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FOR-SALE MARKET ANALYSIS <br /> whereas the median sale price better represents the pricing of a majority of homes in a <br /> given market. <br /> • Based on a median list price of$181,900, a household would need an income of about <br /> $49,790 in order to afford to make monthly housing payments of about $1,245 (assuming a <br /> 10% down payment, 3.75% 30-year fixed mortgage). A household with significantly more <br /> equity (in an existing home and/or savings) could put more than 10% down and afford a <br /> higher priced home. About 79.5% of Elk River households have annual incomes at or above <br /> $49,790. <br /> • About 40% of listings in Elk River are priced under $175,000 and 36% of those listings are <br /> priced under$100,000. <br /> • Single-family homes accounted for 82% of all active listings. The remaining listings are <br /> either townhomes (14.5%) or condominiums (4%). <br /> TABLE FS-4 <br /> HOMES CURRENTLY LISTED FOR-SALE <br /> CITY OF ELK RIVER <br /> June 2012 <br /> Single-Family Multifamily) <br /> Price Range No. Pct. No. Pct. <br /> <$99,999 8 7.5% 11 45.8% <br /> $100,000 to$124,999 7 6.5% 6 25.0% <br /> $125,000 to$149,999 5 4.7% 3 12.5% <br /> $150,000 to$174,999 15 14.0% 1 4.2% <br /> $175,000 to$199,999 23 21.5% 2 8.3% <br /> $200,000 to$249,999 22 20.6% 1 4.2% <br /> $250,000 to$299,999 15 14.0% 0 0.0% <br /> $300,000 to$349,999 7 6.5% 0 0.0% <br /> $350,000 to$399,999 2 1.9% 0 0.0% <br /> $400,000 to$449,999 1 0.9% 0 0.0% <br /> $450,000 to$499,999 0 0.0% 0 0.0% <br /> $500,000 and Over 2 1.9% 0 0.0% <br /> 107 100% 24 100% <br /> Minimum $59,900 $37,000 <br /> Maximum $599,900 $229,900 <br /> Median $196,073 $107,500 <br /> Average $212,108 $108,532 <br /> Includes townhomes,twinhomes,and condominiums <br /> Sources: Regional Multiple Listing Service of MN <br /> Maxfield Research Inc. <br /> MAXFIELD RESEARCH INC. 65 <br />