Agenda - Planning Commission - 05/03/2018

Home

Existing Housing Supply The following tables and figures represent the current context of the City of Ramsey. The data for the following tables, graphics, and narratives were provided by the Metropolitan Council or the American Community Survey 2016 5-Year Estimates. The City of Ramsey had approximately 8,776 units in 2016, as estimated by the American Community Survey 2016 5-Year Estimates. The Metropolitan Council estimated a slightly higher number for housing units in Ramsey — 8,896. Total Housing Units According to the American Community Survey (ACS) 2016 5-Year Estimates, the City of Ramsey has 8,776 units The majority of these, 97 percent, are occupied housing units. Total housing vacancy was approximately 2.6% in 2016. This low vacancy rates shows a demand for existing housing units Due to movement in and out of units, housing vacancy cannot reach zero percent. 2.6% vacancy is an extremely healthy vacancy rate for the City of Ramsey and is on par with other cities in the region. Table 2: Unit Type Occupied Housing Units Vacant Housing Units Total Housing Units Source: ACS 2016 Estimates Total Units 8,544 232 8,776 Total Existing Affordable Housing Units Affordable housing is based upon the Area Median Income (AMI) of the region. Half of those in the region earn more than the AMI, and half earn less than the AMI. Housing policies for affordable housing are based upon income thresholds related to this AMI. In the Twin Cities Metropolitan Region, the U.S. Department of Housing and Urban Development (HUD) has defined the following affordability levels for a family of four. Table 3: Affordability Level Number of Units Affordable at 30°A° AMI 128 Affordable from 31 — 50% AMI 990 l Affordable from 51 — 80% AMI 5,606 l Total Affordable Units 6,724 Source: Metropolitan Council Existing Housing Assessment, total housing units 8,896 City of Ramsey 2040 Comprehensive Plan Update Housing Plan Page 3 of 23