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HOUSING CHARACTERISTICS <br />Renter - Occupied Units by Contract Rent <br />Contract rent (also known as asking rent) provides information on the monthly housing costs <br />for renters. Contract rent is the monthly rent agreed to regardless of any utilities, furnishings, <br />fees, or services that may be included. Key findings from Table HC -7 follow. <br />• The median and average contract rents in Elk River were $794 and $898, respectively. <br />Based on a 30% allocation of income to housing, a household would need an income of <br />about $31,760 to afford an average monthly rent of $794. <br />• Approximately 34% of Elk River renters have monthly rents ranging from $500 to $749. <br />Another 35% of renters have monthly rents ranging from $750 to $999. Over 48% of <br />renters have monthly rents of $1,000 or greater. <br />• Housing units without payment of rent ( "no cash rent ") make up only 4% of Elk River <br />renters. Typically units may be owned by a relative or friend who lives elsewhere whom <br />allow occupancy without charge. Other sources may include caretakers or ministers who <br />may occupy a residence without charge. <br />TABLE HC -7 <br />HOUSING UNITS BY CONTRACT RENT <br />ELK RIVER <br />2013 (5 -Year Estimate) <br />Contract Rent <br />No. Pct. <br />No Cash Rent <br />48 3.6 <br />Cash Rent <br />1,278 96.4 <br />$0 to $249 <br />64 4.8 <br />6.1 <br />7.9 <br />$250 -$499 <br />144 10.9 <br />7.3 <br />15.1 <br />$500 -$749 <br />446 33.6 <br />24.7 <br />29.0 <br />$750 -$999 <br />463 34.9 <br />30.5 <br />24.6 <br />$1,000+ <br />631 47.6 <br />31.4 <br />23.4 <br />Total <br />1,326 100.0 <br />100.0 <br />100.0 <br />Median Contract Rent <br />$794 <br />$835 <br />$734 <br />Average Contract Rent <br />$898 <br />$887 <br />$784 <br />Sources: U.S. Census Bureau - 2013 ACS; <br />Maxfield Research & Consulting, LLC <br />MAXFIELD RESEARCH & CONSULTING, LLC. 40 <br />