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Ramsey will evolve through citizen -driven, collaborative processes that respect the balance and connectivity between its unique urban, rural, and natural environment for current and future generations. Summary of Existing Housing Within Ramsey, most of the homes are owner -occupied, and rentals are approximately 11% of the total housing units Ramsey has a healthy vacancy rate, less than 3%, showing the high demand for housing units within Ramsey. Approximately 96% of all housing units in Ramsey are single family homes, both attached and detached. Only 4% of all housing units are multi -family units. Likely, future housing growth will be single family in the northern portions of the City, which represent and maintain Ramsey's rural character. Areas near The COR represent areas where multi -family housing is more likely to occur in the future, this area represents the urban, transit -oriented growth around the Northstar Commuter Rail Station. The Future Land Use Map and Development Maps show future areas that are likely to change in land uses. There are areas in the northern half of the City that will likely accommodate future single family housing development projects. 17% of all Ramsey households are cost -burdened, and the percent of lower income residents who are cost - burdened (spending more than 30% of their income on housing) is much higher than higher income residents. Creating and maintaining affordable housing options is a key priority for the City of Ramsey, in order to support these residents. In summary, the existing housing assessment shows that there are residents who could use assistance from the City in order to reduce their housing costs. One route to reduce the number of cost -burdened residents is to provide additional housing options, including affordable housing options, across the City. The existing housing assessment also shows that housing in Ramsey is sought-after. There is a low vacancy rate, and a low rental rate, which means that those who want to move to Ramsey likely have to buy a single family home in order to move to the community. In order to provide options for all types of residents, at all stages of life, different housing options, including multi -family options and single family rentals, the City should support these types of projects. Most of the homes in Ramsey were built in 1970 or after, with very few built after 2010. Many of these homes will likely need reinvestment in coming years, such as putting in a new roof, updating well and septic, or upgrading the interior finishes in the home. The City could consider options to providing incentives for homeowners to make these improvements. Land Supply The Future Land Use Map guides the future land uses for the entire City of Ramsey. The areas designated low density, medium density, and high density residential are sufficient to absorb the City's necessary growth in housing and affordable housing allocations. The mass of the affordable housing allocation will likely be in The COR area, which provides flexibility and density bonuses for projects near the Northstar Commuter Rail Station. With the City of Ramsey's knowledge of the area and land that is likely to develop, or projects that have been started on vacant land, the City does not expect to have any issues meeting the projected growth or affordable housing allocation. City of Ramsey 2040 Comprehensive Plan Update Housing Plan Page 12 of 23