Agenda - Council - 06/28/2016 - Laserfiche WebLink

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DEMOGRAPHIC ANALYSIS • Based on the information that a household can afford a home 3.0 to 3.5 times its annual in- come we estimate that households that fall into the workforce population can afford a home ranging in price from $150,000 to as high as $215,000. Without dual incomes, the average young teacher could afford a home around as high as $112,000, a registered nurse could af- ford a home priced around $160,000, and a police officer or sheriff could afford a home val- ued at $140,000. Most of the other professions could afford a home at $100,000 or rent. Since there is little for -sale housing available for under $150,000, most of these singles would need to rent their housing. • Households who rent their home generally spend 30% of their annual income. Based on this, teachers in the area could afford to rent an apartment for $800, registered nurses afford $1,200, and a police officer could afford $1,000. Most of the other professions could afford rents between $500 and $750. Annual Salary 70,000 60,000 50,000 40,000 30,000 20,000 10.000 Chart 4: Select Salaries by Occupation Compared to Median Individual Income Seven County Metro Area Third Quarter 2004 0 1` j I I I �� ,c �,c ��5 0�5 b�5 ��5 ��5 �� co ��5 ��5 oo . . ^4 c, ` ro 4 4 0 0 0 �� S$ �� ro �� rob o 0 0 �� , ro �� . ,c ti w 1 • l0th Percentile Income of Occupation ❑ Median Income of Occupation G dif Table 10 presents covered employment in Anoka County in 2000 and 2004 (the most recent available data). Covered employment data is calculated as an annual average and reveals the number of jobs in the County, which are covered by unemployment insurance. Most farm jobs, self-employed people, and some other types of jobs are not covered by unemployment insurance MAXFIELD RESEARCH INC. 20