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Last revised July 24, 2014 <br />whether it offers satisfying living options to attract and maintain a competitive workforce and meets the <br />needs of current residents as they age. For example, does the local housing stock: <br />• Provide a range of sizes, from studios and one -bedrooms to units with three-, four-, or five - <br />bedrooms that accommodate larger families as well as multigenerational living? <br />• Vary among housing type, ranging from single-family detached to multistory multifamily? <br />• Offer housing options for seniors at varying stages of independence? <br />• Include multiple tenure options, such as ownership, renting, or cooperative forms of ownership? <br />• Serve a range of incomes? <br />• Incorporate flexible design and reflect special attention to accessibility? <br />• Adapt to changes in demand, preferences, or lifestyle? <br />• Create attractive places with aesthetic and architectural diversity? <br />The Millennial generation, born in the 1980s and 1990s, is the largest generation demographically and <br />seems to have different lifestyle preferences. Millennials tend to favor urban amenities, access to transit <br />and bicycling options, and more dense and active neighborhoods rather than the auto -oriented <br />subdivisions of their youth. With often stagnant entry-level wages, higher student loan debt, and <br />delayed marriage and child -rearing, Millennials are financially constrained and are moving into <br />homeownership at later ages than previous generations. Critical to the region's future prosperity, will we <br />have places that retain and attract these individuals and households? If their living preferences and <br />economic conditions continue to diverge from their parents' generations, will our region's communities <br />continue to offer them satisfying living situations? <br />Council role <br />• Encourage and invest in a wide variety of housing options throughout the region to serve an <br />increasingly diverse population, including viable housing choices for low- and moderate -income <br />households and senior households. <br />• Promote the importance of culturally sensitive housing and community design. <br />• Provide data and analysis to support local housing analysis. <br />Local role <br />• Provide localized knowledge to help identify key housing opportunities to a broader group of <br />stakeholders and potential developers. <br />• Incorporate policies that contemplate a variety of housing options in the housing element of <br />comprehensive plans. <br />Plan housing choices for the growing senior population <br />As residents age their needs, preferences, and travel behaviors shift; some communities may be poorly <br />designed to accommodate their residents' future needs. Seniors —the "Silver Tsunami" of those age 65 <br />and older —will be the fastest growing segment of our population, doubling in absolute numbers by <br />2030 and reaching one in five of our region's residents by 2040. Households headed by seniors will <br />grow from 17% of the region's households in 2010 to 33% by 2040. While the relative share of senior - <br />headed households may decline after 2040, it is likely that the absolute number of these households <br />will be stable as today's large Millennial generation enjoys the benefits of longer life expectancies. How <br />2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL <br />DRAFT RELEASED FOR PUBLIC COMMENT Part II: Outcomes (Sustainability) I Page 35 <br />