INFORMATION HRSR 03-24-2003 - Laserfiche WebLink

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City of Elk River Housing Plan Updated January 2003 • Executive Summary Introduction The Central Minnesota Housing Partnership in collaboration with the City of Elk River has developed the Elk River Housing Plan to identify local housing conditions and to plan for future housing needs. The Housing Plan includes an analysis of local demographic, employment, and housing trends in Elk River. Based on the analysis demand estimates were developed through 2005. Study Area A primary study area was selected for the community which includes the City of Elk River and portions of Dayton and Otsego. Most housing demand for Elk River will come from persons that live or are employed in the study area. While this area serves as a primary study area it should be noted that the community draws from a much larger area that includes a large portion of Sherburne County,Northern Wright County, and Northwest Anoka and Hennepin Counties. A map of the study area is located on Page 2. Demographic Trends • Elk River is a thriving community located in the southeast corner of Sherburne County. The community is located off U.S. Highway 10 and 169 and is only 35 miles from • downtown Minneapolis. The community is also within 40 miles of St. Cloud. These factors have and will continue to make this area prime for new development. • During the past ten years the City and surrounding area has undergone substantial population and household growth. During the past ten years the City has added 5,304 persons and 1,932 households for a 47.6% and 51.8% increase, respectively. According to the 2000 Census the City has a total of 5,782 housing units. • The largest population growth has occurred in the 25 to 44 and the 5 to 17 age categories for both Elk River and Sherburne County. This signifies strong growth in the area from families with children. The median age of Elk River in 2000 was 32 and in Sherburne County was 31.4. • According to the 2000 Census the median household income in Elk River is $58,114. The 2000 median household income was projected at $53,583 for the Study Area. The largest household segment are those ages 35 to 44 which have a median household income of$60,549. • In addition to being ideally located between two major employment centers, the City also offers a multitude of employment opportunities. Nearly all major employers classify the local economic climate as good with many existing employers experiencing job growth over the past few years. The largest growth over the past ten years has occurred in the 410 Trade Sector in Sherburne County. 1