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DEMOGRAPHIC ANALYSIS Median incomes for households in Elk River peak at $96,191for the 35 to 44 age group in 2015. Households in this age group are entering or are in their peak earning years. The majority of households (87%) in this age group are homeowners. 20, the median income for the 45 to 54 age group is projected to increase to $102,476 a 6.5% increase. The median resale price of homes in Elk River was $209,975throughJune 2015(see Table FS-1). The income required to afford a home at this price would be60,000 to $70,000, based on the standard of 3.0 to 3.5 times the median incom households do not have a high level of debt). In 2015, 70% (4,696 households) of Elk Rivers non-senior households had incomes greater than $60,000. Growth and Income Trends by Age of Householder Elk River 2015 to 2020 2,000$120,000 1,800 $96,191 $100,000 1,600 $90,274 1,400 $79,696 $80,000 $75,720 1,200 $59,863 1,000$60,000 $40,056 800 $40,000 2010 600 $45,303 2015 400 $20,000 2010 Income 200 0$0 15-2425-3435-4445-5455-6465 -7475+ Age of Householder Senior Households The oldest householders were likely to have lower incomes in 2015. In Elk River, 5% of households ages 65 to 74 had incomes below $15,000, compared to 10% of households age 75 and over. Many of these low-income older senior households rely solely on Social Security benefits. Typically, younger seniors have higher incom to work or are married couples with two pensions or higher Socia Generally, senior households with incomes greater than $30,000 can afford market-rate senior housing. Based on a 40% allocation of income for housing rents of at least $1,000. About 475 senior households (75+) in Elk River (49% of senior households) had incomes above $30,000 in 2015. Seniors will often move from rural areas to cities such as Elk River that provide more medical and other 12 MAXFIELD RESEARCH & CONSULTING, LLC.