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TABLE 11 <br /> HOUSING COST 1980 TO 1990 <br /> . 1980 1990 <br /> Contract Rent $231 $426 <br /> Median Price Owner-Occupied Housing <br /> $57,800 $73,600 <br /> Source: 1980 and 1990 Census. <br /> Housing Demand <br /> The high demand for housing,in the metro area in the two previous decades was directly linked to the <br /> tremendous growth in the number of new households. .While the population of the metro area grew by <br /> only six percent in the 1970s, the number of households grew by 26 percent. Most of this growth was <br /> attributed to a large number of baby boomers reaching adulthood setting up new households. During <br /> most of the 1980s, the younger baby boomers continued to contribute to the demand for large numbers <br /> of housing units. <br /> In the 1990s that situation will end. The baby boomers, now between the ages of 25 and 44, are housed <br /> for the most part. The generation behind them is substantially smaller and their demand for housing will <br /> be much smaller. The Metro Council has described the demand for housing in the 1990s as follows: <br /> • Lower demand for first-time rental and ownership housing. <br /> • Very high demand for move-up housing. However, to accomplish a move to a higher-priced <br /> home, a buyer typically depends on the sale of his/her present home in order to cash in the <br /> home equity and use it for.the next home. The smaller number of first-time home buyers in <br /> the 1990s is likely to make this transition for move-up buyers more difficult than in the past. <br /> 09425 15 <br />