Total Units 48 Evansville, IN 47714 (Contact by phone) Vacancies 7 Year Built 1973 Renovated 2014 Contact Name not given Occupied 85.4% Comments HCV (5 units); Square footage estimated Floors 3 Quality Rating C-
Waiting List None 67 LexBrook Apts. (S. Weinbach Ave.) Address 1160 S. Weinbach Ave. Phone (812) 402-5448 Total Units 64 Evansville, IN 47714 (Contact by phone) Vacancies 9 Year Built 1968 Renovated 2014 Contact Name not given Occupied 85.9% Comments HCV (5 units) Floors 2 Quality Rating D
Waiting List None 68 Liberty Terrace Apts. Address 725 Liberty Way Phone (812) 422-9034 Total Units 58 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1983 Contact Ashley Occupied 100.0% Comments HUD Section 8; 2nd & 3rd floor have balcony Floors 2,3 Quality Rating C Senior Restricted (62+) Waiting List 18 households 69 Lucas Place I Address 414 Baker Ave. Phone (812) 423-8422 Total Units 20 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1999 Renovated 2016 Contact Chris Occupied 100.0% Comments Subsidy; 100% homeless families with children; Prop Floors 3 provides employment, financial, housing counseling & Quality Rating C support groups; Adaptive reuse, originally built in 1907; Former Tax Credit property; Square footage estimated Waiting List None 70 Lucas Place II Address 120 W. Michigan St. Phone (812) 423-8422 Total Units 27 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2011 Contact Chris Occupied 100.0% Comments Shelter Plus Care; Designated transitional housing for Floors 3 homeless disabled veterans; Square footage estimated Quality Rating A
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-23 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
71 May Belle & Montrose Apts. Address 1012 SE 2nd St. Phone (812) 449-8928 Total Units 14 Evansville, IN 47713 (Contact by phone) Vacancies 1 Year Built 2015 Contact Stephanie Occupied 92.9% Comments Does not accept HCV; 6 units opened 12/2015, began Floors 3 preleasing 11/2015, remaining 8 units opened 4/2016 Quality Rating N
Waiting List None 72 Meghann Manor Address 1211 Lincoln Ave. Phone (812) 431-9363 Total Units 48 Evansville, IN 47714 (Contact by phone) Vacancies 2 Year Built 1925 Contact Candy Occupied 95.8% Comments Does not accept HCV; 5-br is single-family house; Rent Floors 2 range based on floor level; Year built & square footage Quality Rating N estimated Waiting List None 73 Memorial Place I & II Address 920 Oak St. Phone (812) 424-8627 Total Units 24 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1999 Contact Serita Occupied 100.0% Comments Market-rate (8 units); 40%, 50% & 60% AMHI (16 units); Floors 2 HCV (5 units); HOME Funds; Market-rate units opened in Quality Rating B- 2003 Waiting List 10 households 74 Memorial Pointe I & II Address 658 E. Cherry St. Phone (812) 424-8627 Total Units 20 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 1998 Contact Serita Occupied 100.0% Comments 40%, 50% & 60% AMHI; HCV (8 units) Floors 1 Quality Rating C Senior Restricted (55+) Waiting List 15 households 75 Memorial Townhouses I Address 507 E. Walnut Phone (812) 424-8627 Total Units 8 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 2003 Contact Serita Occupied 100.0% Comments HCV (8 units); HOME Funds (8 units); Not part of Floors 2 Memorial Townhouses I & II; Year built estimated Quality Rating B
Waiting List 5 households
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-24 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
76 Memorial Townhouses I & II Address 401 E. Walnut St. Phone (812) 424-8627 Total Units 35 Evansville, IN 47713 (Contact by phone) Vacancies 0 Year Built 2005 Contact Serita Occupied 100.0% Comments 30%, 40%, 50% & 60% AMHI; HCV (8 units); Not part of Floors 2 Memorial Townhouses I; Unit mix estimated Quality Rating B
Waiting List 10 households 77 Mulberry Square Address 237 Mulberry St. Phone (812) 422-9054 Total Units 40 Evansville, IN 47713 (Contact by phone) Vacancies 3 Year Built 1978 Contact Brittnay Occupied 92.5% Comments Does not accept HCV Floors 2 Quality Rating C
Waiting List None 78 Neighborhood Apts. Address 1209-1231 S. Lincoln Park Dr. Phone (812) 422-2431 Total Units 12 Evansville, IN 47714 (Contact by phone) Vacancies 0 Year Built 1974 Renovated 2014 Contact Michelle Occupied 100.0% Comments Accepts HCV; Flooring is hardwood; Higher rent on units Floors 2 that include washer/dryer; Square footage estimated by Quality Rating B- contact Waiting List None 79 Normandy Arms Address 600 Normandy Dr. Phone (812) 479-5514 Total Units 176 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 1978 Contact Denise Occupied 100.0% Comments Does not accept HCV Floors 2 Quality Rating B-
Waiting List None 80 North Park Apts. Address 1125 Wellington Dr. Phone (812) 424-1811 Total Units 284 Evansville, IN 47710 (Contact by phone) Vacancies 14 Year Built 1972 Contact Courtney Occupied 95.1% Comments Does not accept HCV; Rents change daily; Townhomes Floors 2 have washer/dryer hookups Quality Rating B-
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-25 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
81 Ohio Valley Apts. Address 4400 Spring Valley Rd. Phone (812) 401-8911 Total Units 146 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 1980 Contact Phylicia Occupied 100.0% Comments Accepts HCV; Select units have ceiling fan Floors 2 Quality Rating C+
Waiting List None 82 Orchardgate Apts. Address 401 Applewood Ct. Phone (812) 423-3900 Total Units 128 Evansville, IN 47712 (Contact by phone) Vacancies 3 Year Built 1978 Contact Kathy Occupied 97.7% Comments Does not accept HCV; Phase II opened 2002 (48 units); Floors 2 Higher rent for newer units; Majority of units have Quality Rating C+ dishwasher; Select units have ceiling fans; Older 1-br have window A/C; Unit mix estimated Waiting List None 83 Parkside Terrace Senior World Address 2305 S. Rotherwood Ave. Phone (760) 500-1363 Total Units 20 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1979 Contact Carline Occupied 100.0% Comments HUD Section 8; Select units have ceiling fans Floors 2 Quality Rating C- Senior Restricted (62+) Waiting List 2 households 84 Pavilion Lakes Address 100 Williamsburg Dr. Phone (812) 479-0917 Total Units 200 Evansville, IN 47715 (Contact by phone) Vacancies 12 Year Built 1981 Contact Sierra Occupied 94.0% Comments Does not accept HCV; Select 2-br garden units include Floors 2 stackable washer/dryer; 2-br THs have washer/dryer Quality Rating B hookups; Townhomes have patio storage; Select units have ceiling fan or fireplace Waiting List Rent Special $600 off 1st month's rent None 85 Phoenix Apts. Address 1153 Covert Ave. Phone (812) 437-1612 Total Units 39 Evansville, IN 47714 (Contact by phone) Vacancies 3 Year Built 1950 Contact Myriam Occupied 92.3% Comments HCV (10 units); Typical rents 1-br $525 & 2-br $625 Floors 2.5 Quality Rating C+
Waiting List Rent Special Reported rents discounted None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-26 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
86 Pollack Apts. Address 2501 Pollack Ave. Phone (812) 777-6102 Total Units 24 Evansville, IN 47714 (Contact by phone) Vacancies 0 Year Built 1972 Contact Samira Occupied 100.0% Comments Accepts HCV Floors 2 Quality Rating C
Waiting List None 87 Princeton Court Address 103 Princeton Ct. Phone (812) 773-0693 Total Units 62 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 1976 Contact Joy Occupied 100.0% Comments HCV (2 units) Floors 1 Quality Rating N
Waiting List 6 households 88 Regency Club Address 8416 Lincoln Ave. Phone (812) 473-3311 Total Units 444 Evansville, IN 47715 (Contact by phone) Vacancies 24 Year Built 1980 Contact Jamie Occupied 94.6% Comments Does not accept HCV; 1-br include w/d; Most units have Floors 2 ceiling fans; 20 new units open 6/2016, have attached Quality Rating B- garage & include w/d; Adding w/d hu as units vacate; Rent range based w/d hookups, upgrades & view Waiting List None 89 Reserve Address 520 Reserve Blvd. Phone (812) 475-9700 Total Units 158 Evansville, IN 47715 (Contact by phone) Vacancies 9 Year Built 2008 Contact Pam Occupied 94.3% Comments Does not accept HCV; Townhomes have microwave & Floors 2,3,4 attached garage; Four story buildings have patio storage & Quality Rating A elevator; Typical rents: Sm 1-br $890 & lg 2-br TH $1679 Waiting List Rent Special Reported sm 1-br & lg 2-br TH rents discounted None 90 Schnute Apts. Address 1030 W. Franklin St. Phone (812) 428-8531 Total Units 115 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 1972 Renovated 2016 Contact Amy Occupied 100.0% Comments 60% AMHI; HUD RAD Floors 7 Quality Rating C+
Waiting List 20 households
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-27 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
91 Shady Tree Address 3900 N. Fulton Ave. Phone (812) 422-4444 Total Units 126 Evansville, IN 47710 (Contact by phone) Vacancies 5 Year Built 1970 Contact Janice Occupied 96.0% Comments HCV (2 units); 2-br have dishwasher, microwave, central Floors 2 A/C & washer/dryer hookups Rent range based on Quality Rating B renovated units; Year built estimated Waiting List None 92 Shannon Glen Apts. Address 280 Shamrock Dr. Phone (812) 476-7576 Total Units 144 Evansville, IN 47715 (Contact by phone) Vacancies 10 Year Built 1969 Renovated 2011 Contact Mary Occupied 93.1% Comments 40%, 50% & 60% AMHI; HCV (78 units); Carports have Floors 2.5 solar panels Quality Rating B
Waiting List None 93 Sugar Mill Creek Address 4901 Sugar Creek Dr. Phone (812) 477-7678 Total Units 487 Evansville, IN 47715 (Contact by phone) Vacancies 8 Year Built 1985 Renovated 2005 Contact Emily Occupied 98.4% Comments Does not accept HCV; Rent range based on unit amenities; Floors 2 2nd floor units have fireplace Quality Rating A-
Waiting List None 94 Sunrise East Apts. Address 3974 Covert Ave. Phone (812) 476-3059 Total Units 48 Evansville, IN 47714 (Contact by phone) Vacancies 8 Year Built 1974 Renovated 2015 Contact Edna Occupied 83.3% Comments HCV (4 units); Select 2-br have dishwasher; Select units Floors 2 have central/window A/C; Unit mix & square footage Quality Rating B- estimated Waiting List None 95 Timbers Apts. Address 3213 Tamarack Ct. Phone (812) 479-5556 Total Units 456 Evansville, IN 47715 (Contact by phone) Vacancies 6 Year Built 1975 Contact Phil Occupied 98.7% Comments Does not accept HCV; Select units have washer/dryer Floors 2.5 hookups, dishwasher & patio Quality Rating B
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-28 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
