Laserfiche WebLink
HOUSING DEMAND ANALYSIS <br />Estimated Demand for Affordable and Subsidized Independent Senior Housing <br />TABLE HD -5 <br />SUBSIDIZED INDEPENDENT SENIOR HOUSING DEMAND <br />ELK RIVER <br />2017 & 2022 <br />TABLE HD -4 <br />2017 <br />2022 <br />AFFORDABLE INDEPENDENT SENIOR <br />HOUSING DEMAND <br />331 <br />(times) Percent of Income Qualified Seniors Needing/Desiring Subsidized Senior Housing <br />x 30% <br />ELK RIVER <br />(equals) Demand Potenital from Market Area residents <br />= 88 <br />99 <br />(plus) Demand From Ouside the Market Area (40%) <br />+ 58 <br />2017 & 2022 <br />(equals) Total Demand Potential for Subsidized Senior Housing in Market Area <br />146 <br />166 <br />(minus) Existing & Pending Subsidized Senior Units in Market Area* <br />114 <br />114 <br />(equals) Total Market Area Subsidized Senior Housing Demand Potential <br />= 32 <br />52 <br />Age of Householder <br />Age of Householder <br />55-64 <br />65-74 75+ <br />55-64 <br />65-74 <br />75+ <br /># of Households w/ Incomes of $30,000 to $54,400 <br />284 <br />212 254 <br />251 <br />222 <br />284 <br />(times ) Percent Renter Households <br />x 22% <br />12% 37% <br />x 22% <br />12% <br />37% <br />(equals) Total Potential Market Base <br />= 63 <br />26 93 <br />55 <br />27 <br />105 <br />(times) Potential Capture Rate <br />x 1.5% <br />10.0% 20.0% <br />x 1.5% <br />10.0% <br />20.0% <br />(equals) Demand Potential <br />= 1 <br />3 19 <br />= 1 <br />3 <br />21 <br />= 22 <br />= <br />24 <br />Total Market Rate Demand Potential <br />(plus) Demand from Outside Market Area (40%) <br />+ 15 <br />+ <br />16 <br />(equals) Total Demand Potential <br />= 37 <br />= <br />41 <br />(minus) Existing and Pending Aff. Independent Units' <br />- 0 <br />- <br />0 <br />(equals) Total Demand Potential in Market Area <br />= 37 <br />= <br />41 <br />' Includes existing and pending units at 95% occupancy, or market <br />equilibrium. <br />No additional units are planned <br />through <br />2022. <br />Source: Maxfield Research & Consulting, LLC <br />TABLE HD -5 <br />SUBSIDIZED INDEPENDENT SENIOR HOUSING DEMAND <br />ELK RIVER <br />2017 & 2022 <br />2017 <br />2022 <br />Age 65+ Households w/Incomes < $20,000 <br />292 <br />331 <br />(times) Percent of Income Qualified Seniors Needing/Desiring Subsidized Senior Housing <br />x 30% <br />30% <br />(equals) Demand Potenital from Market Area residents <br />= 88 <br />99 <br />(plus) Demand From Ouside the Market Area (40%) <br />+ 58 <br />66 <br />(equals) Total Demand Potential for Subsidized Senior Housing in Market Area <br />146 <br />166 <br />(minus) Existing & Pending Subsidized Senior Units in Market Area* <br />114 <br />114 <br />(equals) Total Market Area Subsidized Senior Housing Demand Potential <br />= 32 <br />52 <br />* Competitive subsidized units, minus a 7% vacancy rate. <br />Source: Maxfield Research & Consulting, LLC <br />We estimate that the total demand potential for affordable and subsidized rentals will equal <br />37 and 32 units respectively in 2017. By 2022, the demand potential will increase to 41 af- <br />fordable units and 52 subsidized units. <br />MAXFIELD RESEARCH & CONSULTING, LLC 46 <br />