7.1. SR 05-05-2014 - Laserfiche WebLink

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