Governor’s Task Force on Affordable Housing January 12, 2018 Susan Brower, Minnesota State Demographer mn.gov/demography

Majority of the growth (88%) occurred in 7-county metro Po Population Change, 2010-2015 2010-2015 Majority of the growth (88%) occurred in 7-county metro MN grew by 179,000 Hennepin and Ramsey added 98,000 jointly

Source: MN State Demographic Center Projections Explain escalator. Explain how certain we are about our projections. How will the aging trend impact your work? One of the primary impacts of aging for all of us will be on public budgets. Source: MN State Demographic Center Projections

Yes, Millenials have been slower to buy homes Source: Tabulated by Minnesota State Demographic Center from Census Bureau data

Steady march toward homeownership in the 20s and 30s Source: U.S. Census Bureau, 2016 American Community Survey

Large share of younger and older adults with low incomes (<199% Federal Poverty Threshold)   For a family of four For a single person Ratio of Income to Poverty Threshold Upper $97,000+ $49,000+ 400%+ Middle $49-$97,000 $24,000-$49,000 200%-399% Lower Less than $49,000 Less than $24,000 <199% 11/7/2018

Takeaways Population momentum and international migration = strong growth outlook for the Twin Cities in the years ahead Uncertainties as Boomers “age” out of larger, family homes and Millennials seek to establish new ones Youngest adult generation is slowly moving toward homeownership; large generation; will be an increasingly diverse group (preferences for homeownership and economic resources will not be a given) 11/7/2018

Twitter: @MN_StateData Website: mn.gov/demography susanbrower@state.mn.us Twitter: @MN_StateData