Ordinance No. 20585 - Laserfiche WebLink

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The growth in Latino households and need for affordable housing will increase demand for lower-cost housing, such as small single-family or multi -family housing. Latino households are expected to account for a large share of population growth over the next two decades. First and second generation Latino households generally have lower than average household income and larger than average households. Although homeownership rates are lower for Latino households, those Latino households who become homeowners do so at an earlier age. The growth in Latino households and need for affordable housing will increase demand for lower-cost housing, such as small single-family or multi -family housing. The economy is changing, which could influence demand for certain housing types. Lane County and Eugene's economy have grown. Between 1990 and 2011, Lane County added about 22,200 jobs and the average wage increased by 88% (about $17,000). While the economy and the housing market are continuing to grow slowly after the 2007-2009 recession, Eugene can expect to experience one to two complete economic cycles (from faster growth to little or no growth) over the planning period. Future housing demand will be driven by in -migration and changes in age -demographics. It is likely that households that move to Eugene in the future will have characteristics similar to those that moved to Eugene in the recent past (since 2001). New households and existing households are likely to undergo similar changes in age -demographics. The Office of Economic Analysis projects that Lane County's share of people over 60 years will increase from 17% in 2000 to 26% in 2030, adding nearly 56,000 people 60 years and older over the thirty year period. Changes in Eugene's household composition will affect the types of housing needed. The composition of Eugene's households has changed over the last two decades, with household size decreasing slightly, from 2.30 persons per household in 1990 to 2.24 persons per household in 2010, a change of 2.6% over the 20 -year period. Single -person households became more common, with 31% of households in one-person households in 1990 and 33% in 2010. • Eugene's housing became less affordable for renting and owning over the last decade. Some indicators that illustrate this decrease in affordability include: • Fifty percent of Eugene households were cost burdened in 2011. The rate was much higher for renters (64%) than for Part 11 — Eugene Housing Needs Analysis ECONorthwest Page 107