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. � 11' Elk Elk River Comp ehensive Plan River Table 7-F: Owner Monthly Costs as Percent of Owner Monthly Costs as Percentage of Household Household Income - 2010 Income Percent of Units Percent Sherburne State Housing decisions should not be based solely on the value Household County of housing, but also the cost of housing expenses in Income relation to household income. In general, housing costs Less than 20% 1,461 27.9% 29.5% 35.1% (taxes, insurance, principal, interest, etc.) should not 20.0 to 24.9% 989 18.9% 18.4% 17.7% exceed 30% of total household income. In 2010, 39.5% of homeowners in Elk River had monthly costs that were 25.0 to 29.9% 719 13.7% 14.6% 13.6% 30% or more of their household income, compared to 37.5% in Sherburne County and 33.6% in the State of 30.0 to 34.9% 505 9.7% 9.8% 9.3% Minnesota. Refer to Table: 7-F: Owner Monthly Costs 35.0%or More 1,556 29.8% 27.7% 24.3% as Percent of Household Income -2010. These figures suggest that housing was less affordable in Elk River than Not Computed in Sherburne County and the State of Minnesota in 2010. They also suggest that about two out of five homeowners Total 5,230 100% 100% 100% in Elk River may find it difficult to make their mortgage payments. Consequently, some may default on their loans and others may find it difficult to keep up with household Source: U.S. Census Bureau, 2007-2011 American maintenance and repairs. Community Survey *Housing Units with a Mortgage Table 7-G: Owner Monthly Costs as Percent of Contract Rent Household Income - 2010 In 2010, rental housing units accounted for 19.61% of the Monthly Rent Units Percent Sherburne State occupied housing units in Elk River. 78.8% of the renter- County occupied units had a monthly rent of $500 or more in 2000. In 2010, about 89.9% of units had a monthly rent Less than$200 72 4.7% 5.2% 3.1% of $500 or more, which is higher than Sherburne County $200 to$299 0 0.0% 2.6% 5.1% (86.0%), and the State of Minnesota (81.2%) average. Refer to Table 7-G: Renter-Occupied Housing Units by $300 to$499 82 5.4% 6.2% 10.6% Gross Rent - 2010, for additional information. $500 to$749 383 25.1% 24.3% 27.1% $750 to$999 621 40.7% 32.6% 26.5% $1000 to$1,499 204 13.4% 21.6% 19.9% $1,500 or more 164 10.7% 7.5% 7.7% No Rent Paid 47 Median Rent Paid $795 $813 $783 Total 5,230 100% 100% 100% Source: U.S. Census Bureau, 2007-2011 American Community Survey Chapter 7: Housing / 73