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HOUSING DEMAND ANALYSIS
<br /> TYPICAL HOUSING TYPE CHARACTERISTICS
<br /> Target Market/ Unit/Home Lot Sizes/
<br /> Housing Types
<br /> Demographic Characteristics Units Per Acre'
<br /> Entry-level single-family First-time buyers:Families, 1,200 to 2,200 sq.ft. 80'+wide lot
<br /> couples w/no children,some 2-4 BR 1 2 BA 2.5-3.0 DU/Acre
<br /> singles
<br /> Move-up single-family Step-up buyers:Families, 2,000 sq.ft.+ 80'+wide lot
<br /> couples wino children 3-4 BR I 2-3 BA 2.5-3.0 DU/Acre
<br /> Executive single-family Step-up buyers:Families, 2,500 sq.ft.+ 100'+wide lot
<br /> couples w/no children 3-4 BR 1 2-3 BA 1.5-2.0 DU/Acre
<br /> Small-lot single-family First-time&move-down buyers: 1,700 to 2,500 sq.ft. 40'to 60'wide lot
<br /> Families,couples wino children, 3-4 BR 1 2-3 BA 5.0-8.0 DU/Acre
<br /> empty nesters,retirees
<br /> = Entry-level townhomes First-time buyers:Singles, 1,200 to 1,600 sq.ft. 6.0-12.0 DU/Acre
<br /> °, couples wino children 2-3 BR 1 1.5BA+
<br /> LLMove-up townhomes First-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 1 2BA+
<br /> empty-nesters
<br /> Executive townhomes/twinhomes Step-up buyers: Empty-nesters, 2,000+sq.ft. 4.0-6.0 DU/Acre
<br /> retirees 3 BR+I 2BA+
<br /> Detached Townhome Step-up buyers: Empty-nesters, 2,000+sq.ft. 4.0-6.0 DU/Acre
<br /> retirees,some families 3 BR+1 2BA+
<br /> Condominums First-time&step-up buyers: 800 to 1,700 sq.ft. Low-rise:18.0-24.0 DU/Acre
<br /> Singles,couples,empty-nesters, 1-2 BR 1 1-2 BA Mid-rise:25.0+DU/Acre
<br /> retirees Hi-rise:75.0+DU/Acre
<br /> Apartment-style rental housing Singles,couples,single-parents, 675 to 1,250 sq.ft. Low-rise:18.0-24.0 DU/Acre
<br /> some families,seniors 1-3 BR 1 1-2 BA Mid-rise:25.0+DU/Acre
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<br /> Hi-rise:75.0+DU/Acre
<br /> o Townhome-style rental housing Single-parents,families 900 to 1,700 sq.ft. 8.0-12.0 DU/Acre
<br /> w/children,empty nesters 2-4 BR 1 2BA
<br /> c
<br /> Student rental housing College students,mostly 550 to 1,400 sq.ft. Low-rise:18.0-24.0 DU/Acre
<br /> undergraduates 1-4BR 1 1-2 BA Mid-rise:25.0+DU/Acre
<br /> Hi-rise:50.0+DU/Acre
<br /> Senior housing Retirees,Seniors 550 to 1,500 sq.ft. Varies considerably based on
<br /> ° Suites-2BR 1 1-2 BA senior product type
<br /> Dwelling units(DU)per acre expressed in net acreage(minus right-of-way)
<br /> Source: Maxfield Research&Consulting,LLC
<br /> Economy&Job Growth
<br /> The economy and housing market are intertwined; the health of the housing market affects the
<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 formation of more households
<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 /> MAXFIELD RESEARCH &CONSULTING, LLC 81
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