The demand for housing to suit a rapidly growing population of older adults in the Twin Cities is projected to surge in the coming decades, according to data released by the Metropolitan Council.
The latest forecast from the seven-county governmental body also estimates that the metro area will grow by about 783,000 residents, reaching 3.63 million by 2040.
Homes for older adults will account for 33 percent of all households in the region by 2040, compared to 17 percent in 2010, said Libby Starling, the council's manager for regional policy and research.
Specifically, the 65-and-older population will more than double — from 307,000 in 2010 to 783,000 in 2040 — outpacing the growth in the working-age population. By 2040, nearly one in five Twin Cities residents will be an older adult.
Noting that older adults are more likely to prefer apartments, townhouses or condominiums to single-family housing, the demand for larger housing options is expected to level off.
"The aging population, combined with today's smaller household sizes, will have significant implications for the preferences and demand for housing," Starling said.
The council's latest growth projections by 2040 include:
• The sharpest increase in population will occur by 2020, then the pace eases off.
• About 468,000 jobs will be added, bringing the overall workforce to 2 million.
• The number of people of color will grow from 24 percent of the population in 2010 to 41 percent by 2040.
• More than half the region's children (58 percent) and young adults (53 percent) will be people of color.
For a deeper look at the latest numbers from the policymaking and planning agency, visit: bit.ly/1cpFgMf. The council's jurisdiction covers the counties of Hennepin, Ramsey, Anoka, Dakota, Scott, Carver and Washington.