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DEMOGRAPHIC ANALYSIS <br /> • The 20-34 age group declined by over 3,000 people during the 1990s in the PMA and SMA <br /> combined. This decline was due to younger baby boomers being replaced by the baby bust <br /> generation. This decade, baby busters are being replaced by the echo boom, and thus the 20- <br /> 34 age group is projected to grow by over 5,800 people in the PMA and SMA combined. <br /> Since there younger people are often single and in jobs with beginning wages, their growth <br /> should increase demand for affordable housing options. <br /> • Though the senior population(65+) in Ramsey is small it continues to grow. In 1990, the <br /> senior population in Ramsey was 247 people (9.5% of the senior population in the PMA), in <br /> 2000 this age cohort grew to 512 (13.5%). Based on these figures the senior population of <br /> Ramsey is expected to grow to nearly 1,300 people making up roughly 18% of the senior <br /> population of the PMA. <br /> Chart 2:Age Distribution <br /> Ramsey Market Area <br /> 2000 and 2010 <br /> 90,000 <br /> 80,000 ■2000 <br /> 70,000 ❑2010 <br /> 60,000 <br /> 0 <br /> 50,000 <br /> a <br /> 0 40,000 <br /> Z 30,000 <br /> 20,000 <br /> 10,000 <br /> 0 <br /> <20 20-34 35-54 55 + <br /> Age Group <br /> Household Income by Age of Householder <br /> According to HUD guidelines, Maxfield Research Inc. has defined workforce households as <br /> households with 30%to 80% of median household income. This establishes an income range of <br /> $16,170 for a single person household to $61,600 for a family of four. Table 3 presents HUD's <br /> breakdown of median household income by percentage and the size of the household. <br /> The estimated distribution of household incomes in the Market Area for 2005 and 2010 is shown <br /> in Table 4 and 5. The data was estimated by Maxfield Research and is based on income trends <br /> provided by Claritas Inc. The data helps ascertain the demand for different housing products <br /> based on the size of the market at specific cost levels. <br /> The Department of Housing and Urban Development defines affordable housing costs as 30% of <br /> a household's adjusted gross income. Maxfield Research Inc. uses a figure of 25% to 30% for <br /> MAXFIELD RESEARCH INC. 10 <br />