2. HRSR 02-01-2016 - Laserfiche WebLink

Home Browse Search

DEMOGRAPHIC ANALYSIS • Renter households with incomes of between $20,000 and $35,000 are usually the market for "affordable" rental projects with a shallow subsidy (housing with income restrictions and rents slightly below market rents, such as those financed through Minnesota Housing Finance Agency's Section 42/Low-Income Housing Tax Credit program). These households can typically afford housing costs of from $500 to $875 per month. As of 2013, there are an estimated 451 renter households in Elk River with incomes between $20,000 and $35,000. • It is important to note that seniors are often able and willing, to allocate a larger share of their income on rental housing that meets their needs since they no longer have to save for retirement, their children's education or major purchases (home, car, etc.). This is particularly true in "senior" rental projects where support services and personal care assistance are available. In fact, research has shown that, in assisted living projects, up to 50%of residents not only allocated all of their income but spent-down assets in order to afford monthly housing and service costs. TABLE D-6 TENURE BY HOUSEHOLD INCOME ELK RIVER 2000 and 2013* 2000 2013* Own Rent Own Rent No. Pct. No. Pct. No. Pct. No. Pct. Less than$5,000 46 59.7 31 40.3 46 37.7 76 62.3 $5,000 to$9,999 33 25.6 96 74.4 28 56.0 22 44.0 $10,000 to$14,999 73 23.3 240 76.7 136 58.1 98 41.9 $15,000 to$19,999 100 45.2 121 54.8 115 49.8 116 50.2 $20,000 to$24,999 159 58.2 114 41.8 109 47.2 122 52.8 $25,000 to$34,999 301 53.1 266 46.9 382 53.7 329 46.3 $35,000 to$49,999 651 83.1 132 16.9 513 56.4 397 43.6 $50,000 to$74,999 1,300 88.1 175 11.9 1,326 78.0 374 22.0 $75,000 to$99,999 1,059 95.6 49 4.4 1,285 90.0 143 10.0 $100,000 to$149,999 545 98.4 9 1.6 1,587 93.8 104 6.2 $150,000 or more 164 100.0 0 0.0 709 97.9 15 2.1 Total 4,431 78.2 1,233 21.8 6,236 77.6 1,796 22.4 * Data for 2013 is from US Census,American Community Survey(5-Year Estimate) Source: US Census Bureau;Maxfield Research&Consulting,LLC. Net Worth by Age of Householder Table D-7 presents data on the net worth of households by age in Elk River as of 2015. Information in the table is sourced from ESRI with adjustments for the estimated household base as calculated by Maxfield Research & Consulting, LLC. Net worth is defined for an MAXFIELD RESEARCH&CONSULTING,LLC. 20