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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 />CONCLUSIONS AND RECOMMENDATIONS <br /> <br /> <br />Introduction <br /> <br />Previous sections of this study analyzed the existing housing supply, the growth and demograph- <br />ic characteristics of the population and household base in the Arden Hills Market Area. This <br />section of the report presents our estimates of housing demand from 2008 through 2020. <br /> <br />1. Entry-level honseholders <br />~ Often prefer to rent basic, inexpensive apartments <br />~ Usually singles or couples without children in their early 20's <br />~ Will often "double-up" with roommates in apartment setting <br /> <br /> <br />Demographic Profile and Housing Demand <br /> <br />The demographic profile of the Market Area a community will affect housing demand and the <br />types of housing that are needed. The housing life-cycle stages are: <br /> <br />2. First-time homebuyers and move-up renters <br />~ Often prefer to purchase modestly-priced single-family homes or rent <br />more upscale apartments <br />~ Usually married or cohabiting couples, in their mid-20's or 30's, some <br />with children, but most are without children <br /> <br />3. Move-up homebuyers <br />~ Typically prefer to purchase newer, larger, and therefore more expen- <br />sive single-family homes <br />~ Families with children where householders are in their late 30's to 40's <br /> <br />4. Empty-nesters (persons whose children have grown and left home) and nev- <br />er-nesters (persons who never have children) <br />~ Prefer owning but will consider renting their housing <br />~ Some will move to alternative lower-maintenance housing products <br />~ Generally couples in their 50's or 60's <br /> <br />S. Younger independent seniors <br />~ Prefer owning but will consider renting their housing <br />~ Will often move (at least part ofthe year) to retirement havens in the <br />Sunbelt and desire to reduce responsibilities for upkeep and maintenance <br />~ Generally in their late 60's or 70's <br /> <br />6. Older seniors <br />~ May need to move out of their single-family home due to physical <br />and/or health constraints or a desire to reduce their responsibilities for <br />upkeep and maintenance <br />~ Generally single females (widows) in their mid-70's or older. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />72 <br />
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