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Last revised July 24, 2014 <br />shape the location and type of real estate added over the next three decades. Only one in five net new <br />households will be households with children, while nearly two in 10 households will be individuals living <br />alone. <br />Older households and households without children (whether young or old) are more likely to prefer <br />attached housing in walkable, amenity -rich neighborhoods. While many senior households want to age <br />in place, the massive increase in <br />Twin Cities Population by Age the senior population will magnify <br />the impact of those seniors who <br />choose to move. Senior <br />households are likely to want <br />smaller, low -maintenance housing <br />products, and easy access to <br />services and amenities. Most <br />senior households live on fixed <br />incomes and have a greater <br />interest in or need for rental <br />housing; this preference to rent <br />increases as seniors age. <br />Ages 65+ <br />Ages 25-64 <br />■ Ages 15-24 <br />■ Ages 0-14 <br />307,OOQ <br />1,579,000 <br />384,000 <br />581,000 <br />475,000 <br />1,624,000 <br />681,000 <br />1,644,000 <br />433,000 <br />781,000 <br />1,750,000 <br />457,000 <br />686,000 <br />2010 2020 2030 2040 <br />Over the 20 years from 1990 to <br />2010, 91 % of net household growth <br />was among households in the peak home -buying years of age 35 to 65. In contrast, from 2010 to 2040, <br />74% of net household growth will be among households in the home downsizing years of age 65 and <br />above. Today, most baby boomers are still in the peak homebuying years. However, by the end of the <br />next decade, the number of baby boomers likely to downsize their homes will be greater than the <br />number of younger buyers looking to move into larger housing. Demand will likely remain high for <br />attached and small -lot housing in walkable and amenity -rich neighborhoods. <br />Twin Cities Households by Age and Size <br />Age 65+: 2+ person household <br />Age 65+: 1 person household <br />■ Under 65: 3+ person household <br />■ Under 65: 2 person household <br />■ Under 65: 1 person household <br />100,000 <br />90,000 <br />418,000 <br />280,000 <br />229,000 <br />2010 <br />162,000 <br />137,000 I <br />296,000 <br />242,000 <br />2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL <br />DRAFT RELEASED FOR PUBLIC COMMENT <br />2020 <br />231,000 <br />198,000 <br />286,000 <br />239,000 <br />2030 <br />250,000 <br />241,000 <br />300,000 <br />253,000 <br />2040 <br />Part I: Introduction I Page 3 <br />