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In terms of income, HUD utilizes median family income (MFI) as its main measure. At $37,365,
<br />Lakewood compares favorably with the national medtan family income of $35,939. To show the detail
<br />of how incomes are distributed at various levels, HUD uses the following income categories. The figures
<br />are adjusted depending upon the number of persons in the households. This sample is for a family of
<br />four:
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<br />0%-30% of Median Family Inco~ne - Extremely Low Income: Maximum $11,150 armuai income
<br />31%-50% of Median Family Income - Very Low Income: $11,151 to $18,550 annuai income
<br />51%-80% of Median Family Income - Low Income: $18,551 to $29,700 annual income
<br />81%-95% of Median Family Income - Moderate Income: $29,701 to $35,250 annual income
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<br />Based upon the 1990 Census, about 37% of Lakewood households are considered low or moderate
<br />income, meaning about 10,000 households totaling 22,000 persons (HUD, Low and Moderate Income
<br />Reports, July 9, 1993).
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<br />Housing Characteristics
<br />
<br />la terms of the housing stock, which totals about 28,500 units, Lakewood represents a stable situation.
<br />For example, housing units are not being abandoned or demolished due to deterioration and neglect. In
<br />Lakewood the number of occupied housing units changed only slightly from I980 to 1990. This is
<br />conSistent with the character of a city in which almost all available land has already been developed.
<br />
<br />As important as the number of housing units in Lakewood is the time periods in which they were
<br />constructed. Approximately 18,000 units (63%) were built before 1939, meaning their age is approaching
<br />a minimum of 55 years. Due to the age of the houstng stock in Lakewood, FIUD estimates that 20,500-
<br />26,100 units contain at least some lead-based paint. Of that total, HUD has estimated that approximately
<br />8,I00 units in Lakewood with lead-based paint hazards are occupied by low-income households
<br />(Consolidated Plan, Community Profile, Lead-Based Paint section; HUD CHAS Data Book, Table 12).
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<br />According to the 1990 Census, within Lakewood approximately 42% of units were owner-occupied, 53%
<br />renter-occupied, and 5% vacant. These percentages have remained basically steady from 1980 and include
<br />an increase in the number of minority homeowners, In terms of the pattern of homeownership as of 1990,
<br />the homeownership rate at various age categories exceeded the citywide average in the 45-54, 55-64, and
<br />65-74 age brackets. One trend th. at is apparent in Lakewood during 1980-1990 is that the rate of
<br />homeownership in younger age brackets, such as age 25-34 and 3544, is declining.
<br />
<br />The housing stock within Lakewood is also affordable, with approximately 11,100 (76%) of all rental units
<br />costing $250-$499 per month and almost 7,200 (83%) single-familY houses valued at less than $100,O00.
<br />The median sale price of single-family homes in Lakewood rose about 11% from 1990-1992, reaching
<br />$83,700.
<br />
<br />Of all occupied units in Lakewood. renters occupy almost 94% of zero- and one-bedroom units, 73% of
<br />two-bedroom units, and 16% of units with three or more bedrooms. Restating the above information in
<br />terms of owners shows that owners occupy about 6% of zero- and one- bedroom units, 27% of two-
<br />bedroom units, and 84% of units with three or more bedrooms.
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<br />FY 1995 HUD Consolidated Plan 7
<br />DRAFT
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<br />City of l. akewood, Ohio
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