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<br />Housing Market Analysis <br /> <br />The purpose of the market analysis component of the Workforce Housing Study is <br />to gain an understanding of the cUrrent and future projected workforce housing <br />demand. A housing market analysis was chosen as the best method for several <br />reasons. First, the analysis determines ifthere is a mismatch in the metro housing <br />market, (i.e., is the type and price of housing being developed matching the <br />demand?). Second, the analysis results in realistic projections of what the housing <br />market can absorb, (i.e., assuming current economic conditions, the projected <br />number of housing units by price and type that can be developed and sold or <br />rented). Third, the market analysis is based on the concept of a housing continuum <br />and leads to a better understanding of the dynamic nature of housing markets. In <br />other words, it assumes that economic expansion is based on the concept that <br />households typically journey through a variety of stages in the housing continuum, <br />beginning with entry-level multifamily housing and passing on to single-family <br />ownership. <br /> <br />The analysis identifies housing needs in the Fargo-Moorhead metro area based on <br />CUrrent and future demographic and housing trends. The four jurisdictions <br />comprising the metro area include: Fargo, West Fargo, Moorhead and Dilworth. <br /> <br />General guidelines are provided for future housing development by housing type <br />and sub-market area. These guidelines are to be used in response to developers' <br />proposals for development. The metro area is divided into five submarkets: Fargo <br />North, Fargo South (divided at 1-94), West Fargo, Moorhead and Dilworth. <br /> <br />Supply and demand factors for typical residential alternatives are evaluated. <br />Annual absorption potential is established for needed housing for the five-year <br />period 2005 to 2010. <br /> <br />The full technical report, "An Overall Assessment of Workforce Housing for the <br />Fargo-Moorhead North Dakota-Minnesota Area" can be viewed at the Metro COG <br />offices and on the website at www.fmmerrohousing.org. <br /> <br />7 <br /> <br />Linda S, Donnelly. A,Le.p. <br /> <br />August 2006 <br />