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01-22-08 1B Market Study
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01-22-08 1B Market Study
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1/18/2008 11:19:37 AM
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1/18/2008 11:17:07 AM
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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 />Household Type <br /> <br />As with age distribution, the trends in types of households have an impact on the demand for dif- <br />ferent types of housing. Table 7 presents data on the types of households in the Market Area in <br />1990 and 2000. Family households include married-couple families with children (so-called <br />"traditional" families), married couples without children (mostly empty nesters, but also young <br />married couples who have not yet had children or will never have children), and other-family <br />households (single parents and unmarried couples with children). Non-family households in- <br />clude people living alone and roommates (unrelated individuals living together, including unmar- <br />ried couples without children). The following are key findings from the table. <br /> <br />~ <br /> <br />There were nearly 36,000 non-family households in the Market Area in 2000. This in- <br />cludes 28,000 people living alone and 7,695 roommate households. Roommate house- <br />holds consist of unrelated people living with each other to share housing costs and also <br />unmarried couples without children. They tend to be younger and often prefer to live in <br />locations that are closer to shopping, employment, entertainment, and activities. Within <br />the Market Area, Arden Hills' TCAAP development could be a highly desirable location <br />for these roommate households. <br /> <br />~ <br /> <br />The increased diversity of household types in the Market Area as highlighted in Table 7 is <br />creating a need for a wider range of housing options. For example, non-family house- <br />holders tend to rent their housing, as this category includes many elderly widows as well <br />as young people. Young people typically do not have sufficient incomes to purchase <br />housing, while single seniors are more likely to move to multifamily housing to shed <br />the burden of home maintenance and increase opportunities for socialization. The <br />household base is projected to continue diversifying over the next decade, creating in- <br />creased demand for multifamily housing options. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />24 <br />
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