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Housing Types Lifecycle Housing and Housing Diversity Life -cycle housing is defined as housing that meets the needs of community residents and ranges from new households of young adults to established households of seniors in their retirement years. To accommodate this range, the City's housing supply should be diverse, consisting of a variety of prices and styles of housing. As people go through various stages and/or changes in their lives, their needs and desires for different types of housing change. The City must provide the policy leadership and supportive programs necessary to meet the anticipated future housing needs of residents. The housing needs in Hugo are represented by the following: • Entry-level householders who often prefer to rent basic, inexpensive apartments. They are usually singles, couples or roommates in their 20's without children. • First-time homebuyers and move -up renters who often prefer to purchase modestly -priced single- family homes and townhomes or rent more upscale apartments. They are usually married or cohabiting couples, some with children, in their mid -20's or 30's. • Move -up homebuyers who often prefer to purchase newer, larger and therefore, more expensive single-family homes. They are typically married couples in their late 30's to 40's with children. DRAFT Dec14-17 for review only Younger independent seniors who prefer owning but will consider renting their housing. Some will move to lower -maintenance housing products and some will move to retirement havens for at least part of the year. They are generally in their late 60's or 70's. Older seniors who may need to move out of their single-family home due to physical or health constraints or a desire to reduce their responsibilities for upkeep and maintenance. The following factors may limit the City's ability to meet life -cycle housing needs in Hugo over the next twenty years: • The supply of housing, both rental and ownership, may not keep pace with the demand created by changing demographics. Such changes indicate that the demand for alternatives to the single family home will continue to be strong in the future. • Sites suitable for higher -density housing types (apartments) are limited to the needs of the marketplace. • Public resources for assisting in the provision of special needs housing for the elderly and disabled are very limited. • The demand for affordable family and senior housing far exceeds the supply. • Empty -nesters who generally prefer owning and may consider moving to alternative lower • The lack of any consistent transit service to the community. maintenance housing products. They are generally couples in their 50's or 60's with no children living • The cost of new construction including land labor and materials keeps the cost of detached single - in the house. family housing out of reach for most first- time homebuyers. 2040 COMPREHENSIVE PLAN UPDATE DRAFT Dec14-17 HOUSING 9A for review only