Rochester Area Needs 18,000 New Housing Units in Ten Years
Rochester, MN (KROC AM News) - What should Rochester do about the affordable housing problems facing the city?
The City Council has been discussing the issue the past few years and was briefed this year on a recent study and potential solutions and will revisit the issue at its Monday meeting.
The most recent snapshot of housing needs in Olmsted County projected a demand of 18,000 units through 2030.
The study shows more than 5,000 of those will be needed for seniors as the population of residents 65 and older is the fastest-growing segment.
It also shows nearly a third of the current households in Rochester are classified as “empty nesters/never nesters.”
As for new single-family homes, there is strong demand but few choices for first-time buyers as the market is targeting “move-up buyers” with prices of $370,000 and higher.
The report shows the apartment building boom has contributed more than 5,000 units in the past decade and the rental market has softened for the short term.