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<br />DEMOGRAPHIC ANALYSIS <br /> <br />amount of square feet but have upgraded finishes their current single-family homes do <br />not. The number of households ages 55 to 64 is projected to grow by approximately <br />4,600 households during the next five years and will continue to grow through 2012 as <br />the bulk of the baby boom generation ages into their 50s and 60s. <br /> <br /> <br />The median income in 2007 is an estimated over $57,000 for younger seniors (ages 65 to 74) in <br />Arden Hills and $47,000-plus for older seniors (ages 75+). In the total market area, those in- <br />comes come in at $45,000 (65-74) and nearly $29,000 for those 75+. While the incomes of those <br />75+ incomes are lower (since most are retired), they generally have full equity in an existing <br />home that they can allocate toward the purchase of a new multifamily unit. <br /> <br />Tenure by Age of Householder <br /> <br />Table 6 shows the number of owner and renter households in the Arden Hills Market Area by <br />age group in 1990 and 2000. This data is useful in determining demand for certain types of <br />housing since housing preferences change throughout an individual's life cycle. Key points de- <br />rived from the table are: <br /> <br />~ <br /> <br />In 2000, nearly 78% of the households in the Market Area owned their housing, with <br />91 % of those 55-64 owning their own homes. <br /> <br />21 <br /> <br />MAXFIELD RESEARCH INC. <br />