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City of Elk River <br /> • Housing Plan <br /> • The City of Elk River and the surrounding area have and will continue to face strong <br /> population and household growth. Between 2000 and 2005 the City is expected to <br /> increase by 2,597 persons for a 15.8% increase and 982 households for a 17.3% increase. <br /> • The largest population growth has occurred in the 25 to 44 and the 5 to 17 age categories. <br /> This signifies that growth in Elk River has primarily been from families with children. <br /> The median age of Elk River in 2000 was 32. <br /> • The City has a very tight rental housing market with a low vacancy rate of 1.7% <br /> according to the 2000 Census. A current rental analysis found an even lower rate of <br /> 0.5%. The average cost of a two-bedroom apartment is $670. A household would need <br /> to earn approximately $12.90 per hour to afford the average two-bedroom apartment. <br /> The average industrial wage in Elk River was $11.54, which could only afford a rent of <br /> $600 per month. The Sherburne County average manufacturing wage is $18.35, which <br /> can afford a rent of$954 per month. <br /> • The homeowner vacancy rate is also low at 1.4%. Housing values have increased <br /> substantially in Elk River. In 2000, the median sales price was $160,000 with an average <br /> sales price of$174,820. To afford the median sales price of$160,000, a household <br /> would need to earn over $50,000 annually or $24.00 per hour. <br /> • • Households age 25 to 34 are typically your first time homebuyers looking to purchase <br /> entry-level homes. The median household income for this age segment is $49,319 which <br /> could afford to purchase a home priced at approximately $156,000. <br /> • A comparison of the average wages paid by industries in Sherburne County found that <br /> most are not sufficient to afford the median cost of a home in Elk River and some sectors <br /> would not be able to afford the average cost of a two-bedroom apartment. The lowest <br /> wages are found in the Trade and Services sector. <br /> • A balanced housing stock is key to meeting the needs of a diversity of age and income <br /> segments. <br /> • <br />