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01-22-08 1B Market Study
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01-22-08 1B Market Study
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Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
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General
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />DEMOGRAPHIC ANALYSIS <br /> <br />~ <br /> <br />Homeownership rates in the Market Area and the Metro Area increased during the 1990s. <br />A primary reason for the increasing homeownership rate is that the greatest household <br />growth occurred among the 35-64 age group. In the Market Area, the number of house- <br />holders under age 35 decreased by 5,000 households, while households ages 35-64 in- <br />creased by 13,000 households. An aging population, low mortgage interest rates and a <br />lack of new rental housing were primary reasons for increased homeownership. <br /> <br />~ <br /> <br />The proportion of households that rent their housing decreases significantly as they age. <br />However, by the time households reach their senior years, rental housing often becomes a <br />more desirable option. The high homeownership rate of seniors in the Market Area indi- <br />cates that there may be a lack of seniorrental housing choices available. <br /> <br />~ <br /> <br />We project that the homeownership rate will increase once again during this decade be- <br />cause the baby boom generation will remain in high homeownership stages of their lives <br />(they will be 48-68 in 2012), while low mortgage rates and a depressed housing market <br />continue to make ownership more affordable to moderate-income households. We be- <br />lieve that these two factors will contribute to demand for mnltifamily for-sale hous- <br />ing in the Market Area, and Arden Hills' proposed development has the potential to <br />capture a portion of this demand. <br /> <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />22 <br />
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