Tampa Housing Forecast 2015 and Beyond

The Tampa housing market continues to recover from the devastating recession, which saw housing starts activity fall by 85% in the five county market between early 2006 and late 2009. As of mid-2014, the Tampa market annual pace for new housing starts was 5,853 units. While this was a 69% improvement from the 3,462 homes built in 2009, it represents just 26% of the peak starts (22,409 units for the twelve months ending March 31, 2006). Families that lost their homes by foreclosure, have difficulty in qualifying for a mortgage or can’t afford the rising new home prices have driven a greater portion of housing demand into rental apartments.

So, where does growth come from over the next five years for new home builders? While Florida, as a whole has certainly established itself as a desirable choice for retirees, Tampa has typically focused on family buyers. Demographics will change this. Claritas estimates for household growth between 2014 and 2019 indicate that “Baby Boomers” and not millennials will drive demand for housing in Tampa Bay. The year 2019 is significant as 100% of the Baby Boom (defined as those born between 1946 and 1964) will be age 55 and older.

“Head of Households” whose age is between 35 and 44 years old in 2019 will only grow by 598 new households per year, or about 10% of the new construction expected to be built annually through 2019 in these two counties. The “Baby Boomer” will represent the major growth opportunities between 2014 and 2019. Hillsborough and Pasco Counties are expected to add 35,300 households per year into this age cohort by 2019, myself included. This is greater than 100% of the annual growth as some younger age groups are expected to see household count decline. Does this mean a rise in “active adult” communities? Not necessarily, as more of the retirees are coming from the Mid-Atlantic and Northeast and they are used to more urban living. Many could be attracted to downtown living. Many will choose not to live in purely age restricted communities. But considering that there are just a few new home communities that are age restricted, we do expect to see growth in the number of age restricted offerings in Tampa over the next five years.

Plansource, Inc, http://www.plansonline.com, remains a portal of information for homebuilders and the homebuilding industry.

Reprinted from Builder Magazine

House Design for the Elderly from Plansource, Inc.

 

A recent study has determined that up to 20% of all baby boomer households will have an elderly parent living with them.  In many cases, the elderly remain in sufficient good health to not have to be confined to an assisted living facility or nursing home.  However, they still need occasional assistance on a day to day basis.

Most homes have not been designed to meet this new demand.  A home must make all of its occupants comfortable, and privacy is a necessity for everyone.   Additional considerations such as wider openings, grab bars, and easier door handles are amenities that can make living a bit easier for those elderly occupants.

Plansource, Inc. has a catalog of pre-designed homes and duplexes for the Florida market, all of which can be viewed on our website, www.plansonline.com.  While our home plans come in many various sizes, widths, and configurations, we recognize that we cannot have a pre-designed home for every situation.  That is why we offer our customization service for each and every plan in our catalog.  It is important to us that our plans are viewed as a starting point to develop the home of your dreams.  This is where experienced design creates the difference.

An example of what we can do is our Plan 2044.  We have taken that house, and revised a section of it to allow for an elderly parent to have their own private living quarters within the home.  Thought has been put into privacy, security, and safety.  This is only an example of any number of changes that can be performed on our plans.

Since its inception in 1996, Plansource has focused on quality design and service for all of its clients. Because the firm focuses only on residential design, Plansource is able to fully understand the needs of its clients, and the markets they build in.

The principal of Plansource, Randall W. Smith, AIBD, has an extensive background in residential construction and design. He grew up in a homebuilding family, and has since gained experience with two national home builders, and a national residential design firm prior to deciding to meet the challenges of establishing his own design firm.

The work of Plansource is throughout Florida and the South. The work is varied and includes many types of construction techniques and housing types. Mr. Smith’s experience includes single-family houses, multi-family townhouses, condominiums, and amenity buildings for communities.