96 Vann Park Apts. I-IV Address 3305 E. Pollack Ave. Phone (812) 471-1661 Total Units 192 Evansville, IN 47714 (Contact by phone) Vacancies 19 Year Built 1993 Contact Sierra Occupied 90.1% Comments Market-rate (69 units); 60% AMHI (127 units); Accepts Floors 2 HCV; 4 1-br units are in a farmhouse, built 1980; Built in Quality Rating C+ phases 1993 - 1996; Unit mix estimated Waiting List None 97 Village Green Address 4700 E. Riverside Dr. Phone (812) 476-5321 Total Units 382 Evansville, IN 47714 (Contact by phone) Vacancies 68 Year Built 1978 Contact Xavieria Occupied 82.2% Comments HCV (approx. 20 units); 1-br, 2-br/2-ba, 3-br & all THs Floors 2 have dishwasher, fireplace & washer/dryer hookups; Rent Quality Rating C range based on floor plan & washer/dryer hookups; Vacancies attributed to short term leases Waiting List Rent Special Application fee waived None 98 Villas at Theatre Commons Address 4500 Theatre Dr. Phone (812) 474-9900 Total Units 154 Evansville, IN 47715 (Contact by phone) Vacancies 0 Year Built 2008 Contact Sue Occupied 100.0% Comments Does not accept HCV; Higher rent for end unit; Units have Floors 1 vaulted ceilings Quality Rating B+ Senior Restricted (55+) Waiting List 140 households 99 Vision 1505 Address 1505 N. 3rd Ave. Phone (812) 423-1200 Total Units 32 Evansville, IN 47710 (Contact by phone) Vacancies 0 Year Built 2013 Contact Richelle Occupied 100.0% Comments 50% & 60% AMHI; Various subsidies & AHP Grant; Does Floors 3 not accept HCV; 100% homeless adults w/disabilities; Two Quality Rating B manager units not included in total; Square footage estimated Waiting List None 100 West Briar Apts. Address 2300 W. Iowa St. Phone (812) 423-2232 Total Units 24 Evansville, IN 47712 (Contact by phone) Vacancies 1 Year Built 1965 Contact Lisa Occupied 95.8% Comments Accepts HCV; Select units have ceiling fans; Square Floors 2 footage estimated Quality Rating N
Waiting List None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-29 SURVEY OF PROPERTIES - EVANSVILLE, INDIANA
101 Western Hills Apts. Address 1140 Western Hills Dr. Phone (812) 423-5149 Total Units 86 Evansville, IN 47720 (Contact by phone) Vacancies 0 Year Built 1970 Contact Jim Occupied 100.0% Comments Does not accept HCV; Shared balconies only Floors 2 Quality Rating B-
Waiting List None 102 Westwood Apts. Address 798 Douglas Dr. Phone (812) 422-3559 Total Units 150 Evansville, IN 47712 (Contact by phone) Vacancies 0 Year Built 1975 Contact Valerie Occupied 100.0% Comments Does not accept HCV; Townhomes have washer/dryer Floors 2 hookups & balcony; 2-br have dishwasher; Higher rents Quality Rating C+ due to updated units; Year built estimated Waiting List None 103 White Oak Manor Address 509 N. St. Joseph Ave. Phone (812) 428-8532 Total Units 115 Evansville, IN 47712 (Contact by phone) Vacancies 0 Year Built 1973 Renovated 2016 Contact Jenny Occupied 100.0% Comments 60% AMHI; HUD RAD Floors 7 Quality Rating C+
Waiting List None 104 Woodbridge Place Address 3550 Woodbridge Dr. Phone (812) 428-0448 Total Units 192 Evansville, IN 47710 (Contact by phone) Vacancies 13 Year Built 1982 Contact Shanna Occupied 93.2% Comments HCV (2 units, no longer accepts); 2 & 3-br have Floors 2 washer/dryer hookups; Select units have ceiling fans; Quality Rating B- Typical 1-br $550 Waiting List Rent Special Reported 1-br rent discounted None 105 Woodland Park Address 2340 Sunburst Blvd. Phone (812) 471-1700 Total Units 322 Evansville, IN 47714 (Contact by phone) Vacancies 12 Year Built 1975 Renovated 2003 Contact Richard Occupied 96.3% Comments Accepts HCV; Townhomes have washer/dryer hookups & Floors 2,2.5 pay electric Quality Rating C
Waiting List Rent Special Deposit & applicaton fee waived None
Project Type Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-30 COLLECTED RENTS - EVANSVILLE, INDIANA
MAP GARDEN UNITS TOWNHOUSE UNITS ID STUDIO 1-BR 2-BR 3-BR 4+ BR 1-BR 2-BR 3-BR 4+ BR 1 $565 to $663 $734 to $824 $879 to $949 2 $608 $608 to $797 3 $395 4 $530 5 $515 to $645 $620 to $645 $735 $950 $1150 6 $680 to $750 $790 to $825 $915 $995 8 $415 9 $550 to $645 10 $760 to $780 $915 to $1035 $1075 to $1200 $1035 11 $645 to $656 $740 $1107 12 $665 to $690 $785 to $865 $995 to $1010 $935 14 $625 to $750 $775 to $950 18 $295 to $485 $495 to $600 $725 $925 19 $295 to $395 $495 to $600 $725 20 $295 to $395 $495 to $600 $725 21 $285 to $399 $445 to $595 22 $850 to $995 $1250 23 $510 24 $450 25 $475 26 $750 to $795 $840 to $940 $1165 28 $218 to $587 $256 to $590 $256 to $590 $290 to $685 $491 to $715 29 $673 to $768 $790 to $930 $915 to $1015 30 $530 to $590 $705 to $735 $745 to $850 31 $425 $795 32 $490 $540 33 $555 $625 $740 $850 34 $425 to $450 $550 to $600 35 $569 $663 36 $525 $585 $770 37 $600 38 $438 $508 to $523 40 $525 to $655 $715 to $730 41 $475 $575 42 $420 $450 43 $580 to $600 $725 to $735
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-31 COLLECTED RENTS - EVANSVILLE, INDIANA
MAP GARDEN UNITS TOWNHOUSE UNITS ID STUDIO 1-BR 2-BR 3-BR 4+ BR 1-BR 2-BR 3-BR 4+ BR 44 $440 $550 46 $550 to $575 $600 $605 to $630 $670 to $710 $800 48 $595 $695 49 $450 50 $625 to $635 51 $570 $725 to $745 52 $815 $1016 53 $223 $223 to $744 $220 to $798 55 $735 $730 $865 56 $295 to $415 $495 to $575 $695 $595 $825 57 $295 to $415 $495 to $575 $695 $595 $825 61 $910 to $930 62 $809 $860 $935 $1125 63 $595 $675 to $745 $795 to $825 $850 64 $700 to $1050 $900 to $1200 65 $785 to $795 $925 to $935 $1020 to $1030 66 $525 $600 67 $525 $600 71 $799 to $899 72 $475 to $495 $1000 73 $625 $725 74 $340 to $384 75 $650 76 $300 $500 to $620 $625 77 $695 $795 78 $550 to $600 79 $540 $624 to $641 80 $614 $659 to $720 $882 81 $484 82 $405 to $480 $535 to $575 84 $729 $859 $909 $1159 85 $495 $525 86 $625 $720 87 $519 $675 to $689 88 $629 to $778 $759 to $830 $1009 to $1400 $1605 89 $785 to $920 $979 to $1159 $1304 to $1579 $1435 to $1879
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-32 COLLECTED RENTS - EVANSVILLE, INDIANA
MAP GARDEN UNITS TOWNHOUSE UNITS ID STUDIO 1-BR 2-BR 3-BR 4+ BR 1-BR 2-BR 3-BR 4+ BR 91 $510 to $585 $665 to $715 92 $447 $479 to $665 $575 to $710 $664 to $800 93 $665 to $710 $785 to $825 $1040 to $1235 $915 to $950 $1200 to $1235 94 $500 $700 95 $579 to $644 $654 to $759 96 $510 to $590 $595 to $655 $740 to $750 97 $469 to $476 $556 to $706 $710 to $940 $942 to $972 $710 to $940 98 $870 to $1000 100 $500 $660 101 $460 102 $405 to $435 $535 to $565 $695 104 $519 $660 $840 105 $625 $720 $895 $695 $849
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-33 PRICE PER SQUARE FOOT - EVANSVILLE, INDIANA
STUDIO UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 38 Embassy 1 420 $438 $1.04 42 Fielding Court Apts. 1 525 $420 $0.80 97 Village Green 1 442 $469 to $476 $1.06 to $1.08 92 Shannon Glen Apts. 1 500 to 565 $447 $0.79 to $0.89 ONE-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 1 Abbey Court 1 741 to 810 $565 to $663 $0.76 to $0.82 2 Addison Place Apts. 1 660 $608 $0.92 3 Anchor Court Apts. 1 465 $395 $0.85 5 Arbors at Evansville 1 650 to 714 $515 to $645 $0.79 to $0.90 6 Ashley Pointe 1 710 to 840 $680 to $750 $0.89 to $0.96 8 Boeke Place 1 550 $415 $0.75 10 Brickyard Apts. & Townhomes 1 830 to 889 $760 to $780 $0.88 to $0.92 11 Brooklyn Place Apt. Homes 1 788 to 922 $645 to $656 $0.71 to $0.82 12 Bryce de Moray 1 830 to 854 $665 to $690 $0.80 to $0.81 14 Carousel Apts. 1 610 $625 to $750 $1.02 to $1.23 22 Country Place Apts. 1 491 to 859 $850 to $995 $1.16 to $1.73 24 Covert Apts. 1 625 $450 $0.72 25 Crescent Manor 1 650 $475 $0.73 26 Cross Lake Apts. 1 710 to 799 $750 to $795 $0.99 to $1.06 29 Devonshire Gardens 1 816 to 876 $673 to $768 $0.82 to $0.88 30 Devonshire Place 1 523 to 692 $530 to $590 $0.85 to $1.01 31 Dexter Apts. 1 500 $425 $0.85 32 Dexter Villa 1 700 $490 $0.70 33 Diamond Valley 1 850 $555 $0.65 34 Donaldson Arms Apts. 1 550 to 730 $425 to $450 $0.62 to $0.77 35 Eastland Apts. 1 730 $569 $0.78 36 Eastlodge 1 700 $525 $0.75 38 Embassy 1 550 to 600 $508 to $523 $0.87 to $0.92 40 Fairmont Apts. 1 585 to 874 $525 to $655 $0.75 to $0.90 41 Fairway Plaza 1 700 $475 $0.68 42 Fielding Court Apts. 1 650 $450 $0.69 43 Foxfire West Apts. 1 646 $580 to $600 $0.90 to $0.93 44 Franklin Manor 1 650 $440 $0.68 48 Grove 1 550 $595 $1.08
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-34 PRICE PER SQUARE FOOT - EVANSVILLE, INDIANA
ONE-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 49 Hampton Apts. 1 700 $450 $0.64 51 Heathmoore Apts. 1 576 $570 $0.99 52 Hickory Lake 1 760 $815 $1.07 62 Kimber Green 1 779 $809 $1.04 63 Kinway Apts. 1 796 $595 $0.75 64 Kunkel Square 1 to 1.5 500 to 762 $700 to $1050 $1.38 to $1.40 65 Lakeshore Apt. Homes 1 831 to 890 $785 to $795 $0.89 to $0.94 66 LexBrook Apts. (Lincoln Park Dr.) 1 740 $525 $0.71 67 LexBrook Apts. (S. Weinbach Ave.) 1 600 $525 $0.88 71 May Belle & Montrose Apts. 1 650 to 850 $799 to $899 $1.06 to $1.23 72 Meghann Manor 1 650 $475 to $495 $0.73 to $0.76 77 Mulberry Square 1 744 $695 $0.93 79 Normandy Arms 1 773 $540 $0.70 80 North Park Apts. 1 750 $614 $0.82 81 Ohio Valley Apts. 1 550 $484 $0.88 82 Orchardgate Apts. 1 545 to 640 $405 to $480 $0.74 to $0.75 84 Pavilion Lakes 1 720 $729 $1.01 85 Phoenix Apts. 1 450 $495 $1.10 86 Pollack Apts. 1 612 $625 $1.02 87 Princeton Court 1 600 $519 $0.87 88 Regency Club 1 875 $629 to $778 $0.72 to $0.89 89 Reserve 1 763 to 925 $785 to $920 $0.99 to $1.03 91 Shady Tree 1 575 $510 to $585 $0.89 to $1.02 93 Sugar Mill Creek 1 740 to 854 $665 to $710 $0.83 to $0.90 94 Sunrise East Apts. 1 650 $500 $0.77 95 Timbers Apts. 1 550 to 650 $579 to $644 $0.99 to $1.05 97 Village Green 1 512 to 771 $556 to $706 $0.92 to $1.09 100 West Briar Apts. 1 700 $500 $0.71 101 Western Hills Apts. 1 550 $460 $0.84 102 Westwood Apts. 1 685 $405 to $435 $0.59 to $0.64 104 Woodbridge Place 1 700 $519 $0.74 105 Woodland Park 1 675 $625 $0.93 96 Vann Park Apts. I-IV 1 645 to 741 $510 to $590 $0.79 to $0.80 46 Grand Oak 1 600 $550 to $575 $0.92 to $0.96 18 Cedar Trace I 1 695 $295 to $485 $0.42 to $0.70
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-35 PRICE PER SQUARE FOOT - EVANSVILLE, INDIANA
ONE-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 19 Cedar Trace II 1 695 $295 to $395 $0.42 to $0.57 20 Cedar Trace III 1 695 $295 to $395 $0.42 to $0.57 21 Cedar Trace Senior Apts. 1 650 $285 to $399 $0.44 to $0.61 56 Jacobsville Apts. I 1 701 $295 to $415 $0.42 to $0.59 57 Jacobsville Apts. II 1 701 $295 to $415 $0.42 to $0.59 74 Memorial Pointe I & II 1 700 to 800 $340 to $384 $0.48 to $0.49 92 Shannon Glen Apts. 1 560 to 750 $479 to $665 $0.86 to $0.89 28 Dalehaven Estates Cooperative 1 645 $218 to $587 $0.34 to $0.91 TWO-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 1 Abbey Court 1 917 to 1050 $734 to $779 $0.74 to $0.80 2 1087 $754 to $824 $0.69 to $0.76 2 Addison Place Apts. 1 852 $608 $0.71 2 1155 $797 $0.69 4 Apartment Village 1 900 $530 $0.59 5 Arbors at Evansville 1 800 to 874 $620 to $645 $0.74 to $0.78 1.5 988 $735 $0.74 6 Ashley Pointe 1 935 $790 $0.84 1.5 1000 $915 $0.92 2 1066 $825 $0.77 9 Bradford Pointe 1 700 $550 to $645 $0.79 to $0.92 10 Brickyard Apts. & Townhomes 1.5 to 2 1048 to 1207 $915 to $1035 $0.86 to $0.87 2.5 1329 $1035 $0.78 11 Brooklyn Place Apt. Homes 2 1058 $740 $0.70 12 Bryce de Moray 1 960 to 1008 $785 to $800 $0.79 to $0.82 2 1280 $840 to $865 $0.66 to $0.68 2.5 1308 $935 $0.71 14 Carousel Apts. 1 883 to 1014 $775 $0.76 to $0.88 2 1160 $950 $0.82 22 Country Place Apts. 2 993 to 1517 $1250 $0.82 to $1.26 23 Colonial Manor 1 865 $510 $0.59 26 Cross Lake Apts. 2 964 to 1077 $840 to $940 $0.87 to $0.87 29 Devonshire Gardens 2 1145 to 1554 $790 to $1015 $0.65 to $0.69 30 Devonshire Place 1 911 $705 to $735 $0.77 to $0.81 1.5 1096 $745 to $795 $0.68 to $0.73
