Laserfiche WebLink
• Elk River Housing Overview <br /> Elk River HRA <br /> July 23, 2001 5:00 PM <br /> Lisa Graphenteen <br /> Central Minnesota Housing Partnership <br /> What is Affordable Housing? <br /> Affordable housing is typically defined as housing that does not exceed 30% of a household's <br /> income. The following are some scenarios of what households can afford based on their incomes <br /> Hourly Wage $6.00-$7.00 $7.00-$8.65 $8.65-$11.00 <br /> Annual Wage $12,480-14,560 $14,560-17,992 $17,992-22,880 <br /> Housing Affordability $312-$375 $375-$450 $450-$575 <br /> Average 2 BDR Apartment $665 $665 $665 <br /> Rental Gap $290-$353 $215-$290 $90-$215 <br /> • $90,000 Home $759 $759 $759 <br /> Homeownership Gap $384-$447 $309-$384 $184-$309 <br /> Sample Jobs Cashier Bank Teller Receptionist <br /> Child Care Worker Home Health Aide Nursing Aide <br /> Retail Sales Teacher Aide Medical Assistant <br /> • Annual income needed to afford a$90,000 house is $32,530 (approximately$15.50/hour) <br /> • Annual income needed to afford a$120,000 house is $43,371 (approximately$20.85/hour) <br /> • Elk River Average Industrial Wage - $11.54(Source: 1999 Business Retention&Expansion Survey) <br /> • Sherburne County Manufacturing Sector Average Hourly Wage - $18.35 (Source :MN Department <br /> of Economic Security—Second Quarter 2000 Wage Survey) <br /> Why complete a housing plan and what will it provide? <br /> Housing plans serve a variety of purposes. In most cases they are used to understand the current <br /> housing market. This can help a community strategically plan for new growth. Some communities <br /> also use the information to develop a plan for their involvement in the housing market and how they <br /> can work towards maintaining the existing housing stock and developing new housing to meet <br /> demographic changes. The plan truly serves as a guide and it is ultimately up to communities, <br /> developers, and other organizations to implement components of the plan. <br /> • <br />