Issue link: https://townofcary.uberflip.com/i/791946
CHALLENGES AND OPPORTUNITIES 19 Evolving Housing Market Trends and Preferences Cary has a na onal reputa on as a premier suburban commu- nity located within the heart of the Research Triangle. Cary has been successful at providing high-quality single-family housing in desirable neighborhoods. Moving forward, the challenge will be to provide sufficient housing op ons to meet the needs and preferences of all residents. Housing Preferences Vs. Housing Stock With millennials and Gen-Z surpassing the baby boomer genera on in size na onally, their preferences will have a sig- nificant 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 hous- ing and first- me home purchases." A 2023 study from the Joint Center for Housing Studies of Harvard University shows that Gen-Z is now driving rental housing growth while millennials are transi oning to homeownership. As of 2021, Cary's housing stock remains predominantly single detached homes, comprising 60% of the total 68,500 dwellings. Many of these homes, par cularly outside of the downtown area, do not provide short pedestrian or bicycle commutes to employ- ment or shopping centers or proximate access to local bus stops. Addi onal demand trends include preferences such as housing to accommodate mul genera onal households and a ached (townhouse and condominium style) single-unit op ons. To accommodate housing succession for future genera ons of buyers, a diverse housing mix with mul modal accessibility to des na ons is needed. Changes in Ownership Vs. Rental Markets Some research seems to suggest that empty nesters and young professionals have similar desires for housing. This includes rental and ownership opportuni es located in walkable neigh- borhoods close 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; limited availability of small-scale, affordable ownership opportuni es; changing preferences; and incomes of aging seniors. Depleted financial confidence, stag- nant wages, student loan debt, and poor credit are some of the reported reasons for the decline in homeownership among young professionals. 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 ongo- ing demand for rental housing. 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 0 10 20 30 40 50 60 70 80 37% 52% 80% 62% 80% Townhomes Apartments Condominiums Retirement Homes 0 10 20 30 40 50 60 70 16% 26% 47% 39% 64% Townhomes Apartments Condominiums Retirement Homes Access To Local Transit: Percent of Homes within 1/4 Mile of GoCary Bus Stop Single-family Single-family