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-36 PRICE PER SQUARE FOOT - EVANSVILLE, INDIANA
TWO-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 30 Devonshire Place 2.5 1380 $825 to $850 $0.60 to $0.62 32 Dexter Villa 1 700 $540 $0.77 33 Diamond Valley 1 950 $625 $0.66 1.5 1150 $740 $0.64 34 Donaldson Arms Apts. 1 850 $550 to $600 $0.65 to $0.71 35 Eastland Apts. 1 to 1.5 1025 $663 $0.65 36 Eastlodge 1 900 $585 $0.65 37 Eco Square 1 825 $600 $0.73 40 Fairmont Apts. 1 908 $715 to $730 $0.79 to $0.80 41 Fairway Plaza 1 900 $575 $0.64 43 Foxfire West Apts. 1 775 $725 to $735 $0.94 to $0.95 44 Franklin Manor 1 750 $550 $0.73 48 Grove 1 575 $695 $1.21 50 Harmony West 1 900 $625 to $635 $0.69 to $0.71 51 Heathmoore Apts. 1 864 $725 $0.84 2 864 $745 $0.86 52 Hickory Lake 2 1100 $1016 $0.92 55 Indian Woods 1.5 950 $730 $0.77 2 976 $735 $0.75 61 Kenzi Estates 2 1200 $910 to $930 $0.76 to $0.78 62 Kimber Green 1.5 1006 to 1045 $860 to $935 $0.85 to $0.89 63 Kinway Apts. 1 to 1.5 893 to 926 $675 to $745 $0.76 to $0.80 64 Kunkel Square 1 to 2 976 $900 to $1200 $0.92 to $1.23 65 Lakeshore Apt. Homes 2 1085 to 1135 $925 to $935 $0.82 to $0.85 66 LexBrook Apts. (Lincoln Park Dr.) 1 815 $600 $0.74 67 LexBrook Apts. (S. Weinbach Ave.) 1 850 $600 $0.71 77 Mulberry Square 1 980 $795 $0.81 78 Neighborhood Apts. 1 800 to 870 $550 to $600 $0.69 to $0.69 79 Normandy Arms 1 to 2 984 to 1050 $624 to $641 $0.61 to $0.63 80 North Park Apts. 1 950 $659 $0.69 1.5 950 to 1200 $720 to $882 $0.74 to $0.76 82 Orchardgate Apts. 1 845 $535 to $575 $0.63 to $0.68 84 Pavilion Lakes 1 915 $859 $0.94 1.5 1000 $909 $0.91 85 Phoenix Apts. 1 600 $525 $0.88
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-37 PRICE PER SQUARE FOOT - EVANSVILLE, INDIANA
TWO-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 86 Pollack Apts. 1 711 $720 $1.01 87 Princeton Court 1 900 $675 $0.75 2 900 $689 $0.77 88 Regency Club 1 1007 $759 to $830 $0.75 to $0.82 2.5 1300 to 1554 $1009 to $1400 $0.78 to $0.90 89 Reserve 1 1020 $979 to $1009 $0.96 to $0.99 2 1020 $1129 to $1159 $1.11 to $1.14 2.5 1488 to 1900 $1304 to $1579 $0.83 to $0.88 91 Shady Tree 1 700 $665 to $715 $0.95 to $1.02 93 Sugar Mill Creek 1 to 2 960 to 1202 $785 to $825 $0.69 to $0.82 2.5 1288 to 1317 $915 to $950 $0.71 to $0.72 94 Sunrise East Apts. 1 725 $700 $0.97 95 Timbers Apts. 1 750 to 850 $654 to $759 $0.87 to $0.89 97 Village Green 1 924 to 1260 $710 to $940 $0.75 to $0.77 1.5 1224 $710 to $940 $0.58 to $0.77 2 1040 to 1224 $800 to $895 $0.73 to $0.77 98 Villas at Theatre Commons 2 1321 $870 to $1000 $0.66 to $0.76 100 West Briar Apts. 1 890 $660 $0.74 102 Westwood Apts. 1 846 $535 to $565 $0.63 to $0.67 2.5 1047 $695 $0.66 104 Woodbridge Place 1 925 $660 $0.71 105 Woodland Park 1 825 to 1144 $695 to $720 $0.63 to $0.84 96 Vann Park Apts. I-IV 1 777 to 833 $595 to $655 $0.77 to $0.79 46 Grand Oak 1 800 $600 $0.75 1.5 850 $605 to $630 $0.71 to $0.74 18 Cedar Trace I 1.5 951 $495 to $600 $0.52 to $0.63 19 Cedar Trace II 1.5 951 $495 to $600 $0.52 to $0.63 20 Cedar Trace III 1.5 951 $495 to $600 $0.52 to $0.63 21 Cedar Trace Senior Apts. 1 950 $445 to $595 $0.47 to $0.63 56 Jacobsville Apts. I 1 900 $495 to $575 $0.55 to $0.64 1.5 1186 $595 $0.50 57 Jacobsville Apts. II 1 900 $495 to $575 $0.55 to $0.64 1.5 1186 $595 $0.50 76 Memorial Townhouses I & II 1 933 $300 $0.32 92 Shannon Glen Apts. 1 780 to 1030 $575 to $710 $0.69 to $0.74
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-38 PRICE PER SQUARE FOOT - EVANSVILLE, INDIANA
TWO-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 28 Dalehaven Estates Cooperative 1 840 $256 to $590 $0.30 to $0.70 1.5 1017 $256 to $590 $0.25 to $0.58 THREE-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 1 Abbey Court 2 1256 $879 to $949 $0.70 to $0.76 5 Arbors at Evansville 1.5 1123 $950 $0.85 6 Ashley Pointe 1.5 1200 $995 $0.83 10 Brickyard Apts. & Townhomes 1.5 to 2 1168 to 1304 $1075 to $1200 $0.92 to $0.92 11 Brooklyn Place Apt. Homes 2 1206 $1107 $0.92 12 Bryce de Moray 2 1300 to 1352 $995 to $1010 $0.75 to $0.77 26 Cross Lake Apts. 2 1190 $1165 $0.98 31 Dexter Apts. 2 1200 $795 $0.66 33 Diamond Valley 1.5 1300 $850 $0.65 36 Eastlodge 2 1300 $770 $0.59 55 Indian Woods 1.5 1212 $865 $0.71 62 Kimber Green 1.5 1271 $1125 $0.89 63 Kinway Apts. 1 1024 to 1445 $795 to $850 $0.59 to $0.78 1.5 to 2 1035 to 1158 $810 to $825 $0.71 to $0.78 65 Lakeshore Apt. Homes 2 1290 to 1325 $1020 to $1030 $0.78 to $0.79 75 Memorial Townhouses I 2 1244 $650 $0.52 84 Pavilion Lakes 1.5 1200 $1159 $0.97 88 Regency Club 2.5 1595 $1605 $1.01 89 Reserve 2.5 1633 to 2114 $1435 to $1879 $0.88 to $0.89 93 Sugar Mill Creek 2 1261 to 1278 $1040 to $1235 $0.82 to $0.97 2.5 1600 $1200 to $1235 $0.75 to $0.77 97 Village Green 2 1260 $942 to $972 $0.75 to $0.77 104 Woodbridge Place 2 1225 $840 $0.69 105 Woodland Park 1 1044 $895 $0.86 1.5 1900 $849 $0.45 73 Memorial Place I & II 1 960 to 1100 $625 $0.57 to $0.65 96 Vann Park Apts. I-IV 2 1066 $740 to $750 $0.69 to $0.70 46 Grand Oak 1.5 1000 $670 to $710 $0.67 to $0.71 18 Cedar Trace I 2 1168 $725 $0.62 19 Cedar Trace II 2 1168 $725 $0.62 20 Cedar Trace III 2 1168 $725 $0.62
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-39 PRICE PER SQUARE FOOT - EVANSVILLE, INDIANA
THREE-BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 53 Homes of Evansville 2 1251 to 1657 $223 to $744 $0.18 to $0.45 56 Jacobsville Apts. I 2 1209 $695 $0.57 57 Jacobsville Apts. II 2 1209 $695 $0.57 76 Memorial Townhouses I & II 2.5 1344 to 1800 $500 to $620 $0.34 to $0.37 92 Shannon Glen Apts. 2 1035 to 1050 $664 to $800 $0.64 to $0.76 28 Dalehaven Estates Cooperative 1.5 1118 $290 to $685 $0.26 to $0.61 FOUR+ BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 5 Arbors at Evansville 1.5 1300 $1150 $0.88 73 Memorial Place I & II 2 1400 $725 $0.52 46 Grand Oak 1.5 1150 $800 $0.70 18 Cedar Trace I 2 1300 $925 $0.71 53 Homes of Evansville 2 1669 to 1835 $220 to $798 $0.13 to $0.43 56 Jacobsville Apts. I 2.5 1387 $825 $0.59 57 Jacobsville Apts. II 2.5 1387 $825 $0.59 76 Memorial Townhouses I & II 3 1632 $625 $0.38 28 Dalehaven Estates Cooperative 1.5 1295 $491 to $715 $0.38 to $0.55 FOUR+ BEDROOM UNITS MAP ID PROJECT NAME BATHS UNIT SIZE NET RENT $ / SQ. FT. 72 Meghann Manor 3 1200 $1000 $0.83
Senior Restricted Market-rate Market-rate/Tax Credit Market-rate/Government-subsidized Market-rate/Tax Credit/Government-subsidized Tax Credit Tax Credit/Government-subsidized Government-subsidized Survey Date: December 2017 B-40 AVERAGE NET RENT PER SQUARE FOOT - EVANSVILLE, INDIANA
MARKET-RATE UNIT TYPE ONE-BR TWO-BR THREE-BR GARDEN $0.87 $0.78 $0.81 TOWNHOUSE $0.00 $0.73 $0.79
TAX CREDIT (NON-SUBSIDIZED) UNIT TYPE ONE-BR TWO-BR THREE-BR GARDEN $0.66 $0.69 $0.64 TOWNHOUSE $0.00 $0.49 $0.44
COMBINED UNIT TYPE ONE-BR TWO-BR THREE-BR GARDEN $0.86 $0.78 $0.77 TOWNHOUSE $0.00 $0.72 $0.72
Survey Date: December 2017 B-41 TAX CREDIT UNITS - EVANSVILLE, INDIANA
STUDIO UNITS MAP ID PROJECT NAME UNITS SQUARE FEET # OF BATHS % AMHI COLLECTED RENT 59 John M. Caldwell Homes 7 367 1 60% $385 92 Shannon Glen Apts. 5 500 - 565 1 40% $447 13 Buckner Towers 54 365 1 60% $455 103 White Oak Manor 91 353 1 60% $455 90 Schnute Apts. 91 353 1 60% $455 60 Kennedy Towers 30 365 1 60% $688
- Senior Restricted
Survey Date: December 2017 B-42 TAX CREDIT UNITS - EVANSVILLE, INDIANA
ONE-BEDROOM UNITS MAP ID PROJECT NAME UNITS SQUARE FEET # OF BATHS % AMHI COLLECTED RENT 28 Dalehaven Estates Cooperative 1 645 1 30% $218 21 Cedar Trace Senior Apts. 11 650 1 30% $285 19 Cedar Trace II 8 695 1 30% $295 18 Cedar Trace I 2 695 1 30% $295 56 Jacobsville Apts. I 4 701 1 30% $295 57 Jacobsville Apts. II 4 701 1 30% $295 20 Cedar Trace III 11 695 1 30% $295 74 Memorial Pointe I & II 8 700 - 800 1 40% $340 28 Dalehaven Estates Cooperative 1 645 1 40% $341 74 Memorial Pointe I & II 6 700 - 800 1 60% $384 74 Memorial Pointe I & II 6 700 - 800 1 50% $384 20 Cedar Trace III 3 695 1 40% $395 18 Cedar Trace I 4 695 1 40% $395 19 Cedar Trace II 4 695 1 40% $395 21 Cedar Trace Senior Apts. 9 650 1 40% $399 56 Jacobsville Apts. I 2 701 1 40% $415 57 Jacobsville Apts. II 2 701 1 40% $415 59 John M. Caldwell Homes 17 594 1 60% $449 28 Dalehaven Estates Cooperative 1 645 1 50% $464 92 Shannon Glen Apts. 10 560 - 750 1 40% $479 18 Cedar Trace I 4 695 1 50% $485 96 Vann Park Apts. I-IV 49 645 1 60% $510 103 White Oak Manor 23 439 1 60% $536 90 Schnute Apts. 23 439 1 60% $536 13 Buckner Towers 48 427 - 502 1 60% $536 28 Dalehaven Estates Cooperative 5 645 1 50% $552 92 Shannon Glen Apts. 7 560 - 750 1 50% $568 28 Dalehaven Estates Cooperative 1 645 1 60% $587 99 Vision 1505 3 750 1 50% $614 92 Shannon Glen Apts. 13 560 - 750 1 60% $665 99 Vision 1505 2 750 1 60% $737 60 Kennedy Towers 39 427 - 502 1 60% $737
- Senior Restricted
Survey Date: December 2017 B-43 TAX CREDIT UNITS - EVANSVILLE, INDIANA
TWO-BEDROOM UNITS MAP ID PROJECT NAME UNITS SQUARE FEET # OF BATHS % AMHI COLLECTED RENT 28 Dalehaven Estates Cooperative 7 1017 1.5 30% $256 28 Dalehaven Estates Cooperative 1 840 1 30% $256 76 Memorial Townhouses I & II 4 933 1 30% $300 28 Dalehaven Estates Cooperative 3 1017 1.5 40% $404 28 Dalehaven Estates Cooperative 1 840 1 40% $404 21 Cedar Trace Senior Apts. 3 950 1 40% $445 56 Jacobsville Apts. I 5 900 1 40% $495 57 Jacobsville Apts. II 5 900 1 40% $495 18 Cedar Trace I 1 951 1.5 40% $495 20 Cedar Trace III 8 951 1.5 40% $495 19 Cedar Trace II 4 951 1.5 40% $495 28 Dalehaven Estates Cooperative 26 1017 1.5 50% $551 28 Dalehaven Estates Cooperative 2 840 1 50% $551 59 John M. Caldwell Homes 47 797 1 60% $559 92 Shannon Glen Apts. 15 780 - 1030 1 40% $575 56 Jacobsville Apts. I 7 900 1 50% $575 21 Cedar Trace Senior Apts. 15 950 1 50% $575 57 Jacobsville Apts. II 7 900 1 50% $575 28 Dalehaven Estates Cooperative 3 840 1 50% $576 28 Dalehaven Estates Cooperative 14 1017 1.5 50% $588 28 Dalehaven Estates Cooperative 2 840 1 60% $590 28 Dalehaven Estates Cooperative 7 1017 1.5 60% $590 56 Jacobsville Apts. I 4 1186 1.5 60% $595 21 Cedar Trace Senior Apts. 13 950 1 60% $595 57 Jacobsville Apts. II 4 1186 1.5 50% $595 96 Vann Park Apts. I-IV 59 777 1 60% $595 20 Cedar Trace III 4 951 1.5 60% $600 20 Cedar Trace III 12 951 1.5 50% $600 19 Cedar Trace II 9 951 1.5 50% $600 18 Cedar Trace I 6 951 1.5 60% $600 18 Cedar Trace I 7 951 1.5 50% $600 19 Cedar Trace II 4 951 1.5 60% $600 90 Schnute Apts. 1 757 1 60% $667 13 Buckner Towers 6 757 1 60% $667 103 White Oak Manor 1 759 1 60% $667 92 Shannon Glen Apts. 33 780 - 1030 1 50% $682
- Senior Restricted
Survey Date: December 2017 B-44 TAX CREDIT UNITS - EVANSVILLE, INDIANA
