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UGA FHCE 3300 - Housing Choice Model

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FHCE 3300 1st Edition Lecture 4 Outline of Last Lecture I. Concepts of House, Home and ShelterII. Housing NeedsA. ChangesOutline of Current Lecture I. Housing Choice ModelII. Household A. Stage in the Life CycleB. U.S. HouseholdsC. Young AdultsD. The Gen Y/Millennial InfluenceIII. Social Class IV. Housing ValuesCurrent LectureI. Housing Choice ModelThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.II. HouseholdCharacteristics of the household: Age, type, size, stage in life cycleA. Stage in the Life Cycle- Young adult, single- Young adult, couple- Adults w/ young children- Adults with school-age children- Middle-age adults (45+)- Older adults (60+ retirement to death)How do the characteristics of these groups relate to housing needs and preferences?  Young single adults usually looking for a place close to city, roommates, somewhere temporary Young couple adults usually looking for variety, depending on lifestyle goals Adults w/ children usually looking for safety, school systems, space. Probably looking for home ownership around this period Middle-age adults usually looking for a place that fits more to physicalneeds, close to family Older adults downsizeB. U.S. Households- Average # of people per household: 2.58- ¼ of population is 55 or older- 48.4% of U.S. households are married couple family households- Over ¼ of U.S. households are individuals living aloneC. Young Adults- People are waiting longer to get married  Age of 1st marriage for women: 26.5 Age of 1st marriage for men: 28.7- Fewer people married In 1960, 72% of adults 18+ were married In 2010, 51% of adults 18+ were married- About 60% of women will have at least 1 child by the time they are 26How do these demographic changes affect housing choices and the overall housing market? Overall, there is a higher demandD. The Gen Y/Millennial Influence- People born between 1981-2000 are over ¼ of the population in 2015- Driver of household growth- Income-constrained- Forming households at a later age- Urban vs. suburban living- Deferred home ownershipIII. Social ClassSocioeconomic status (SES): Education, income, occupation How does SES influence housing choice? Determines what you can afford. Quite segregated in terms of SESIV. Housing ValuesValues represent person’s beliefs about life and acceptable behavior. They transcend situations or events and are enduring because they are central in personality structureLifestyle Influences: Housing Values- Economy: Choices based on selling price, sound business judgment, financially conservative- Family: Focus on physical and mental well-being of family members, emphasis on factors that hold the family together, improve family relationships- Personal: Take personal view of environment, individualistic, desire independence and self-expression- Social prestige: View housing in terms of effect on social


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UGA FHCE 3300 - Housing Choice Model

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