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historic household formation rates. Until household formation recovers, new households and <br />new residential construction are likely to be less than forecast. <br />Owner -occupied homes represented 91.5 percent of all Ramsey housing units in 2010, a decrease <br />from 97.4 percent in 2000. During the housing boom 2000 to 2006, 2,031 building permits were <br />issued: 756 (37.2 percent) for single family homes and 1,275 (62.8 percent) for multi -family <br />units. The multi -family category included two apartment buildings with 170 units or 12.0 <br />percent of the multi -family total. Townhomes, condos, and duplexes accounted for 88 percent of <br />the units. At the present time, there is less interest in townhomes due to lower prices for single <br />family homes. Fortunately, there has been a trend toward higher demand for rental housing as <br />interest in homeownership has moderated. It is uncertain if this is a long-term trend. Ramsey <br />has a 230-unit apartment building under construction at the present time. <br />In the near term, stabilized demand for rental multi -family is likely to represent 20 to 25 percent <br />of stabilized housing demand, mostly apaittnent buildings. Ownership housing, single family <br />and townhome, is estimated at 75 to 80 percent of demand. The townhome component could be <br />satisfied by a mix of traditional single family, detached townhomes, and townhomes when <br />demand for that category recovers. These percentages can vary from year to year based on <br />developer interest and assume that housing units are available, properly marketed, and <br />competitively priced. <br />4-23 <br />