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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 />SENIOR HOUSING ANALYSIS <br /> <br />Older Adult and Senior Household Iucomes <br /> <br />Table 27 shows incomes for older adult and senior households in the Market Area in 2007 and <br />2012, based on estimates by Claritas Inc. It is important to note that the data does not account <br />for the asset base of senior households, nor supplemental income that a senior household could <br />gain from the proceeds of a sale of a home or contributions from family members. In 2000, the <br />homeownership rate among senior households was 91 % for 55-64 year olds. The average single- <br />family home in the Arden Hills Market Area in 2007 sold for $259,000. Seniors can utilize these <br />home sale proceeds, along with incomes, to afford market-rate senior housing. <br /> <br />The data in Table 27 helps determine the demand for senior housing based on the size of the <br />market at specific price levels. This data is incorporated into demand calculations, which are <br />presented in a following section. <br /> <br />It is generally understood that the frailer the senior, the greater the proportion of their income <br />will be spent on housing and services. Studies have shown that seniors are often willing to pay <br />40% to 50% of their incomes for market rate senior housing with little or no services, while in- <br />come allocations of up to 65% are typical in a congregate setting and 80% to 90% for assisted <br />living. The following are key points from Table 27. <br /> <br />~ In 2007 the median income for households between the ages of 65-74 was $57,630 and <br />$47,664 among age 75+ households. The higher incomes for younger senior households (65- <br />74) compared to older seniors (75+) is primarily due to the fact that a higher proportion of <br />younger seniors are married and are more likely to have two pensions or higher Social Secu- <br />rity benefits; and others continue to work. <br /> <br />~ The growth in senior households will translate to increases in every income level. However, <br />seniors with higher incomes are projected to growth at a faster rate than those with lower in- <br />comes (less than $25,000). Members of income groups below $15,000 are usually excluded <br />from market rate housing. <br /> <br />~ The target market for independent senior housing is generally senior households age 65+ <br />with incomes of at least $30,000. Older adults, ages 55- 64, may also choose age-restricted <br />housing, but overall, they usually account for only a small portion of the demand within any <br />given market area. <br /> <br />~ As of2007, we estimate 6,548 senior households (ages 65+) in the Arden Hills Market Area <br />with incomes of at least $30,000, accounting for nearly 60% of all senior households. In ad- <br />dition, there was an estimated 7,263 households age 55-64 in the Arden Hills Market Area <br />with incomes of at least $30,000. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />65 <br /> <br />
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