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<br /> <br />MARKET ANALYSIS <br />City of Elk River, MN <br />Feasibility Study * <br />Page 7 <br />Based upon 2015 projections for median household income the following narrative is available: <br /> <br />In the City of Elk River, the percentage of households with median income over $50,000 per <br />year is 71.7% compared to 53.2% on a national level. Furthermore, the percentage of the <br />households in the service area with median income less than $25,000 per year is 9.8% compared <br />to a level of 23.1% nationally. <br /> <br />In the Secondary Service Area, the percentage of households with median income over $50,000 <br />per year is 75.2% compared to 53.2% on a national level. Furthermore, the percentage of the <br />households in the service area with median income less than $25,000 per year is 8.1% compared <br />to a level of 23.1% nationally. <br /> <br />The median income in the State of Minnesota is greater than the National number. The income <br />level in the City of Elk River is higher than the National and State number while the Secondary <br />Service Area is slightly larger than the City of Elk River. The income level must be balanced <br />with the overall cost of living to determine ability to pay for entertainment and recreation <br />services. <br /> <br />Chart C – Median Household Income Distribution <br /> <br /> <br /> <br />0.0% <br />20.0% <br />40.0% <br />60.0% <br />80.0% <br />100.0% <br />120.0% <br />City of Elk River Secondary Service <br />Area <br />State of Minnesota National <br />9.8%8.1%18.2%23.1% <br />18.5%16.7% <br />22.3% <br />23.8% <br />71.7%75.2% <br />59.4%53.2% <br />Me <br />d <br />i <br />a <br />n <br /> <br />H <br />H <br /> <br />I <br />n <br />c <br />o <br />m <br />e <br />>$25,000 $25,000-$49,999 $50,000+ <br />APPENDIX B