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Affordability Level
<br />Approximate
<br />Affordable Market
<br />Value*
<br />Number of Houses
<br />at this Estimated
<br />Market Value **
<br />Percentage of
<br />Ramsey Homes at
<br />This Level
<br />Affordable at 30% of AMI**
<br />Under $70,000
<br />22
<br />.03%
<br />Affordable at 60% of AMI
<br />$70,001 to $152,000
<br />250
<br />3.3%
<br />Affordable at 80% of AMI
<br />$152,001 to $206,800
<br />2,177
<br />28.4%
<br />Affordable at 100% of AMI
<br />$206,801 to $250,000
<br />2,740
<br />35.8%
<br />Affordable at Over 100% of
<br />AMI Only
<br />Over $250,000
<br />2,464
<br />32.2%
<br />Housing Cost: Ownership
<br />One of the most important factors in analyzing the housing stock is its affordability. Up until recently,
<br />housing prices were increasing rapidly, and it was difficult to determine the true market value of housing.
<br />The County Assessor's Office is the best source of current information available to cities to determine
<br />housing values. Table 3 outlines the estimated market value of housing in Ramsey. The table breaks down
<br />this data according to different categories of affordability.
<br />Table 3: Affordability of Ownership Housing in Ramsey
<br />Source: Anoka County Property Tax Data, ?vovember 2007
<br />* These affordable home prices are approximate, based on a household spending 30% of their income on mortgage and
<br />obtaining a mortgage interest rate of 6.5 %, with no down payment.
<br />* *The median total housing value for 2007 is $216,050 with the average total housing value at $249,813.
<br />* *AMI is "area median income" and represents the median household income in the seven county metropolitan area.
<br />This is approximately $78,500 in 2007.
<br />About 28% of the market -rate, ownership housing stock in Ramsey is affordable to households earning 80%
<br />of Area Median Income (AMI), a common standard used in assessing the affordability of housing. However,
<br />there are considerably fewer homes (approximately 4 %) available for lower income households in the 60%
<br />and 30% of AMI categories, as Table 2 indicates. Future (2011 -2020) metropolitan area targets for
<br />affordable housing will focus on the lower income households making at or below the 60% AMI rather than
<br />80% AMI.
<br />Housing Cost: Rental
<br />Although there are relatively few rental options in Ramsey, the majority of the rental housing is market -rate
<br />affordable. Table 4 represents the rental prices for Ramsey's units. According to the Metropolitan Council's
<br />"affordable rent" definition, 115 (52% of the total) of the rental units in Ramsey are affordable to a family
<br />earning 50% of the area median income.
<br />Table 4: Rent Prices in Ramsey
<br />Source: Maxfield Study, October 2009 & City of Ramsey 2010
<br />Number of
<br />Units
<br />Rent Levels
<br />Market -rate Senior
<br />50
<br />$713 -1,029
<br />General Occupancy- Subsidized
<br />33
<br />$700 -1,000
<br />Market -rate apartments
<br />100
<br />$600 -1,350
<br />Market -rate townhomes
<br />198
<br />$1,000 - $1,500
<br />Market -rate Single Family
<br />110
<br />$1,500
<br />Total Rental Units
<br />493
<br />Housing Cost: Ownership
<br />One of the most important factors in analyzing the housing stock is its affordability. Up until recently,
<br />housing prices were increasing rapidly, and it was difficult to determine the true market value of housing.
<br />The County Assessor's Office is the best source of current information available to cities to determine
<br />housing values. Table 3 outlines the estimated market value of housing in Ramsey. The table breaks down
<br />this data according to different categories of affordability.
<br />Table 3: Affordability of Ownership Housing in Ramsey
<br />Source: Anoka County Property Tax Data, ?vovember 2007
<br />* These affordable home prices are approximate, based on a household spending 30% of their income on mortgage and
<br />obtaining a mortgage interest rate of 6.5 %, with no down payment.
<br />* *The median total housing value for 2007 is $216,050 with the average total housing value at $249,813.
<br />* *AMI is "area median income" and represents the median household income in the seven county metropolitan area.
<br />This is approximately $78,500 in 2007.
<br />About 28% of the market -rate, ownership housing stock in Ramsey is affordable to households earning 80%
<br />of Area Median Income (AMI), a common standard used in assessing the affordability of housing. However,
<br />there are considerably fewer homes (approximately 4 %) available for lower income households in the 60%
<br />and 30% of AMI categories, as Table 2 indicates. Future (2011 -2020) metropolitan area targets for
<br />affordable housing will focus on the lower income households making at or below the 60% AMI rather than
<br />80% AMI.
<br />Housing Cost: Rental
<br />Although there are relatively few rental options in Ramsey, the majority of the rental housing is market -rate
<br />affordable. Table 4 represents the rental prices for Ramsey's units. According to the Metropolitan Council's
<br />"affordable rent" definition, 115 (52% of the total) of the rental units in Ramsey are affordable to a family
<br />earning 50% of the area median income.
<br />Table 4: Rent Prices in Ramsey
<br />Source: Maxfield Study, October 2009 & City of Ramsey 2010
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