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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 />No. of Persons <br />90,000 <br />80,000 <br />70,000 <br />60,000 <br />50,000 <br />40,000 <br />30,000 <br />20,000 <br />10,000 <br />0 <br />Chart 2: Age Distribution <br />Ramsey Market Area <br />2000 and2010 <br />1 <br />■ 2000 <br />❑ 2010 <br /><20 20-34 35 54 <br />Age Group <br />55 + <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. <br />10 <br />