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Ms. Chloe McGuire Brigl <br />City of Ramsey <br />August 15, 2019 <br />Page 3 <br />stock in Ramsey is newer, market rate rents are higher than other Anoka County communi- <br />ties. The new rental housing development in the COR has targeted "lifestyle renters" or <br />those with higher incomes who have enough money to buy a house but choose to rent for <br />the convenience and lifestyle. Many of these renters may be cost burdened, but they <br />choose so for the location, amenities, and proximity to transit. <br />9. Housing prices in Ramsey are at the peak; posting a median resale value of $259,594. The <br />median sales price has increased 33% since 2008 and the median days on market is at all- <br />time low, down from 139 days in 2008 to 21 days in 2018. The percentage of lender -medi- <br />ated properties peaked in 2011 (39%) but is about 3% today. Even with the peak housing <br />values, housing costs are relatively affordable compared to last decade given the continued <br />low mortgage interest environment. <br />10. Strong housing demand is projected through 2030. Over this time, demand (after subtract- <br />ing projects in the planning phases) is projected for roughly 550 general -occupancy units <br />and 348 senior housing units. Finally, for -sale housing demand over the next decade shows <br />a need for nearly 1,500 housing units. Based on the current vacant lot supply and lot ab- <br />sorption, newly platted lots will be needed soon to meet the growing demand for new con- <br />struction. <br />Ramsey Demand by Type: 2019 - 2030 <br />Senior Total* <br />Rental Total <br />aJ <br />a <br />I. <br />on <br />2 For -Sale MF <br />For -Sale SF <br />348 <br />373 <br />550 <br />1,104 <br />0 200 400 600 800 1,000 1,200 <br />*Demand shown through 2024 <br />MAXFIELD RESEARCH AND CONSULTING, LLC <br />