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DEMOGRAPHIC ANALYSIS
<br />Renter households with incomes of between $20,000 and $35,000 are usually the market
<br />for "affordable" rental projects with a shallow subsidy (housing with income restrictions and
<br />rents slightly below market rents, such as those financed through Minnesota Housing
<br />Finance Agency's Section 42 /Low- Income Housing Tax Credit program). These households
<br />can typically afford housing costs of from $500 to $875 per month. As of 2013, there are an
<br />estimated 451 renter households in Elk River with incomes between $20,000 and $35,000.
<br />It is important to note that seniors are often able and willing, to allocate a larger share of
<br />their income on rental housing that meets their needs since they no longer have to save for
<br />retirement, their children's education or major purchases (home, car, etc.). This is
<br />particularly true in "senior" rental projects where support services and personal care
<br />assistance are available. In fact, research has shown that, in assisted living projects, up to
<br />50% of residents not only allocated all of their income but spent -down assets in order to
<br />afford monthly housing and service costs.
<br />Less than $5,000
<br />$5,000 to $9,999
<br />$10,000 to $14,999
<br />$15,000 to $19,999
<br />$20,000 to $24,999
<br />$25,000 to $34,999
<br />$35,000 to $49,999
<br />$50,000 to $74,999
<br />$75,000 to $99,999
<br />$100,000 to $149,999
<br />$150,000 or more
<br />Total
<br />TABLE D -6
<br />TENURE BY HOUSEHOLD INCOME
<br />ELK RIVER
<br />2000 and 2013*
<br />2000
<br />Own
<br />Rent
<br />No. Pct.
<br />No. Pct.
<br />31 40.3
<br />46 59.7
<br />33 25.6
<br />Pct.
<br />62.3
<br />96 74.4
<br />73 23.3
<br />28
<br />240 76.7
<br />100 45.2
<br />22
<br />121 54.8
<br />159 58.2
<br />58.1
<br />114 41.8
<br />301 53.1
<br />41.9
<br />266 46.9
<br />651 83.1
<br />132 16.9
<br />1,300 88.1
<br />109
<br />175 11.9
<br />1,059 95.6
<br />122
<br />49 4.4
<br />545 98.4
<br />53.7
<br />9 1.6
<br />164 100.0
<br />46.3
<br />0 0.0
<br />r 1,233 21.8
<br />4,431 78.2
<br />1* Data for 2013 is from US Census, American Community Survey (5 -Year Estimate)
<br />(Source: US Census Bureau; Maxfield Research & Consulting, LLC. I
<br />Net Worth by Age of Householder
<br />Table D -7 presents data on the net worth of households by age in Elk River as of 2015.
<br />Information in the table is sourced from ESRI with adjustments for the estimated household
<br />base as calculated by Maxfield Research & Consulting, LLC. Net worth is defined for an
<br />MAXFIELD RESEARCH & CONSULTING, LLC. 20
<br />2013*
<br />Own
<br />Rent
<br />No.
<br />76
<br />Pct.
<br />62.3
<br />No. Pct.
<br />46 37.7
<br />28
<br />56.0
<br />22
<br />44.0
<br />136
<br />58.1
<br />98
<br />41.9
<br />115
<br />49.8
<br />116
<br />50.2
<br />109
<br />47.2
<br />122
<br />52.8
<br />382
<br />53.7
<br />329
<br />46.3
<br />513
<br />56.4
<br />397
<br />43.6
<br />1,326
<br />78.0
<br />374
<br />22.0
<br />1,285
<br />90.0
<br />143
<br />10.0
<br />1,587
<br />93.8
<br />104
<br />6.2
<br />709
<br />97.9
<br />15
<br />1,796
<br />2.1
<br />22.4
<br />6,236 77.6
<br />1* Data for 2013 is from US Census, American Community Survey (5 -Year Estimate)
<br />(Source: US Census Bureau; Maxfield Research & Consulting, LLC. I
<br />Net Worth by Age of Householder
<br />Table D -7 presents data on the net worth of households by age in Elk River as of 2015.
<br />Information in the table is sourced from ESRI with adjustments for the estimated household
<br />base as calculated by Maxfield Research & Consulting, LLC. Net worth is defined for an
<br />MAXFIELD RESEARCH & CONSULTING, LLC. 20
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