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