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City of Ramsey 2030 Comprehensive Plan Update <br />Chapter 7: Housing Plan <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 />Affordability Level <br />Affordable at 30% of AMI** <br />Affordable at 60% of AMI <br />Affordable at 80% of AMI <br />Affordable at 100% of AMI <br />Affordable at Over 100% of <br />AMI Only <br />Source: Anoka County Property Tax Data, November 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 />Approximate <br />Affordable Market <br />Value* <br />Under $70,000 <br />$70,001 to $152,000 <br />$152,001 to $206,800 <br />$206,801 to $250,000 <br />Over $250,000 <br />Number of Houses <br />at this Estimated <br />Market Value** <br />22 <br />250 <br />2,177 <br />2,740 <br />2,464 <br />Percentage of <br />Ramsey Homes at <br />This Level <br />.03 % <br />3.3% <br />28.4% <br />35.8% <br />32.2% <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 />Market -rate Senior <br />General Occupancy -Subsidized <br />Market -rate apartments <br />Market -rate townhomes <br />Market -rate Single Family <br />Total Rental Units <br />Number of <br />Units <br />50 <br />33 <br />32 <br />98 <br />10 <br />223 <br />Rent Levels <br />$700-1,000 <br />$700-1,000 <br />$600-850 <br />$1,000-$1,500 <br />$1,500 <br />Source: Maxfield Study, January 2006 & City of Ramsey 2005 <br />Housing Foreclosures <br />Home foreclosures can have an impact on a neighborhood and community with deferred maintenance and <br />vacant homes. <br />City of Ramsey 2030 Comprehensive Plan Page 7-7 <br />