7.1. HRASR 04-02-2018 - Laserfiche WebLink

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DEMOGRAPHIC ANALYSIS Tenure by Household Income A portion of renter households are referred to as lifestyle renters, or those who are finan- cially -able to own but choose to rent, have household incomes above $50,000. These life- style renters account for approximately 34% of the renters in Elk River renters in 2016. Households with incomes below $15,000 are typically a market for deep subsidy rental housing. In 2016, this was about 13% of renters in Elk River. Households with incomes ranging from roughly $25,000 to $50,000 are candidates for affordable rental properties and account for 40% of the renters in 2016. Tenure by Age of Householder • The number of owner households in Elk River is estimated to have decreased from 80.2% in 2010 to 76.6% in 2016. As households progress through their life cycle, housing needs change. The proportion of renter households decreases significantly as households' age out of their young -adult years. However, by the time households reach their senior years, rental housing often be- comes a more viable option than homeownership, reducing the responsibility of mainte- nance and the financial commitment. In the City of Elk River, homeowner households reached a high of 87.9% in the 65-74 age cohort in 2016. Homeownership then begins to fall, dropping to 63.2% for those 75 and older in 2016. Household Type • In Elk River, married without children family households comprise the largest share of households at 33.5% of household. This is followed by married with children at 27.2% and persons living alone at 19%. MAXFIELD RESEARCH AND CONSULTING 13