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

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ANOKA COUNTY HOUSING STUDY CONCLUSIONS seniors between various geographies. In addition to demographic factors, which are an inherent part of any demand analysis, other factors that influenced our analysis of migration patterns include the following: • Interviews with property managers; • Location of medical services and retail; • Residences and places of employment of adult caregivers; • Main transportation routes and typical transportation patterns; • Community orientation patterns; • Market perceptions of different geographies and overall attractiveness for senior housing in a given submarket; • Location of existing senior housing supply; • Performance of existing senior housing communities; and • Depth of demand for senior housing in a given market and its ability to support a multi -level senior housing campus. Using the above criteria as a guide, Maxfield Research Inc. calculated the percentage of excess Anoka County demand by service level that could realistically be captured in each submarket. These figures are a more accurate representation of the senior housing demand that could be realized in each submarket over the next decade and are quantified by submarket in the following discussion. Additional information on senior housing demand calculations can be found in the Senior Housing Demand Analysis for Submarkets in Anoka County, Minnesota study that was completed by Maxfield Research Inc. in September 2010. Andover Submarket Recommendations Andover is a south-central Anoka County community located near population and employment concentrations in fully developed suburbs along the County's southern border. While employment within Andover has been increasing incrementally, there are roughly seven residents for one local job, which results in a strong dependence on employment markets in nearby communities. With land available for new development and reasonable proximity to the urban core, Andover is poised for moderate growth next over the next decade with the addition of 1,735 households (+17.2%). As a percentage of total submarket households, the Andover submarket has the highest percentage of family households in the County (87.5%) and the third youngest population base (69.6% are under the age of 45). Median incomes, median home resale prices, and homeownership rates continue to exceed those in Anoka County overall. In light of these demographic trends, housing needs in Andover will continue to be strong for single-family homes, but other types — such as rental and senior housing products — will be increasingly demanded as the population ages and diversifies. MAXFIELD RESEARCH INC. 111