Study: North Dakota Faces Housing Crunch By 2025

Posted by Orb Staff on September 26, 2012 No Comments
Categories : Residential Mortgage

12466_handshouse Study: North Dakota Faces Housing Crunch By 2025 A new housing study predicts that North Dakota is going to become more than a little crowded in the near future, with a 25% population increase by 2025.

The North Dakota Housing Finance Agency (NDHFA) forecasts the state's population will reach 840,000 within 13 years, with a 50% increase in 10 counties within North Dakota's oil region. However, the agency is concerned that North Dakota will not have an adequate supply of affordable housing to meet this population growth.

‘The supply of affordable housing, especially for households with income under 30 percent of the state's median family income, is very limited,’ the NDHFA says. ‘This situation has worsened since the last Statewide Housing Needs Assessment conducted in 2004.’

Furthermore, the NDHFA warns that shifting demographics towards a more elderly population will also create a housing problem.

‘The aging forward of the baby boom population is rapidly expanding the senior population of the state that will require 'elderly friendly' housing,’ the agency continues. ‘The forecast of a 52 percent increase of householders ages 65 and older by 2025 will create increased pressure for elderly housing, much of which will be for single elderly and those with low income.’

Also creating a potential problem is the availability of housing for non-family and single-family households, which comprise 40% of the state's population.

‘This will be a key concern, especially in urban areas of the state,’ the NDHFA warns. ‘Consideration needs to be given to assessing the appropriate mix of housing to accommodate shifting household types.’

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