Issue link: http://townofcary.uberflip.com/i/791946
CHALLENGES AND OPPORTUNITIES Evolving Housing Market Trends and Preferences Cary has a na onal reputa on as being a premier suburban community located within the heart of the Research Triangle Region. The Town has been very successful at providing high-quality single-family housing for families in desirable neighborhoods. The challenge moving forward is to provide quality, housing op ons in convenient loca ons that can serve households seeking a different lifestyle in Cary. With millennials surpassing the baby boomer genera on in size, their preferences will have a significant impact on Cary's local housing market. As reported in a 2015 study published by the Urban Land Ins tute, millennials "represent the largest source of new demand for rental housing and first- me home purchases." While there is much debate about the future housing preference of millennials, research shows that in 2013 convenience to jobs, affordability of housing and quality of local school districts are the main factors that younger homebuyers were looking for, in contrast with older genera ons that wanted convenience to friends, family, and health facili es. Similarly, an Urban Land Ins tute study published in 2013 revealed that 63% of millennials want to live in a place where they do not have to use their car very o en. The vast majority of Cary's housing is single-family units that do not provide short pedestrian or bicycle commutes to employment or shopping centers, or proximate access to local bus stops. To accommodate housing succession for future genera ons of buyers, a more balanced housing mix that provides accessibility to des na ons is needed. Housing Preferences vs. Housing Stock Some research seems to suggest that empty nesters and young professionals have similar desires for housing. This includes housing located in quality, walkable neighborhoods proximate to shopping, dining, and employment areas with minimal property maintenance freeing up me for other more enjoyable ac vi es. Related to this trend is an increasing demand for rental housing. This demand will likely con nue given the financial challenges of first me homebuyers and changing preferences and incomes of aging seniors. Depleted financial confidence, high unemployment, student loan debt and poor credit are some of the reported reasons for the decline in homeownership among millennials. While surveys suggest that homeownership is s ll a goal of the younger genera on, they are entering the market later than previous genera ons, crea ng a greater ongoing demand for rental housing. Changes in Ownership vs. Rental Markets 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 80 37% 52% 80% 62% 80% 26% 47% 16% 39% 64% Single-Family Detached Homes Townhomes Apartments Condominiums Retirement Homes Single-family housing makes up the vast majority of the Town's current housing stock. Only a small percentage of single-family detached homes in Cary provide pedestrian and bicycle access to shopping centers and to local bus stops. To address changing housing preferences, more housing choices are needed that can provide be er accessibility to des na ons. Access To Shopping: Percent of Homes within 1/4 Mile of Commercial Centers Single-Family Detached Homes Townhomes Apartments Condominiums Retirement Homes Access To Local Transit: Percent of Homes within 1/4 Mile of C-Tran Bus Stop 17