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HOUSING DEMAND ANALYSIS <br />TYPICAL HOUSING TYPE CHARACTERISTICS <br />Entry -level single - family <br />First -time buyers: Families, <br />1,200 to 2,200 sq. ft. <br />80'+ wide lot <br />couples w /no children, some <br />2 -4 BR 1 2 BA <br />2.5 -3.0 DU /Acre <br />singles <br />Move -up single - family <br />Step -up buyers: Families, <br />2,000 sq. ft.+ <br />80'+ wide lot <br />couples w /no children <br />3 -4 BR 1 2 -3 BA <br />2.5 -3.0 DU /Acre <br />Executive single - family <br />Step -up buyers: Families, <br />2,500 sq. ft.+ <br />100'+ wide lot <br />couples w /no children <br />3 -4 BR 1 2 -3 BA <br />1.5 -2.0 DU /Acre <br />Small -lot single - family <br />First -time & move -down buyers: <br />1,700 to 2,500 sq. ft. <br />40' to 60' wide lot <br />Families, couples w /no children, <br />3 -4 BR 1 2 -3 BA <br />5.0 -8.0 DU /Acre <br />empty nesters, retirees <br />Entry -level townhomes <br />First -time buyers: Singles, <br />1,200 to 1,600 sq. ft. <br />6.0 -12.0 DU /Acre <br />couples w /no children <br />2 -3 BR 11.5BA+ <br />Move -up townhomes <br />First -time & step -up buyers: <br />1,400 to 2,000 sq. ft. <br />6.0 -8.0. DU /Acre <br />Singles, couples, some families, <br />2 -3 BR 1 2BA+ <br />empty- nesters <br />Executive townhomes /twinhomes <br />Step -up buyers: Empty- nesters, <br />2,000+ sq. ft. <br />4.0 -6.0 DU /Acre <br />retirees <br />3 BR+ 2BA+ <br />Detached Townhome <br />Step -up buyers: Empty- nesters, <br />2,000+ sq. ft. <br />4.0 -6.0 DU /Acre <br />retirees, some families <br />3 BR+ 2BA+ <br />Condominums <br />First -time & step -up buyers: <br />800 to 1,700 sq. ft. <br />Low -rise: 18.0 -24.0 DU /Acre <br />Singles, couples, empty- nesters, <br />1 -2 BR 1 1 -2 BA <br />Mid -rise: 25.0+ DU /Acre <br />retirees <br />Hi -rise: 75.0+ DU /Acre <br />Apartment -style rental housing <br />Singles, couples, single - parents, <br />675 to 1,250 sq. ft. <br />Low -rise: 18.0 -24.0 DU /Acre <br />some families, seniors <br />1 -3 BR 1 1 -2 BA <br />Mid -rise: 25.0+ DU /Acre <br />Hi -rise: 75.0+ DU /Acre <br />Townhome -style rental housing <br />Single- parents, families <br />900 to 1,700 sq. ft. <br />8.0 -12.0 DU /Acre <br />w /children, empty nesters <br />2 -4 BR 1 2BA <br />Student rental housing <br />College students, mostly <br />550 to 1,400 sq. ft. <br />Low -rise: 18.0 -24.0 DU /Acre <br />undergraduates <br />1 -4BR 1 -2 BA <br />Mid -rise: 25.0+ DU /Acre <br />Hi -rise: 50.0+ DU /Acre <br />Senior housing <br />Retirees, Seniors <br />550 to 1,500 sq. ft. <br />Varies considerably based on <br />Suites - 2BR 1 1 -2 BA <br />senior product type <br />Dwelling units(DU) per acre expressed in net acreage (minus right -of -way) <br />Source: Maxfield Research & Consulting, LLC <br />Economv & 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 <br />