TWO-BEDROOM UNITS MAP ID PROJECT NAME UNITS SQUARE FEET # OF BATHS % AMHI COLLECTED RENT 92 Shannon Glen Apts. 37 780 - 1030 1 60% $710 99 Vision 1505 12 900 1 50% $737 99 Vision 1505 10 900 1 60% $885 60 Kennedy Towers 6 757 1 60% $885 THREE-BEDROOM UNITS MAP ID PROJECT NAME UNITS SQUARE FEET # OF BATHS % AMHI COLLECTED RENT 53 Homes of Evansville 1 1251 - 1657 2 30% $223 53 Homes of Evansville 1 1251 2 30% $223 28 Dalehaven Estates Cooperative 1 1118 1.5 30% $290 53 Homes of Evansville 2 1257 - 1657 2 40% $403 28 Dalehaven Estates Cooperative 7 1118 1.5 40% $460 76 Memorial Townhouses I & II 7 1344 - 1800 2.5 40% $500 53 Homes of Evansville 4 1251 - 1657 2 50% $573 76 Memorial Townhouses I & II 18 1344 - 1800 2.5 50% $600 76 Memorial Townhouses I & II 2 1344 - 1800 2.5 60% $620 28 Dalehaven Estates Cooperative 11 1118 1.5 50% $620 73 Memorial Place I & II 6 960 - 1100 1 50% $625 73 Memorial Place I & II 4 1100 1 40% $625 28 Dalehaven Estates Cooperative 16 1118 1.5 50% $630 92 Shannon Glen Apts. 13 1035 - 1050 2 40% $664 28 Dalehaven Estates Cooperative 6 1118 1.5 60% $685 59 John M. Caldwell Homes 32 1057 1 60% $690 57 Jacobsville Apts. II 6 1209 2 50% $695 56 Jacobsville Apts. I 3 1209 2 60% $695 57 Jacobsville Apts. II 3 1209 2 60% $695 56 Jacobsville Apts. I 6 1209 2 50% $695 18 Cedar Trace I 7 1168 2 60% $725 20 Cedar Trace III 10 1168 2 60% $725 19 Cedar Trace II 6 1168 2 60% $725 96 Vann Park Apts. I-IV 16 1066 2 60% $740 53 Homes of Evansville 2 1251 - 1657 2 60% $744 92 Shannon Glen Apts. 3 1035 - 1050 2 50% $788 92 Shannon Glen Apts. 8 1035 - 1050 2 60% $800 99 Vision 1505 2 1100 1 50% $851 99 Vision 1505 3 1100 1 60% $1022
- Senior Restricted
Survey Date: December 2017 B-45 TAX CREDIT UNITS - EVANSVILLE, INDIANA
FOUR-BEDROOM UNITS MAP ID PROJECT NAME UNITS SQUARE FEET # OF BATHS % AMHI COLLECTED RENT 53 Homes of Evansville 7 1669 - 1835 2 30% $220 53 Homes of Evansville 7 1669 - 1835 2 40% $418 28 Dalehaven Estates Cooperative 2 1295 1.5 40% $491 53 Homes of Evansville 7 1669 - 1835 2 50% $578 76 Memorial Townhouses I & II 4 1632 3 60% $625 28 Dalehaven Estates Cooperative 1 1295 1.5 50% $715 73 Memorial Place I & II 2 1400 2 60% $725 73 Memorial Place I & II 4 1400 2 40% $725 59 John M. Caldwell Homes 18 1213 2 60% $751 53 Homes of Evansville 9 1669 - 1835 2 60% $798 57 Jacobsville Apts. II 2 1387 2.5 60% $825 57 Jacobsville Apts. II 2 1387 2.5 50% $825 56 Jacobsville Apts. I 2 1387 2.5 50% $825 56 Jacobsville Apts. I 2 1387 2.5 60% $825 18 Cedar Trace I 4 1300 2 50% $925
- Senior Restricted
Survey Date: December 2017 B-46 QUALITY RATING - EVANSVILLE, INDIANA
MARKET-RATE PROJECTS AND UNITS QUALITY TOTAL VACANCY MEDIAN NET RENT RATING PROJECTS UNITS RATE STUDIOS ONE-BR TWO-BR THREE-BR FOUR-BR A+ 1 60 3.3% $425 $550 A 3 306 5.2% $815 $1,016 $1,435 A- 3 843 2.6% $710 $825 $1,030 B+ 4 459 3.7% $645 $870 $1,107 B 15 2,512 4.1% $644 $790 $1,125 B- 12 1,580 5.1% $420 $614 $663 $840 C+ 13 1,635 8.1% $438 $484 $550 $710 $800 C 10 1,415 7.2% $469 $570 $720 $942 $1,150 C- 3 87 10.3% $450 $600 D 1 64 14.1% $525 $600 N.A. 9 404 11.4% $519 $675 $810 TAX CREDIT (NON-SUBSIDIZED) PROJECTS AND UNITS QUALITY TOTAL VACANCY MEDIAN NET RENT RATING PROJECTS UNITS RATE STUDIOS ONE-BR TWO-BR THREE-BR FOUR-BR A 1 51 0.0% $285 $575 B+ 2 83 0.0% $295 $600 $725 B 5 289 3.5% $447 $485 $682 $664 $578 B- 2 51 0.0% $295 $575 $625 $725 C+ 2 210 8.1% $510 $595 $630 $491 C 1 20 0.0% $384 DISTRIBUTION OF UNITS BY QUALITY RATING
MARKET-RATE UNITS TAX CREDIT UNITS
C+ 17% D NA C+ C- 1% A 4%3% 30% 1% A- 7% 9%A+ C C 1% 15% 3% B+ B B+ 5% B 27% 12% 41% B- B- 17% 7%
Survey Date: December 2017 B-47 YEAR BUILT - EVANSVILLE, INDIANA *
YEAR RANGE PROJECTS UNITS VACANT % VACANT TOTAL UNITS DISTRIBUTION Before 1970 18 1791 104 5.8% 1791 17.8% 1970 to 1979 33 4237 286 6.8% 6028 42.1% 1980 to 1989 8 1894 69 3.6% 7922 18.8% 1990 to 1999 5 460 19 4.1% 8382 4.6% 2000 to 2005 8 876 33 3.8% 9258 8.7% 2006 to 2010 5 419 9 2.1% 9677 4.2% 2011 2 85 5 5.9% 9762 0.8% 2012 1 48 0 0.0% 9810 0.5% 2013 1 40 0 0.0% 9850 0.4% 2014 1 51 0 0.0% 9901 0.5% 2015 2 150 35 23.3% 10051 1.5% 2016 0 0 0 0.0% 10051 0.0% 2017 1 18 5 27.8% 10069 0.2% 2018** 0 0 0 0.0% 10069 0.0% TOTAL 85 10069 565 5.6% 10069 100.0 % YEAR RENOVATED - EVANSVILLE, INDIANA *
YEAR RANGE PROJECTS UNITS VACANT % VACANT TOTAL UNITS DISTRIBUTION Before 1970 0 0 0 0.0% 0 0.0% 1970 to 1979 0 0 0 0.0% 0 0.0% 1980 to 1989 1 164 20 12.2% 164 5.0% 1990 to 1999 2 316 14 4.4% 480 9.7% 2000 to 2005 2 809 20 2.5% 1289 24.7% 2006 to 2010 7 1101 46 4.2% 2390 33.6% 2011 2 256 12 4.7% 2646 7.8% 2012 1 271 17 6.3% 2917 8.3% 2013 0 0 0 0.0% 2917 0.0% 2014 3 124 16 12.9% 3041 3.8% 2015 3 233 28 12.0% 3274 7.1% 2016 0 0 0 0.0% 3274 0.0% 2017 0 0 0 0.0% 3274 0.0% 2018** 0 0 0 0.0% 3274 0.0% TOTAL 21 3274 173 5.3% 3274 100.0 %
Note: The upper table (Year Built) includes all of the units included in the lower table. * Only Market-Rate and Tax Credit projects. Does not include government-subsidized projects. ** As of December 2017
Survey Date: December 2017 B-48 APPLIANCES AND UNIT AMENITIES - EVANSVILLE, INDIANA
APPLIANCES APPLIANCE PROJECTS PERCENT UNITS* RANGE 84 100.0% 10,069 REFRIGERATOR 84 100.0% 10,069 ICEMAKER 15 17.9% 2,277 DISHWASHER 62 73.8% 8,239 DISPOSAL 65 77.4% 8,776 MICROWAVE 17 20.2% 1,587 UNIT AMENITIES AMENITY PROJECTS PERCENT UNITS* AC - CENTRAL 75 89.3% 9,273 AC - WINDOW 12 14.3% 1,098 FLOOR COVERING 83 98.8% 10,069 WASHER/DRYER 19 22.6% 2,071 WASHER/DRYER HOOK-UP 57 67.9% 8,049 PATIO/DECK/BALCONY 53 63.1% 7,873 CEILING FAN 56 66.7% 7,130 FIREPLACE 9 10.7% 1,954 BASEMENT 0 0.0% INTERCOM SYSTEM 6 7.1% 196 SECURITY SYSTEM 2 2.4% 112 WINDOW TREATMENTS 80 95.2% 9,673 FURNISHED UNITS 1 1.2% 214 E-CALL BUTTON 3 3.6% 225
* - Does not include units where appliances/amenities are optional; Only includes market-rate or non-government subsidized Tax Credit.
Survey Date: December 2017 B-49 PROJECT AMENITIES - EVANSVILLE, INDIANA
PROJECT AMENITIES AMENITY PROJECTS PERCENT UNITS POOL 28 33.3% 6,036 ON-SITE MANAGEMENT 67 79.8% 9,603 LAUNDRY 52 61.9% 6,761 CLUB HOUSE 24 28.6% 5,100 MEETING ROOM 29 34.5% 4,408 FITNESS CENTER 22 26.2% 4,933 JACUZZI/SAUNA 3 3.6% 957 PLAYGROUND 27 32.1% 4,628 COMPUTER LAB 12 14.3% 2,724 SPORTS COURT 16 19.0% 3,958 STORAGE 5 6.0% 442 LAKE 11 13.1% 2,305 ELEVATOR 3 3.6% 259 SECURITY GATE 1 1.2% 50 BUSINESS CENTER 0 0.0% CAR WASH AREA 3 3.6% 622 PICNIC AREA 23 27.4% 3,452 CONCIERGE SERVICE 0 0.0% SOCIAL SERVICE PACKAGE 1 1.2% 98
Survey Date: December 2017 B-50 DISTRIBUTION OF UTILITIES - EVANSVILLE, INDIANA
UTILITY NUMBER OF NUMBER OF DISTRIBUTION (RESPONSIBILITY) PROJECTS UNITS OF UNITS HEAT LANDLORD ELECTRIC E 12 1,148 9.6% GAS G 4 665 5.6% TENANT ELECTRIC E 64 7,276 60.9% GAS G 25 2,862 23.9% 100.0% COOKING FUEL LANDLORD ELECTRIC E 12 835 7.0% GAS G 4 978 8.2% TENANT ELECTRIC E 84 9,360 78.3% GAS G 5 778 6.5% 100.0% HOT WATER LANDLORD ELECTRIC E 8 602 5.0% GAS G 8 1,211 10.1% TENANT ELECTRIC E 65 7,234 60.5% GAS G 24 2,904 24.3% 100.0% ELECTRIC LANDLORD L 15 1,512 12.7% TENANT T 90 10,439 87.3% 100.0% WATER LANDLORD L 86 9,414 78.8% TENANT T 19 2,537 21.2% 100.0% SEWER LANDLORD L 86 9,414 78.8% TENANT T 19 2,537 21.2% TRASH PICK-UP 100.0% LANDLORD L 91 9,990 83.6% TENANT T 14 1,961 16.4% 100.0%
Survey Date: December 2017 B-51 ADDENDUM C: SOURCES
Bowen National Research uses various sources to gather and confirm data used in each analysis. These sources include the following:
2000 and 2010 U.S. Census 2009 FBI Uniform Crime Reports American Community Survey American Seniors Housing Assn.: The State of Seniors Housing 2017 ESRI Demographics Evansville City Representatives Evansville Department of Metropolitan Development Growth Alliance for Greater Evansville Housing Authority of the City of Evansville Indiana Department of Workforce Development Indiana State Department of Health Division of Long Term Care (ISDH) InfoGroup Management for each property included in the survey Multiple Listing Service Realtor.com Realtytrac.com Ribbon Demographics HISTA Data SOCDS Building Permits Database U.S. Department of Housing and Urban Development (HUD) U.S. Department of Labor, Bureau of Labor Statistics Urban Decision Group (UDG) Vanderburgh County Representatives
C-1 ADDENDUM D: GLOSSARY
Various key terms associated with issues and topics evaluated in this report are used throughout this document. The following provides a summary of the definitions for these key terms. It is important to note that the definitions cited below include the source of the definition, when applicable. Those definitions that were not cited originated from the National Council of Housing Market Analysts (NCHMA).
Area Median Household Income (AMHI) is the median income for families in metropolitan and non-metropolitan areas, used to calculate income limits for eligibility in a variety of housing programs. HUD estimates the median family income for an area in the current year and adjusts that amount for different family sizes so that family incomes may be expressed as a percentage of the area median income. For example, a family's income may equal 80 percent of the area median income, a common maximum income level for participation in HUD programs. (Bowen National Research, Various Sources)
Available rental housing is any rental product that is currently available for rent. This includes any units identified through Bowen National Research survey of over 100 affordable rental properties identified in the study areas, published listings of available rentals, and rentals disclosed by local realtors or management companies.
Basic Rent is the minimum monthly rent that tenants who do not have rental assistance pay to lease units developed through the USDA-RD Section 515 Program, the HUD Section 236 Program and the HUD Section 223 (d) (3) Below Market Interest Rate Program. The Basic Rent is calculated as the amount of rent required to operate the property, maintain debt service on a subsidized mortgage with a below-market interest rate, and provide a return on equity to the developer in accordance with the regulatory documents governing the property.
Contract Rent is (1) the actual monthly rent payable by the tenant, including any rent subsidy paid on behalf of the tenant, to the owner, inclusive of all terms of the lease (HUD & RD) or (2) the monthly rent agreed to between a tenant and a landlord (Census).
Cost overburdened households are those renter households that pay more than 30% or 35% (depending upon source) of their annual household income towards rent. Typically, such households will choose a comparable property (including new affordable housing product) if it is less of a rent burden.
Elderly or Senior Housing is housing where (1) all the units in the property are restricted for occupancy by persons 62 years of age or older or (2) at least 80% of the units in each building are restricted for occupancy by households where at least one household member is 55 years of age or older and the housing is designed with amenities and facilities designed to meet the needs of senior citizens.
Extremely low-income is a person or household with income below 30% of Area Median Income adjusted for household size.
D-1 Fair Market Rent (FMR) are the estimates established by HUD of the gross rents (contract rent plus tenant paid utilities) needed to obtain modest rental units in acceptable condition in a specific county or metropolitan statistical area. HUD generally sets FMR so that 40% of the rental units have rents below the FMR. In rental markets with a shortage of lower priced rental units HUD may approve the use of Fair Market Rents that are as high as the 50th percentile of rents.
