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CHAPTER 3 <br /> Market Conditions anc Outlook <br /> Summary <br /> Downtown Everett Market Area The economic portion of the Downtown Plan is intended to assure that the Plan <br /> Demographic Comparison - 2004 addresses realistic opportunities and responses. The market analysis addresses <br /> the following issues: <br /> I mile radius 3 mile radius 5 mile radius <br /> Papulation 16,198 48,412 98,537 . What are the potential levels of demand for residential, retail, office and <br /> }louseholds 6,282 19,080 37,922 <br /> Housing Units lodging uses? <br /> Owner Occupied 33.7% 50.2% 56.7% <br /> Renter Occupied 66.3% 49.8% 43.3% . What are the economic conditions that must exist for those potential levels to <br /> Median Age 34.4 35.2 34.7 <br /> Household Income be achieved? <br /> Median $33,895 S42,442 547,547 • <br /> Total 5409,696,014 $1,273,380,836 52,617,044,183 <br /> Retail Purchases The key findings and conclusions are summarized below. <br /> Average Amount $17,574 $19,472 $20,118 <br /> Total Amount $110,399,868 $371,525,760 $762,914,796 <br /> Source:STHDOnline Economic and Demographic Characteristics <br /> Downtown serves a market area that extends beyond its area boundaries. The <br /> characteristics of the areas within one, three, and five mile radii around the <br /> center of downtown are shown on the following pages. <br /> Multifamily Residential Demand <br /> There are an estimated 2,216 multifamily housing units in the downtown study <br /> area. Apartments with five or more units represent the largest share of the <br /> inventory. Condominiums represent 6 percent of all multifamily uses. <br /> Apartments in Central Everett as defined by Dupre and Scott, which includes the <br /> downtown study area, have a lower average rent than units elsewhere in the C.7 <br /> county. The current vacancy rate is higher as well. However, several new <br /> • developments in downtown have achieved rents much higher than these <br /> averages. Condominiums in Snohomish County have average prices well below <br /> prices in north King County and the east side of the Puget Sound area, but <br /> higher than in Pierce County and south King County. The most expensive <br /> condominium unit sold in downtown Everett has been $360,000. <br /> 18 MAKERS architecture and urban design <br /> 05092pt_drah.dot-6/29/06 <br />