Laserfiche WebLink
City of Elk River Housing Plan Updated January 2003 <br /> Housing Demand <br /> Introduction <br /> The City of Elk River has experienced considerable population and household growth over the <br /> past ten years and is expected to continue to experience strong growth in the future. The area is <br /> ideally located in close commuting distance to both the Twin Cities Metropolitan Area and St. <br /> Cloud. In addition, the City offers numerous employment opportunities with a strong <br /> commercial and industrial base. Vacancy rates are extremely low in the community for both <br /> single and multi-family units. According to the 2000 Census the community had a 1.4% <br /> homeowner vacancy rate and a 1.7%rental vacancy rate. <br /> Housing demand for the City is calculated by utilizing a variety of factors. The first indicator is <br /> the expected household growth the community will be experiencing. A second factor is the pent- <br /> up demand which calculates the units that are needed to meet past growth and to allow for <br /> healthy vacancy rates. Finally, replacement needs are also factored into the housing demand. <br /> This represents a need for new units to replace older, dilapidated units that are not suitable for <br /> habitation and are more economical to demolish than repair. This can also represent units that <br /> are functionally obsolete and not desirable by the market due to a lack of desirable features. <br /> Table 18 <br /> City of Elk River <br /> Housing Demand <br /> • 2001-2005 <br /> Forecasted Housing Growth 982 units <br /> Pent-up Demand 118 units <br /> Estimated Replacement Needs 5 units <br /> Total Housing Demand 1,105 units <br /> 30 to 50 units of single family housing rehabilitation <br /> 20 to 30 units of rental housing rehabilitation <br /> 48 to 72 units of affordable general occupancy townhomes <br /> 24 to 36 two-bedroom units priced at $600 to $750 <br /> 24 to 36 three-bedroom units priced at $700 to $850 <br /> 64 to 96 units of market rate general occupancy apartments <br /> 16 to 20 one-bedroom units priced at $600 to $750 <br /> 26 to 40 two-bedroom units priced at $700 to $850 <br /> 22 to 36 three-bedroom units priced at $800 to $950 <br /> • <br /> 34 <br />