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DEMOGRAPHIC ANALYSIS <br />younger households and 40% or more for seniors, since seniors generally have lower living ex- <br />penses and can often sell their homes and use the proceeds toward rent payments. <br />TABLE 3 <br />HUD MEDIAN HOUSEHOLD INCOME <br />ANOKA COUNTY <br />Febuary 2005 <br />Household Percentage of Median Income <br />Size 30% 50% 60% <br />1 $16,170 $26,950 $32,340 <br />2 $18,480 $30,800 $36,960 <br />3 $20,790 $34,650 $41,580 <br />4 $23,100 $38,500 $46,200 <br />5 $24,960 $41,600 $49,920 <br />6 $26,790 $44,650 $53,580 <br />7 $28,650 $47,750 $57,300 <br />8 $30,480 $50,800 $60,960 <br />Source: Minnesota Housing Finance Agency <br />The following are key points from Table 4 and 5: <br />• The overall median household income in the Market Area is estimated at $69,400 in 2005. <br />This is higher than the Twin Cities Metro Area (7 county) median household income of <br />$62,500 (the median family income in the Twin Cities is $77,000). <br />• Median incomes peak in the 45 to 54 age group at roughly $81,300, as these householders are <br />generally in their peak earning years. Seniors over age 75 had the lowest median income at <br />roughly $25,600. While their incomes are lower, most seniors also have fewer expenses and <br />often own their home out -right. <br />• The youngest householders are strong candidates for affordable housing, since they tend to <br />have lower incomes, less savings, and typically do not have equity in an existing home. In <br />2005, the median income of 15-24 year old households was $47,000 in the PMA and SMA, <br />combined. <br />• By 2010 the median household income is expected to rise to more than $78,000 in the total <br />Market Area. Incomes in the PMA are expected to rise at a greater rate than incomes in the <br />SMA. Senior incomes are also expected to rise by a greater percentage then the other age <br />cohorts in the Market Area. <br />• In 2005 there are estimated to be 23,800 households in the Market Area that qualify as work- <br />force households and fit into the 15-64 age cohort. Based on a 13% increase in the median <br />income we estimate that by 2010 this number will increase to 25,821 households. <br />MAXFIELD RESEARCH INC. <br />11 <br />