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HOUSING DEMAND ANALYSIS <br />Introduction <br />Previous sections of this study analyzed the existing housing su <br />demographic characteristics of the population and household base in Elk Rive <br />the report presents our estimates of housing demand in Elk River5through 2025. <br />Demographic Profile and Housing Demand <br />The demographic profile of a community affects housing demand and the types of housing that <br />are needed. The housing life-cycle stages are: <br />1.Entry-level householders <br />Often prefer to rent basic, inexpensive apartments <br />Usually singles or couples in their early 20s without children <br />Willoften double-up with roommates in apartment setting <br /> <br />2.First-time homebuyers and move-up renters <br />Often prefer to purchase modestly-priced single-family homes or rent <br />more upscale apartments <br />Usually married or cohabiting couples, in their mid-20's or 30's, some <br />with children, but most are without children <br /> <br />3.Move-up homebuyers <br />Typically prefer to purchase newer, larger, and therefore more <br />expensive single-family homes <br />Typically families with children where householders are in their <br />30's to 40's <br /> <br />4.Empty-nesters (persons whose children have grown and left home) and <br />never-nesters (persons who never have children) <br />Prefer owning but will consider renting their housing <br />Some will move to alternative lower-maintenance housing products <br />Generally couples in their 50's or 60's <br /> <br />5.Younger independent seniors <br />Prefer owning but will consider renting their housing <br />Will often move (at least part of the year) to retirement havens <br />Sunbelt and desire to reduce their responsibilities for upkeep a <br />maintenance <br />Generally in their late 60's or 70's <br />78 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br /> <br />