Agenda - Council - 08/27/2019 - Laserfiche WebLink

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Ms. Chloe McGuire Brigl City of Ramsey August 15, 2019 Page 2 1. Population and household growth have been strong this decade, but down compared to last decade (+28%). However, growth is projected to pick up next decade increasing by 23%. New growth will result from continued for -sale development and multifamily housing con- structed in the neighborhoods within or adjacent to the COR. This area will be favored for higher density housing due to the proximity to transit, retail, services, and parks. 2. The largest adult age cohorts in Ramsey are those ages 45 to 54 years old ("Gen X") and those 25 to 34 years old ("Millennials"). Both age cohorts account for nearly 15% of the population in 2019. Many of the Gen X generation are move -up homebuyers today; while the Millennial generation consists primarily of rents and first-time home buyers. 3. Baby boomers (born 1946 to 1964) and other older adults are aging and posting substantial growth over the next five years (+22% 65 to 74 years old and +70% 75+ year old's). These cohorts also have high homeownership rates and will seek alternative maintenance -free housing products (both rental and for -sale). 4. Ramsey has larger household sizes compared to Anoka County and the Metro Area and is composed of a higher percentage of three- and four -person households (families with chil- dren). Nearly 40% of all households in the city are three- or four -person households, while just over a third are two -person households. Only 15% of Ramsey household are living along; compared to 29% in the Metro Area. 5. The City of Ramsey residents are relatively affluent compared to neighboring communities posting median household income of $92,484 in 2019 (compared to $79,980 in Anoka County). Non -senior households (Under 65) median incomes are $106,309, while median income for seniors (65+) are $76,448. 6. The median year built for a home in Ramsey is 1993 and over 50% of the housing stock was built in the past two decades. As such, Ramsey has a newer housing stock compared to most Twin Cities suburban communities. At the same time, about 23% of the housing stock in Ramsey was constructed in the 1970s, a portion of the housing stock in Ramsey may be in need of remodeling programs that reinvestment into the city's owner and renter housing stock. 7. Since the recession, Ramsey has experienced significant new apartment development this decade. Over 515 units multifamily developments have been delivered since 2008, while nearly 500 additional units are in the planning phases. Most of this new construction has been developed in the COR. 8. Based on the rental rates among the rental housing stock inventoried in Ramsey, about 38% of the market rate rental units are considered affordable at 50% and 60% AMI. Although the majority of new rental housing in Ramsey is considered move -up or luxury rentals; 62% of all units in Ramsey are considered affordable at 80% AMI. Because the rental housing MAXFIELD RESEARCH AND CONSULTING, LLC