9.1 HRSR 05-01-2017 - Laserfiche WebLink

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HOUSING DEMAND ANALYSIS Introduction Previous sections of this study analyzed the existing housing supply and the growth and demographic characteristics of the population and household base in Elk River. This section of the report presents our estimates of housing demand in Elk River from 2015 through 2025. Demographic Profile and Housing Demand The demographic profile of a community affects housing demand and the types of housing that are needed. The housing life -cycle stages are: 1. Entry -level householders • Often prefer to rent basic, inexpensive apartments • Usually singles or couples in their early 20's without children • Will often "double -up" with roommates in apartment setting 2. First -time homebuyers and move -up renters • Often prefer to purchase modestly - priced single - family homes or rent more upscale apartments • Usually married or cohabiting couples, in their mid -20's or 30's, some with children, but most are without children 3. Move -up homebuyers • Typically prefer to purchase newer, larger, and therefore more expensive single - family homes • Typically families with children where householders are in their late 30's to 40's 4. Empty- nesters (persons whose children have grown and left home) and never - nesters (persons who never have children) • Prefer owning but will consider renting their housing • Some will move to alternative lower- maintenance housing products • Generally couples in their 50's or 60's 5. Younger independent seniors • Prefer owning but will consider renting their housing • Will often move (at least part of the year) to retirement havens in the Sunbelt and desire to reduce their responsibilities for upkeep and maintenance • Generally in their late 60's or 70's MAXFIELD RESEARCH & CONSULTING, LLC 78