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ANOKA COUNTY HOUSING STUDY CONCLUSIONS <br />East Bethel & Bethel Submarket Recommendations <br />The East Bethel & Bethel submarket is located in northeast Anoka County and is one of the areas <br />of the County with the lowest population density. As growth continues to push northward from <br />the urban core, East Bethel & Bethel will be positioned for increased development activity. Over <br />the next decade, household growth by percentage is projected to be the second highest in the <br />County (+35.7%). Numerically, however, growth in relation to other submarkets will be <br />moderate with the addition of 1,590 households (8.5% of the County). Median incomes and <br />median home resale prices are similar to figures for Anoka County overall. <br />Due to its low -density nature, for -sale single-family homes dominate the existing housing stock. <br />Over the next decade, approximately 85% of new housing units demanded will be for -sale <br />single-family homes. For -sale townhomes and/or twinhomes will also be successful in small <br />numbers in the East Bethel & Bethel submarket. Later in the decade, demand for rental product <br />may increase to a level that could support a moderately priced market rate rental community. <br />The City of East Bethel is currently expanding sewer and water connections that would be <br />needed for multifamily housing development. <br />EAST BETHEL & BETHEL SUBMARKET SUMMARY <br />East Bethel & Bethel <br />Anoka Counts <br />Population (2000 / 2010 / 2020) <br />Households (2000 / 2010 / 2020) <br />Household Growth (2010 to 2020) <br />Median Household Income (2010) <br />Pct. Population Age 55+ (2000 / 2015 / 2020) <br />Homeownership Rate (2010) <br />11,384 - 13,055 - 17,015 <br />3,756 - 4,455 - 6,045 <br />1,590 <br />298,189 - <br />106,476 - <br />344,250 - 387,445 <br />125,470 - 144,140 <br />18,670 <br />$72,079 $74,497 <br />11.1% 15.6% - 20.7% 15.0% 19.6% <br />97.5% 84.4% <br />24.6% <br />Median single-family home resale price (2010) <br />Median townhome resale price (2010) <br />Average number of new construction units closed annually <br />Existing vacant developed lots (3rd Quarter 2010) <br />Ratio closings to vacant developed lots (2006 / 2008 / 2010) <br />$150,400 <br />$167,000 <br />$126,000 <br />22 1,095 <br />130 3,504 <br />0.36 - 0.09 - 0.05 0.53 - 0.23 - 0.21 <br />Distribution and vacancy rate of rental units by type <br />Market rate <br />Shallow subsidy <br />Deep subsidy <br />Average rent for market rate unit <br />Average square footage for market rate unit <br />Average rent per square foot <br />0 <br />0 <br />0 <br />7,251 <br />632 <br />418 <br />$926 <br />836 <br />$1.11 <br />4.7% <br />4.5% <br />0.0% <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 />0 <br />0 <br />0 <br />0 <br />0 <br />0 <br />1,172 <br />1,049 <br />240 <br />490 <br />555 <br />164 <br />0.8% <br />5.6% <br />3.0% <br />2.2% <br />0.9% <br />0.0% <br />MAXFIELD RESEARCH INC. <br />121 <br />