2. CCSR-HRSR 09-04-2012 SPEC JOINT

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DEMOGRAPHIC ANALYSIS Elk River Homeowners by Age of Householder-2010 1,800 — — 100% 1,600 84.6% '8t% 87.3% 83.6% - 90% 1,400 72.2% - 80% :: ai 62.7% _ 70% of0e 1,200 200 1,544 a// 1.696 1,029 1,079 60% a = 800 50% 3 — 40% p 600 40.6% 619 — 30% 1 =No.of Homeowners Z 400 — 20% = Homeownership Rate 405 200 — 106 10% L 1 -I I 11 1 0% 1StotiA 15CO3A A,6tOph As N..0 SS N.0 65CO� -1-1$*5 Age of Householder J • The proportion of renter households decreases as households age and rises again in the senior years when rental housing is a more viable option than homeownership. In 2010, 60% of Elk River's households between the ages of 15 and 24 rented their housing, compared to householders ages 35 to 64 who were overwhelmingly homeowners, with no more than 15% of the householders in each 10-year age cohort renting their housing. Elk River Renters by Age of Householder-2010 450 100% 400 I 90% 350 80% ■No.of Renters 300 59.4% t Pct.Renters � 60% °«: 250 c cc 50% 5 200 il•iI.I 157 121 40% f'i Z 150 30% a 100 51 20% 50 ELIA 10% 15 to 1e 25 to V' 35 to AR AStOsN S5to6A 6Sto0A ict Age of Householder J • Although the propensity for households ages 15 to 24 to rent their housing is higher, the 25 to 44 age groups had, by far, the largest number of renters with the 25 to 34 age group having 396 renters and the 35 to 44 age group with 281 renters. These two age groups account for slightly over 40% of all renter households. • Between 2000 and 2010, the number of renter households increased in most age cohorts. Over the decade, the number of renters increased at a growth rate 30%. With a limited number of rental units developed through 2010, it's clear that the number of single-family rental homes has also increased due to the economy and decline in homeownership rate. MAXFIELD RESEARCH INC. 17