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HOUSING CHARACTERISTICS <br /> Introduction <br /> The variety and condition of the housing stock in a community provides the basis for an <br /> attractive living environment. Housing functions as a building block for neighborhoods and <br /> goods and services. We examined the housing market in Elk River by reviewing data on the age <br /> of the existing housing supply; examining residential building trends since 2000; and reviewing <br /> housing data from the American Community Survey that relates to Elk River. <br /> Residential Construction Trends 2000 to Present <br /> Maxfield Research obtained data from the City of Elk River on the number of building permits <br /> issued for new housing units in Elk River over the past decade and through September 2015. <br /> Table HC-1 displays permits issued for single-family homes, townhomes/twin homes, and <br /> multifamily dwellings of three or more units. Multifamily units include both for-sale <br /> (condominium, twinhomes, and townhomes) and rental projects. <br /> • The City of Elk River issued permits for the construction of 2,704 new residential units from <br /> 2000 to 2010. That equates to about 246 units annually since 2000. After 2010, Elk River <br /> has added only 330 units, or 66 per year. Of the 330 units added, 16 of those units were <br /> apartments unit replaced due to fire. <br /> • Through 2006, the City of Elk River issued 93%of the overall permitted units over the <br /> decade. Over that period, residential construction averaged over 354 units per year. <br /> However, beginning in 2007, which was the start of the Great Recession, building permits <br /> started declining rapidly, and from 2007 to 2010 the City has averaged only 37 units per <br /> year. Since 2007, 75%of the units (419) have been single-family homes, 137 units (25%) in <br /> three multi-family apartment buildings and the remaining (19 units) being <br /> rowhomes/townhomes. <br /> • Since 2012, the City of Elk River has only issued an average of 71 residential permits (single- <br /> family) and built an additional 52 unit affordable rental building. The City also added three <br /> detached townhomes and replaced 16 apartment units that we destroyed by fire. This <br /> indicates an improving housing market although much more conservative than in the <br /> previous decade. <br /> MAXFIELD RESEARCH&CONSULTING,LLC.. 31 <br />