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ANOKA COUNTY HOUSING STUDY CONCLUSIONS <br />Southern Leg Submarket Recommendations <br />The Southern Leg submarket is the third largest in the Anoka County and accounts for about <br />16% of the County's total population. The submarket is predominately build out, which results <br />in limited household growth projected for the next decade (735 households, or 3.2%). Should <br />additional land become available through infill and redevelopment parcels, more household <br />growth could be realized in the Southern Leg submarket. The submarket is stabilized by a strong <br />concentration of jobs, which leads all other submarkets in the County (36,050 jobs in 2010). <br />A key housing priority in the Southern Leg submarket will be to meet the needs of the aging <br />population base as the highest concentration of age 55+ households (22.4% of the County) is <br />located in the Southern Leg. The submarket possesses many desirable qualities for senior <br />housing such as proximity to healthcare, retail, adult children/families, and services, which will <br />further support demand. A second priority will be to rehabilitate/replace older housing units that <br />become functionally or physically obsolete. <br />SOUTHERN LEG SUBMARKET SUMMARY <br />Southern Leg <br />Anoka County <br />Demo •ra.hies <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 />53,507 - 53,400 - 56,050 298,189 - 344,250 - 387,445 <br />22,485 - 23,130 - 23,865 106,476 - 125,470 - 144,140 <br />735 18,670 <br />$57,332 <br />24.7% - 28.2% <br />69.7% <br />33.1% <br />15.0% <br />$74,497 <br />19.6% - 24.6% <br />84.4% <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 />1.40 <br />$129,650 <br />$135,700 <br />61 <br />77 <br />0.46 <br />0.47 <br />0.53 <br />$167,000 <br />$126,000 <br />1,095 <br />3,504 <br />0.23 - 0.21 <br />i <br />General Occupancy Housing <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 />2,211 <br />41 <br />103 <br />$908 <br />802 <br />$1.13 <br />5.0% <br />n/a <br />0.0% <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 />555 - 0.2% <br />388 - 6.7% <br />0 -- <br />77 - 41.5% <br />148 - 18.2% <br />45 - 0.0% <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 />** After excluding senior housing properties that are preforming atypically, the Southern Leg submarket has an overall senior housing vacancy rate of <br />3.1%. <br />MAXFIELD RESEARCH INC. <br />134 <br />