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HOUSING CHARACTERISTICS <br /> Renter-Occupied Units by Contract Rent <br /> Contract rent (also known as asking rent) provides information on the monthly housing costs <br /> for renters. Contract rent is the monthly rent agreed to regardless of any utilities, furnishings, <br /> fees, or services that may be included. Key findings from Table HC-7 follow. <br /> • The median and average contract rents in Elk River were $760 and $819, respectively. <br /> Based on a 30% allocation of income to housing, a household would need an income of <br /> about $30,400 to afford an average monthly rent of$760. <br /> • Approximately 33.5% of Elk River renters have monthly rents ranging from $500 to $749. <br /> Over 22% of renters have monthly rents of$1,000 or greater. Due to the limited number of <br /> units with rents over $1,000, we can assume the majority of these renters are renting <br /> single-family homes. <br /> • Housing units without payment of rent ("no cash rent") make up only 2% of Elk River <br /> renters. Typically units may be owned by a relative or friend who lives elsewhere whom <br /> allow occupancy without charge. Other sources may include caretakers or ministers who <br /> may occupy a residence without charge. <br /> TABLE HC-7 <br /> UNITS BY CONTRACT RENT <br /> ELK RIVER <br /> 2010(5-Year Estimate) <br /> Contract Rent Pct. Pct. <br /> No Cash Rent 28 2.1 <br /> Cash Rent 1,278 97.9 <br /> $0 to$249 70 5.4 <br /> $250-$499 102 7.8 <br /> $500-$749 438 33.5 <br /> $750-$999 375 28.7 <br /> $1,000+ 293 22.4 <br /> Total 1,306 100.0 <br /> Median Contract Rent $760 <br /> Average Contract Rent $819 <br /> Sources: U.S.Census Bureau-2010 ACS; <br /> Maxfield Research Inc. <br /> MAXFIELD RESEARCH INC. 42 <br />