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Household Income11111 Elk River Study Area 1990-2005 $100,000 or more - $75,000 to$99,999 J i $50,000 to$74,999 $35,000 to$49,999 �+ 02005 $25,000 to$34,999 - .2000 ■1990 $15,000 to $24,999 Nimmia $10,000 to$14,999 m r , ; Less than $10,000 0 500 1,000 1,500 2,000 2,500 Table 4 illustrates household income by age for 2000. Households age 35 to 44 comprise the largest segment with 2,026 households and have a median income of$60,549. The highest median income is found in the 45 to 54 age segment with a median income of$66,739. Households between the ages of 45 and 64 tend to not only have the highest median incomes,but also have the most equity in their existing homes. • Households between the ages of 25 and 34 are usually in the market for rental housing or are looking to purchase entry-level homes. The median income for this age segment is $49,319. With this income a household could afford monthly rent in the amount of$1,230 including rent, utilities and a garage. A household with this income could afford an approximate mortgage of $148,200. The lowest median incomes are found in households over the age of 75. Households over the age of 85 have the lowest median household income at $13,333 per year. Incomes drop dramatically after households reach 65 years of age. Incomes drop from $66,010 for households age 60 to 64 to $27,272 for households age 65 to 69.