8.1. EDSR 10-16-2017 - Laserfiche WebLink

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EXECUTIVE SUMMARY Purpose and Scope of Study Maxfield Research and Consulting LLC was engaged by the City of Elk River to update the Comprehensive Housing Needs Analysis for the City of Elk River that was completed in 2012. The Housing Needs Analysis provides recommendations on the amount and types of housing that should be developed in order to meet the needs of current and future households who choose to reside in the City. The scope of this study includes: an analysis of the demographic and economic characteristics of the City; a review of the characteristics of the existing housing stock and building permit trends; an analysis of the market condition for a variety of rental and for -sale housing products; and an assessment of the need for housing by product type in the City. Recommendations on the number and types of housing products that should be considered in the City are also supplied. Demographic Analysis The City of Elk River is forecast to add an additional 1,602 people and 742 households between 2010 and 2020. • The population in Elk River is aging and older age cohorts are accounting for a significant percentage of the total population. Over the next five years, the age 55 to 64 cohort will continue to have the highest growth numerically (791 people, or 38%), but significant growth is also forecast in the age 65 to 74 cohort (716 people, or 60%) and 75+ households (262 people, or 27%). Older adults and younger seniors (those between the ages of 55 and 74) in these high growth age cohorts are the target market for active adult housing products. • The overall median household income in 2015 in Elk River is estimated at about $78,300. This is substantially higher than the Twin Cities Metro Area at $67,795. Between 2000 and 2010, homeownership rates increased from 78.3% to 80.2% in the City of Elk River • The County's unemployment rate of 4.2% in 2015 is slightly higher than the State of Minnesota (3.9%) and lower than the Nation (5.5%). Housing Characteristics • In total, Elk River is reported to have approximately 8,810 housing units, of which about 6,650 are owner -occupied, 1,602 are renter -occupied, and 457 are vacant as of 2015. • Owner -occupied housing units account for about 78% of the City's total housing stock. MAXFIELD RESEARCH & CONSULTING, LLC.