New & Old Plans For Apartments In Eden Prairie Real Estate Will Disrupt The Local Housing Market In The Best Way
What’s New In Affordable Senior Housing & Workforce Housing In Eden Prairie?
Eden Prairie real estate development committees recently revisited some old pre-recession plans for building more affordable senior housing and also began exploring new plans for building more workforce housing in Eden Prairie. Now, at first, this might not seem like big news; after all, the first of these projects is literally old news (first proposed in 2008). But these decisions are a big deal. They come hard on the heels of the realization that the Eden Prairie real estate market is lagging far behind much of the rest of the state in its provisions for affordable housing. What’s more, they represent an investment in apartments in Eden Prairie that should help stave off the burgeoning affordable housing crisis, stabilize the Eden Prairie real estate market, and ultimately support the ongoing economic growth of the whole community.
Why Is There So Much The New Interest In Old Plans For Apartments In Eden Prairie?
There’s a lot more to Eden Prairie real estate development committees’ decisions to revive these pre-recession projects than meets the eye. That’s because Eden Prairie, like many smaller municipalities in the US, has experienced slower than average post-recession recovery. So you wouldn’t normally expect to see this kind of multi-development revival here because the city doesn’t look like it has the numbers or the money to back it.
Yet the fact that the median household income in Eden Prairie actually grew in 2018 and 2019, while the average US income stayed stagnant, means something huge. So, too, does the current price-to-income ratio for Eden Prairie real estate, which is 1:3.2 (significantly better than the national average of 1:4.2). Taken together, these figures paint a pretty picture for the potential success of any affordable senior housing or workforce housing in Eden Prairie. Namely, the Eden Prairie real estate market may potentially be among the healthiest home buying markets in the country, since income growth is at least trying to keep up with rising property values. What’s more, the market for apartments in Eden Prairie is likely about to get much better, since the most common (and effective) response when income growth lags behind property value growth is to boost apartment development to maintain a livable city.
What Do These Revived Projects Mean For The Eden Prairie Real Estate Market?
Really, the big deal with these new/old Eden Prairie real estate development projects isn’t just that making progress on old plans means finally meeting the need for more affordable senior housing and workforce housing in Eden Prairie. It’s also a big deal that this kind of development planning — especially re-committing to and investing in affordable senior housing and workforce housing simultaneously — signals that developers are confident in the health of the Eden Prairie real estate market and the future economic wellbeing of the community.
Not only do their projections forecast an increasing population of independent and semi-independent seniors, but they are also forecasting that the new affordable senior housing options will create jobs and pull in more buyers for workforce housing in Eden Prairie. This latter consideration means these developers and city planners are seeing some of the biggest indicators of a healthy housing market (the job market is improving, home values are increasing), are acting as indicators themselves (closed or postponed businesses reopen/move forward, new construction begins), and are also supporting the development of more indicators (an influx of home buyers should arrive, the number of move-up houses for sale should increase) .
Interested In Buying Or Selling Some Eden Prairie Real Estate? Let’s Talk About It!
Whether you’re interested in homes or apartments in Eden Prairie, and whether buying or selling, right now is starting to look like the best time (in a long time) to do it! As these developments get underway, buyers will benefit from the surplus of homes and apartments in Eden Prairie, while sellers will benefit from the surplus of buyers! These market conditions won’t last forever, though, so contact The Exceptional Home Team to get moving!