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City of Ramsey 2030 Comprehensive Plan Update <br /> Chapter 7:Housing Plan <br /> housing values. Table 3 outlines the estimated market value of housing in Ramsey. The table breaks down <br /> this data according to different categories of affordability. <br /> Table 3: Affordability of Ownership Housing in Ramsey <br /> Affordability Level Approximate Number of Houses Percentage of <br /> Affordable Market at this Estimated Ramsey Homes at <br /> Value* Market Value** This Level <br /> Affordable at 30% of AMI** Under$70,000 22 .03% <br /> Affordable at 60% of AMI $70,001 to $152,000 250 3.3% <br /> Affordable at 80%of AMI $152,001 to $206,800 2,177 28.4% <br /> Affordable at 100% of AMI $206,801 to $250,000 2,740 35.8% <br /> Affordable at Over 100% of Over$250,000 2,464 32.2% <br /> AMI Only <br /> Source:Anoka County Property Tax Data,November 2007 <br /> * These affordable home prices are approximate,based on a household spending 30%of their income on mortgage and <br /> obtaining a mortgage interest rate of 6.5%,with no down payment. <br /> **The median total housing value for 2007 is$216,050 with the average total housing value at$249,813. <br /> **AMI is "area median income" and represents the median household income in the seven county metropolitan area. <br /> This is approximately$78,500 in 2007. <br /> About 28% of the market-rate, ownership housing stock in Ramsey is affordable to households earning 80% <br /> of Area Median Income (AMI), a common standard used in assessing the affordability of housing. However, <br /> there are considerably fewer homes (approximately 4%) available for lower income households in the 60% <br /> and 30% of AMI categories, as Table 2 indicates. Future (2011-2020) metropolitan area targets for <br /> affordable housing will focus on the lower income households making at or below the 60%AMI rather than <br /> 80%AMI. <br /> Housing Cost: Rental <br /> Although there are relatively few rental options in Ramsey, the majority of the rental housing is market-rate <br /> affordable. Table 4 represents the rental prices for Ramsey's units. According to the Metropolitan Council's <br /> "affordable rent" definition, 115 (52% of the total) of the rental units in Ramsey are affordable to a family <br /> earning 50% of the area median income. <br /> Table 4: Rent Prices in Ramsey <br /> Number of Rent Levels <br /> Units <br /> Market-rate Senior 50 $700-1,000 <br /> General Occupancy-Subsidized 33 $700-1,000 <br /> Market-rate apartments 32 $600-850 <br /> Market-rate townhomes 98 $1,00041,500 <br /> Market-rate Single Family 10 $1,500 <br /> Total Rental Units 223 <br /> Source: Maxfield Study,January 2006& City of Ramsey 2005 <br /> Housing Foreclosures <br /> Home foreclosures can have an impact on a neighborhood and community with deferred maintenance and <br /> vacant homes. <br /> City ofRamsey 2030 Comprehensive Plan Page 7-7 <br />