Agenda - Council Work Session - 11/24/2009

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DEMOGRAPHIC ANALYSIS Household Tenure by Age Ramsey PMA (primary Market Area) 2000 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 o Household Type Table D-7 shows the changes in the types of households in the Market Area between 1990 and 2000 with an estimate for 2009 from data supplied by Claritas, Inc. This data is important in that different household types tend to select different housing products. For example, married couple families with children are more likely to prefer single-family homes while single households are more likely to select a multifamily product, either owned or rented. The following discussion highlights key changes in the types of households in the Market Area and the implications of these changes on the demand for various housing products. · During the 1990s, the Market Area saw an increase in the number of households that are married with children (+ 1,473 households, or +7%) and an even greater increase in the num- ber of households that are married without children (+6,551 households, or +47%). Growth in these household types is due to couples waiting longer to have children and baby boomers aging into their empty nester years. · Married couples with children still represent the largest household type in the Market Area (34% of all households), and married couples without children constitute the second largest household type (29%). · Some differences are observed between the PMA and SMA. In the PMA, married couples with children increased by +2,029 households (+27%) while this household type decreased in the SMA by about -560 households (-4%). A primary reason for this difference is that the SMA has an older population, and thus a much greater number of households are empty- nesters as they age into their later life years. MAXFIELD RESEARCH INC.