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DEMOGRAPHIC ANALYSIS <br />Seniors who are able and willing to pay 80% or more of their income on assisted living <br />housing would need an annual income of $37,500 to afford monthly rents of $2,500, which <br />is about the beginning monthly rent for assisted living in rural areas of Minnesota. In Elk <br />River, there were only an estimated 430 older senior (ages 75 and over) households with <br />incomes greater than $37,500 in 2015. Seniors age 75 and over are the primary market for <br />assisted living housing. <br /> <br /> <br />Tenure by Age of Householder <br />The following graphs show the number of owner and renter households in Elk River by age <br />group as of 2010. The data in Table D-4 on Page 18 shows thepropensity of households to own <br />or rent their housing based on their age. <br />In 2010, 80% of the households in Elk River owned their housing. This is up from 78% in <br />2000. Homeownership rates have slightly declined for those ages 25 to 64 in Elk River due <br />to the declining housing market and the poor economic climate. Due to the lack of renter <br />units built over the decade we can assume that many of the single-family homes have been <br />converted to rental properties. <br />Elk River <br />Homeowners by Age of Householder - 2010 <br />100% <br /> <br />87.3% <br />87.1% <br />84.6% <br />83.6% <br /> <br />1,500 Homeownership Rate <br />72.2% <br /> <br />80% <br />No. of Homeowners <br />62.7% <br />1,544 <br />1,696 <br />60% <br />40.6% <br />1,000 <br />1,079 <br />1,029 <br />40% <br />No. of Homeowners <br />500 <br />619 <br />20% <br />Homeownership Rate <br />405 <br />106 <br />00% <br />Age of Householder <br />The proportion of renter households decreases as households age and rises again in the <br />senior years when rental housing is a more viable option than homeownership. In 2010, <br />60% of Elk River’s households between the ages of 15 and 24 rented their housing, <br />compared to householders ages 35 to 64 who were overwhelmingly homeowners, with no <br />more than 15% of the householders in each 10-year age cohort renting their housing. <br />Although the propensity for households ages 15 to 24 to rent their housing is higher, the 25 <br />to 44 age groups had, by far, the largest number of renters with the 25 to 34 age group <br />having 396 renters and the 35 to 44 age group with 281 renters. These two age groups <br />account for slightly over 40% of all renter households. <br />14 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br />