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HRA / Housing <br />August 25, 2003 <br />Page 6 <br /> <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 /> <br />City <br /> <br />Median Value Owner Occupied Dwelling <br /> <br />Elk River $144,800 <br />Ramsey $143,500 <br />Otsego $132,700 <br />Big Lake $123,900 <br />Zimmerman $115,000 <br /> <br />Township <br /> <br />Median Value Owner Occupied Dwelling <br /> <br />Burns Twp. $157,500 <br />Big Lake Twp. $155,200 <br />Livonia Twp. $154,500 <br /> <br />Needs Analysis <br /> <br />Regional or Local Approach <br /> <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 /> <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 /> <br />Housing Balance - unit type, affordability <br /> <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 /> <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 /> <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 /> <br />S:\PLANNING\Scott\HRA 8-25 housing, doc <br /> <br /> <br />