Laserfiche WebLink
107 <br />"Could I Be Your Neighbor?" campaign to remove the stigma around low-income housing, as <br />providing low-income housing options reduces the cost -burden for those individuals and families. <br />While there are only 122 housing units affordable to households with income at or below 30% of <br />AMI, there are 272 households that are cost -burdened and have income at or below the 30% AMI <br />threshold. The 150 units differential between available units to cost burdened households means <br />that Ramsey simply does not have the necessary number of units at that affordability level to meet <br />the City's existing need. Comparatively, while there are households that have cost -burden at higher <br />income levels, Ramsey already has a surplus of units deemed affordable at those income levels. <br />Table 7: <br />< 30% AMI 272 -150 <br />31- 50% AMI 411 423 <br />51- 80% AMI 674 4,726 <br />Total 1,357 <br />Source: US Department of Housing and Urban Development, 2010 - 2014 Comprehensive Housing <br />Affordability Strategy (CHAS) Data <br />Assessed Values of Owner -Occupied Housing Units <br />Values above and below $238,500 are shown in the figure below. $238,500 represents the <br />affordable purchase prize for a housing unit in 2015 for those at 80% of AMI. 2015 AMI was <br />$86,600 for a family of four in the Minneapolis -Saint Paul -Bloomington Metropolitan Area. The <br />median value for a home in Ramsey was approximately $210,200 in 2016. Assessed values are <br />typically lower than sale values, especially when homes are selling for above asking price during a <br />busy housing market. The map below shows total market values for housing units across Ramsey, <br />as reported by the Metropolitan Council, in order to attempt to show residential market values <br />more accurately. <br />Table 8: <br />Less than $50,000 329 4% <br />$50,000 - $99,999 141 2% <br />$100,000 - $149,999 851 11% <br />$150,000 - $199,999 2,109 28% <br />$200,000 - $299,999 2,965 39% <br />$300,000 - $499,999 1,067 14% <br />$500,000 - $999,999 131 2% <br />$1,000,000 or more 0 <br />Total Units: 7,593 <br />Median Value: $210,200 <br />Source: ACS 2016 Estimates <br />city of RAMSEY <br />August 2018 Draft <br />Comprehensive Plan 2040 <br />