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

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EXECUTIVE SUMMARY Purpose and Scope of Study Maxfield Research and Consulting LLC (i.e. "Maxfield Research") was engaged by the City of Ramsey to conduct a Comprehensive Housing Market Study for the City of Ramsey. The Hous- ing Market Study provides recommendations on the amount and types of housing that should be developed in order to meet the needs of current and future households who choose to re- side in Ramsey. The scope of this study includes: an analysis of the demographic and economic characteristics of the City; a review of the characteristics of the existing housing stock, building permit trends, and residential land supply; an analysis of the market condition for a variety of rental and for - sale housing products; and an assessment of the need for housing by product type in the City. Recommendations on the number and types of housing products that should be considered in the City are also supplied. Demographic Analysis • As of the 2010 Census, the City of Ramsey had 23,668 people and 8,033 households. The City of Ramsey is estimated to have grown by 3,494 people and 1,479 households between 2010 and 2019 and forecast to increase by another 6,188 people and 1,988 households be- tween 2019 and 2030. • From 2019 to 2024, growth is expected in all ages except in those ages 20 to 24 and in 45 to 54 year olds. The under-20 and 35 to 44 age cohorts are projected to have the greatest numeric growth increasing by 557 people, while the 75+ age cohort is projected to have the greatest percentage growth in Ramsey increasing by 70% between 2019 and 2024. • The City of Ramsey had an estimated median household income of $92,484 in 2019. Non - senior household median incomes peak in the 45 to 54 age group at $105,140. The median income for seniors age 65 to 74 is $79,049 and for 75+ is $43,351. • Between 2000 and 2017, homeownership rates decreased from 97% to 87% in the City of Ramsey. The decline was a result of lender -mediated properties during the Great Recession and the rental housing market that is currently booming in Ramsey. • Married without children households accounted for the highest household type percentage in 2017 at 39%. However, married with children is the second largest household type ac- counting for about 29% of households in Ramsey. MAXFIELD RESEARCH AND CONSULTING 1