Agenda - Council - 06/28/2016 - Laserfiche WebLink

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More housing needed. The region will gain 307.000new households hv2040.Housing these new households will require nearly 13,000 new housing units a year on average between today and 2040.While this level 0fhousing production ioless than the annual average of the last 40 years, it is more than the region produced in the eight years following the housing boom years 0fthe early 2000o. Figure 3: New Housing Units Permitted 30,000 25,000 m\mm 15,000 - ' 10,000 5,000 Over 13,000new units on average per year necessary to house household growth to 2040 ��& �� � ��, If,�� Source, Metropolitan Council Residential Construction Survey Demographic shifts in age. Our region is aging rapidly. More than one in five residents will be age 65 and older in 2040, compared to one in nine in 2010. Furthermore, four -fifths of household growth between 2010and 2040will beamong older households (those headed by individuals age 05 and older). Nearly half of net new households will be individuals living alone. These demographic changes will shape the location and type of real estate needed over the next three decades. Older households and single -person households are more likely to prefer attached housing in walkable, amenity -rich neighborhoods. While many senior households want to age in place, the massive increase in the senior population will magnify the impact of those seniors who choose to move. Senior households are likely to want smaller, low -maintenance housing producto, and easy access to services and amenities. Most senior households live on fixed incomes and have a greater interest in or need for rental housing; this preference for renting increases aaseniors age. Figure 4:Forecasted Twin Cities Population byAge Ages 25-64 01. X A I�� Agem115-24 Ages 0- 14 —9 � kkWAR � .'"M___~ 2010 2020 2030 2040 8omne� U.S, Census Bureau�Metropolitan Council Regional Forecasts HOUSING POLICY PLAN ONE� Hg3usirtq for a Growing, 7hrivinggeqion