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EXECUTIVE SUMMARY <br /> Purpose and Scope of Study <br /> Maxfield Research Inc. was engaged by the City of Elk River to conduct a Comprehensive <br /> Housing Needs Analysis for the City of Elk River. The Housing Needs Analysis provides <br /> recommendations on the amount and types of housing that should be developed in order to <br /> meet the needs of current and future households who choose to reside in the City. <br /> The scope of this study includes: an analysis of the demographic and economic characteristics <br /> of the City; a review of the characteristics of the existing housing stock and building permit <br /> trends; an analysis of the market condition for a variety of rental and for-sale housing products; <br /> and an assessment of the need for housing by product type in the City. Recommendations on <br /> the number and types of housing products that should be considered in the City are also <br /> supplied. <br /> Demographic Analysis <br /> • The City of Elk River is forecast to add an additional 3,290 people and 1,280 households <br /> between 2010 and 2020. <br /> • The population in Elk River is aging and older age cohorts are accounting for a significant <br /> percentage of the total population. Over the next five years, the age 55 to 64 cohort will <br /> continue to have the highest growth numerically (826 people, or 38%), but significant <br /> growth is also forecast in the age 65 to 74 cohort (271 people, or 23%). Older adults and <br /> younger seniors (those between the ages of 55 and 74) in these high growth age cohorts are <br /> the target market for active adult housing products. <br /> • The overall median household income in 2012 in Elk River is estimated at about $82,000. <br /> • Between 2000 and 2010, homeownership rates increased from 78.3%to 80.2% in the City <br /> of Elk River <br /> • The County's unemployment rate of 7.6% in 2011 is higher than the State of Minnesota <br /> (6.0%) and lower than the Nation (8.2%). Until 2006, Sherburne County's unemployment <br /> rate has been on par both the State of Minnesota and is now just over a percentage point <br /> higher in 2011. <br /> Housing Characteristics <br /> • In total, Elk River is reported to have approximately 1,085 housing units, of which about <br /> 6,480 are owner-occupied, 1,600 are renter-occupied, and 460 are vacant as of 2010. <br /> • Owner-occupied housing units account for about 76% of the City's total housing stock. <br /> MAXFIELD RESEARCH INC. 6 <br />