River Road has a slightly lower share <br />of cost -burdened households than the <br />city and the region. Yet more than half <br />of renter households, most of whom are <br />lower income, spend more than 30 <br />percent of their income on housing, <br />meaning they are housing cost - <br />burdened. 90 percent of renters earn <br />less than $35,000 per year, making <br />them vulnerable to displacement if <br />rents in the area increase. <br />Housing Mix <br />Housing along the River Road corridor <br />is predominantly single-family <br />detached, with much less multi -family <br />housing than the city overall as shown in <br />figure 4. The area's homeownership <br />rate is substantially higher than the city <br />HOUSING MIX BY GEOGRAPHY <br />Source: Census Bureau, 2013-2017 ACS Table 825024 <br />100% <br />10% <br />80% 36% 30% <br />60% <br />40% <br />20% <br />0% <br />River Road/Santa Eugene Eugene -Springfield <br />Clara area region <br />■Single-family detached ■Single-family attached Multifamily <br />HOMEOWNERSHIP RATE BY GEOGRAPHY <br />Source: CeliSUa Bureau, ACS 20 13-20 17 <br />69% 48% 53% <br />River Road/Santa Clara Eugene Eugene - <br />Area Springrield region <br />overall. However, about 37 percent of Figure 4. Housing Mix and Homeownership Rate <br />single-family homes are rentals, along <br />with nearly all the multi -family units, duplexes, triplexes and fourplexes. <br />MARKET CONDITIONS <br />Owned Single -Family Residential <br />According to a national study conducted by the AARP (2018), 76% of adults 50 and <br />older prefer to remain in their current home as they age. For this reason, it is assumed that <br />older homeowners along the River Road corridor will likely continue to occupy much of the <br />existing single-family housing along the corridor for the next 10 or more years, with little <br />appetite for infill or redevelopment aside from some interest in accessory dwelling units. <br />However, in the longer term, more of the units owned by older householders are likely to <br />turn over to new owners, creating opportunities for new families to move in or for new <br />owners to consider infill or redevelopment options. <br />Multi -family Residential Vacancy Rates & Rents <br />Between 2000 and 2018, multi -family residential vacancy rates have been declining <br />slowly and are currently lower than they have ever been. This is consistent with the trend in <br />the city overall. While older apartments along the corridor tend to have lower rents than <br />the citywide average, newer complexes, such as the Ecco Apartments, are closer to the top <br />of market for multi -family rents in Eugene (excluding student housing). <br />Retail Vacancy Rates & Rents <br />Retail space along the corridor is largely strip commercial development in buildings that <br />are at least 10 years old. Retail rents have declined between 2006 and 2018 and <br />remain relatively stagnant, consistent with city-wide trends. Retail vacancy rates along <br />RIVER ROAD CORRIDOR STUDY <br />20 <br />82 <br />