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HOUSING DEMAND ANALYSIS <br />TYPICAL HOUSING TYPE CHARACTERISTICS <br />Target Market/Unit/HomeLot Sizes/ <br />Housing Types <br />1 <br />DemographicCharacteristicsUnits Per Acre <br />Entry-level single-familyFirst-time buyers: Families, 1,200 to 2,200 sq. ft.80'+ wide lot <br />2.5-3.0 DU/Acre <br />couples w/no children, some 2-4 BR | 2 BA <br />singles <br />Move-up single-family2,000 sq. ft.+80'+ wide lot <br />Step-up buyers: Families, <br />couples w/no children3-4 BR | 2-3 BA2.5-3.0 DU/Acre <br />Executive single-familyStep-up buyers: Families, 2,500 sq. ft.+100'+ wide lot <br />couples w/no children3-4 BR | 2-3 BA1.5-2.0 DU/Acre <br />Small-lot single-familyFirst-time & move-down buyers: 1,700 to 2,500 sq. ft.40' to 60' wide lot <br />5.0-8.0 DU/Acre <br />Families, couples w/no children, 3-4 BR | 2-3 BA <br />empty nesters, retirees <br />Entry-level townhomesFirst-time buyers: Singles, 1,200 to 1,600 sq. ft.6.0-12.0 DU/Acre <br />2-3 BR | 1.5BA+ <br />couples w/no children <br />Move-up townhomesFirst-time & step-up buyers: 1,400 to 2,000 sq. ft.6.0-8.0. DU/Acre <br />Singles, couples, some families, 2-3 BR | 2BA+ <br />empty-nesters <br />Executive townhomes/twinhomesStep-up buyers: Empty-nesters, 2,000+ sq. ft.4.0-6.0 DU/Acre <br />3 BR+ | 2BA+ <br />retirees <br />Detached TownhomeStep-up buyers: Empty-nesters, 2,000+ sq. ft.4.0-6.0 DU/Acre <br />retirees, some families 3 BR+ | 2BA+ <br />CondominumsFirst-time & step-up buyers: 800 to 1,700 sq. ft.Low-rise: 18.0-24.0 DU/Acre <br />1-2 BR | 1-2 BAMid-rise: 25.0+ DU/Acre <br />Singles, couples, empty-nesters, <br />retireesHi-rise: 75.0+ DU/Acre <br />Apartment-style rental housing675 to 1,250 sq. ft.Low-rise: 18.0-24.0 DU/Acre <br />Singles, couples, single-parents, <br />some families, seniors1-3 BR | 1-2 BAMid-rise: 25.0+ DU/Acre <br />Hi-rise: 75.0+ DU/Acre <br />Townhome-style rental housingSingle-parents, families 900 to 1,700 sq. ft.8.0-12.0 DU/Acre <br />w/children, empty nesters2-4 BR | 2BA <br />Student rental housing550 to 1,400 sq. ft.Low-rise: 18.0-24.0 DU/Acre <br />College students, mostly <br />undergraduates1-4BR | 1-2 BAMid-rise: 25.0+ DU/Acre <br />Hi-rise: 50.0+ DU/Acre <br />Senior housingRetirees, Seniors550 to 1,500 sq. ft.Varies considerably based on <br />Suites - 2BR | 1-2 BAsenior product type <br />1 <br /> Dwelling units(DU) per acre expressed in net acreage (minus rig <br /> <br />Source: Maxfield Research & Consulting, LLC <br />Economy & Job Growth <br />The economy and housing market are intertwined; the health of th <br />broader economy and vice versa. Housing market growth depends on job growth (or the <br />prospect of); jobs generate income growth which results in the f <br />and can stimulate household turnover. Historically low unemployment rates have driven both <br />existing home purchases and new-home purchases. Lack of job growth leads to slow or <br />diminishing household growth, which in-turn relates to reduced housing demand. Additionally, <br />low income growth results in fewer move-up buyers which results in diminished housing <br />turnover across all income brackets. <br />81 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br />