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Ramsey Senior Housing Market Study <br /> <br />January1998 <br /> <br />Senior Household Income <br /> <br />Table 8 indicates the number of senior (55 and over) households in 12 different household income brackets <br />in 1997 and the projections for the year 2002. The data is important in determining the size of the potential <br />senior market that can afford specific rent ranges, based on the fact that senior households can typically <br />afford to spend between 30 and 50 percent of their income on housing. <br /> <br />Senior households with incomes below $15,000 per year are a primary market for subsidized housing <br />although, some of these households with substantial home equity can afford modest rent market rate senior <br />housing. <br /> <br />Seniors who can afford modest rent market rate senior housing are in the $15,000 to $34,999 income <br />range. Based on a 30 percent allocation for housing, this translates to rents of $375 to $875 per month. <br />This group totaled 1,245 households in the study areas with 164 households living in Ramsey. <br /> <br />Middle and upper market rents are affordable to senior households with incomes of $35,000 or more. The <br />upper income categories represent 2,221 senior households in the study areas with 812 households in <br />Ramsey. The vast majority of these upper income seniors are in the younger senior age intervals and are <br />less likely to want to move to senior housing than seniors aged 75 and older. However, a healthy market <br />still exists for senior housing. <br /> <br /> Household 1997 Estimates 2002 Projected <br /> Incomes <br /> <br /> Primary Secondary Study Primary Secondary Study <br /> Study Study Areas Ramse Study Study Areas Ramsey <br /> Area Area Total y Area Area Total <br />Under $5,000 11 130 141 0 9 98 107 0 <br />$5,000 - $9,999 41 487 528 11 54 477 531 17 <br />$10,000 - $14,999 46 403 449 15 76 481 557 30 <br />$15,000 - $24,999 139 545 684 76 187 588 775 105 <br />$25,000 - $34,999 162 399 561 88 235 485 720 130 <br />$35,000 - $49,999 273 393 666 194 334 490 824 214 <br />$50,000 - $74,999 475 426 901 374 699 523 1222 548 <br />$75,000 - $99,999 173 217 390 134 402 307 709 340 <br />$100,000- $149,999 113 107 220 90 292 277 569 243 <br />$150,000- $249,999 15 17 32 13 43 34 77 36 <br />$250,000- $499,999 8 3 ! 1 7 13 9 22 11 <br />$500,000 or More 0 1 1 0 3 0 0 3 <br />Total Households 1,456 3,128 4,584 1,002 2,347 3,769 6,113 1,677 <br />55 and Over <br /> <br />Source: Claritas, Inc.; Community Partners Research, Inc. <br />Community Partners Research, Inc. 19 <br /> <br /> <br />