7.4. SR 03-17-2014 - Laserfiche WebLink

Home Browse Search

Elk River Comprehensive Plan Life-Cycle Housing and Profile of Households The housing needs of a community relate to the demographic profile of the household. Typically, households move through several life-cycle stages including entry-level households, first time homeowners, move-up buyers, empty nesters, and older seniors. The following describes each of these household types and the effect that they have on housing demands in Elk River. Entry-Level Households Move-Up Buyers People in the 18 to 24 year old Move-up buyers are typically in their 30s and 40s. age group typically leave their They move up from the smaller, less expensive house childhood home and establish their that they had purchased earlier. From an economic own household. They often rent a growth perspective, this is an important age group house or an apartment because they of people. Typically, move-up buyers have children generally do not have the income in school and an established job. They are less apt and savings needed to buy a home. to move to another community and start over. Also, In addition, many people in this age professionals who are moving to a community to group move frequently, so they advance their career are generally looking to move are hesitant to buy a house. They to a more expensive house than what they had in are also more apt to share housing with other their previous community. Elk River must continue unrelated people of similar age. to ensure that it has adequate choices for those who are looking for move-up housing that will satisfy their The entry-level household population in Elk River needs until they are in their late 50s and beyond. will fluctuate annually. Many Elk River residents Long term, the move-up buyers represent the largest that graduate from high school move to other age demographic. The variety of move-up housing communities to attend a university or to pursue options will be important to these groups. job opportunities. In the long term, unless current conditions and trends change, Elk River will not Empty Nesters see an increase in the 15 to 24 year old age Empty nesters are generally in group, rather a significant decrease in that sector. C their 50s and 60s. Often, their Nevertheless, there will always be a strong need to children have moved out of provide affordable housing for people of all ages. their house and left them with a larger house than needed. First Time Homeowners Empty nesters often want to First time homeowners are typically in their 20s — live in a smaller house, like and 30s. They are usually "move-up" renters, a townhouse, that has less meaning they "move up" from an apartment to a maintenance. This type of home. They are often young families, or single smaller house is located within the community. Empty individuals. They are prone to moving within nesters wish to maintain the friend, family, service several years of buying their first home for several and recreational connections established over the reasons including increased financial resources previous decades. allowing them to move to more expensive housing, children may require larger housing, and As the baby boom generation moves into this age job opportunities may require that they move to group, this population will likely increase in Elk River. another community. Interviews with persons familiar with the rental market in Elk River indicate there has been a notable increase in apartment rentals in Elk River by members of the baby boom generation. 78 / Chapter 7: Housing