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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 amount and types of housing <br /> that should be developed in order to meet the needs of current and future households who <br /> choose to reside in the City. <br /> The scope of this study includes: an analysis of the demographic and economic characteristics <br /> of the City; a review of the characteristics of the existing housing stock and building permit <br /> trends; an analysis of the market condition for a variety of rental and for-sale housing products; <br /> and an assessment of the need for housing by product type in the City. Recommendations on <br /> the number and types of housing products that should be considered in the City are also <br /> supplied. <br /> Demographic Analysis <br /> • The City of Elk River is forecast to add an additional 1,602 people and 742 households <br /> between 2010 and 2020. <br /> • The population in Elk River is aging and older age cohorts are accounting for a significant <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 active adult housing <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%to 80.2% in the City <br /> of Elk River <br /> • The County's 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 /> 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 /> • Owner-occupied housing units account for about 78%of the City's total housing stock. <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 1 <br />