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General occupancy units consist mainly of market rate and tax credit projects. One subsidized <br /> • unit participated in the survey where tenants would pay 30% of their incomes towards rent. <br /> Rents listed for this project illustrate market rents. A total of 76 one-bedroom units were <br /> surveyed which comprise 17% of the general occupancy units. Rents for these units ranged from <br /> $335 to $650 per month. Over 65% of the general occupancy units surveyed were two-bedroom <br /> units. Rents for these units range from $480 to $828 per month. Three-bedroom units surveyed <br /> in the community ranged from $420 to $857 per month. <br /> A total of 138 one-bedroom and 14 two-bedroom elderly units were surveyed. Two of the three <br /> elderly projects surveyed were subsidized with tenants paying 30% of their income for rent. The <br /> other project surveyed charges $609 for a one-bedroom unit and$756 for a two-bedroom unit. <br /> Vacancies are extremely low among all types of rental housing in the City of Elk River. For <br /> general occupancy units the overall vacancy rate is 0.7%with only 3 vacancies at the time of the <br /> survey. Vacancies were nonexistent among elderly units with no units available among the 152 <br /> units surveyed. The overall vacancy rate for the units surveyed was 0.5%, which is extremely <br /> low compared to a healthy market of 5%. A healthy market allows for housing availability and <br /> consumer choice on various housing types and pricing levels. The 2000 Census had a slightly <br /> higher vacancy rate for the community with a 1.7%rental vacancy rate, which is still very low. <br /> Single Family Homes and Vacant Lots <br /> According to the 2000 Census, approximately 78.3% of the community's housing stock is <br /> • owner-occupied. The vacancy rate for homeowners is even lower than the rental vacancy rate at <br /> 1.4% according to the 2000 Census. Vacancy rates drop even more dramatically for the <br /> remainder of the study area with the City of Otsego having a vacancy rate of 0.5%. <br /> The Minnesota Department of Revenue produces data on the median sales price of existing <br /> homes for each County in the State. The following are home sales trends in the County since <br /> 1984/1985: <br /> 1984/1985 $57,300 <br /> 1989/1990 $67,500 <br /> 1995/1996 $95,000 <br /> 1998/1999 $118,900 <br /> 1999/2000 $129,900 <br /> This includes data for existing homes only and does not include the sale of newly constructed <br /> homes. Since 1989/1990 the median sales price has increased $62,400, or 92%. In 1999/2000, <br /> Sherburne County had the ninth highest median sales price in the State of Minnesota. <br /> Median sales prices in the City of Elk River tend to be higher than the overall County sales <br /> prices. The following information was obtained from the City of Elk River on the number of <br /> home sales in the City between 1997 and 2000. Since 1997,the median sales price in the City of <br /> Elk River has increased by 32%, which is an increase of over $30,000. <br /> • <br />