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DEMOGRAPHIC ANALYSIS
<br />• Median incomes for households in Elk River peak at $96,191 for the 35 to 44 age group in
<br />2015. Households in this age group are entering or are in their peak earning years. The
<br />majority of households (87 %) in this age group are homeowners. By 2020, the median
<br />income for the 45 to 54 age group is projected to increase to $102,476 a 6.5% increase.
<br />• The median resale price of homes in Elk River was $209,975 through June 2015 (see Table
<br />FS -1). The income required to afford a home at this price would be about $60,000 to
<br />$70,000, based on the standard of 3.0 to 3.5 times the median income (and assuming these
<br />households do not have a high level of debt). In 2015, 70% (4,696 households) of Elk River's
<br />non - senior households had incomes greater than $60,000.
<br />Age of Householder
<br />Senior Households
<br />• The oldest householders were likely to have lower incomes in 2015. In Elk River, 5% of
<br />households ages 65 to 74 had incomes below $15,000, compared to 10% of households age
<br />75 and over. Many of these low- income older senior households rely solely on Social
<br />Security benefits. Typically, younger seniors have higher incomes because they are still able
<br />to work or are married couples with two pensions or higher Social Security benefits.
<br />• Generally, senior households with incomes greater than $30,000 can afford market -rate
<br />senior housing. Based on a 40% allocation of income for housing, this translates to monthly
<br />rents of at least $1,000. About 475 senior households (75 +) in Elk River (49% of senior
<br />households) had incomes above $30,000 in 2015. Seniors will often move from rural areas
<br />to cities such as Elk River that provide more medical and other services.
<br />MAXFIELD RESEARCH & CONSULTING, LLC. 12
<br />Growth and Income Trends by Age of Householder
<br />Elk River
<br />2015 to 2020
<br />2,000
<br />$120,000
<br />1,800
<br />-
<br />- --
<br />$96,191
<br />$100,000
<br />1,600
<br />90,27
<br />1,400
<br />00000
<br />- 79;696-
<br />- - - --
<br />$80,000
<br />w
<br />6 1,200
<br />$75,720
<br />rn �o
<br />E
<br />ivi 1,000
<br />°�
<br />N m -
<br />9,863
<br />$60,000
<br />c
<br />3
<br />800
<br />-
<br />.4 u�
<br />v
<br />m
<br />p 600
<br />- $45 303 -
<br />�
<br />O 2010 _ -
<br />__ _
<br />$40,000
<br />400
<br />O 2015 ri
<br />m �
<br />z
<br />-4-2010 Income
<br />�O oo
<br />$20,000
<br />c
<br />200
<br />,n ,n
<br />N M
<br />LEL
<br />N
<br />0
<br />N N
<br />I I
<br />$0
<br />15 -24
<br />25 -34
<br />35 -44 45 -54 55 -64 65-74
<br />75+
<br />Age of Householder
<br />Senior Households
<br />• The oldest householders were likely to have lower incomes in 2015. In Elk River, 5% of
<br />households ages 65 to 74 had incomes below $15,000, compared to 10% of households age
<br />75 and over. Many of these low- income older senior households rely solely on Social
<br />Security benefits. Typically, younger seniors have higher incomes because they are still able
<br />to work or are married couples with two pensions or higher Social Security benefits.
<br />• Generally, senior households with incomes greater than $30,000 can afford market -rate
<br />senior housing. Based on a 40% allocation of income for housing, this translates to monthly
<br />rents of at least $1,000. About 475 senior households (75 +) in Elk River (49% of senior
<br />households) had incomes above $30,000 in 2015. Seniors will often move from rural areas
<br />to cities such as Elk River that provide more medical and other services.
<br />MAXFIELD RESEARCH & CONSULTING, LLC. 12
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