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City of Elk River Housing Plan Updated January 2003 <br /> • <br /> Household Income <br /> Elk River Study Area <br /> 1990-2005 <br /> $100,000 or more <br /> $75,000 to $99,999 <br /> $50,000 to $74,999 <br /> $35,000 to 2005 <br /> $25,000 to $34,999 ®2000' <br /> „ 1990: <br /> $15,000 to $24,999 ' <br /> $10,000 to $14,999 <br /> Less than $10,000 <br /> • 0 500 1,000 1,500 2,000 2,500 <br /> Table 6 illustrates household income by age for 2000 which is also developed by Claritas, Inc. <br /> and represents projected household income. Households age 35 to 44 comprise the largest <br /> segment with 2,027 households and have a median income of$60,549. The highest median <br /> income is found in the 45 to 54 age segment with a median income of$66,739. Households <br /> between the ages of 45 and 64 tend to not only have the highest median incomes,but also have <br /> the most equity in their existing homes. <br /> Households between the ages of 25 and 34 are usually in the market for rental housing or are <br /> looking to purchase entry-level homes. The median income for this age segment is $49,319. <br /> With this income a household could afford monthly rent in the amount of$1,230 including rent, <br /> utilities and a garage. A household with this income could afford an approximate mortgage of <br /> $148,200 or a purchase price of$156,000 assuming a 30 year fixed rate mortgage at 7.0%with a <br /> 5.0% downpayment. <br /> The lowest median incomes are found in households over the age of 75. Households over the <br /> age of 85 have the lowest median household income at $13,333 per year. Incomes drop <br /> dramatically after households reach 65 years of age. Incomes drop from $66,010 for households <br /> age 60 to 64 to $27,272 for households age 65 to 69. <br /> 15 <br />