Garden apartments are apartments in low-rise buildings (typically two to four stories) that feature low density, ample open-space around buildings, and on-site parking.
Gross Rent is the monthly housing cost to a tenant which equals the Contract Rent provided for in the lease plus the estimated cost of all tenant paid utilities.
Household is one or more people who occupy a housing unit as their usual place of residence.
Housing Choice Voucher (Section 8 Program) is a Federal rent subsidy program under Section 8 of the U.S. Housing Act, which issues rent vouchers to eligible households to use in the housing of their choice. The voucher payment subsidizes the difference between the Gross Rent and the tenant’s contribution of 30% of adjusted gross income, (or 10% of gross income, whichever is greater). In cases where 30% of the tenant’s income is less than the utility allowance, the tenant will receive an assistance payment. In other cases, the tenant is responsible for paying his share of the rent each month.
Housing unit is a house, apartment, mobile home, or group of rooms used as a separate living quarters by a single household.
HUD Section 8 Program is a Federal program that provides project based rental assistance. Under the program HUD contracts directly with the owner for the payment of the difference between the Contract Rent and a specified percentage of tenants’ adjusted income.
HUD Section 202 Program is a Federal program, which provides direct capital assistance (i.e. grant) and operating or rental assistance to finance housing designed for occupancy by elderly households who have income not exceeding 50% of the Area Median Income. The program is limited to housing owned by 501(c)(3) nonprofit organizations or by limited partnerships where the sole general partner is a 501(c)(3) nonprofit organization. Units receive HUD project based rental assistance that enables tenants to occupy units at rents based on 30% of tenant income.
HUD Section 236 Program is a Federal program which provides interest reduction payments for loans which finance housing targeted to households with income not exceeding 80% of Area Median Income who pay rent equal to the greater of Basic Rent or 30% of their adjusted income. All rents are capped at a HUD approved market rent.
D-2 HUD Section 811 Program is a Federal program, which provides direct capital assistance and operating or rental assistance to finance housing designed for occupancy by persons with disabilities who have income not exceeding 50% of Area Median Income. The program is limited to housing owned by 501(c)(3) nonprofit organizations or by limited partnerships where the sole general partner is a 501(c)(3) nonprofit organization.
Income Limits are the Maximum Household Income by county or Metropolitan Statistical Area, adjusted for household size and expressed as a percentage of the Area Median Income for the purpose of establishing an upper limit for eligibility for a specific housing program. Income Limits for federal, state and local rental housing programs typically are established at 30%, 50%, 60% or 80% of AMI.
Low-Income Household is a person or household with gross household income less than 40% of Area Median Income adjusted for household size (Bowen National Research).
Low-Income Housing Tax Credit is a program to generate equity for investment in affordable rental housing authorized pursuant to Section 42 of the Internal Revenue Code, as amended. The program requires that a certain percentage of units built be restricted for occupancy to households earning 60% or less of Area Median Income, and that the rents on these units be restricted accordingly.
Market vacancy rate (physical) is the average number of apartment units in any market which are unoccupied divided by the total number of apartment units in the same market, excluding units in properties which are in the lease-up stage. Bowen National Research considers only these vacant units in its rental housing survey.
Mixed income property is an apartment property containing (1) both income restricted and unrestricted units or (2) units restricted at two or more income limits (i.e. low-income tax credit property with income limits of 30%, 50% and 60%).
Moderate Income is a person or household with gross household income between 40% and 60% of Area Median Income adjusted for household size.
Multifamily are structures that contain more than two housing units.
New owner-occupied household growth within a market is a primary demand component for demand for new for-sale housing. For the purposes of this analysis, we have evaluated growth between 2015 and 2019. The 2010 households by income level are based on ESRI estimates applied to 2010 Census estimates of total households for each study area. The 2015 and 2019 estimates are based on growth projections by income level by ESRI. The difference between the two household estimates represents the new owner-occupied households that are projected to be added to a study area between 2015 and 2019. These estimates of growth are provided by each income level and corresponding price point that can be afforded.
D-3 Overcrowded housing is often considered housing units with 1.01 or more persons per room. These units are often occupied by multi-generational families or large families that are in need of more appropriately-sized and affordable housing units. For the purposes of this analysis, we have used the share of overcrowded housing from the American Community Survey.
Pipeline housing is housing that is currently under construction or is planned or proposed for development. We identified pipeline housing during our telephone interviews with local and county planning departments and through a review of published listings from housing finance entities such as IHFA, HUD and USDA.
Population trends are changes in population levels for a particular area over a specific period of time which is a function of the level of births, deaths, and net migration.
Potential support is the equivalent to the housing gap referenced in this report. The housing gap is the total demand from eligible households that live in certain housing conditions (described in Section VIII of this report) less the available or planned housing stock that was inventoried within each study area.
Project-based rent assistance is rental assistance from any source that is allocated to the property or a specific number of units in the property and is available to each income eligible tenant of the property or an assisted unit.
Public Housing or Low-Income Conventional Public Housing is a HUD program administered by local (or regional) Housing Authorities which serves Low- and Very-Low- Income households with rent based on the same formula used for HUD Section 8 assistance.
Rent burden is gross rent divided by adjusted monthly household income.
Rent burdened households are households with rent burden above the level determined by the lender, investor, or public program to be an acceptable rent-to-income ratio.
Replacement of functionally obsolete housing is a demand consideration in most established markets. Given the limited development of new housing units in the study area, homebuyers are often limited to choosing from the established housing stock, much of which is considered old and/or often in disrepair and/or functionally obsolete. There are a variety of ways to measure functionally obsolete housing and to determine the number of units that should be replaced. For the purposes of this analysis, we have applied the highest share of any of the following three metrics: cost burdened households, units lacking complete plumbing facilities, and overcrowded units. This resulting housing replacement ratio is then applied to the existing (2013) owner-occupied housing stock to estimate the number of for-sale units that should be replaced in the study areas.
Restricted rent is the rent charged under the restrictions of a specific housing program or subsidy.
D-4 Single-Family Housing is a dwelling unit, either attached or detached, designed for use by one household and with direct access to a street. It does not share heating facilities or other essential building facilities with any other dwelling.
Special needs population is a specific market niche that is typically not catered to in a conventional apartment property. Examples of special needs populations include: substance abusers, visually impaired person or persons with mobility limitations.
Subsidized Housing is housing that operates with a government subsidy often requiring tenants to pay up to 30% of their adjusted gross income toward rent and often limiting eligibility to households with incomes of up to 50% or 80% of the Area Median Household Income. (Bowen National Research)
Subsidy is monthly income received by a tenant or by an owner on behalf of a tenant to pay the difference between the apartment’s contract rent and the amount paid by the tenant toward rent.
Substandard housing is typically considered product that lacks complete indoor plumbing facilities. Such housing is often considered to be of such poor quality and in disrepair that is should be replaced. For the purposes of this analysis, we have used the share of households living in substandard housing from the American Community Survey.
Substandard conditions are housing conditions that are conventionally considered unacceptable which may be defined in terms of lacking plumbing facilities, one or more major systems not functioning properly, or overcrowded conditions.
Tenant is one who rents real property from another.
Tenant paid utilities are the cost of utilities (not including cable, telephone, or internet) necessary for the habitation of a dwelling unit, which are paid by the tenant.
Tenure is the distinction between owner-occupied and renter-occupied housing units.
Townhouse (or Row House) is a single-family attached residence separated from another by party walls, usually on a narrow lot offering small front and back-yards; also called a row house.
Vacancy Rate – Economic Vacancy Rate (physical) is the maximum potential revenue less actual rent revenue divided by maximum potential rent revenue. The number of total habitable units that are vacant divided by the total number of units in the property.
D-5 ADDENDUM E: SUBAREA/NEIGHBORHOOD ANALYSIS
A. Introduction
While a primary objective of this report is to evaluate the overall housing factors and needs of Evansville and its five submarkets, we have also provided supplemental analysis on smaller selected neighborhoods located within the Central Submarket. Specifically, this section of the report addresses the various demographics and housing characteristics and trends of the Downtown, the Arts District and the Jacobsville Redevelopment District. For the purposes of this analysis, we have referred to these areas as the Downtown Study Area, Arts District Study Area and Jacobsville Study Area.
The map below delineates the boundaries of the three subareas (neighborhoods or districts), all of which fall within the Central Submarket. The individual maps of the smaller neighborhoods are included in the corresponding neighborhood analyses included in this section of the report.
E-1 B. Downtown Study Area
The Downtown Redevelopment Area, hereinafter referred to as the Downtown Study Area, is located in the Central Submarket or central portion of Evansville, along the east side of the Ohio River. The area generally encompasses the Evansville Central Business District and includes a variety of government facilities, offices, retail establishments, and multifamily residential housing.
The Downtown Study Area is generally bounded by the Lloyd Expressway (State Route 62) to the north, Martin Luther King Boulevard to the east, Oak Street, Cherry Street, and Chestnut Street to the south, and the Ohio River to the west. A small portion of the Downtown Study Area also includes an area north of the Lloyd Expressway, north of the Willard Library and in the southeast quadrant of the Franklin Street and First Avenue intersection. Overall, the Downtown Study Area encompasses a total of 0.49 square miles.
A Map of the Downtown Study Area is below:
E-2 Demographics
Population and households by numbers and percent change (growth or decline) for selected years within the Downtown Study Area (DSA) and Evansville are shown in the following table:
Total Population Total Households DSA Evansville DSA Evansville 2000 Census 1,337 121,540 455 52,249 2010 Census 992 117,429 423 50,588 Change 2000-2010 -345 -4,111 -32 -1,661 Percent Change 2000-2010 -25.8% -3.4% -7.0% -3.2% 2017 Estimated 1,075 119,600 471 51,504 Change 2010-2017 83 2,171 48 916 Percent Change 2010-2017 8.4% 1.8% 11.3% 1.8% 2022 Projected 1,120 121,050 497 52,143 Change 2017-2022 45 1,450 26 639 Percent Change 2017-2022 4.2% 1.2% 5.5% 1.2% Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Downtown (DSA) Population/Household Trends (2000-2022)
Population Households
15.0% 10.0% 11.3% 8.4% 5.0% 4.2% 5.5% 0.0% -7.0% -5.0% -10.0% -15.0% -20.0% -25.8% -25.0% -30.0% 2000-2010 2010-2017 2017-2022
Year
While the Downtown Study Area (DSA) population and household trends declined between 2000 and 2010, they increased by 83 (8.4%) and 48 (11.3%), respectively, between 2010 and 2017. They are projected to increase by 45 (4.2%) people and 26 (5.5%) households, respectively, between 2017 and 2022. These positive projected demographic rates are expected to significantly outpace the overall PSA (Evansville). This projected demographic growth will increase the demand for housing in the Downtown.
E-3 The distribution of households by age for the Downtown Study Area is compared with overall Evansville in the table below.
Household Heads by Age
<25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ 29 82 60 70 106 39 40 2010 (6.8%) (19.2%) (14.1%) (16.4%) (24.9%) (9.2%) (9.4%) 22 92 75 69 109 58 47 2017 (4.7%) (19.5%) (15.9%) (14.6%) (23.1%) (12.3%) (10.0%) DSA 24 87 89 73 103 69 52 2022 (4.8%) (17.5%) (17.9%) (14.7%) (20.7%) (13.9%) (10.5%) Change 2 -5 14 4 -6 11 5 2017-2022 (9.1%) (-5.4%) (18.7%) (5.8%) (-5.5%) (19.0%) (10.6%) 3,766 8,773 7,646 9,845 8,720 5,480 6,358 2010 (7.4%) (17.3%) (15.1%) (19.5%) (17.2%) (10.8%) (12.6%) 3,242 9,383 7,907 8,336 9,545 6,940 6,151 2017 (6.3%) (18.2%) (15.4%) (16.2%) (18.5%) (13.5%) (11.9%) Evansville 3,203 8,853 8,618 7,786 9,175 7,963 6,543 2022 (6.1%) (17.0%) (16.5%) (14.9%) (17.6%) (15.3%) (12.5%) Change -39 -530 711 -550 -370 1,023 392 2017-2022 (-1.2%) (-5.6%) (9.0%) (-6.6%) (-3.9%) (14.7%) (6.4%)
It is estimated that in 2017, the largest share (23.1%) of households by age in the Downtown Study Area is within the 55 to 64 age cohort. Between 2017 and 2022, it is projected that households between the ages of 35 and 44 will increase the most, adding 14 (18.7%) households, while notable growth is expected to occur among households between the ages of 65 and 74, adding 11 (19.0%) households during this time. Overall, the DSA will add a projected 16 households age 65 and older between 2017 and 2022.
Households by income for selected years are shown in the following table:
Households by Income $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - <$15,000 $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $150,000+ 82 58 54 60 70 50 53 48 2017 (17.3%) (12.2%) (11.4%) (12.6%) (14.7%) (10.5%) (11.2%) (10.1%) 85 60 55 70 69 52 56 50 DSA 2022 (17.1%) (12.1%) (11.1%) (14.1%) (13.9%) (10.5%) (11.3%) (10.1%) Change 3 2 1 10 -1 2 3 2 2017-2022 (3.7%) (3.4%) (1.9%) (16.7%) (-1.4%) (4.0%) (5.7%) (4.2%) 8,914 7,298 7,350 8,624 8,956 4,748 3,785 1,832 2017 (17.3%) (14.2%) (14.3%) (16.7%) (17.4%) (9.2%) (7.3%) (3.6%) 9,270 7,298 7,284 8,421 8,552 5,176 4,190 1,957 Evansville 2022 (17.8%) (14.0%) (14.0%) (16.1%) (16.4%) (9.9%) (8.0%) (3.8%) Change 356 0 -66 -203 -404 428 405 125 2017-2022 (4.0%) (0.0%) (-0.9%) (-2.4%) (-4.5%) (9.0%) (10.7%) (6.8%) Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
E-4 In 2017, 40.9% of DSA (Downtown) households had annual incomes below $35,000. Just over half (53.5%) of all households in the DSA had incomes below $50,000. It is projected that between 2017 and 2022, the greatest increase in households by income level in the DSA will primarily be among households with incomes between $35,000 and $49,999. As such, while the downtown market has a high share of low-income households, it will experience notable growth among moderate income households. As a result, there will be a continued need for housing affordable to low-income households and a growing need for additional housing to meet the needs of moderate income households seeking affordable market-rate housing.
