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TABLE OF CONTENTS <br />Page <br />PURPOSE AND SCOPE OF STUDY .......................................................................................... 1 <br />DEMOGRAPHIC ANALYSIS ..................................................................................................... 2 <br />Introduction...................................................................................................................... 2 <br />Market Area Definition ..................................................................................................... 2 <br />Population and Household Growth Trends and Projections from 1990 to 2030 ............. 3 <br />Age Distribution Trends .................................................................................................... 5 <br />Household Income by Age of Householder...................................................................... 6 <br />Tenure by Age of Household ............................................................................................. 8 <br />Household Type Trends .................................................................................................... 10 <br />Household by Household Income ..................................................................................... 11 <br />Summary of Demographic Trends .................................................................................... 12 <br />EMPLOYMENT ....................................................................................................................... 14 <br />Employment Trends .......................................................................................................... 14 <br />Resident LaborForce......................................................................................................... 14 <br />Covered Employment ........................................................................................................ 16 <br />Inflow/Outflow .................................................................................................................. 17 <br />Major Employers ............................................................................................................... 18 <br />Summary of Demographic Trends .................................................................................... 18 <br />HOUSING CHARACTERISTICS .................................................................................................20 <br />Residential Construction Trends 2000 to Present ............................................................ 20 <br />Housing Units by Structure and Tenure ............................................................................ 21 <br />Summary of Demographic Trends .................................................................................... 22 <br />RENTAL MARKET ANALYSIS .................................................................................................. 23 <br />General Occupancy Rental Projects .................................................................................. 23 <br />Senior Housing in Elk River ................................................................................................ 27 <br />Summary of Elk River Competitive Multifamily Properties .............................................. 30 <br />FOR-SALE HOUSING ANALYSIS .............................................................................................. 32 <br />Residential Resales ............................................................................................................ 32 <br />Current Supply of Homes on the Market .......................................................................... 36 <br />Lot Supply .......................................................................................................................... 39 <br />Summary of For Sale Market Conditions .......................................................................... 41 <br />HOUSING DEMAND ANALYSIS .............................................................................................. 43 <br />Estimated Demand for For-Sale Housing ........................................................................... 43 <br />Estimated Demand for General Occupancy Rental Housing ............................................. 44 <br />