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City of Elk River Housing Plan Updated January 2003 <br /> • Market Analysis <br /> Introduction <br /> According to the 1990 Census the City of Elk River had 3,887 housing units. Data released from <br /> the 2000 Census indicates that the City has added 1,895 housing units for a total of 5,782 units in <br /> 2000. According to the 1990 Census, approximately 74.5% of the housing stock was owner <br /> occupied units and the remaining 25.5% were renter occupied. The 2000 Census indicates that <br /> the percentage of owner-occupied units has increased to 78.3% and the percentage of renter- <br /> occupied declined to 21.7%. <br /> Building Permits <br /> Another indicator of building trends in a community is the number of building permits issued <br /> although these do not always translate into new units. Table 10 illustrates building permit data <br /> for the City of Elk River between 1990 and May of 2001. During this period the City issued <br /> permits for 2,422 new housing units. Approximately 74% of the permits were issued for single- <br /> family homes. A total of 6% were issued for twin homes and the remaining 20% were issued for <br /> multi-family units. The multi-family category includes both rental and for-sale multi-family <br /> dwellings including townhomes. <br /> As previously indicated during the past ten years the percentage of renter-occupied units in the <br /> community has declined. This decline in the percentage of renter-occupied units correlates to the <br /> lower level of permits issued for rental units in the community in respect to overall development. <br /> • Development in the City peaked in 2000 with permits issued for a total of 284 new housing units. <br /> P Yp P <br /> Construction looks to remain strong in 2001 with permits issued for 110 new units through May <br /> 11, 2001. The largest number of multi-family units were permitted in 1990 with 131 units. <br /> Single family permits were highest in 1996 with 208 units. <br /> During the past ten years permits have been granted for the development of a variety of housing <br /> types. The number of multi-family permits has been slightly lower than the percentage of multi- <br /> family units that exist in the community, resulting in a decreasing proportion to the total housing <br /> stock. It does not appear that development is slowing in Elk River when examining 2001 <br /> building permit data. <br /> gP <br /> • <br /> 22 <br />