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City of Elk River Housing Plan Updated January 2003 <br /> • Covered employment data is not only available for the number of jobs by sector, but also the <br /> average weekly wages for those sectors. The following graph includes three major components: <br /> the average annual wage by sector, the average cost of a two-bedroom apartment in Elk River, <br /> and the cost of a$150,000 home. This chart illustrates the gap that can be found in some sectors <br /> between the wages that are earned and what households can afford for both rental and <br /> homeownership. <br /> The largest housing gap is found in the Trade and Services Sector. On average, if a single-earner <br /> household were working in either of these sectors they would have a difficult time affording the <br /> average two-bedroom apartment. Homeownership for people employed in these sectors is nearly <br /> impossible unless they have a dual income household. The Finance, Insurance and Real Estate <br /> (FIRE) sector also had a small gap between wages and the average rents. <br /> Most sectors do not have an average wage sufficient to purchase a$150,000 home. The only <br /> sector with an average wage high enough to afford a $150,000 home are those in the <br /> Transportation and Public Utilities (TPU) sector. <br /> Average Annual Wages 0$15QQa ame <br /> Sherburne County ®Average 2BDR Apt. <br /> 1999 `' <br /> • IR erage Wages <br /> , <br /> $50,000.00 ;> .3 ,s, ` <br /> $45,000 00 <br /> $40,000 00 <br /> ,... ,in • III <br /> $35,000 00 <br /> 0 'M • • l' <br /> $30,000.00 „ <br /> $25,000 00 <br /> $20,000 00 <br /> 0 <br /> $15,000.00 <br /> 0 <br /> $10,000.00 <br /> 1 E El IN III 111 <br /> 0 I, <br /> d <br /> $5,000 00 . r <br /> K <br /> t <br /> Services Trade FIRE Government Construction Manufacturing TPU All Industries <br /> • <br /> 20 <br />