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F ..M HST & FLANAGAN (WED) 11, 7' 01 17: 03/ST. 16: 57/NO. 4863201824 P 4 <br /> EXECUTIVE SUMMARY <br /> • d Area had a total of 14,519 persons and 8,755 households base betweens 55 1990X990 <br /> d <br /> In 1990,. ThetStudye Study experienced.substantial growth in the persons <br /> aoner. Area exp Area saw its older adult base grow by 8,217P <br /> and 2000. During this period,the Study ectively. <br /> and 4,397 households, growth57%rates of and 50%,resp <br /> • Area's older adult base is forecast to remain fairly constant in the <br /> Growth in the StudyArea is Forecast to add 5,861 older adults <br /> coming years. Between 2000 and 2005, theouch of the growth will occur in the age <br /> (±21%) and 3,063 older adult households (+23%).binto them mid-50s. While most of the <br /> due to the baby boomer generation aging <br /> 55-64 cohort, <br /> demand for independent senior housing comes from households between the ages of 65 and <br /> t ears,we have seen increasing numbers of households between the ages of 55to <br /> SU, in recon y <br /> 64 also consider alternative housing. <br /> Older Adult Income Distribution and Household Tenure $46,742 for <br /> 608 <br /> As of 2000,households age 55 to 64 had a median income <br /> 80o$9 older versus <br /> • households age 65 to 79 and$34,241 for households age <br /> gppercent of Study Area older adult households (6,625 households)owned <br /> • In 1990,roughly P <br /> their homes. homes. <br /> longer desire, or be able,to maintain their single-family <br /> • <br /> As seniors age, they may no freedom from maintenance <br /> mayprefer to move to housing that offers them greater <br /> They typicallybegin to consider moving into rental <br /> and/or offers them support services. Seniors roughlyage 55 to 64 owned their <br /> of 1990, 88%of households <br /> housing in their early 70s. As60% of older seniors (age 75 <br /> housing compared to 82%of households age 65 to 74 and only <br /> and over). <br /> Competitive Market Analysis <br /> • market in the Orono Study Area has a current vacancyb trrate <br /> s of <br /> t3.7 area, aiis s is abut <br /> rentalart to less jo <br /> higher vacancy rate than recent times, due in part <br /> moderate numberfor renters to choose locations closer to <br /> af layoffs, desirability olissuch a [Jp own <br /> Downtown Minnea <br /> • Presently, there are four non-subsidized independent senior housing developments with a total of 472 units in the Study Area. Two of the projects, containing 133 units, are located in <br /> ts, are located in Minnetonka. <br /> the City of Plymouth. The remaining two, with 339 uni <br /> A survey of the competitive developments conducted by our firer <br /> revealed only 4 vacant <br /> • <br /> units as of June 2001, a vacancy rate of only <br /> 0.8%. Nearly all buildings surveyed also re- <br /> ported they had substantial waiting <br /> lists. Currently, additional 20 units would need to <br /> be- <br /> come vacant just to reach the 5%market equilibrium vacancy rate. <br /> 3 <br /> MAXFIELD RESEARCH INC. <br />