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Ramsey Senior Housing Market Study
<br />
<br />January1998
<br />
<br />Housing Values
<br />
<br />Table 9 identifies the housing values of all the owner occupied housing units in the market study areas and
<br />in Ramsey. The housing values are a strong indicator of the current market value of senior's homes as
<br />seniors' homes are generally valued similar to overall home values. Approximately 76 percent of the owner
<br />occupied homes in the study area are valued between $60,000 and $125,000. Homes in this price category
<br />are very marketable and affordable for non-senior households in the study area, thus, seniors can sell their
<br />homes in a reasonable time frame and move into senior housing.
<br />
<br />The median house value in Ramsey is $106,082, which is a 21.6 percent increase fi'om the 1990 median
<br />value of $87,217. Also, the median house value is projected to increase by 16.2 percent to $123,229 by the
<br />year 2002. This indicates the majority of seniors who own homes have an asset that is increasing in value.
<br />
<br />A senior household in Ramsey selling their home for 90 percent of the median study area price (or
<br />approximately $95~500), and subtracting 7 percent for selling costs and depositing the proceeds into an
<br />investment with a return of 5 percent would have $370 per month of additional income that could be used
<br />dollar for dollar towards alternative housing.
<br />
<br />Furthermore, seniors moving into rental housing would save on expenses associated with home ownership
<br />such as real estate taxes, insurance, maintenance and some utilities.
<br />
<br /> Ramsey Primary Market Area Secondary Market Area
<br /> Housing ~Ramsey, St. Francis, Burns) (Anoka, Elk River)
<br /> Value
<br /> 1990 1997 2002 1990 1997 2002 1990 1997 2002
<br /> Estimated Projected Estimated Projected Estimated Projected
<br />Less than $24,999 1 2 2 1 5 5 14 17 18
<br />$25,000 - $44,999 12 3 3 27 15 9 81 40 22
<br />$45,000 - $59,999 38 24 13 133 71 4g 501 179 111
<br />$60.000 - $74,999 717 220 102 945 413 237 1.526 795 477
<br />$75,000 - $99,999 1,589 1,659 1,077 1,938 2,066 1,456 2.298 2,198 1,749
<br />$100.000-$124,999 360 1,712 1,736 501 2,022 2,096 638 1,761 1.898
<br />$125.000-$i74.999 242 641 1,979 319 835 2,357 394 883 1,861
<br />$175.000-$299,999 114 333 575 128 386 678 117 290 557
<br />$300.000 and Over 16 55 133 16 57 142 13 34 67
<br />Total Units 3,089 4,649 5,620 4,008 5,870 7,028 5,582 6,197 6,760
<br />Median llousing $87,217 $106,082 $123,229 $86,562 $104,512 $120,980 $81,976 $9g.187 $112,196
<br />Value
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<br />Source: Claritas, lnc,; Community Partners Research Inc.
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<br />Community Partners Research, Inc. 20
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