Laserfiche WebLink
Over the 20 years from 1990 to 2010' 91Y6 of net household growth was among households <br />in the peak home -buying years ofage 35to 05. In contrast, from 2010to 2040, 80% of net <br />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 home -buying years. However, by the <br />end of the next decade, the number of baby boomers likely to downsize their homes will be <br />greater than the number of younger buyers looking to move into larger housing. Demand <br />will likely remain high for attached and orna||-|o1 housing in walkable and amenity -rich <br />neighborhoodo.+ <br />Figure 5:Forecasted Twin Cities Households byAge and Size <br />Ages 65+ <br />/+pVrson household <br />Unten65 <br />Uin*�r <br />2person household <br />Unden65 <br />1 person household <br />Source, <br />Demographic shifts in race and ethnicity. By <br />VS, Census Bureau; Metropolitan Council Regional Forecasts2030 <br />2040.41% of the Twin Cities population <br />will be people ofcolor, compared to24Y6 in 2010. Significant disparities along racial and <br />ethnic lines— in income, poverty, health, and horneovvnerohip--peroiotjuotao our region <br />is becoming more racially and ethnically diverse. Concentrations of poverty magnify <br />these disparities and seriously hinder access to opportunities for people of color, who are <br />disproportionately represented in these impoverished areas. If today's disparities by race <br />and ethnicity were t0 continue, our region vv0u|d likely have 180,000fewer homeowners <br />and 274,000 more people living in poverty in 2040 when compared to the outcomes if <br />residents of color had the same socioeconomic characteristics au1oday'uwhite residents. <br />Unchallenged, these disparities jeopardize the future economic vitality of our region. <br />Expanding opportunity in more of our region's neighborhoods will improve outcomes for <br />individuals, families, the economy, and the region as avvho|e. <br />Demographic shifts and land use. Looking ahead <br />to2040.the Council forecasts robust <br />growth across a range of communities in various stages of development. Following World <br />War 11, the construction of the modern highway network surrounding the developed core <br />ofthe Twin Cities region revolutionized accessibility and opened up aoupp|y of new land <br />for development. Historically, the regi0n\s urbanized footprint has grown as the highways <br />expanded. However, the trend appears to have limits, and a new balance of regional <br />growth is emerging with substantial redevelopment in the Urban Center (Urban Center is an <br />example of a community designation; a map of community designations appears on pg. 42 <br />and adefinition ofcommunity designations is in the Glossary). <br />ONE� Housing <br />mmrmGrowing, 7hrivinggegion <br />