2. HRSR 06-05-2017 - Laserfiche WebLink

Home Browse Search

DEMOGRAPHIC ANALYSIS • Seniors who are able and willing to pay 80% or more of their income on assisted living housing would need an annual income of $37,500 to afford monthly rents of $2,500, which is about the beginning monthly rent for assisted living in rural areas of Minnesota. In Elk River, there were only an estimated 430 older senior (ages 75 and over) households with incomes greater than $37,500 in 2015. Seniors age 75 and over are the primary market for assisted living housing. Tenure by Age of Householder The following graphs show the number of owner and renter households in Elk River by age group as of 2010. The data in Table D -4 on Page 18 shows the propensity of households to own or rent their housing based on their age. • In 2010, 80% of the households in Elk River owned their housing. This is up from 78% in 2000. Homeownership rates have slightly declined for those ages 25 to 64 in Elk River due to the declining housing market and the poor economic climate. Due to the lack of renter units built over the decade we can assume that many of the single - family homes have been converted to rental properties. • The proportion of renter households decreases as households age and rises again in the senior years when rental housing is a more viable option than homeownership. In 2010, 60% of Elk River's households between the ages of 15 and 24 rented their housing, compared to householders ages 35 to 64 who were overwhelmingly homeowners, with no more than 15% of the householders in each 10 -year age cohort renting their housing. • Although the propensity for households ages 15 to 24 to rent their housing is higher, the 25 to 44 age groups had, by far, the largest number of renters with the 25 to 34 age group having 396 renters and the 35 to 44 age group with 281 renters. These two age groups account for slightly over 40% of all renter households. MAXFIELD RESEARCH & CONSULTING, LLC. 14 Elk River Homeowners by Age of Householder - 2010 84.6% °' 87.3% 83.6% 100% 1,500 72.2% - 80% 1,544 1,696 ° of6c 3 1,000 40.6% 60% 0 1,029 1,079 W w 40% w 0 500 No. of Homeowners 3 tHomeownership Rate 619 20% 0 106 405 E 0% z 0 _ -LR NN 6R Wyk 15�o 25�03R 350 Rs'_oC'R 5b co obN.01R Age of Householder • The proportion of renter households decreases as households age and rises again in the senior years when rental housing is a more viable option than homeownership. In 2010, 60% of Elk River's households between the ages of 15 and 24 rented their housing, compared to householders ages 35 to 64 who were overwhelmingly homeowners, with no more than 15% of the householders in each 10 -year age cohort renting their housing. • Although the propensity for households ages 15 to 24 to rent their housing is higher, the 25 to 44 age groups had, by far, the largest number of renters with the 25 to 34 age group having 396 renters and the 35 to 44 age group with 281 renters. These two age groups account for slightly over 40% of all renter households. MAXFIELD RESEARCH & CONSULTING, LLC. 14