Ordinance No. 20585 - Laserfiche WebLink

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majority of echo boomers' housing preference is to own a single-family home.37 Our conclusion based on review of recent research is that it seems unlikely that the majority of echo boomers will make fundamentally different housing choices than previous generations as they age and have families. • Echo boomers are likely to choose to rent when they are under 30 years. They will most frequently rent a multi -family unit. This choice may be made from preference but is likely to be necessitated by lower income. • As they establish their careers, their incomes increase, and they form families, it seems likely that a large share of echo boomers in Eugene will choose to live in an owner -occupied single family house. Some echo boomers may prefer to rent or own a multi -family unit in or near Eugene's downtown. • Recent articles suggest that echo boomers who prefer single-family units may prefer (or only be able to afford) smaller single-family units. • Eugene is a suburban market, with urban amenities that may appeal to echo boomers who prefer to live in a smaller city. Eugene itself does not have distant suburbs but nearby smaller cities have filled the role of distant suburbs for Eugene. Echo boomers may choose to live in Eugene's suburban neighborhoods, rather than in nearby smaller cities, if housing in Eugene is affordable. 37 A national survey of Echo Boomers in 2010 shows that: two-thirds of Echo Boomers expect to own their home by 2015, that nearly two-thirds expect to live in a single-family home, one-quarter expects to live in an apartment or condominium. These results are from the Urban Land Institute study Generation Y: America's New Housing Wave. Part 11 — Eugene Housing Needs Analysis ECONorthwest Page 99