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Demographic & Market Overview <br /> An analysis of Elk River's demographic trends and market conditions was conducted as part of the Existing Conditions <br /> Memorandum to ensure that all policy recommendations made in the Plan are grounded in data.The following overview is <br /> a summary of the more detailed analysis included in that Memorandum. <br /> Population Age <br /> Elk River has grown steadily over the past two decades.The The median age in Elk River is 36 years old.Since 2000 Elk <br /> 2018 estimated population of Elk River is 24,211.Based on River's population aged 45 and older has grown by 45.4%. <br /> projections from the Minnesota State Demographic Center, In 2018,38.3%of the total population of the City was 45 or <br /> the City's population is expected to steadily increase to older. <br /> 28,659 by 2035,a 15.9%growth in total residents. <br /> 2018 Demographic Summary Elk River Population by Age <br /> Elk River Sherburne 100% <br /> 2018 County 2018 12% <br /> Population 24,211 93,231 90% 45+ <br /> Households 8,463 31,737 80% 45+ <br /> Median Age 36.0 35.8 45+ <br /> Average Household Size 2.8 2.9 70% <br /> Median Household Income $86,584 $85,818 0 <br /> 60% <br /> Source:2018 American Community Survey Census Data U.S.Census o <br /> Bureau;Houseal Lavigne LLC L 50% � <br /> 0 <br /> F <br /> o 40% <br /> Elk River Total Population a 30% <br /> 30,000 <br /> (1990-2035) <br /> 28,659 20% . <br /> 27,469 <br /> 26,258 •� ..Y 10% <br /> 24,211 25,025 •�•.•• <br /> 2 25,000 22,974 •••0•••• <br /> 0% <br /> a 20,000 2000 2010 2018 <br /> 16,447 <br /> Year <br /> F 15,000 <br /> ■0-4 ■5- 17* ■ 18-24* ■25-44 ■45-64 ■65+ <br /> 101000 11,143 <br /> 1990 2000 2010 2018 2020 2025 2030 2035 *For 2018 data age Cohort shown 5-17 represents 5-19 and age <br /> Year cohort shown 18-24 represents 20-24 due to changes in census age <br /> grouping. <br /> Source:Comprehensive Housing Market Needs Analysis for Sher- Source:1990 Minnesota Census Report 2000 Minnesota Census <br /> burne County,Minnesota;US Census Bureau;MN State Demo- Report;2010 Minnesota Census Report;2018 American Community <br /> graphic Center,SSRI;Maxfield Research S Consulting,LLC,Houseal Survey Census Data;Esri Business Analyst <br /> Lavigne LLC <br /> Elk River Comprehensive Plan•Community Context 7 <br /> DRAFT FOR REVIEW ONLY <br />