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HOUSING DEMAND ANALYSIS <br />TABLE HD-7 <br />FOR -SALE HOUSING DEMAND <br />CITY OF RAMSEY <br />2019 to 2030 <br />'Demand from Projected Household Growth <br />Projected household growth in Ramsey 2019 to 2030' 1,988 <br />(times) Pct. of total HH growth for ownership housing (ages under 65)3 x 64% <br />(equals) Projected demand for ownership housing = 1,278 <br />(times) Propensity to 0wn3 x 86% <br />(equals) Total demand potential for ownership housing (2019 to 2030) = 1,099 <br />'Demand from Existing Owner Households <br />Number of owner households (age 64 and younger) in Ramsey, 2019 6,745 <br />(times) Estimated percent of owner turnover4 x 57% <br />(equals) Total existing households projected to turnover = 3,819 <br />(times) Estimated percent desiring new housing x 10.0% <br />(equals) Demand from existing households 382 <br />(equals) Total demand from household growth and existing households, 2019 to 2030 = 1,481 <br />(times) Demand from outside Ramsey 25% <br />(equals) Total demand potential for ownership housing, 2019-2030 1,975 <br />(times) Percent desiring for -sale single-famiy vs. multifamily' x <br />Single <br />Family <br />68% <br />Multi - <br />family* <br />32% <br />(equals) Total demand potential for new single-family & multifamily for -sale housing = <br />(minus) Units under construction or approved platted lots (undeveloped and developed lots)6 - <br />1,343 <br />239 <br />632 <br />259 <br />(equals) Excess demand for new general occupancy for -sale housing = <br />1,104 <br />373 <br />' Estimated household growth based on data from ESRI, Metropolitan Council, Ramsey Building Permits, & Maxfield Research & Consulting, LLC <br />2 Pct. of household growth age 65 and younger (U.S. Census, ESRI, Maxfield Research). <br />3 Pct. Owner households age 65 and younger in Ramsey (2017 ACS) <br />° Based on on turnover from 2017 American Community Survey <br />3 Based on preference for housing type and land availability <br />6Approved platted lot data does not account for the scattered lot supply which includes individual lots and lots in older non -marketing subdivisions. <br />Multi -family demand includes demand for townhomes, twinhomes, and condominium units. <br />Source: Maxfield Research & Consulting, LLC <br />MAXFIELD RESEARCH AND CONSULTING 139 <br />