02/12/2007 Council Packet - Laserfiche WebLink

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HOUSING DEMAND IN LINO LAKES DRAFT Market Analysis Lino Lakes Comprehensive Plan Update September 2006 Page 11 Although owner - occupied, single - family homes have dominated the development landscape in Lino Lakes and its neighbors over the last three decades, recent trends suggest that various types of multifamily product are becoming much more prevalent. In the four years between 2001 and 2004, roughly half of the new units constructed in Blaine, Hugo, and Forest Lake were either townhomes or multifamily units. This is a huge departure from the previous three decades when roughly 90% of the units built were single - family homes. Much of this change can be attributed to demographic shifts, in which older households are downsizing from single - family homes to maintenance free, attached dwellings and younger households who normally have rented their housing have been able to afford modest forms of owner - occupied housing, such as back -to -back townhomes, because mortgage interest rates have been at historically low levels. Furthermore, land costs driven by rapid development and increased commute times have converged at the developing edge of the metro area to make townhomes the affordable entry -level product when 20 years ago it might have been a detached single - family home. Pct. of Units Permitted to be Built 100% 90% - 80% - 70% - 60% - 50% - 40% - 30% - 20% - 10% - 0% Distribution of New Units by Type 2001 -2004 1 Lino Lakes Blaine Source: M etropolitan Council Building Permit Figures 1 Hugo Forest Lake ❑ Multifanily • Tow nhouse • Single - Family Household Growth Potential — 2006 -2030 Significant growth is expected to occur through 2030 in southeastern Anoka County and northwestern Washington County as this area is currently the developing edge of the northeast sector of the Twin Cities metropolitan region. Over the next 25 years, most of the growth in this area will likely occur in neighboring Blaine, Hugo, and Forest Lake, as these communities contain significant tracts of undeveloped land that will conceivably be developed and marketed to the largest