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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 <br />is a summary of the more detailed analysis included in that Memorandum. Please note that limited 2020 U.S. Census data <br />was available at the time this document was authored and much of the analysis is based on the 2018 American Community <br />Survey Census. <br />Population <br />Elk River has grown steadily over the past two decades. The <br />2020 estimated population of Elk River is 25,835. 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 />Population (2020) <br />Households (2018) <br />Median Age (2018) <br />Demographic Summary <br />Elk River Shei <br />25,835 <br />8,463 <br />36.0 <br />Age <br />The median age in Elk River is 36 years old. Since 2000, Elk <br />River's population age 45 and older has grown by 45.4%. <br />In 2018, 3 8.3% of the total population of the city was 45 or <br />older. <br />100% <br />97,183 90% <br />31,737 <br />35.8 80% <br />Average Household Size (2018) 2.8 <br />2.9 <br />Median Household Income (2018) $ 86,584 <br />$ 85,818 <br />Source: 2020 U.S. Census; 2018 American Community Survey <br />Census Data U.S. Census Bureau; Houseal Lavigne LLC <br />Elk River Total Population <br />(1990-2035) <br />28,659 <br />30,000 27,469 <br />25,835 26,258 <br />0 25,000 24,211 "' <br />22,974 <br />3 <br />o 20,000 <br />16,447 <br />H 15,000 <br />1I I , 143 <br />0,000 <br />1990 2000 2010 2018 2020 2025 2030 <br />2035 <br />Year <br />70% <br />c <br />0 <br />2 60% <br />a <br />a <br />50% <br />0 <br />O <br />0 40% <br />w <br />V <br />a 30% <br />20% <br />Elk River Population by Age <br />45+ <br />45+ <br />45+ <br />l0% E E E <br />0% <br />2000 2010 2018 <br />Year <br />■ 0-4 ■ 5 - 17* ■ 18-24* ■ 25-44 ■ 45-64 ■ 65+ <br />*For 2018 data age Cohort shown 5-17 represents 5-19 and age <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: 2000 Minnesota Census Report 2010 Minnesota Census <br />burne County, Minnesota; US Census Bureau; MN State Demo- Report; 2018 American Community Survey Census Data; Esri Busi- <br />graphic Center, ESRI; Maxfield Research S Consulting, LLC, Houseal nessAnalyst <br />Lavigne LLC <br />Elk River Comprehensive Plan • Community Context 7 <br />DRAFT FOR REVIEW ONLY <br />