Politics & Government

NK Is Getting Richer, Older

Early information from the town's market analysis shows some strengths (buying power) and some weaknesses (fewer young people).

Data, data and more data – that's the name of the game halfway through the town's community market analysis. Representatives of the firm hired to carry out the analysis, 4Ward Planning, presented their findings so far at a meeting Wednesday of the town's Economic Development Advisory Board.

Among the demographic findings, 4Ward Planning reported that population in North Kingstown was "flat" – i.e. not changing significantly. 

In addition, the firm noted the relative rise in the number of what's called "non-family" households. These include couples who are living together without being married, individuals living with others to share expenses, and people living alone. This is happening in North Kingstown and it's also happening in the country as a whole. Why it matters, explained 4Ward Planning's Todd Poole, is because these households tend to be smaller and more likely to want to rent versus buy. They also tend to eat out more, he said.

Find out what's happening in North Kingstownwith free, real-time updates from Patch.

4Ward Planning also reported a notable increase in the number of higher-income households in NK, as well as a higher rate of consumer spending. That can be good for the town if there are places in North Kingstown for people to spend their money. The firm also noted strong growth in the number of empty nesters – people who often are looking for smaller homes.

According to Poole, NK's median income is $78,000 and it's projected to be $90,000 by 2018. Alternatively, the median income for the whole of Washington County is $69,000 and projected to be $82,000 by 2018. 

Find out what's happening in North Kingstownwith free, real-time updates from Patch.

"Relatively speaking, you've got money here," said Poole.

On the down side, he said, is an above average owner-occupied rate of 75 percent. "On one hand that's great because it means it's stable," said Poole, "but there are too few rental units here." 

That makes it harder for young people to stay or move to North Kingstown, which in turn starts to change the community from one with a variety of ages to that skews predominantly older. That matters, according to Poole, for a couple of reasons – one, a lack of families will mean businesses that cater to families will have a harder time of it. The second downside is the loss of a natural community flow, with older people moving out of the larger houses and young families moving. 

NK's Economic Development Director Paige Bronk told the group that 4Ward Planning's complete report won't be finished until the end of January. The firm has met with a variety of townspeople, including government officials, business owners and residents. In addition, a phone survey of residents was conducted – results of that survey are not yet available.


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