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Last modified
10/30/2007 3:40:10 PM
Creation date
12/9/2004 6:52:51 AM
Metadata
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Template:
Planning Files
Planning Files - Planning File #
3214
Planning Files - Type
Planning-Other
Project Name
I-35W Coalition
Additional Information
Life Cycle Housing Study
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<br />It is noteworthy that almost every owner-occupied housing unit (96 percent) in - meets the <br />Metropolitan Council's definition of affordable under the Livable Communities Act. <br />These are housing units valued at $115,000 or less in 1995, affordable to households with <br />incomes of$40,000 or less, or 80 percent of the area median income. At the same time, <br />while rental housing is less than 30 percent of the - housing supply, 58 percent of the <br />rental units are considered affordable to lower-income households, with incomes of <br />$25,000 per year or less. <br /> <br />Finally, it is of note that - has a somewhat above-average supply of single-family attached <br />housing units. Attached housing such as townhouses and condominiums, with <br />maintenance provided by residents' associations, is a type of housing of increasing interest <br />to empty-nesters and older people seeking to move out of their single-family homes. <br /> <br />2010 Housing Needs <br /> <br />Housing needs in - can best be forecasted by looking at the housing types generally <br />prefen'ed by people of various age groups. For this forecast, only the population groups <br />18 years of age and over will be used. It will be assumed that residents ages 0 to 17 will <br />be living in households headed by adults. Table Eight shows the approximate number of <br />housing units needed for each adult age group, as well as the housing types most often <br />lived in by these age groups. <br /> <br />Table Eight <br />Estimated Housing Needs by Population Group, 2010 <br />City of - <br /> <br />Population Group 2010 Adult Units U nit Types <br /> Population Needed! <br />New Households (18-24) 1,933 1,172 Affordable Rental, Attached <br />First- Time Homebuyers 2,362 1,327 Starter Homes, Rental, <br />(25-34) Attached <br />Move-Up Buyers (35-54) 5,243 2,833 Move-Up Homes <br />Empty-Nesters (55-64) 2,824 1,568 Attached, Rental, Single- <br /> Family Homes <br />Older People (65+) 2,400 1,500 Rental, Attached, Single- <br /> Family Homes <br />Total Units 8,400 <br /> <br />Source: Nancy Reeves and Associates <br /> <br />IBased on average household sizes of 1.65, 1.78, 1.85, 1.80, and 1.60 adults per household, in order by <br />age group, beginning with ages 18-24. <br /> <br />15 <br />
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