The study on current demand factor for housing project among users in Perlis

Abstract

Housing market is totally different from other marketing product for some reasons. It describe as the basic need for shelter and also the largest expense among household. Households ultimately choose a home that “maximizes the household’s utility subject to its budget constraints. The study and analyses of current demand factors mostly describe the demographic and economic factors affecting the housing needs of the community. The demand for housing is indicated by price, household income, household composition, job choice, and housing consumption. Assessing need and demand for housing project is a critical first step in the development process. It may influence your project for the next 5 to 10 years. There are the some factors which may indicate your future development: population, age and gender; household size, growth and type; economic growth or decline of the area including employers, industrials, labor markets, unemployment rates; household average and median income; number of rentals and vacancy rate; availability and affordability of rental housing based on income and rents, including non-market waiting lists; ownership tenure, new housing starts, cost of ownership, and income required for affordable homeownership. The current demand analyses and study also seek to identify household in community that currently lack their own housing or live inadequate housing for variety of reasons, and cannot afford the housing they need in local housing market without some assistance. In simple words, the current demand study seeks to answer the question of who in the community need affordable housing immediately.