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DEMOGRAPHIC ANALYSIS <br /> • Seniors who are able and willing to pay 80%or more of their income on assisted living <br /> housing would need an annual income of$37,500 to afford monthly rents of$2,500, which <br /> is about the beginning monthly rent for assisted living in rural areas of Minnesota. In Elk <br /> River, there were only an estimated 430 older senior (ages 75 and over) households with <br /> incomes greater than $37,500 in 2015. Seniors age 75 and over are the primary market for <br /> assisted living housing. <br /> Tenure by Age of Householder <br /> The following graphs show the number of owner and renter households in Elk River by age <br /> group as of 2010. The data in Table D-4 on Page 18 shows the propensity of households to own <br /> or rent their housing based on their age. <br /> • In 2010, 80% of the households in Elk River owned their housing. This is up from 78% in <br /> 2000. Homeownership rates have slightly declined for those ages 25 to 64 in Elk River due <br /> to the declining housing market and the poor economic climate. Due to the lack of renter <br /> units built over the decade we can assume that many of the single-family homes have been <br /> converted to rental properties. <br /> Elk River <br /> Homeowners by Age of Householder-2010 <br /> 100% <br /> 84.6% hi 87.87.3% 83.6% <br /> 1,500 72.2% 80% ;; <br /> 1,544 62.7% <br /> v 60%3 1,000 40.6% 60% . <br /> 0 1,029 1,079 <br /> d 40% <br /> = 500 0 No.of Homeowners 619 3 <br /> 0 <br /> —M—Homeownership Rate 20% <br /> 106 o 0 0%A�A�l 405 _ <br /> 5N <br /> 15to2N 25 to 30 „6s 45to 55to6a 65to�� <br /> Age of Householder <br /> • The proportion of renter households decreases as households age and rises again in the <br /> senior years when rental housing is a more viable option than homeownership. In 2010, <br /> 60%of Elk River's households between the ages of 15 and 24 rented their housing, <br /> compared to householders ages 35 to 64 who were overwhelmingly homeowners, with no <br /> more than 15% of the householders in each 10-year age cohort renting their housing. <br /> • Although the propensity for households ages 15 to 24 to rent their housing is higher, the 25 <br /> to 44 age groups had, by far, the largest number of renters with the 25 to 34 age group <br /> having 396 renters and the 35 to 44 age group with 281 renters. These two age groups <br /> account for slightly over 40%of all renter households. <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 14 <br />