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HRA/Housing <br /> August 25,2003 <br /> Page 6 <br /> The median value of owner occupied dwellings in Elk River compares favorably with the <br /> four other cities in the region.The three townships all had higher median values. • <br /> City Median Value Owner Occupied Dwelling <br /> Elk River $144,800 <br /> Ramsey $143,500 <br /> Otsego $132,700 <br /> Big Lake $123,900 <br /> Zimmerman $115,000 <br /> Township Median Value Owner Occupied Dwelling <br /> Burns Twp. $157,500 <br /> Big Lake Twp. $155,200 <br /> Livonia Twp. $154,500 <br /> Needs Analysis <br /> Regional or Local Approach <br /> The city needs to address a policy decision, decide whether a regional or local approach <br /> should be used when assessing the housing needs and goals for Elk River. Elk River <br /> functions as a mini-regional center for the surrounding area and the question that needs to • <br /> be asked is, "should our housing policies reflect that role?" Elk River supplies 26% of the <br /> total housing units for the area,which reflects the City's role as a mini-regional center. <br /> However,the city also supplies 73% of the apartments for the area. Elk River also supplies <br /> about 67% of the townhouses/twinhomes for the area. <br /> When the mix of housing types is examined at a local level,the mix is quite different.The <br /> mix of apartments to single family drops to 16.2% apartments.The mix of townhouses to <br /> detached single family is also quite different. The mix of townhouses to detached single <br /> family is 14%townhouses to 86% detached single family. <br /> Housing Balance- unit type, affordability <br /> Historic trends seem to indicate that the percentage of multi-family units to owner occupied <br /> units is decreasing and will continue to decrease unless the city makes a conscience decision <br /> increase that percentage. Currently there is only one 2.42 acre parcel that is vacant and <br /> available for multi-family development. <br /> The current ratio of multi-family to single family dwelling, (16%to 84%),is low compared to <br /> communities that experienced their growth prior to the 1980's and high compared to those <br /> communities that experienced their growth during the 1980's and 1990's. Planning theory is <br /> that a good mix of multi-family to single family is around 20%. <br /> The trend in townhouse development is the opposite of multi-family.The ratio of <br /> townhouse units to detached single family units has been steadily increasing. In 2000,the <br /> S:\PLANNING\Scott\HRA 8-25 housing.doc <br />