Other notable demographics findings regarding the Downtown Study Area include:
Approximately, 297 people or 38.6% of the total population within the Downtown Study Area live in poverty. This is significantly higher than the 21.1% poverty share for the overall PSA.
Only four renter households are living in substandard housing, which is considered housing lacking complete indoor plumbing facilities and/or is overcrowded. This represents 1.1% of all renter households, which is lower than the 4.7% share for the overall PSA.
An approximate share of 49.4% of the renter households are considered “rent burdened” within the Downtown Study Area, representing the households that pay 30% or more of their annual income towards rent. This share is slightly higher than the overall PSA share of 48.3%, indicating that finding rental housing that is affordable to many households in the Downtown remains a challenge.
Economic and Redevelopment Activity
The Downtown Study Area (DSA) has and will continue to undergo significant investment and economic activity. Notable activity includes the following:
The Evansville YMCA Board of Directors has decided to construct a new facility across the street from the 1913 downtown YMCA, on land that is currently a YMCA-owned parking lot and a former Evansville Housing Authority office. The new facility is expected to be two stories in height and offer an estimated 70,000- 80,000 square feet, which will include wellness and group exercise rooms, a gym, pool, locker rooms and executive offices. The new building is an estimated $18- million project with an estimated 80% of the funding already committed. A total of $5-million was awarded through Indiana’s Regional Cities program. Officials hope to break ground by the summer of 2018.
E-5 There are also plans for a conversion of the 1913 downtown YMCA into 64 apartments that will operate under the Low-Income Housing Tax Credit program and will use a potential TIF to repay bonds the developer will use to build the project. Over $1.1 million in Tax Credits were awarded by the Indiana Housing and Community Development Authority. The developer of the project is John Anderson Incorporated, whose local housing partner ECHO Housing Corporation will oversee the development of 14 permanent supportive housing units in the building. When built, the $13 million Central Lofts project will add to the residential density of downtown and increase the much-needed supply of affordable rental housing. Construction is slated to start in 2018 with the first occupancy in early 2020.
The ground-breaking for a new Hyatt Place hotel on Chestnust Street in downtown Evansville is scheduled to take place in early spring of 2018. The hotel is to be five stories in height and have 139 rooms. Construction will take an estimated 12 to 15 months from start to finish and all financing for the construction is in place. Additionally, the old Riverhouse Hotel near the intersection of Walnut Street and Riverside Drive in downtown is undergoing renovations and will be renamed the Mediterranean Hotel. The 76-room building is on schedule for a grand opening in the fall or winter of 2018. The former McCurdy Hotel in downtown has been renovated into 100 market-rate apartments with first-floor commercial space, a $10 million investment. At least 50 of the 100 apartments have been leased.
Indiana University, along with the University of Evansville and the University of Southern Indiana, is building a new medical teaching center in downtown to be known as the Indiana University School of Medicine's Academic Health Science and Research Center. This project is a $60 million investment that is planned for opening in August of 2018 and will be for medical and dentistry students from Indiana University and for students in the University of Evansville’s Master of Physician Assistant and Doctor of Physical Therapy programs. The campus will include classrooms, labs, work stations and administrative offices. It is expected to produce $340 million in annual economic impact by 2020.
It was announced in March 2018 that the LST 325 World War II Warship and Memorial, a local tourist attraction, would be moved from its current location along the Ohio River to the downtown site of the former Tropicana Evansville riverboat casino. Officials expect the move to cost $2.8 million with Tropicana Evansville contributing a notable portion of the moving funds. Planners estimate the relocation could potentially double the ship’s annual 11,000 visitors.
E-6 In December 2017, it was announced that after sufficient funds were raised, the Trolley of Evansville Districts (TED), would soon be available to transport passengers throughout the various cultural districts of Evansville. It is roughly a 30-minute walk between districts. The trolley arrived in early February 2018 with plans to be up and running soon thereafter. Its downtown route includes a stop on Riverside Drive, several stops on Northwest Second Street and a stop at the intersection of Northwest 5th and Court Streets. There is hope among many local representatives that additional trolleys and route expansions may occur over time.
As of October 2017, a large multi-use development in downtown Evansville, The Market on Vine Street, is moving forward and construction is expected to start sometime in 2018. The space is bordered by Second, Third, Vine and Sycamore streets. The two-building project is expected to include below-ground parking, green space, ground-level office and retail space, including a grocery store and a pharmacy, a number of market-rate housing units and a rooftop restaurant and bar. It is a combination of the previously announced Market at Walnut and The New Urban Living Research Center. The latter will be a platform for research focused on new energy technology and smart appliances driven by the companies Haier America and Vectren Corp. The project is partly funded by Indiana’s Regional Cities program, which is contributing $9.3 million to the project. All Regional Cities projects must be completed by 2020. The developer is Scannell Properties LLC of Indianapolis.
In October 2017, Tropicana opened a new single-level, 75,000 square-foot casino between its existing hotels in Downtown. The $50 million entertainment complex includes a 24-hour casino, two restaurants and an entertainment lounge. Gambling machines were moved from the original riverboat casino, which closed earlier in the month, to the land-based casino. Tropicana made a pre-rent payment of $25 million to the city to support the project.
WNIN Tri-State Public Media announced in April 2017 it will build a new public media center at 44 Main Street in downtown Evansville. Plans include the construction of new radio and television studios and a small public theater. The project was awarded $3.8 million through the Regional Cities Initiative.
The new five-story, 241-room Evansville Doubletree Hotel and Convention Center opened in February 2017. Located at 601 Walnut Street, the project consists of mixed-use components to allow for a complete destination experience including a hotel and convention center, a 568-stall parking garage and future retail and entertainment, all connected with above ground skywalks that link the hotel to the Old National Events Plaza and the Ford Center. The project includes a grand ballroom of 6,480 square feet and 4,176 square feet of pre-function space on the first floor. There are 11 meeting rooms and a total of 12,000 square feet of meeting, reception and event space in addition to a 100+ seat restaurant and bar and a lobby coffee bar, all located on the ground floor. A separate street entrance is provided for the restaurant/bar. The project totaled $61 million.
E-7 In February 2017, F.C. Tucker Emge officials announced redevelopment plans for a tower located at 420 Main Street. Ownership entity City Tower Group LLC will invest $25 million in the project, converting the 18-floor tower into a mixed-use development. Floors 12 to 18 will become luxury condominiums with the largest being an 8,000 square-foot unit taking up an entire floor. Floors 7 to 11 will be used as office space for current tower tenants and space will also be available for new tenants. The sixth floor could potentially become a restaurant or additional office space while the lower floors do not have any defined plans. Construction was expected to start in 2018. The building is the tallest within 120 miles of Evansville.
In July 2016, Shield Global Partners announced plans to occupy the 3rd floor of the Innovation Pointe headquarters in downtown Evansville. The expansion planned on adding 50 employees within the next year and an additional 80 to 100 employees over the next three years. Shield Global Partners offers vehicle monitoring and accident impact analysis to vehicle leasing companies.
In October 2015, a developer began renovating the former Sterling Brewery site into a mixed-use project that will include office space. SS&C Technology Holdings expanded and moved into the first two floors in May 2017 and plans to add 360 new jobs to their existing 200 employees during the next five years. SS&C provides software and services for the global financial services industry. Local stakeholders feel that having the company downtown will help keep more of Evansville’s college graduates from leaving the area after they finish school. The developer of the brewery site invested $1 million in the renovations.
The ongoing Pigeon Creek Greenway project will entail construction of a 40-mile paved bicycle and pedestrian trail throughout the city of Evansville and Vanderburgh County. Currently, almost seven miles of the trail are complete along Pigeon Creek and through the downtown riverfront. Sections of the Greenway that pass through the Downtown Study Area include part of the Industrial Corridor and the Riverfront Corridor. According to local sources, the completed miles of the trail have shown to be a community amenity that contributes to the quality of life for residents and visitors. The development of the project is still proceeding.
These developments are expected to encourage ancillary development and contribute to the continued revitalization of the downtown. With more than $220 million in investments recently completed, currently underway or planned, the downtown area is poised for significant economic growth, which will increase the need for additional downtown housing for a variety of household types, including affordable workforce housing and housing for young professionals and medical school students.
E-8 Housing Supply a. Rental Housing
As part of this update, Bowen National Research identified and personally surveyed four multifamily rental housing projects containing a total of 251 units within the Downtown Study Area (DSA). Of the 251 multifamily rental units in the market, 68 (27.1%) operate as market-rate product while the remaining 183 (72.9%) operate with a government subsidy. The distribution of surveyed rental housing supply by product type is illustrated in the following table:
Multifamily Rental Housing Supply Projects Total Vacant Occupancy Program Type Surveyed Units Units Rate Market-rate 2 68 10 85.3% Tax Credit/Government-Subsidized 2 183 0 100.0% Total 4 251 10 96.0%
As the preceding table illustrates, these rentals have a combined occupancy rate of 96.0%, which is a high rate for multifamily housing. There are no vacant units among the affordable (Tax Credit and government-subsidized) supply, indicating that low-income households seeking such housing have more limited options. In fact, one of the subsidized projects has a wait list of 354 households, which provides evidence that there is pent up demand for multifamily rental housing in the Downtown area that serves low-income households. While there are 10 vacant market-rate units, half (five) of these vacancies are within the recently-opened (November of 2017) Country Place Apartments that is still in its initial lease-up phase.
Median rents by bedroom type range from $700 (one-bedroom/one-bathroom) to $900 (two-bedroom/two-bathroom) for the market-rate multifamily units. It is important to note that none of the identified multifamily projects offer three- bedroom or larger units. As such, there appear to be no multifamily rental options for most larger-family households seeking housing within the DSA. As a result, family households seeking three-bedroom rental alternatives in the DSA must choose from non-conventional rentals, which typically have higher rents, fewer amenities and are of often lower quality than multifamily options.
E-9 b. For-Sale Housing
Bowen National Research, through a review of the Multiple Listing Service information for the Downtown Study Area, identified both historical (sold since 2010) for-sale residential data and currently available for-sale housing stock.
Within this study area, there were 69 homes sold and only three (3) homes currently available. The three available homes in the DSA represent 0.9% of all owner- occupied homes in the entire PSA (Evansville). The following table summarizes the available and recently sold (since January 2010) housing stock for the PSA and the Downtown Study Area.
For-Sale/Sold Housing Supply Downtown Type Study Area PSA (Evansville) Available 3 327 Sold 69 10,718 Total 72 11,045 Source: Multiple Listing Service and Bowen National Research, LLC
The following table summarizes the inventory of available for-sale housing in the Downtown Study Area and PSA (Evansville).
Available For-Sale Housing Total % Share Low High Average Median Average Days Units of PSA List Price List Price List Price List Price On Market Downtown Study Area 3 0.9% $245,000 $449,500 $324,800 $279,900 311 PSA - Evansville 327 100.0% $9,000 $489,000 $94,408 $73,900 132
Within the DSA (Downtown), the available homes have a median list price of $279,900 (slightly down from $289,900 in September of 2016), which is nearly four times the overall PSA (Evansville) median list price of $73,900. It is important to note that none of the available for-sale housing supply is priced under $245,000, which limits the ability of lower- and moderate-income households, including many millennials, to purchase a home in the DSA. The average number of days on market for available product in the DSA is 311, which is longer than the overall PSA average of 132.
E-10 Conclusions
Demographic trends within the Downtown Study Area (DSA) have been positive between 2010 and 2017, experiencing both population and household growth. It is projected that between 2017 and 2022, the DSA will increase by 45 (4.2%) people and 26 (5.5%) households. While a large portion of the households in the DSA have incomes below $35,000, the greatest growth is expected to occur among moderate- income households earning between $35,000 and $49,999. It is also projected that the greatest household growth by age group is expected to occur among households between the ages of 35 and 44 and between the ages of 65 and 74. These positive projected demographic characteristics and changes will contribute to the demand for housing that will serve low-income households and moderate-income households, including both younger and older adult households. With more than $220 million in new development activity recently completed, currently underway or planned for the downtown area, it is expected that the need for affordable workforce housing and housing for young professionals and medical school students will increase.
According to Bowen National Research’s survey of rental housing alternatives and a review of the for-sale housing inventory, the DSA has few available housing units and there appears to be pent-up demand for additional housing, particularly housing serving low-income households. Multifamily rental product identified and surveyed has median rents by bedroom type that range from $700 (one-bedroom) to $900 (two- bedroom) for the market rate units. As such, the market-rate supply is generally not affordable to households with incomes under $30,000, which comprises the largest share of households in the DSA. With a median list price of $279,000, most available for-sale housing is not considered affordable to households within the DSA that generally make $60,000 or less.
Based on this analysis, the Downtown Study Area has a large base of low-income households and a large population living in poverty, many of which are cost burdened. Adding to the difficulty of area residents is the fact that there were few multifamily rental units identified in the market that are available for rent and the few for-sale housing options that are available. As a result, it appears the downtown area is in need of additional rental and for-sale product, with emphasis on product affordable to lower income households, but also product that is affordable to the growing base of moderate- income households.
E-11 C. Arts District Study Area
The Arts District Redevelopment Area, hereinafter referred to as the Arts District Study Area (ADSA), is located in the Central Submarket or central portion of Evansville, along the east side of the Ohio River and south of the downtown area of Evansville. The area generally encompasses museums, parks, medical facilities, the Riverside Historic District, retail and office space, and multifamily and single-family residential uses.
Generally, the Arts District Study Area is bounded by Chestnut Street and Cherry Street to the north, Martin Luther King Boulevard, Eighth Street, Garvin Street and Culver Drive to the east, the area between Culver Drive and Veterans Memorial Parkway (I- 164) that extends beyond Cass Avenue to the south, and Veterans Memorial Parkway and the Ohio River to the west. This area encompasses approximately 0.58 square miles.
