Demographic and Employment Analysis
Analyzing a market’s demographic and employment trends can help identify development opportunities. To analyze market opportunities, you need to examine data and ask questions about residents of your targeted area. Relevant data includes more than population statistics and average income indicators. Buying power, housing preferences, tax structures and age cohort studies also provide valuable insight. These indicators can help one focus on the type and scale of any potential development project. At VRG, we can provide you with demographic and employment data trends about the area to give you a starting point for an in-depth analysis of specific real estate development opportunities.
Relevant Demographic Data Categories
Does your market area include more homeowners or renters? How much income are current residents making in the area? These are questions that need to be answered, and the explanation of demographic data is often missing in market analysis. At VRG, we’ll answer the hard-hitting questions in our analysis, such as how the market is changing and if there are new business or real estate opportunities by examining the following demographic data.
Population and Households
It’s crucial to acquire information based on the characteristics of the community’s households. We’ll gather data explaining your community’s population trends, including the number of local residents and what sections of the population are changing the most. We’ll also gather information based on the size and type of the population and households.
It’s essential to understand local income levels in planning for housing needs as income determines the type of housing that individuals can afford. We’ll collect data on household income for the market area and compare it with the state to determine how the local area differs.
One of the most important factors to consider is age. Generational differences turn into different housing priorities. For example, an individual in their mid 20s may not want the responsibility of owning a home, but renting an affordable apartment may sound more appealing. We’ll help you understand how the age categories in the community will change in the coming years as a part of our demographic analysis.
Demand for new housing is often linked to workers moving into an area. Our team will examine the power and characteristics of the employment base and relate it to the population, household, age and income assumptions. Part of the information presented will include data based on major employers in the area, expansion plans, relocations, reductions in the workforce and new employers entering the area.
Trend Analysis in New Jersey
Demographic trends and lifestyle changes are opening up new opportunities for residential developments and housing. At Value Research Group, we’ll help you assess employment and demographic trends with our expert market analysis. Contact us today for more information on our services.