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<br />DEMOGRAPHIC ANALYSIS
<br />
<br />TABLE D-5
<br />HOUSEHOLD INCOME BY AGE OF HOUSEHOLDER
<br />RAMSEY MARKET AREA
<br />2014
<br />
<br />
<br />Age of Householder
<br />
<br />Median Income
<br />
<br /> 248 4,874 3,352 824 257
<br /> 2,526 13,217 1l,007 6,459 3,295
<br />$71,719 $56,840 $70,181 $82,709 $85,245 $76,729 $47,520 $31,587
<br />
<br />Less than $15,000
<br />$15,000 to $24,999
<br />$25,000 to $34,999
<br />$35,000 to $49,999
<br />$50,000 to $74,999
<br />$75,000 to $99,999
<br />$100,000 or more
<br />Total
<br />
<br />3,392 317 304 280 419 479
<br />4,154 277 425 299 470
<br />5,030 303 716 555 606 867
<br />10,158 662 1,644 1,467 1,685 1,735
<br />20,710 1,039 3,771 4,090 4,499 4,237
<br />17,884 590 3,238 4,105 4,835 3,665
<br />26,515 403 3,476 6,069 8,643 5,906
<br />87,844 3,591 13,573 16,864 21,157 17,4(i4
<br />$75,668 $55,699 $74,514 $85,608 $89,993 $80,720
<br />
<br />681
<br />
<br />913
<br />
<br />
<br />468
<br />5,024
<br />
<br />Median Income
<br />
<br />$51,1l3
<br />
<br />$33,093
<br />
<br />Sources: Claritas, Inc.; Maxfield Research Inc.
<br />
<br />· The youngest householders are strong candidates for affordable housing since they tend to
<br />have lower incomes and less savings and typically do not have equity in an existing home. In
<br />2009, the median income of 15 to 24 year old households was $49,590 in the Market Area
<br />overall.
<br />
<br />· In 2009, there are an estimated 27,090 households in the Market Area that qualify as work-
<br />force households and fit into the 15 to 64 (non-senior) age cohort, of which 8,115 are located
<br />in the PMA. It is important to note that this is a rough estimate of income-qualified house-
<br />holds as some households within these income ranges may have household sizes too small to
<br />income-qualify (i.e. one-person household earning more than $46,960).
<br />
<br />· . A household earning the Market Area median income would be able to afford a home pric
<br />at about $212,400 to $247,800 based on the industry standard of3.0 to 3.5 times ann
<br />come. Many households, particularly those that are in the older age cohorts, wil
<br />
<br />
<br />MAXFIELD RESEARCH INC.
<br />
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