Laserfiche WebLink
Ramsey Senior Housing Market Study January 1998 <br /> <br />Market Study Area and it is estimated that 10% of the units will be leased by households moving in from <br />outside the Primary and Secondary Market Study Areas. <br /> <br />Using these percentages, the demand for a Ramsey Senior Housing Project is calculated as follows: <br /> <br />Bo <br /> <br />Eo <br /> <br />Number of Senior (55 and over) Households <br />in Primary Market Study Area <br /> <br />Number of Senior (55 and over) Households <br />in Secondary Market Study Area <br /> <br />Minus estimate of 25 Subsidized Senior <br />Households in Primary Market Study Area <br /> <br />Minus estimate of 425 Subsidized Senior <br />Households in Secondary Market Study Area <br /> <br />Senior Households in Primary Market Area <br />multiplied by 15% (long term interest in <br />Senior Housing) (A - C x 15%) <br /> <br />Senior Households in Secondary Market Area <br />multiplied by 3% (long term interest in <br />Senior Housing) (B - D x 3%) <br /> <br />Multiplied by 15% (short term need) <br />(E + F x 15%) <br /> <br />Plus Seniors moving in from outside the <br />Market Study Area (10% of number of units) <br /> <br /> Total demand (45 + 5) = 50 rental units <br /> <br />1,456 <br /> <br />3,148 <br /> <br />25 <br /> <br />425 <br /> <br />215 <br /> <br />82 <br /> <br />45 <br /> <br />5 <br /> <br />Percentaee of Income Qualified Households <br /> <br />This method for calculating demand for Ramsey senior rental units utilizes the number of income qualified <br />households that can be expected to move into a Ramsey senior housing project. Based on our experience in <br />the senior housing industry, combined with the fact that there are no market rate senior projects in the <br />Primary Market Study Area, we estimate that approximately 2% of all income qualified households in the <br />Primary Market Study Area can be expected to move into a Ramsey senior housing project in the short <br />term. Also, it is estimated that approximately 1% of all income qualified households in the Secondary <br />Market Study Area will move into a Ramsey senior housing project in the short term. <br /> <br />Additionally, it is estimated that 1% of non-income qualified households in the Market Study Areas are <br />candidates to move into Ramsey senior rental units as they can supplement their incomes through assets <br />such as the sale of their homes, assistance from relatives, etc. <br /> <br />Community Partners Research, Inc. 36 <br /> <br /> <br />