2. HRSR 06-05-2017 - Laserfiche WebLink

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TABLE OF CONTENTS Page EXECUTIVE SUMMARY ......................................................................... ............................... 1 DEMOGRAPHIC ANALYSIS .................................................................... ............................... 6 Introduction..................................................................................... ............................... 6 Elk River Study Area Definition ........................................................ ............................... 6 Population and Household Growth Trends and Projections ........... ............................... 8 Population Age Distribution Trends ................................................. ............................... 9 HouseholdIncome ........................................................................... ............................... 11 Tenure by Age of Householder ........................................................ ............................... 14 HouseholdType ............................................................................... ............................... 15 Tenureby Income ............................................................................ ............................... 18 Net Worth by Age of Householder .................................................. ............................... 20 EMPLOYMENT ANALYSIS ..................................................................... ............................... 22 Employment Growth Trends ............................................................ ............................... 22 Major Employer Interviews .............................................................. ............................... 28 HOUSING CHARACTERISTICS ................................................................ ............................... 31 Introduction..................................................................................... ............................... 31 Residential Construction Trends 2000 to Present ........................... ............................... 31 American Community Survey ........................................................... ............................... 33 Ageof Housing Stock ........................................................................ ............................... 33 Housing Units by Structure and Occupancy or (Housing Stock by Structure Type) ....... 35 Housing Units by Occupancy Status and Tenure ............................. ............................... 37 Owner Occupied Housing Units by Mortgage Status ...................... ............................... 38 Owner - Occupied Housing Units by Value ........................................ ............................... 39 Renter - Occupied Units by Contract Rent ......................................... ............................... 40 RENTAL MARKET ANALYSIS ................................................................. ............................... 41 Introduction..................................................................................... ............................... 41 General Occupancy Rental Projects ................................................. ............................... 41 Pending Rental Developments in Elk River ...................................... ............................... 49 Rental Market Interview Summary .................................................. ............................... 50 SENIOR HOUSING ANALYSIS ................................................................ ............................... 51 SeniorHousing Defined .................................................................... ............................... 51 Senior Housing in Elk River ............................................................... ............................... 52