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REGIONAL DATA
<br />Metro Area: Minneapolis, St. Paul and the surrounding communities are known as the Twin
<br />Cities Metropolitan area. Slightly over half of Minnesota's residents live within this area. In both
<br />of the fully developed central cities--Minneapolis and St. Paul--the population has declined due
<br />to smaller household sizes, yet growth in other areas of their counties has been more than
<br />offsetting. Below is detailed where this growth has occurred:
<br />County 1990
<br />Census 2000
<br />Census 2006 Est.
<br />Census % of
<br />Total `00-'06 Est.
<br />Chan a Median
<br />Income*
<br />Anoka 243,641 298,084 327,005 11.0% 9.7% $61,634
<br />Carver 47,915 70,205 87,545 2.3% 24.7% $72,998
<br />Dakota 275,227 355,904 388,001 13.1 % 9.0% $66,467
<br />Hennepin 1,032,431 1,116,200 1,122,093 37.8% 0.5% $55,996
<br />Ramsey 485,765 511,035 493,215 16.6% (3.5%) $49,898
<br />Scott 57,846 89,498 124,092 4.2% 38.7% $78,106
<br />Sherburne 41,945 64,417 84,995 2.9% 31.9% $61,313
<br />Washington 145,896 201,130 225,000 7.6% 11.9% $73,491
<br />Wright 68,710 89,986 114,787 3.9% 27.6% $59,615
<br />Total 2,399,376 2,796,459 2,966,733 100.0% 6.1% $64,391
<br />*Median incomes reported on this page are the 2005 Estimates from Census data.
<br />Subject County: The subject is located in Sherburne County, which had a population
<br />increase of 2.9% between 2000 and 2006. The subject is located in the southern portion of
<br />the county in the City of Elk River.
<br />Economic Data: The Twin Cities is the 13th largest market in population and the 11th in retail
<br />sales in the nation. In 1999, the median household income for the nine county Twin Cities
<br />Metro Area was $58,449. The above grid reflects a breakdown of median household income
<br />for the 9 county Twin Cities Metro Area. The subject county of Sherburne is below the Metro
<br />average.
<br />The unemployment rate for Minnesota as of January 2007 is around 5.4%, which is slightly
<br />above the national average of 5.0%. The current residential interest rates, for a typical 30
<br />year mortgage, are around 5% to 7%. Commercial rates are around 5.5% to 7.5%. Rates
<br />are expected to be relatively stable over the next year.
<br />Subject City: The median income for Elk River as of 2000 was $58,114, which is near the
<br />county average. The Metropolitan Council population estimate for Elk River as of 2006 was
<br />22,285, up from 16,447 in 2000-a 35.5% increase. The average sale price of asingle-family
<br />home in Elk River in 2006 was $248,640, down 2.15% from $254,102 in 2005. To date in
<br />2007, the average sale price of asingle-family home in Elk River is $230,491, down 7.30%
<br />from the 2006 average (per Northstar MLS).
<br />6 Nagell Appraisal & Consulting ~ 952-544-8966 ~ www.callnagell.com
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