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HOUSING DEMAND ANALYSIS <br />6.Older seniors <br />May need to move out of their single-family home due to physical <br />and/or health constraints or a desire to reduce their responsibi <br />for upkeep and maintenance <br />Generally single females (widows) in their mid-70's or older <br />Demand for housing can come from several sources including: hous <br />housing preferences, and replacement need. Household growth nec <br />housing unless there is enough desirable vacant housing available to absorb the increase in <br />households. Demand is also affected by shifting demographic fac <br />population, which dictates the type of housing preferred. New h <br />need is required, even in the absence of household growth, when existing units no longer meet <br />the needs of the population and when renovation is not feasible <br />physically or functionally obsolete. <br />Rural areas tend to have higher proportions of younger household their housing than <br />in the larger growth centers or metropolitan areas such as the Twin Cities Metro Area. In <br />addition, senior households tend to move to alternative housing <br />conditions are a result of housing market dynamics, whichtypically provide more affordable <br />single-family housing for young households and a scarcity of senior hou <br />older households. <br /> <br />The graphic on the following page provides greater detail of var <br />within each housing life cycle. Information on square footage, average bedroo <br />and lot size is provided on the subsequent graphic. <br />Housing Demand Overview <br />The previous sections of this assessment focused on demographic <br />demand for housing in the Elk River. In this section, we utilize findings from the economic and <br />demographic analysis to calculate demand for new general occupanhousing units in Elk <br />River. <br />Housing markets are driven by a range of supply and demand facto <br />submarket. The following points outline several of the key vari <br /> <br />Demographics <br />Demographics are major influences that drive housing demand. Ho <br />formations are critical (natural growth, immigration, etc.), as <br />of householders, incomes, etc. <br />79 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br /> <br />