Issue link: http://townofcary.uberflip.com/i/791946
CHALLENGES AND OPPORTUNITIES 17 Challenges and Opportunities Cary's Changing Population Cary's evolving popula on will have an impact on housing demand in the future. One of the biggest challenges facing Cary is ensuring adequate housing choices for the changing popu- la on. Cary is a community of choice in the Research Triangle region due to its highly desirable neighborhoods, public schools, outdoor ameni es, and access to the region's top healthcare and universi es. These services, as well as employment growth in healthcare and technology industries in recent decades, have caused Cary's popula on and median income to con nue to increase, outpacing Wake County. To ensure Cary con nues to be a rac ve to new and exis ng residents, housing choices must keep up with preferences of a diverse range of residents. Cary's housing stock is primarily single-family, and most homes are larger and higher-priced than regional averages. These homes have made Cary a des na on for families, but fewer op ons exist for older adults interested in downsizing while remaining in their communi es or young professionals and millennial households with different hous- ing preferences from previous genera ons. To ensure that Cary remains a rac ve as more of its residents reach re rement age and as millennials and Gen-Z account for a growing share of the region's housing market, Cary will need to meet the increasing demand for more housing op ons in mixed-use centers in addi- on to walkable, well-connected living developments. Cary will also need to maintain the environmental quality and sustain- ability of new development while balancing the pressures on development costs. An Aging Population Na onal and regional trends are changing the face of Cary. The aging of baby boomers and the region's increasing a rac- veness to re rees has led Cary's median age to become the second oldest of the 14 largest ci es in North Carolina, surpassed only by Asheville. The median age of Cary residents in 2000 was 33.7, increasing to 37.7 in 2011 and 39.6 in 2020. The percentage of Cary's popula on over age 55 has con nued to increase, from 12% in 2000 to 18% in 2010 and 25% in 2020. #1 #2 In 2020, Cary's population was the 2nd oldest of the 14 largest cities in North Carolina. Glacier Circle is California's cu ng edge example of a premier senior co- housing development where a dozen residents who have known each other for years share in the management of the neighborhood, crea ng a strong sense of connec on and community.