Laserfiche WebLink
55+ Population driving growth <br /> ➢ Population is aging: ➢ Household types are changing: <br /> • 55+age cohort accounts for vast • Increase in married w/o child HHs <br /> majority of all adult population growth • Increase in non-family and other <br /> • Baby boomers account for 30%of total HHs <br /> population • 36%of households are Married <br /> • 65-74 projected to have largest growth w/child in Elk River(2010) <br /> (+58%)of total population <br /> Household size is decreasing: <br /> ➢ Younger age cohorts expected to grow 2000:2.90 I 2010:2.84 I 2020:2.79 <br /> slower than previous decades <br /> Projected Population Growth by Age Group in Elk River:2015-2020 d' 80%Home ownership rate(2010) <br /> • 41% (15 to 24 year olds) <br /> 75 plus 17.= <br /> 65 to 74 111.1MIMIE 24.9% • 72% (55 to 64 year olds) <br /> 55 to 64 • 63% (75+years old) <br /> '4 45 to 54.73.1% �. <br /> kJ1p <br /> 35 to 44 <br /> 25 to 34 <br /> 18 to 24 ;, <br /> Under 18 - } <br /> -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% �•/� Maxfield <br /> Percent Change <br /> Research&Consult! • <br /> Strong household incomes...and rising <br /> • Elk River incomes higher than Metro ➢ Projected Growth by 2020: <br /> Area • All age groups except 45 to 54 <br /> year olds are expected to grow <br /> ➢ Median Income(2015): • Median Income is expected to <br /> • $78,305—Elk River increase by nearly$7,900 to <br /> • 35 to 44 year olds:$95,000+ $86,198 by 2020. <br /> • 25 to 34 year olds:$75,000+ <br /> Growth and Income Trends by Age of Householder <br /> Elk River <br /> 2,000-----._-.-- 2015 to 2020 $120,000 <br /> 1,00 <br /> 1,600 ' _-. <br /> ill <br /> e 1,400 _---.- • • • $80,000 <br /> `w 1.200 • • • e-44 6 600 • • $40,000 f• <br /> 400 • •: •• $20, 000 <br /> 200 <br /> 0 $0 <br /> 15-24 25-34 35-44 45-54 55E9 65-74 75* '9 Maxfield <br /> .2015116 2020 HH —0,2015 Median Income <br /> 4 <br />