7.3 HRSR 01-04-2016 - Laserfiche WebLink

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DEMOGRAPHIC ANALYSIS Seniors who are able and willing to pay 80% or more of their inc housing would need an annual income of $37,500 to afford monthly rents of $2,500, which is about the beginning monthly rent for assisted living in ruralareas of Minnesota. In Elk River, there were only an estimated 430 older senior (ages 75 an incomes greater than $37,500 in 2015. Seniors age 75 and over are the primary market for assisted living housing. Tenure by Age of Householder The following graphs show the number of owner and renter househo group as of 2010. The data in Table D-4 on Page 18 shows thepropensity of households to own or rent their housing based on their age. In 2010, 80% of the households in Elk River owned their housing. 2000. Homeownership rates have slightly declined for those ages 25 to 64 in Elk River due to the declining housing market and the poor economic climate. units built over the decade we can assume that many of the singl-family homes have been converted to rental properties. Elk River Homeowners by Age of Householder - 2010 100% 87.3% 87.1% 84.6% 83.6% 1,500 72.2% 80% 62.7% 1,544 1,696 60% 40.6% 1,000 1,079 1,029 40% No. of Homeowners 500 619 20% Homeownership Rate 405 106 00% Age of Householder The proportion of renter households decreases as households age senior years when rental housing is a more viable option than ho 60% of Elk Rivers households between the ages of 15 and 24 rent compared to householders ages 35 to 64 who were overwhelmingly h more than 15% of the householders in each 10-year age cohort renting their housing. Although the propensity for households ages 15 to 24 to rent thee 25 to 44 age groups had, by far, the largest number of renters with having 396 renters and the 35 to 44 age group with 281 renters. account for slightly over 40% of all renter households. 14 MAXFIELD RESEARCH & CONSULTING, LLC.