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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 <br />Elk River has grown steadily over the past two decades. The <br />2018 estimated population of Elk River is 24,211. Based on <br />projections from the Minnesota State Demographic Center, <br />the City's population is expected to steadily increase to <br />28,659 by 2035, a 15.9% growth in total residents. <br />Age <br />The median age in Elk River is 36 years old. Since 2000 Elk <br />River's population aged 45 and older has grown by 45.4%. <br />In 2018, 38.3% of the total population of the City was 45 or <br />older. <br />2018 Demographic Summary <br />Elk River Population by Age <br />Elk River Sherburne <br />100% <br />2018 County <br />2018 <br />12% <br />Population 24,211 <br />93,231 <br />90% 45+ <br />Households 8,463 <br />31,737 <br />80% 45+ <br />Median Age 36.0 <br />35.8 <br />45+ <br />Average Household Size 28 <br />2.9 <br />70% <br />Median Household Income $ 86,584 <br />$ 85,818 <br />0 <br />60% <br />Source: 2018 American Community Survey Census Data <br />U.S. Census <br />o <br />Bureau; Houseal Lavigne LLC <br />50% 0% <br />0 <br />F <br />o <br />40% <br />Elk River Total Population <br />v <br />CL <br />30% <br />(I 990-2035) <br />28,659 <br />20% 0. <br />30,000 27,469 <br />26,258 •� <br />25,025 <br />.. Y <br />10% <br />24,211 •�•.•• <br />2 25,000 22,974 •••0•••• <br />0% <br />a 20,000 <br />2000 2010 2018 <br />y 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 <br />*For 2018 <br />data age Cohort shown 5-17 represents 5-19 and age <br />Year <br />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, ESRI; 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 />