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8 MYTH <br />FACT <br />People of all income groups choose higher-density housing. <br />Higher-density housing is only for lower-income <br />households. <br />Multifamily housing is not the housing of last resort for households un- <br />able to afford a single-family house. Condominiums, for instance, are <br />often the most sought after and highly appreciating real estate in many <br />urban markets. The luxury segment of the apartment market is also <br />rapidly expanding. Most people are surprised to learn that 41 percent of renters <br />say they rent by choice and not out of necessity, and households making more than <br />$50,000 a year have been the fastest-growing segment of the rental market for the <br />past three years.59 Multifamily housing throughout the world has historically been <br />the housing of choice by the wealthiest individuals because of the access and con- <br />venience it provides. From Manhattan to Miami to San Francisco, higher-density <br />housing has been prized for the amenity-rich lifestyle it can provide. <br />Higher-density development can be a viable housing choice for all income groups <br />and people in all phases of their lives. Many financially secure baby boomers, who <br />have seen their children leave the nest, have chosen to leave behind the yard <br />maintenance and repairs required of a single-family house for the more carefree <br />and convenient lifestyle multifamily housing provides. Interestingly, their children, <br />the echo boomers, are entering the age where many will likely live in multifamily <br />housing. Just starting careers, many are looking for the flexibility of apartment liv- <br />ing to follow job opportunities. Their grandparents, likely on a fixed income, may <br />also prefer or need to live in multifamily housing as physical limitations may have <br />made living in a single-family house too challenging. <br />Providing balanced housing options to people of all income groups is important <br />to a region’s economic vitality. The availability of affordable multifamily housing <br />helps attract and retain the workers needed to keep any economy thriving. In <br />many American towns and cities, rapidly rising house prices are forcing working <br />families to live farther away from their jobs. In fact, the lack of affordable housing <br />is mentioned as the number one problem facing working families today.60 <br />32 Higher-Density Development32Higher-Density Development32Higher Density Development