A Map of the Arts District Study Area is below:
E-12 Demographics
The population and household trends of the Arts District Study Area (ADSA) are illustrated in the table below:
Total Population Total Households ADSA Evansville ADSA Evansville 2000 Census 3,514 121,540 1,738 52,249 2010 Census 2,996 117,429 1,459 50,588 Change 2000-2010 -518 -4,111 -279 -1,661 Percent Change 2000-2010 -14.7% -3.4% -16.1% -3.2% 2017 Estimated 3,076 119,600 1,509 51,504 Change 2010-2017 80 2,171 50 916 Percent Change 2010-2017 2.7% 1.8% 3.4% 1.8% 2022 Projected 3,123 121,050 1,539 52,143 Change 2017-2022 47 1,450 30 639 Percent Change 2017-2022 1.5% 1.2% 2.0% 1.2% Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Arts District (ADSA) Population/Household Trends (2000-2022) Population Households
4.0% 3.4% 2.0% 2.7% 1.5% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.7% -14.0% -16.1% -16.0% -18.0% 2000-2010 2010-2017 2017-2022
Year
The overall population in the ASDA declined by over 500 and the number of households declined by nearly 300 between 2000 and 2010, representing declines of 14.7% and 16.1%, respectively. The population and households grew some from 2010 and 2017 within the ADSA, when the population increased by 80 (2.7%) and households increased by 50 (3.4%). These trends are projected to continue to grow at the general same rates from 2017 and 2022, increasing by 47 (1.5%) people and 30 (2.0%) households. These projected growth rates are slightly faster than the growth projected for the overall PSA (Evansville).
E-13 The distribution of households by age for the Arts District Study Area is compared with overall Evansville in the table below.
Household Heads by Age
<25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ 119 267 208 278 300 150 138 2010 (8.2%) (18.3%) (14.2%) (19.0%) (20.5%) (10.3%) (9.5%) 115 315 223 225 276 228 127 2017 (7.6%) (20.9%) (14.8%) (14.9%) (18.3%) (15.1%) (8.4%) ADSA 128 273 256 216 254 264 149 2022 (8.3%) (17.7%) (16.6%) (14.0%) (16.5%) (17.1%) (9.7%) Change 13 -42 33 -9 -22 36 22 2017-2022 (11.3%) (-13.3%) (14.8%) (-4.0%) (-8.0%) (15.8%) (17.3%) 3,766 8,773 7,646 9,845 8,720 5,480 6,358 2010 (7.4%) (17.3%) (15.1%) (19.5%) (17.2%) (10.8%) (12.6%) 3,242 9,383 7,907 8,336 9,545 6,940 6,151 2017 (6.3%) (18.2%) (15.4%) (16.2%) (18.5%) (13.5%) (11.9%) Evansville 3,203 8,853 8,618 7,786 9,175 7,963 6,543 2022 (6.1%) (17.0%) (16.5%) (14.9%) (17.6%) (15.3%) (12.5%) Change -39 -530 711 -550 -370 1,023 392 2017-2022 (-1.2%) (-5.6%) (9.0%) (-6.6%) (-3.9%) (14.7%) (6.4%)
It is estimated that in 2017, the largest share (20.9%) of households by age in the Arts District Study Area was within the 25 to 34 age cohort. Between 2017 and 2022, it is projected that households between ages 25 and 34 will decline by 42 (13.3%), while the number of households between the ages of 65 and 74 will increase the most, adding 36 (15.8%) households. Notable growth is projected to occur among households between the ages of 35 and 44 (increase by 33 households, or 14.8%) and age 75 and older (22 new households, 17.3% increase).
Households by income for selected years are shown in the following table:
Households by Income $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - <$15,000 $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $150,000+ 357 225 261 201 193 115 89 69 2017 (23.6%) (14.9%) (17.3%) (13.3%) (12.8%) (7.6%) (5.9%) (4.6%) 366 218 265 204 193 127 97 73 ADSA 2022 (23.7%) (14.1%) (17.2%) (13.2%) (12.5%) (8.2%) (6.3%) (4.7%) Change 9 -7 4 3 0 12 8 4 2017-2022 (2.5%) (-3.1%) (1.5%) (1.5%) (0.0%) (10.4%) (9.0%) (5.8%) 8,914 7,298 7,350 8,624 8,956 4,748 3,785 1,832 2017 (17.3%) (14.2%) (14.3%) (16.7%) (17.4%) (9.2%) (7.3%) (3.6%) 9,270 7,298 7,284 8,421 8,552 5,176 4,190 1,957 Evansville 2022 (17.8%) (14.0%) (14.0%) (16.1%) (16.4%) (9.9%) (8.0%) (3.8%) Change 356 0 -66 -203 -404 428 405 125 2017-2022 (4.0%) (0.0%) (-0.9%) (-2.4%) (-4.5%) (9.0%) (10.7%) (6.8%) Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
E-14 Low-income households making less than $35,000 a year comprised over 55% of the households in ADSA in 2017. The greatest projected growth within the ADSA from 2017 to 2022 is expected to occur among households with income of $75,000 and higher, though some growth is projected to occur among households with incomes below $15,000. Therefore, the ADSA will likely experience a growing need of housing affordable to low-income households and higher-end market-rate product.
Other notable demographic findings regarding the Arts District Study Area include:
Approximately, 1,015 people or 37.9% of the total population within the Arts District Study Area live in poverty. This is significantly higher than the 21.1% poverty share for the overall PSA.
Approximately 2.7% of the renter households in the ADSA are living in substandard housing, which is considered housing lacking complete indoor plumbing facilities and/or is overcrowded. This is lower than the 4.7% share for the overall PSA. Less than 1.0% of homeowners live in substandard housing, totaling only 4 units.
An approximate share of 49.1% of the renter households are considered “rent burdened” within the Arts District Study Area, representing the households that pay 30% or more of their annual income towards rent. This share is slightly higher than the overall PSA share of 48.3%. Regardless, it is significant that nearly one-half of the renter households in the ADSA are rent burdened.
Economic and Redevelopment Activity
Various economic activity and investment is ongoing and will continue to contribute to the revitalization efforts in the Arts District Study Area (ADSA), which are summarized as follows:
The Evansville Brownfields Corporation, with other city officials, announced several new projects in an effort to enhance the area around Haynie’s Corner. This is part of the ongoing revitalization of the Haynie’s Corner Arts District, an arts and culture neighborhood close to downtown Evansville. Through the Brownfields Corporation the city owns about 140 parcels of land in the District. Over the past two years there have been two bar expansions, Haynie’s Corner Pub and Bokeh Lounge, two new restaurant openings, Sauced and Dapper Pig, with a third, Walton’s, that opened in late 2015. Evansville Brewhouse opened in May 2017 at 56 Adams Street in Haynie’s Corner.
A total of 15 market-rate apartments recently came online as part of the 1882 Owen Block at 121-127 Chestnut Street. All 15 units are occupied and rents generally range from $799 and $899.
E-15 Renovations for the Alhambra Theatre are in the planning stages; the theatre was first opened in 1913 and closed in 1956. It was purchased in 2017 by Alhambra Events LLC with thoughts of turning it into an events gallery and restaurant.
The new Trolley of Evansville Districts (TED) has stops in the ADSA located at the intersection of Southeast Second Street and Adams Avenue and the intersection of Blackford Avenue and Parrett Street, which will contribute to the accessibility to and within the Arts District.
A McKeeson Specialty Health office opened within the Arts District in February 2017 as part of the company’s expansion. The building is located at 401 Southeast 6th Street. When fully staffed, the regional billing office will employ more than 100 people.
As of 2016 the city of Evansville was working with NRP Group to build 50 more housing developments in the Arts District and a streetscape plan was expected to start in 2018. This includes plans to build a roundabout at the intersections of Jefferson Street, Parrett Street and Southeast Second Street. There is also a plan to turn the Haynie’s Corner entryway on Washington Avenue into a tree-lined boulevard between Southeast Second and Fourth streets.
In September 2016, the Haynie’s Corner Arts District Association announced the completion of the first phase of a public Wi-Fi project for the area with plans to extend Wi-Fi to a larger portion of the district in the future. Equipment is placed at the Fountain View Mini Mart, Haynie’s Corner Pub and the apartments at 1012 Southeast Second Street with signals that range approximately 600 feet.
These revitalization efforts along with the significant investment and development underway in the adjacent downtown area will create synergy for the Arts District. These efforts are expected to spur economic activity for the area and create additional demand of a variety of housing alternatives including affordable workforce and artist space, as well as housing for young professionals working in or near the Arts District.
Housing Supply a. Rental Housing
As part of this update, Bowen National Research identified and personally surveyed six (6) multifamily housing projects containing a total of 193 units within the Arts District Study Area (ADSA). The distribution of surveyed rental housing supply by product type is illustrated in the following table.
E-16 Multifamily Rental Housing Supply Projects Total Vacant Occupancy Program Type Surveyed Units Units Rate Market-rate 5 153 9 94.1% Tax Credit 1 40 0 100.0% Total 6 193 9 95.3%
Both surveyed housing segments are performing well with occupancy rates of 94.1% or higher. The only Tax Credit project in the market, which serves low- income households, is fully occupied and maintains a wait list of 12 households. This illustrates the pent-up demand for multifamily rental housing that exists in the ADSA, particularly affordable housing.
Median rents by bedroom type range from $450 (one-bedroom) to $695 (two- bedroom) for the market-rate units and $573 (three-bedroom) to $578 (four- bedroom) for the Tax Credit units. Generally, these median rents for the ADSA are comparable to the rents for the overall PSA (Evansville). It is important to point out the market-rate supply does not include any three-bedroom or larger units, limiting the choices for larger market-rate families seeking housing in the area. Also, with no surveyed studio or one-bedroom Tax Credit units in the ADSA, there may be very limited affordable rental housing options for individuals or seniors seeking smaller units. b. For-Sale Housing
Bowen National Research, through a review of the Multiple Listing Service information for the Arts District Study Area (ADSA), identified both historical (sold since 2010) for-sale residential data and currently available for-sale housing stock.
Within this study area, there were 163 homes sold and seven (7) homes currently available. The seven available within the study area represent 2.1% of the PSA’s total available for-sale inventory. The following table summarizes the available and recently sold (since January 2010) housing stock for the PSA and the ADSA.
For-Sale/Sold Housing Supply Art District PSA Type Study Area (Evansville) Available 7 327 Sold 163 10,718 Total 170 11,045 Source: Multiple Listing Service and Bowen National Research, LLC
E-17 The following table summarizes the inventory of available for-sale housing in the Arts District Study Area and PSA (Evansville).
Available For-Sale Housing Total % Share Low High Average Median Average Days Units of PSA List Price List Price List Price List Price On Market Arts District Study Area 7 2.1% $24,900 $399,000 $170,486 $149,900 146 PSA - Evansville 327 100.0% $9,000 $489,000 $94,408 $73,900 132
The seven homes available for purchase within the Arts District Study Area (ADSA) have a median list price of $149,900, which is roughly double the overall PSA (Evansville) median list price of $73,900. The average number of days on market for available product in the ADSA is 146, which is comparable to the overall PSA average of 132. This is indicative of a strong for-sale housing market.
Conclusions
The Arts District Study Area (ADSA) experienced a total population increase of 80 (2.7%) and the number of households increased by 50 (3.4%) between 2010 and 2017. While modest overall growth, these trends reflect a reversal in demographic trends from the 10 preceding years. This appears to illustrate a renewed interest of people wanting to live in the Arts District. These positive growth trends are expected to continue between 2017 and 2022. The greatest growth between 2017 and 2022 is projected to occur among households between the ages of 65 and 74, though notable growth is also projected to occur among households between the ages of 35 and 44 and ages 75 and older. The greatest projected growth within the ADSA from 2017 to 2022 is expected to occur among households with income of $75,000 and higher, though some growth is projected to occur among households with incomes below $15,000. Approximately one-half of all renter households in the ADSA are considered “rent burdened” (paying 30% or more of their income towards rent). Therefore, the ADSA will likely experience a growing need of housing affordable to low-income households and higher-end market-rate product. With numerous revitalization efforts, including new housing and commercial development, along with infrastructure and beautification initiatives either underway or planned, the Arts District is expected to experience positive economic and demographic growth that will contribute to the need for additional housing in the district.
There were nine multifamily rental units vacant among the multifamily rental properties identified in the ADSA and only seven housing units marketed for purchase in the neighborhood. With few available housing alternatives in the market, prospective renters and homebuyers have very limited housing options in the district. The market would likely benefit from the development of a variety of new housing alternatives, including housing that is affordable to low-income households (generally earning below $25,000) and higher-income households (generally earning $75,000 or more).
E-18 D. Jacobsville Study Area
The Jacobsville Redevelopment Area, hereinafter referred to as the Jacobsville Study Area (JSA), is located in the northern portion of the Central Submarket, which is in the north central portion of Evansville. The area generally encompasses medical facilities, light industrial uses, retail and office space, and residential units.
The Jacobsville Study Area, also known as the Jacobsville Redevelopment Area, is a neighborhood within Evansville that is north of the Downtown Study Area and north of Lloyd Expressway (State Route 62). This study area is generally bounded by East and West Maryland Streets and East Columbia Street to the north, North Willow Road to the east, Division Street to the south, and North First Avenue to the west. This study area totals 1.12 square miles. It should be noted that the Jacobsville Study Area has been modified since our previous studies, and now includes an additional Census Tract to the east.
A Map of the Jacobsville Study Area is below:
E-19 Demographics
The following summarizes the population and household trends of the Jacobsville Study Area (JSA).
Total Population Total Households JSA Evansville JSA Evansville 2000 Census 4,487 121,540 1,860 52,249 2010 Census 3,846 117,429 1,527 50,588 Change 2000-2010 -641 -4,111 -333 -1,661 Percent Change 2000-2010 -14.3% -3.4% -17.9% -3.2% 2017 Estimated 3,783 119,600 1,484 51,504 Change 2010-2017 -63 2,171 -43 916 Percent Change 2010-2017 -1.6% 1.8% -2.8% 1.8% 2022 Projected 3,755 121,050 1,466 52,143 Change 2017-2022 -28 1,450 -18 639 Percent Change 2017-2022 -0.7% 1.2% -1.2% 1.2% Source: 2000, 2010 Census; ESRI; Urban Decision Group; Bowen National Research
Jacobsville (JSA) Population/Household Trends (2000-2022) Population Households
-0.7% 0.0% -1.6% -1.2% -2.0% -2.8% -4.0% -6.0% -8.0% -10.0% -12.0% -14.3% -14.0% -16.0% -17.9% -18.0% 2000-2010 2010-2017 2017-2022 Year
The Jacobsville Study Area (JSA) experienced significant population and household decreases between 2000 and 2010, as the population declined by 641 (14.3%) and households declined by 333 (17.9%). Both population and households declined between 2010 and 2017, and are projected to decline between 2017 and 2022 as well, though at significantly slower rates. The slowdown in the demographic decline, which is likely attributed, in part, to reinvestment and renewed interest in the JSA, is indicative of a stabilizing neighborhood.
