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ANOKA COUNTY HOUSING STUDY CONCLUSIONS <br />ANDOVER SUBMARKET SUMMARY <br />Andover <br />Demographics <br />Population (2000 / 2010 / 2020) 26,588 - 32,380 - <br />Households (2000 / 2010 / 2020) 8,107 - 10,085 - 11,820 <br />Household Growth (2010 to 2020) 1,735 <br />35,850 <br />298,189 - <br />106,476 - <br />344,250 - 387,445 <br />125,470 - 144,140 <br />18,670 <br />Median Household Income (2010) $101,615 $74,497 <br />Pct. Population Age 55+ (2000 / 2015 / 2020) 9.0% - 14.5% - 19.9% 15.0% - 19.6% - 24.6% <br />Homeownership Rate (2010) 96.3% 84.4% <br />For -Sale Housing <br />Median single-family home resale price (2010) $217,300 $167,000 <br />Median townhome resale price (2010) $165,950 $126,000 <br />Average number of new construction units closed annually 126 1,095 <br />Existing vacant developed lots (3rd Quarter 2010) 373 3,504 <br />Ratio closings to vacant developed lots (2006 / 2008 / 2010) 0.66 0.24 - 0.20 0.53 - 0.23 - 0.21 <br />General Occupancy Housing <br />Distribution and vacancy rate of rental units by type <br />Market rate 0 7,251 - 4.7% <br />Shallow subsidy 0 632 - 4.5% <br />Deep subsidy 0 418 - 0.0% <br />Average rent for market rate unit $926 <br />Average square footage for market rate unit 836 <br />Average rent per square foot $1.11 <br />Senior Housing <br />Distribution and vacancy rate** of senior housing units by type <br />Affordable active adult <br />Market rate active adult - rental <br />Market rate active adult - ownership <br />Congregate <br />Assisted living <br />Memory care <br />Modest <br />200 <br />I Single -Family <br />1,005 <br />1 <br />Move -up <br />555 <br />Sub/Aff <br />35 <br />0 - -- 1,172 - 0.8% <br />6 - 0.0% 1,049 - 5.6% <br />100 - n/a 240 - 3.0% <br />66 - 0.0% 490 - 2.2% <br />51 - 0.0% 555 - 0.9% <br />17 - 0.0% 164 - 0.0% <br />Andover Submarket General Occupancy Housing Demand <br />2010 to 2020 <br />I For -Sale Demand I <br />1.435 fI <br />Executive Modest <br />250 150 <br />Multifamily <br />430 <br />Move -up I <br />280 <br />1 <br />Deep Subs. <br />50 <br />Andover Submarket Excess Senior Housing Demand <br />2020 <br />{ <br />MR Adult <br />130 <br />Senior Housing <br />Demand <br />345 <br />Senior Rental I <br />325 LL 11 <br />Congregate AL MC <br />I 80 11 45 1 1 35 <br />Rental Demand <br />160 <br />Shallow <br />30 <br />Senior Ownership <br />20 <br />Market Rate <br />80 <br />Note: Because households are mobile and are willing to seek out various housing products in adjacent <br />communities, these demand figures may experience fluctuations. <br />MAXFIELD RESEARCH INC. 112 <br />