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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 /> <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 /> <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 <br />Twin CitiesMN <br />Contract Rent <br />No.Pct.Pct.Pct. <br />No Cash Rent483.62.74.8 <br />Cash Rent1,27896.497.395.2 <br />$0 to $249644.86.17.9 <br />$250-$49914410.97.315.1 <br />$500-$74944633.624.729.0 <br />$750-$99946334.930.524.6 <br />$1,000+63147.631.423.4 <br />Total1,326100.0100.0100.0 <br />$794 <br />Median Contract Rent$835$734 <br />$898 <br />Average Contract Rent$887$784 <br />Sources: U.S. Census Bureau - 2013 ACS; <br /> Maxfield Research & Consulting, LLC <br /> <br /> <br /> <br /> <br />40 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br />