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Ramsey Senior HouSing Market Study January 1998 <br /> <br />Population, household and employment growth is forecast to remain strong through the year 2010. <br />The Market Study Areas are expected to add 2,673 households from 1995 to 2000 and Ramsey is <br />expected to grow by 812 households from 1995 to the year 2000. <br /> <br />In examining the age distribution of persons 55 or older in 1995, the data revealed the number of <br />persons aged 55 or older will increase substantially by the year 2000. The majority of this growth <br />will be concentrated in the younger senior population (those aged 55 to 74), indicating demand for <br />a senior project with.few services. However, the project should be planned in a manner that will <br />allow for services to be added as the senior population ages and demands more services. <br /> <br />Typically, seniors with household incomes of less than $15,000 per year are a primary market for <br />subsidized housing. Households with incomes of $15,000 to $34,999 per year are a market for <br />moderate-rent senior housing while middle and upper market rents are affordable to seniors with <br />incomes above $35,000 per year. Although senior household incomes in the study area were <br />relatively well distributed among all income intervals, and a future higher rent project for <br />households in upper income brackets may be justified, we recommend a modest-rent project that <br />would appeal to the largest number of senior households. In addition to' the households with <br />incomes of $15,000 or greater, some additional demand may come from households in the $10,000 <br />to $15,000 per year range that have equity in their homes. <br /> <br />Currently, the only sen/or housing project in the Primary Study Area is Rum River Square, a 21 <br />unit Rural Development (FmHA) project, located in St. Francis, which currently has no vacant <br />units. <br /> <br />Because of the lack of market rate senior projects within the Primary Study Area, projects located <br />in communities adjacent to the study area were examined. All of the projects examined are fully <br />occupied with a waiting list or have a very low vacancy rate. <br /> <br />Community interviews and 50 senior surveys were conducted to determine senior housing needs in <br />Ramsey. The interviews and surveys identified the need for senior housing and provided valuable <br />insights regarding the size of the project and the type of units that should be developed. <br /> <br />Community Partners Research, Inc. 4 <br /> <br /> <br />