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HOUSING CHARACTERISTICS <br /> Renter-Occupied Units by Contract Rent <br /> Contract rent (also known as asking rent) provides information on the monthly housing costs <br /> for renters. Contract rent is the monthly rent agreed to regardless of any utilities, furnishings, <br /> fees, or services that may be included. Key findings from Table HC-7 follow. <br /> • The median and average contract rents in Elk River were $794 and $898, respectively. <br /> Based on a 30%allocation of income to housing, a household would need an income of <br /> about $31,760 to afford an average monthly rent of$794. <br /> • Approximately 34%of Elk River renters have monthly rents ranging from $500 to $749. <br /> Another 35%of renters have monthly rents ranging from $750 to $999. Over 48%of <br /> renters have monthly rents of$1,000 or greater. <br /> • Housing units without payment of rent ("no cash rent") make up only 4%of Elk River <br /> renters. Typically units may be owned by a relative or friend who lives elsewhere whom <br /> allow occupancy without charge. Other sources may include caretakers or ministers who <br /> may occupy a residence without charge. <br /> TABLE HC-7 <br /> HOUSING UNITS BY CONTRACT RENT <br /> ELK RIVER <br /> 2013(5-Year Estimate) <br /> Elk River = MN <br /> Contract Rent No. Pct. Pct. Pct. <br /> No Cash Rent 48 3.6 2.7 4.8 <br /> Cash Rent 1,278 96.4 97.3 95.2 <br /> $0 to$249 64 4.8 6.1 7.9 <br /> $250-$499 144 10.9 7.3 15.1 <br /> $500-$749 446 33.6 24.7 29.0 <br /> $750-$999 463 34.9 30.5 24.6 <br /> $1,000+ 631 47.6 31.4 23.4 <br /> Total 1,326 100.0 100.0 100.0 <br /> Median Contract Rent $794 $835 $734 <br /> Average Contract Rent $898 $887 $784 <br /> Sources: U.S.Census Bureau-2013 ACS; <br /> Maxfield Research&Consulting, LLC <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 40 <br />