2. HRSR 06-05-2017 - Laserfiche WebLink

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DEMOGRAPHIC ANALYSIS • Between 2000 and 2010, the number of renter households increased in most age cohorts. Over the decade, the number of renters increased at a growth rate 30 %. With a limited number of rental units developed through 2010, it's clear that the number of single - family rental homes has also increased due to the economy and decline in homeownership rate. Household Type The following graph shows the breakdown of the type of households in Elk River in 2000 and 2010. Table D -5 illustrates the data which is useful in assessing housing demand since the household composition often dictates the type of housing needed and preferred. • From 2000 to 2010, Elk River observed the largest numerical increase in the number of families that are married without children (830 households, or 52 %). The increase in households married without children can be attributed to couples waiting longer to have children, and the baby boomers aging into empty nester years. • Persons Living Alone experienced the second highest numerical increase of 608 households (highest growth rate of 62.5 %) in Elk River during the 2000s. This could indicate an aging senior population. As the frailty level of these seniors increases, they typically move out of their homes in pursuit of housing with services. However, the recession has affected many seniors, and their fears of the market can be affecting their decisions to move out of the homes and into age- restricted housing. • Elk River also had significant increases in single - parent households (a gain of 378 households, or 51 %). With only one income, these families are most likely to need affordable or modest housing, both rental and for -sale. MAXFIELD RESEARCH & CONSULTING, LLC. 15 Elk River Renters by Age of Householder - 2010 500 100% 400 ®No. of Renters 80/ 59.4% +Pct. Renters w 300 60% °1 200 ° 157 40% 0 100 20% a z 0 0% 3R 4R 6R I4 �Sk 151,024 1r, to 35 to NSto5� 55 to e5N,0 Age of Householder • Between 2000 and 2010, the number of renter households increased in most age cohorts. Over the decade, the number of renters increased at a growth rate 30 %. With a limited number of rental units developed through 2010, it's clear that the number of single - family rental homes has also increased due to the economy and decline in homeownership rate. Household Type The following graph shows the breakdown of the type of households in Elk River in 2000 and 2010. Table D -5 illustrates the data which is useful in assessing housing demand since the household composition often dictates the type of housing needed and preferred. • From 2000 to 2010, Elk River observed the largest numerical increase in the number of families that are married without children (830 households, or 52 %). The increase in households married without children can be attributed to couples waiting longer to have children, and the baby boomers aging into empty nester years. • Persons Living Alone experienced the second highest numerical increase of 608 households (highest growth rate of 62.5 %) in Elk River during the 2000s. This could indicate an aging senior population. As the frailty level of these seniors increases, they typically move out of their homes in pursuit of housing with services. However, the recession has affected many seniors, and their fears of the market can be affecting their decisions to move out of the homes and into age- restricted housing. • Elk River also had significant increases in single - parent households (a gain of 378 households, or 51 %). With only one income, these families are most likely to need affordable or modest housing, both rental and for -sale. MAXFIELD RESEARCH & CONSULTING, LLC. 15