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The National Low Income Housing Coalition developed a report on the hourly wage that is • <br /> needed to afford rental housing based on the fair market rent. In Sherburne County the following <br /> wages are needed to afford fair market rents: <br /> Fair Market Rent (FMR) Income Needed Wage Needed <br /> One-Bedroom $674 $26,960/year $12.96/hour <br /> Two-Bedroom $862 $34,480/year $16.5 8/hour <br /> Three-Bedroom $1,166 $46,640/year $22.42/hour <br /> Table 5 <br /> City of Elk River <br /> Major Employers <br /> 2001 <br /> Employer Product or Service Employees <br /> Elk River ISD #728 Elementary and Secondary Education 1250 <br /> Sherburne County Government Offices 470 <br /> Guardian Angels Intermediate Care Facilities 325 <br /> Great River Energy Electric Services 320 <br /> Tescom Corp Industrial Valves 275 • <br /> Cub Foods Grocery Store 210 <br /> Target General Merchandise 175 <br /> Alltool Manufacturing Metal Stampings 160 <br /> Menards Lumber and Other Building Materials 160 <br /> Source: Community Profiles, DTED <br /> The following graph depicts some of the gaps between wages paid in certain businesses and the <br /> cost of housing. According to the Central Minnesota Employment Outlook to 2006 developed by <br /> the Minnesota Department of Economic Security, the fastest growing job in Central Minnesota <br /> will be the Home Health Aide which has an average hourly wage of$8.08. The wage is <br /> considerably lower than the average cost of a two-bedroom apartment in Elk River. The same is <br /> true of the Elk River average industrial wage which is at $11.54. This wage is only half of what <br /> is need to afford a $150,000 home. In Region 7W, which includes Benton, Sherburne, Stearns, <br /> and Wright County, the average hourly wage is $12.65. Only the Sherburne County average <br /> manufacturing wage of$18.35 is high enough to afford the average rent, but is still not sufficient <br /> to purchase a $150,000 home. <br />