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New Neighbors, New Preferences, New Responses <br />Ghanging demographics and new market preferences <br />are creating demand for different housing choices. <br />Our region is rapidly getting older. The number of Minnesotans 65 or older <br />will nearly double in the next 20 years. At the same time, generation Y, with <br />80 million Americans, accounts for a greater percentage of the population <br />than the generation that preceded it (generation X, born between 1965 and <br />1979, with 46 million Americans). Three - quarters of Minneapolis/St. Paul <br />households are projected to be without children by 2035, and the number <br />of new immigrants has grown an average of 12% since 2000 in Minnesota. <br />These changing demographics bring new market preferences — amenity-rich <br />walkable neighborhoods, rental housing, mufti- generational homes, work/live <br />spaces — creating a mismatch between housing inventory and market demand, <br />and a need for different services and amenities. To be competitive, we must <br />offer choices that reflect these shifts in a time of increasing financial <br />constraints. It's about priorities. It's all part of the New Normal. <br />yen Y <br />Born between 1980 and 1996 <br />Make up 30% of our populatif <br />80 million Americans <br />Influence as much as hall of <br />spending in the U.S. econanm <br />Projected Minnesota Population <br />Ages 65 1'�'� <br />.g. 1,299,aso <br />1,133,920 <br />947,520 <br />792,590 <br />623,241 677,27o 7 <br />2005 2010 2015 2020 2025 2030 2035 <br />"These things usually creep along at the speed of a glacier. <br />Not so with aging. In demographic terms, this is a tsunami. <br />It doesn't get much bigger than this ... " <br />2003 Housing Supply versus <br />2025 Housing Demand X2003 Supply <br />D 2025 Demand <br />60 Net new units <br />w,--, needed <br />50 <br />40 <br />30 <br />20 <br />10 <br />0 <br />-10 <br />NwusenUs <br />Attached <br />Small Lot <br />(<1Brt) <br />Large Lot <br />(> llawe) <br />,r, shoos, work, alit] enter ",_' .. . <br />