E-20 The distribution of households by age for the Jacobsville Study Area is compared with overall Evansville in the table below.
Household Heads by Age
<25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+ 99 240 244 361 268 152 163 2010 (6.5%) (15.7%) (16.0%) (23.6%) (17.6%) (10.0%) (10.7%) 86 244 213 298 294 190 159 2017 (5.8%) (16.4%) (14.4%) (20.1%) (19.8%) (12.8%) (10.7%) JSA 79 231 216 265 284 219 172 2022 (5.4%) (15.8%) (14.7%) (18.1%) (19.4%) (14.9%) (11.7%) Change -7 -13 3 -33 -10 29 13 2017-2022 (-8.1%) (-5.3%) (1.4%) (-11.1%) (-3.4%) (15.3%) (8.2%) 3,766 8,773 7,646 9,845 8,720 5,480 6,358 2010 (7.4%) (17.3%) (15.1%) (19.5%) (17.2%) (10.8%) (12.6%) 3,242 9,383 7,907 8,336 9,545 6,940 6,151 2017 (6.3%) (18.2%) (15.4%) (16.2%) (18.5%) (13.5%) (11.9%) Evansville 3,203 8,853 8,618 7,786 9,175 7,963 6,543 2022 (6.1%) (17.0%) (16.5%) (14.9%) (17.6%) (15.3%) (12.5%) Change -39 -530 711 -550 -370 1,023 392 2017-2022 (-1.2%) (-5.6%) (9.0%) (-6.6%) (-3.9%) (14.7%) (6.4%)
It is estimated that in 2017, the largest shares of households by age in the Jacobsville Study Area were within the 45 to 54 (20.1%) and the 55 to 64 (19.8%) age cohorts. Between 2017 and 2022, it is projected that most of the household growth will occur among householders age 65 and older will increase, adding 42 households.
Households by income for selected years are shown in the following table:
Households by Income $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - <$15,000 $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $150,000+ 388 321 247 203 146 86 47 47 2017 (26.1%) (21.6%) (16.6%) (13.7%) (9.8%) (5.8%) (3.2%) (3.2%) 395 316 232 198 137 93 48 47 JSA 2022 (26.9%) (21.6%) (15.8%) (13.5%) (9.3%) (6.3%) (3.3%) (3.2%) Change 7 -5 -15 -5 -9 7 1 0 2017-2022 (1.8%) (-1.6%) (-6.1%) (-2.5%) (-6.2%) (8.1%) (2.1%) (0.0%) 8,914 7,298 7,350 8,624 8,956 4,748 3,785 1,832 2017 (17.3%) (14.2%) (14.3%) (16.7%) (17.4%) (9.2%) (7.3%) (3.6%) 9,270 7,298 7,284 8,421 8,552 5,176 4,190 1,957 Evansville 2022 (17.8%) (14.0%) (14.0%) (16.1%) (16.4%) (9.9%) (8.0%) (3.8%) Change 356 0 -66 -203 -404 428 405 125 2017-2022 (4.0%) (0.0%) (-0.9%) (-2.4%) (-4.5%) (9.0%) (10.7%) (6.8%) Source: 2000 Census; 2010 Census; ESRI; Urban Decision Group; Bowen National Research
E-21 Nearly two-thirds (64.3%) of all households within the JSA had incomes under $35,000 in 2017. The greatest projected household between 2017 and 2022 is expected to occur among those making below $15,000 and between $75,000 and $99,999. As such, it is expected that demand for housing that is affordable to low-income households and high-income households will increase.
Other notable demographics findings regarding the Jacobsville Study Area include:
Approximately, 1,110 people or 32.7% of the total population within the Jacobsville Study Area live in poverty. This is greater than the 21.1% poverty share for the overall PSA.
Approximately 1.0% of the renter households and 4.8% of owner households in the JSA are living in substandard housing, which is considered housing lacking complete indoor plumbing facilities and/or is overcrowded. The owner share living in substandard housing in the JSA is higher than the share for the overall PSA.
An approximate share of 49.2% of the renter households are considered “rent burdened” within the Jacobsville Study Area, representing the households that pay 30% or more of their annual income towards rent. This rent burdened share is slightly higher than the overall PSA share of 48.3%. Regardless, it is significant that roughly one-half of the renter households in the JSA are rent burdened.
Economic and Redevelopment Activity
Starting approximately two years ago, the Jacobsville neighborhood residents and city stakeholders came up with a Quality of Life plan, using $16 million from TIF district funds to revitalize the neighborhood. North Main Street recently underwent a modernization project that was finished in November 2017. A protected bike lane that will be part of the bike loop connecting the riverfront to downtown from North Main Street and Garvin Park is now in place as part of the project. The path is expected to generate between $7 and $11 million over the next 6 to 7 years according to research done by the Lochmueller Group. Old streetlamps were also replaced with LED lights that provide better lighting and, paired with new businesses opening in the area, hope to reduce crime in the neighborhood. The new Trolley of Evansville Districts (TED) includes stops in Jacobsville, with one located at the intersection of Franklin Street and First Avenue and several stops located along North Main Street. As of November 2017, more than 100 vacant homes in the Jacobsville neighborhood have been demolished, opening the door for redevelopment opportunities.
Additionally, a local artist created a community mural on a large vacant building and ECHO Housing Corporation received a Planning and Enhancement grant from the U.S. Department of Justice to help carry out a plan to address the blighted and deteriorating structures that have been a haven for crime and drug activity in the area. The six main areas of the neighborhood Quality of Life plan are housing, making the neighborhood safe and clean, to create business corridors, concentrate on youth education and activities, creation of jobs, and update the local infrastructure and local parks.
E-22 In November 2017 The Southwestern Indiana Builders Association, with Evansville city government and other locals, held an event at the DoubleTree hotel for commercial developers, local homebuilders and realtors. They wanted to show the new and upcoming development potential of the Jacobsville neighborhood. According to local sources, the number of attendees were triple the expected amount, which is clear evidence of the strong interest in the Jacobsville area. The interested parties were taken on a trolley tour of the area, and many questions were asked and answered. It was reported that the city stakeholders were pleased with efforts to improve the areas and that the community is on the right track for the Jacobsville revitalization.
It is worth noting that there are three affordable rental housing developments either planned or under construction in the Jacobsville Neighborhood. In April of 2017, ECHO held a groundbreaking ceremony for Garfield Commons, a 44-unit multifamily apartment complex and three single-family homes that will be constructed on the southwest corner of Garfield and Virginia streets. The project is an $8 million investment underwritten by Tax Credits awarded by the Indiana Housing and Community Development Authority. Tax Credits will also be used to transform the former Schneider Heating and Air building into ECHO’s Garvin Lofts, a 27-unit affordable housing project located at 101-107 North Garvin Street. An adaptive-reuse is also underway to turn the former St. Joseph Catholic School building into Carpenter Court Apartments, a 45-unit apartment complex located at 607 East Iowa Street. The developer is Pioneer Development Services and the anticipated completion of construction is August 2018. These developments will contribute to the ongoing revitalization of the subject neighborhood.
In April 2017, it was announced that Davita Dialysis would be moving into the former CVS Pharmacy located at 800 North Main Street. The move was expected to bring 25 to 30 new jobs to the area. Davita has invested about $1 million to upgrade the building and prepare it for use and as of January 2018 planned to start seeing patients in late February or early March. On the contrary, it was recently (December 2017) announced that Buehler’s IGA, a grocery store on North Main Street in the Jacobsville Neighborhood, would be closing at the end of the month. The store had about 24 employees, who will be relocated.
Berry Plastics Group, which changed its name to Berry Global Group in 2017, is a large plastics manufacturer located in the southwestern corner of the Jacobsville neighborhood at 101 Oakley Street. In 2014, the company invested $33 million in its Evansville facilities and added 115 new employees to fill professional, technical and production jobs while relocating manufacturing equipment to its four southwest Indiana facilities. Approximately $31 million was invested for needed infrastructure and equipment. They added another 330 production jobs in Evansville, Princeton and Richmond by the end of 2015, with approximately 280 of these jobs being in Evansville. The city of Evansville and Vanderburgh County estimate receiving a positive economic impact in excess of $236 million over the next ten years as a result of the new jobs created and capital investment. In August 2015, the company agreed to buy Avintiv Incorporated for $2.45 billion in cash and is now firmly placed as a Fortune 500 company. In March 2018, Berry Global announced its plans to once again expand
E-23 manufacturing operations in Evansville by investing $70 million and creating up to 150 new jobs by 2020. The company currently has 1,600 employees in Evansville and 23,000 across the country.
In 2004, the EPA made 4.5 square miles around Jacobsville a Superfund site, which is any land in the United States that has been contaminated by hazardous waste and identified by the EPA as a candidate for cleanup because it poses a risk to human health and/or the environment. These sites are placed on the National Priorities List due to the high amount of lead dust left from old foundries. This lead spread into thousands of area homes. To date the EPA has cleaned over 2,000 Jacobsville homes, with about 2,000 more to clean. The clean-up will take five or more years.
Housing Supply
a. Rental Housing
As part of this update, Bowen National Research identified and personally surveyed five multifamily housing projects containing a total of 218 units within the Jacobsville Study Area. Overall, these rentals have only two vacant units and a combined occupancy rate of 99.1%, a very high rate for rental housing. The distribution of surveyed rental housing supply by product type is illustrated in the following table:
Multifamily Rental Housing Supply Projects Total Vacant Occupancy Program Type Surveyed Units Units Rate Market-rate 2 48 2 95.8% Government-Subsidized 3 170 0 100.0% Total 5 218 2 99.1%
The only two vacant units are within the market-rate supply, which have an overall 95.8% occupancy rate. This is a high occupancy rate. There are no vacancies among the 170 government-subsidized units in the market. While we were unable to update the occupancy and rent data for the lone Tax Credit project previously surveyed in the market, our survey from 2014 indicated that this project was fully occupied and had a wait list of approximately 100 households. Regardless, based on our recent survey of subsidized rental housing, there is clear pent-up demand in the Jacobsville Study Area for affordable housing.
Median rents by bedroom type for market-rate product range from $475 (one- bedroom) to $550 (two-bedroom). While these rents are likely affordable to many lower-income households, the fact that there are only two vacant units indicates that renters seeking such housing have limited options. There were no three- bedroom or larger units among the surveyed market-rate multifamily supply, limiting the choices available to larger family households.
E-24 b. For-Sale Housing
Bowen National Research, through a review of the Multiple Listing Service information for the Jacobsville Study Area, identified both historical (sold since 2010) for-sale residential data and currently available for-sale housing stock.
Within this study area, there were 74 homes sold and 10 homes currently available. The 10 available homes in the study area represent 3.1% of the PSA’s total available for-sale inventory. The following table summarizes the available and recently sold (since January 2010) housing stock for the JSA and the overall city of Evansville.
For-Sale/Sold Housing Supply Jacobsville PSA Type Study Area (Evansville) Available 10 327 Sold 74 10,718 Total 84 11,045 Source: Multiple Listing Service and Bowen National Research, LLC
The following table summarizes the inventory of available for-sale housing in the Jacobsville Study Area and PSA (Evansville).
Available For-Sale Housing Total % Share Low High Average Median Average Days Units of PSA List Price List Price List Price List Price On Market Jacobsville Study Area 10 3.1% $15,000 $80,000 $51,590 $53,500 297 PSA - Evansville 327 100.0% $9,000 $489,000 $94,408 $73,900 132
The 10 homes available for purchase within the Jacobsville Study Area (JSA) have a median list price of $53,500, which is below the overall PSA ($73,900). The average number of days on market (the number of days that a home was listed for sale before it was sold) for the available homes in the JSA is 297, which is nearly triple the overall PSA. While the median list price of available homes in the JSA is only $53,500 and may be affordable to many low-income households, we expect that homes at this price are likely older and lower-quality homes in need of significant repairs and modernization that will be unaffordable to most low-income households in the JSA. As such, this housing does not represent a viable option for most low-income households and will likely not appeal to most moderate- and higher-income households.
E-25 Conclusions
The Jacobsville Study Area (JSA) experienced notable declines in its population and households from 2000 to 2010, but slower declines between 2010 and 2017. While it is projected that the total population base and number of households will continue to decline from 2017 to 2022, the decline will be even slower than the previous seven years. As such, it appears this neighborhood is stabilizing from a demographic standpoint. The slowdown in the demographic decline, which is likely attributed, in part, to reinvestment and renewed interest in the JSA, is indicative of a stabilizing neighborhood. The several initiatives recently completed, currently underway or planned, including the removal of vacant/blighted buildings, and residential, commercial and manufacturing development and expansion, will have a very positive impact on the Jacobsville area. This, in turn, will have a positive impact on job and demographic growth, which will have a positive impact on housing demand. Despite the overall negative demographic trends within the JSA, this area will experience some growth among its older adult household base, as it is projected that most of the household growth between 2017 and 2022 will occur among householders age 65 and older, increasing by 42 households.
Nearly two-thirds of the overall households within the JSA had incomes below $35,000 in 2017, nearly one-third of the population lives in poverty and just under one-half of all renter households in the JSA are considered “rent burdened” (paying 30% or more of their income of their incomes towards rent). As such, affordability of housing remains important within this area. The greatest projected household growth between 2017 and 2022 is expected to occur among those making below $15,000 and between $75,000 and $99,999. As such, it is expected that demand for housing that is affordable to low-income households and high-income households will increase.
According to our survey of rental housing alternatives and a review of the for-sale housing inventory, the JSA has few available housing units and there appears to be pent-up demand for additional housing. Overall, we identified only two vacant units among the 218 multifamily rental units surveyed in the neighborhood. As such, there is clear pent-up demand in the Jacobsville Study Area for affordable housing, as well as market-rate housing. Despite the fact that the JSA has rental product priced below $600 and the limited supply of vacant for-sale housing product is priced below $60,000, a large share of area households are considered cost burdened, meaning that many area households are paying a disproportionately high share of their income towards housing costs. Additionally, with available for-sale product having a median list price of $53,500, it is anticipated that such housing will not be affordable to most low-income households once repair and modernization costs are considered. Additionally, we would anticipate such housing will not appeal to most moderate- and high-income households. As a result, it does not appear that the rental or for-sale supply within the JSA adequately serve the needs of most households that may be seeking housing in the JSA.
E-26