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HOUSING DEMAND ANALYSIS
<br />TYPICAL HOUSING TYPE CHARACTERISTICS
<br />Housing Types
<br />Target Market/
<br />Demographic
<br />Unit/Home
<br />Characteristics
<br />Lot Sizes/
<br />1
<br />Units Per Acre
<br />Entry-level single-family First-time buyers: Families, 1,200 to 2,200 sq. ft. 80'+wide lot
<br />couples w/no children, some 2-4 BR 12 BA 2.5-3.0 DU/Acre
<br />singles
<br />Move -up single-family Step-up buyers: Families, 2,000 sq. ft.+ 80'+ wide lot
<br />couples w/no children 3-4 BR 12-3 BA 2.5-3.0 DU/Acre
<br />Executive single-family Step-up buyers: Families, 2,500 sq. ft.+ 100'+wide lot
<br />couples w/no children 3-4 BR 12-3 BA 1.5-2.0 DU/Acre
<br />to
<br />c
<br />c
<br />Small -lot single-family First-time & move -down buyers: 1,700 to 2,500 sq. ft. 40' to 60' wide lot
<br />Families, couples w/no children, 3-4 BR 12-3 BA 5.0-8.0 DU/Acre
<br />empty nesters, retirees
<br />=
<br />0 1
<br />m
<br />Entry-level townhomes First-time buyers: Singles, 1,200 to 1,600 sq. ft. 6.0-12.0 DU/Acre
<br />couples w/no children 2-3 BR 11.5BA+
<br />`o
<br />Move -up townhomes First-time & step-up buyers: 1,400 to 2,000 sq. ft. 6.0-8.0. DU/Acre
<br />Singles, couples, some families, 2-3 BR 1 2BA+
<br />empty -nesters
<br />Executive townhomes/twinhomes Step-up buyers: Empty -nesters, 2,000+ sq. ft. 4.0-6.0 DU/Acre
<br />retirees 3 BR+ 1 2BA+
<br />Detached Townhome Step-up buyers: Empty -nesters, 2,000+ sq. ft. 4.0-6.0 DU/Acre
<br />retirees, some families 3 BR+ 1 2BA+
<br />Condominums First-time & step-up buyers: 800 to 1,700 sq. ft. Low-rise: 18.0-24.0 DU/Acre
<br />Singles, couples, empty -nesters, 1-2 BR I 1-2 BA Mid -rise: 25.0+ DU/Acre
<br />retirees Hi -rise: 75.0+ DU/Acre
<br />c
<br />Apartment -style rental housing Singles, couples, single -parents, 675 to 1,250 sq. ft. Low-rise: 18.0-24.0 DU/Acre
<br />some families, seniors 1-3 BR I 1-2 BA Mid -rise: 25.0+ DU/Acre
<br />Hi -rise: 75.0+ DU/Acre
<br />3
<br />0
<br />m
<br />c
<br />Townhome-style rental housing Single -parents, families 900 to 1,700 sq. ft. 8.0-12.0 DU/Acre
<br />w/children, empty nesters 2-4 BR 1 2BA
<br />z
<br />Student rental housing College students, mostly 550 to 1,400 sq. ft. Low-rise: 18.0-24.0 DU/Acre
<br />undergraduates 1-4BR I 1-2 BA Mid -rise: 25.0+ DU/Acre
<br />Hi -rise: 50.0+ DU/Acre
<br />s Senior housing Retirees, Seniors 550 to 1,500 sq. ft. Varies considerably based on
<br />m° Suites - 2BR I 1-2 BA senior product type
<br />1 Dwelling units(DU) per acre expressed in net acreage (minus right-of-way)
<br />Source: Maxfield Research & Consulting, LLC
<br />Demographics
<br />Demographics are major influences that drive housing demand. Household growth and for-
<br />mations are critical (natural growth, immigration, etc.), as well as household types, size, age of
<br />householders, incomes, etc.
<br />Economy & Job Growth
<br />The economy and housing market are intertwined; the health of the housing market affects the
<br />broader economy and vice versa. Housing market growth depends on job growth (or the pro-
<br />spect of); jobs generate income growth which results in the formation of more households and
<br />can stimulate household turnover. Historically low unemployment rates have driven both exist-
<br />ing home purchases and new -home purchases. Lack of job growth leads to slow or diminishing
<br />MAXFIELD RESEARCH AND CONSULTING 124
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