The City of Moorhead commissioned Maxfield Research & Consulting to conduct an Update of Comprehensive Housing Needs, an analysis originally conducted in 2012.The update reflects Moorhead's significant growth since 2012 and includes demographic information, demand forecasts for single family and multifamily housing, including specialty niches of senior, student, and affordable housing. Mary Bujold, President of Maxfield Research, conducted the study and interviewed a number of F-M Metro housing stakeholders as part of her research.
The study includes an executive summary and key findings to focus the reader on important factors and trends. There is more in-depth information provided for those who would like to delve deeper. Here are some observations and highlights:
- For sale housing: Moorhead has a demand for approximately 1,200 for-sale housing units in the next five years.
- Rental housing: Additionally, nearly 2,000 new rental units are needed in the next 15 years, including market rate units, deep and shallow subsidy units for lower income households.
- Affordable housing: There is a need for additional rental housing that would provide assistance to households with low incomes to be able to obtain housing they can afford.
- Workforce housing: There is a need for entry level homes to support additional employees to keep our F-M Metro economy strong. The recent legislative change to Minnesota's twin home building requirements should help with this challenge.
- Moorhead's school construction is a major attraction for young families.
- 52.5% of Moorhead residents work in Fargo.
- Senior housing: Moorhead is projected to have significant growth in population ages 65 - 84
- 30% of the senior housing demand is expected to come from outside of Moorhead.
- Student housing: The largest age group in Moorhead as of 2010 was people ages 20 - 24. While many of these residents represent college students, a portion of this group are likely to remain in the community.
- Students surveyed say they chose their current housing based on distance to school, price/value, and privacy (own bedroom).
The study will be used by the development community and related audiences to familiarize themselves with Moorhead's housing market and to support development projects and construction financing to achieve the housing Moorhead needs. The City of Moorhead shared the report earlier today with a number of builders at a "Lunch & Learn" session.
Lisa Bode, Community Development Manager, 218.299.5372
