The newsLINK Group - The Argument for Multifamily Housing

Editorial Library Category: Multi-Family & Property Management Topics: Multifamily Housing Title: The Argument for Multifamily Housing Author: newsLINK Staff Synopsis: Demographic trends have made it clear that the U.S. needs more affordable multifamily housing to be built in the years to come. According to numbers published by the U.S. Census bureau in 2014, and analyzed by the Pew Charitable Trusts, there are two basic population trends in the U.S. that will continue for a while. Editorial: The Argument for Multifamily Housing 4064 South Highland Drive, Millcreek, Utah 84124 │ thenewslinkgroup.com │ (v) 801.676.9722 │ (tf) 855.747.4003 │ (f) 801.742.5803 Editorial Library | © The newsLINK Group LLC 1 Demographic trends have made it clear that the U.S. needs more affordable multifamily housing to be built in the years to come. According to numbers published by the U.S. Census bureau in 2014, and analyzed by the Pew Charitable Trusts, there are two basic population trends in the U.S. that will continue for a while: The baby boom generation is going to continue to age and die. Immigrants are going to continue moving to the U.S. Between 2027 and 2038, the number of immigrants is going to be larger than the number of U.S. deaths, which means population as a whole will increase despite the declining numbers of baby boomers. What were the other important trends that were identified by the Pew Charitable Trusts? The traditional gateways into the U.S. have been states such as New York, New Jersey, Florida, Illinois, Texas, and California. However, many immigrants currently are coming into the U.S. in the Southeast and the Pacific Northwest. The U.S. population is declining the most in middle section of America, starting roughly in North Dakota by the Canadian border and extending all the way down through the western side of Texas. Population growth in the Mountain States, Pacific Northwest, and the Sun Belt has taken place because of immigration. When you divide the number of people who are older than 65 by the number of people who are of working age between 25 and 64, the ratio is getting bigger by the year because there are more and more seniors and fewer young people to replace them. Most immigrants are between 20 and 40; only a small percentage of immigrants are 65 or older. As the median age of the U.S. population goes up, in other words, immigration provides a counterbalance. You might already know that there are now more millennials than baby boomers (in 2015, there were approximately 75.4 million millennials versus 74.9 million baby boomers); what you probably don’t know is that the boomer generation is disappearing fast, so that the numbers for boomers will be less than the numbers for generation X as early as 2028. It is important that a significant number of the millennials are immigrants. Even more important, though, is the fact that we need them to help support the aging U.S. population. Experts think U.S. residents will need new housing because of increases in the population and because some existing homes will fall out of use as a result of destruction or deterioration. Where are people supposed to live as the size of the population increases? Experts know they are going to have to live somewhere. The question is, where? High-density, multifamily housing is the most sensible answer to that question. Some people refer to it as “workforce housing” because it can provide an affordable, middle-class life for people in the following professions: Firefighters Health care workers Police officers Public employees Teachers In addition to being less expensive and more efficient in terms of organizing resources such as transportation and retail for maximum benefit, multifamily housing also makes sense because the number of people in any given household has become smaller as well. There were 52.8 million U.S. households in 1960. In 2016, the number was 125.82. The average size of a family in 1960 was 3.67. In 2016, the average family size was 3.14. Although there are still many traditional families, the U.S. also has many small, nontraditional households,

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