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AW HousingValue The median home value in Elk River is $233,000 which is slightly higher than that of the county at $217,200.Of the city's owner -occupied homes, roughly 60% are valued at $150,000 to $299,999 representing the majority of the housing stock. Only 5% of owner -occupied homes are valued under $104,999. The county follows similar rates in housing value as Elk River with a majority of its units in the $150,000 to $299,999 range. Housing Cost Burden Cost burdened households are defined by the US Depart- ment of Housing and Urban Development as those house- holds spending 30% or more of annual income on housing and who may have difficulty affording necessities such as food, clothing, transportation, and medical care. Overall, the proportion of households experiencing a housing cost burden in Elk River has declined from 2010 to 2018. In 2010, it is estimated that 37% of households were cost burdened in the city. In 2018, the percent of cost burdened households decreased to approximately 23%, more aligned with Sherburne County (22%). This means that in 2018 approximately one in every five households in Elk River is spending more on housing than other essen- tial needs. While the share of cost burdened homes has decreased, this highlights a need for the provision of a variety of housing types to provide options at various price points. Home Value (2018) $450,000 or more M 55.0% $300,000 to $449,999 19.6% $225,000 to $299,999 24.7% 28.7 a) $150,000 to $224,999 $105.000 to $149,999 1 11.0 1.0% $75,000 to $104,999 r 2.8% LI% Less than $75K M 4.1% 3.8% 0.0% 10.0% 20.0% 30.0% 40.0% Percent of Total Owner -Occupied Units M 35.8% 30.8% ■ Sherburne County ■ Elk River Source: U.S. Census Bureau 2018 Cost Burden Households (2010 - 2018) 40% .2 30% 0 0 o 20% U 1 ". Y v w 10% a S. o% 2010 2018 Elk River ■ Owners ■ Renters Source: U.S. Census Bureau 2018 12 IDICL\arr976*1SMAIMAVE9701wo Community Context • Elk River Comprehensive Plan