Full Version: Implications of changing demographic trends on affordable housing
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Demographic trends have implications on housing demand and supply; recent research has shown that headship and tenure patterns across age cohorts may have several effects. First, demand for rental housing is expected to increase. At the same time, homeownership rates are anticipated to decline for every age group. What are the implications of declining homeownership rates? Specifically, what are the implications for the “hand-off” of homeowner housing units from baby boomers to subsequent generations? What are the implications for regions that must plan for the increased demand for rental housing, particularly with two large age cohorts – seniors and millennials - currently seeking rental housing? Are there best practices or lessons to increase the supply of rental and for-sale affordable housing in locations with access to services and amenities, such as strategies for the development and preservation of affordable housing on scattered sites or infill locations? How can these changes be leveraged to promote overall housing diversity, particularly in areas with transit, jobs, and other amenities?