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EXECUTIVE SUMMARY <br />Purpose and Scope of Study <br />Maxfield Research and Consulting LLC was engaged by the City of Elk River to update the <br />Comprehensive Housing Needs Analysis for the City of Elk River that was completed in 2012. <br />The Housing Needs Analysis provides recommendations on the amoun <br />that should be developed in order to meet the needs of current a <br />choose to reside in the City. <br /> <br />The scope of this study includes: an analysis of the demographic <br />of the City; a review of the characteristics of the existing hou <br />trends; an analysis of the market condition for a variety of renand for-sale housing products; <br />and an assessment of the need for housing by product type in the <br />the number and types of housing products that should be consider <br />supplied. <br /> <br />Demographic Analysis <br /> <br />The City of Elk River is forecast to add an additional 1,602 people and 742 households <br />between 2010 and 2020. <br /> <br />The population in Elk River is aging and older age cohorts are a <br />percentage of the total population. Over the next five years, the age 55 to 64 cohort will <br />continue to have the highest growth numerically (791 people, or 38%), but significant <br />growth is also forecast in the age 65 to 74 cohort (716 people, or 60%) and 75+ households <br />(262 people, or 27%). Older adults and younger seniors (those between the ages of 55 and <br />74) in these high growth age cohorts are the target market for a <br />products. <br />The overall median household income in 2015 in Elk River is estimated at about $78,300. <br />This is substantially higher than the Twin Cities Metro Area at $67,795. <br />Between 2000 and 2010, homeownership rates increased from 78.3% <br />of Elk River <br />The Countys unemployment rate of 4.2% in 2015 is slightly higher than the State of <br />Minnesota (3.9%) and lower than the Nation (5.5%). <br /> <br />Housing Characteristics <br />In total, Elk River is reported to have approximately 8,810 housing units, of which about <br />6,650 are owner-occupied, 1,602 are renter-occupied, and 457 are vacant as of 2015. <br /> <br />Owner-occupied housing units account for about 78% of the Citys total housing stock. <br />1 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br /> <br />