Based on the Fulton Research Age and Income Demand Model, we estimate that households aged 35 and younger will make up 49% of all renter and for-sale housing demand in the Richmond Highway Corridor. Households age 35-44 are 20% of housing demand while the 45-54 and 55-64 segments are each 11% to 12% of all demand. While Retirees age 65-74 are a growing segment, they have less propensity to move and make up a smaller portion of housing demand with 6% of the market.

How should you use this information?

  • Multifamily projects along Richmond Highway should position 60% of its units to renters under age 35, 20% to households 35-44 and 20% of units to renters over age 45. The ratios by age range are similar to the lower and higher income ranges.
  • New home developers will find that the Under 35 cohort (first-time and first move-up buyers) will account for nearly one-third of the demand for new and resale homes. While this demand is significant, we believe the resale market will satisfy much of this demand if we have enough inventory of single-family homes.
  • According to the model, households age 45-54 are a minor segment, with 15% of demand while the 55+ demographic will make up 31% of the for-sale demand, mostly for new homes.