5.1. PCSR 08-24-2021 - Laserfiche WebLink

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rs f w -X3 yY� mBig HousingValue Home Value (2018) The median home value in Elk River is$233,000 which is 5.5% slightly higher than that of the County at$217,200.Of the $450,000 or more ! 5.0% City's owner-occupied homes,roughly 60%are valued $300,000 to$449,999 i 19.6% at$150,000 to$299,999 representing the majority of the $225,000 to$299,999 24.7% 28.7% housing stock.Only 5%of owner-occupied homes are $1so,000 to$zz4,999 35.8% valued under$104,999.The County follows similar rates in j 3o.a% $105,000 to$149,999 � 10.5% housing value as Elk River with a majority of its units in the 11.0% $150,000 to$299,999 range. $75,000 to$104,999 I.,% Less than$75K M 4.1% 3.8% Housing Cost Burden 0.0% 10.0% 20.0% 30.0% 40.0% Cost burdened households are defined by the US Depart- percent of Total Owner-Occupied units ment of Housing and Urban Development as those house- ■Sherburne County ■Elk River holds spending 30%or more of annual income on housing Source:U.S.Census Bureau 2018 and who may have difficulty affording necessities such as food,clothing,transportation,and medical care. Cost Burden Households Overall,the proportion of households experiencing a (2010 - 2018) housing cost burden in Elk River has declined from 2010 40% to 2018.In 2010,it is estimated that 37%of households were cost burdened in the City.In 2018,the percent of cost 2 30% burdened households decreased to approximately 23%, more in line with Sherburne County(22%).This means u 20% that in 2018 approximately one in every five households in v Elk River is spending more on housing than other essen- (U 10% tial needs.While the share of cost burdened homes has a decreased,this highlights a need for the provision of a o% variety of housing types to provide options at various price 2010 2018 Elk River points. ■Owners ■Renters Source:U.S.Census Bureau 2018 12 Community Context•Elk River Comprehensive Plan DRAFT FOR REVIEW ONLY