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DEMOGRAPHIC ANALYSIS <br /> • Median incomes for households in Elk River peak at $96,191 for the 35 to 44 age group in <br /> 2015. Households in this age group are entering or are in their peak earning years. The <br /> majority of households (87%) in this age group are homeowners. By 2020, the median <br /> income for the 45 to 54 age group is projected to increase to $102,476 a 6.5% increase. <br /> • The median resale price of homes in Elk River was$209,975 through June 2015 (see Table <br /> FS-1). The income required to afford a home at this price would be about $60,000 to <br /> $70,000, based on the standard of 3.0 to 3.5 times the median income (and assuming these <br /> households do not have a high level of debt). In 2015, 70% (4,696 households) of Elk River's <br /> non-senior households had incomes greater than $60,000. <br /> Growth and Income Trends by Age of Householder <br /> Elk River <br /> 2015 to 2020 <br /> 2,000 — — $120,000 <br /> 1,800 — <br /> 1,600 $96,191 1-401' $100,000 <br /> 1,400 �/° • + 79,696 -- $80,000 a <br /> -43 0 1,200 n n <br /> 0 1,000 }i N a 69,863 $60,000 c <br /> 1 <br /> = 800 • v ,-i ., ,� coo <br /> 6 600 — 0 2010 $40,000 lc <br /> 6 400 — 02015 . o�", N 0 <br /> Z 200 N ,n + 2010 Income 1O oo $20,000 0 <br /> 0 ivN I ���� I $0 N <br /> 15-24 25-34 35-44 45-54 55-64 65-74 75+ <br /> Age of Householder <br /> w <br /> Senior Households <br /> • The oldest householders were likely to have lower incomes in 2015. In Elk River, 5%of <br /> households ages 65 to 74 had incomes below$15,000, compared to 10%of households age <br /> 75 and over. Many of these low-income older senior households rely solely on Social <br /> Security benefits. Typically, younger seniors have higher incomes because they are still able <br /> to work or are married couples with two pensions or higher Social Security benefits. <br /> • Generally, senior households with incomes greater than $30,000 can afford market-rate <br /> senior housing. Based on a 40%allocation of income for housing, this translates to monthly <br /> rents of at least $1,000. About 475 senior households (75+) in Elk River(49%of senior <br /> households) had incomes above $30,000 in 2015. Seniors will often move from rural areas <br /> to cities such as Elk River that provide more medical and other services. <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 12 <br />