7.3 HRSR 01-04-2016 - Laserfiche WebLink

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HOUSING CHARACTERISTICS Introduction The variety and condition of the housing stock in a community pr attractive living environment. Housing functions as a building goods and services. We examined the housing market in Elk Riverg data on the age of the existing housing supply; examining residential building t housing data from the American Community Survey that relates to Residential Construction Trends 2000 to Present Maxfield Research obtained data from the City of Elk River on the number of bu issued for new housing units in Elk River over the past decade aSeptember2015. Table HC-1 displays permits issued for single-family homes, townhomes/twin homes, and multifamily dwellings of three or more units. Multifamily units-sale (condominium, twinhomes, and townhomes) and rental projects. The City of Elk River issued permits for the construction of 2,704new residential units from 2000 to 2010. That equates to about 246 units annually since 2000. After 2010, Elk River has added only 330 units, or 66 per year. Of the 330 units added, 16 of those units were apartments unit replaced due to fire. Through 2006, the City of Elk River issued 93% of the overall peover the decade. Over that period, residential construction averaged over 354 units per yea However, beginning in 2007, which was the start of the Great Rec started declining rapidly, and from 2007 to 2010 the City has av year. Since 2007, 75% of the units (419) have been single-family homes, 137 units (25%) in three multi-family apartment buildings and the remaining (19 units) being rowhomes/townhomes. Since 2012, the City of Elk River has only issued an average of 71 residential permits (single- family) and built an additional 52 unit affordable rental building. The City also added three detached townhomes and replaced 16 apartment units that we destred by fire. This indicates an improving housing market although much more conservative than in the previous decade. 31 MAXFIELD RESEARCH & CONSULTING, LLC..