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EMPLOYMENT ANALYSIS <br />• Typical wages for those working at large local retail businesses range from $9.00 to $14.00 <br />per hour. These positions are prime candidates for rental housing. These jobs are <br />employed by residents currently living in the surrounding area of Elk River and commute <br />from their current place of residence if hired new. <br />Based on our interviews, professional service jobs typically start from around $35,000 to <br />$40,000 annually. Households with an income of $35,000 could afford monthly housing <br />costs of $875, based on spending on 30% of their gross income on housing. <br />• Considering a household with an annual income of $35,000, and using the industry standard <br />that a household can afford to pay a mortgage that is 30% of their household income for <br />owner - occupied housing (assuming they have limited debt and not including equity), a <br />household with this income could afford a home priced at $87,500 to $105,000. Many <br />households in Elk River have two incomes, however. Using the same affordability standard, <br />a household with two persons each earning $35,000 annually could afford a home priced <br />from $175,000 to $210,000. <br />MAXFIELD RESEARCH& CONSULTING, LLC. 30 <br />