BISMARCK – Baby boomers are projected to drive housing needs in North Dakota in the coming years, according to the new Statewide Housing Needs Assessment released by researchers at North Dakota State University’s Center for Social Research in partnership with North Dakota Housing Finance Agency (NDHFA).

The 2024 study covers updates in housing trends since the previous 2022 Housing Needs Assessment.

Growth in the number of householders aged 65 and older is projected to increase substantially by 22%, from 78,047 in 2022 to 95,277 in 2027. Growth in this cohort is expected in all eight planning regions of the state.

“One major takeaway from this study is the increased need for housing available to meet the needs of an aging population,” said NDHFA Executive Director Dave Flohr. “While the state’s economy is strong, housing affordability remains an issue, and the development of new housing should consider the needs of aging populations as well as lower-income working households.”

Across the state, higher wages and salaries have resulted in higher household and family incomes. Despite the rise in incomes, there has been little overall change in the number of moderate-income households. While there has been an increase in the number of households who earn more than $125,000 annually, the majority of North Dakota households (51%) earn less than $75,000, and 33% earn less than $50,000.

Housing is needed for all income levels, but the study projects the most significant need will be affordable housing for lower-income households, according a NDHFA news relesae. Further, despite growth in incomes across North Dakota during the past decade there was little change in the state’s poverty rate.

Barring any major shifts in the economy that might alter migration patterns, the assessment projects the state’s population will increase by 4% or about 28,000 people by 2027. Based on this estimate and additional factors including the number of baby boomers aging in place, the state would need to add an additional 20,000 single and multifamily units by 2027, a 6% increase from 2022, the release stated.

Flohr noted that the study reflects a stable housing environment for North Dakota, despite the challenges.

“We trust this updated study will help leaders statewide to better understand the housing dynamics at play and learn more about the hurdles many in our state face in finding housing.” Flohr said.