4.0. SR 12-03-2001 - Laserfiche WebLink

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The National Low Income Housing Coalition developed a report on the hourly wage that is needed to afford rental housing based on the fair market rent. In Sherbume County the following wages are needed to afford fair market rents: One-Bedroom Two-Bedroom Three-Bedroom Fair Market Rent (FMR) Income Needed Wage Needed $674 $26,960/year $12.96/hour $862 $34,480/year $16.58/hour $1,166 $46,640/year $22.42/hour Table 5 City of Elk River Major Employers 2001 Employer Product or Service Employees Elk River ISD #728 Elementary and Secondary Education 1250 Sherburne County Govermrtent Offices 470 Guardian Angels Intermediate Care Facilities 325 Great River Energy Electric Services 32(3 Tescom Corp Industrial Valves 275 Cub Foods Grocery Store 21C Target General Merchandise 175 ~,lltool Manufacturing Metal Stampings 16C Menards Lumber and Other Building Materials 16C Source: Community Profiles, DTED The following graph depicts some of the gaps between wages paid in certain businesses and the cost of housing. According to the Central Minnesota Employment Outlook to 2006 developed by the Minnesota Department of Economic Security, the fastest growing j ob in Central Minnesota will be the Home Health Aide which has an average hourly wage of $8.08. The wage is considerably lower than the average cost of a two-bedroom apartment in Elk River. The same is true of the Elk River average industrial wage which is at $11.54. This wage is only half of what is need to afford a $150,000 home. In Region 7W, which includes Benton, Sherburne, Steams, and Wright County, the average hourly wage is $12.65. Only the Sherburne County average manufacturing wage of $18.35 is high enough to afford the average rent, but is still not sufficient to purchase a $150,000 home.