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114 <br />Housing Cost Burden <br />According to the Metropolitan Council in 2018, 1,537 households in Ramsey are cost -burdened. <br />Being cost -burdened is defined as spending more than 30% of your annual income on housing <br />costs. Being cost -burdened by housing costs affects lower income residents at a higher rate than <br />higher income residents. <br />In 2016, the ACS data showed that of those households making less than $35,000 annually (which is <br />almost one third of Ramsey households), around 22% of those households spend more than 30% of <br />their annual income on housing costs. The percent of households who spend more than 30% of <br />their annual income on housing costs is much higher for lower income residents. Households that <br />make more than $75,000 per year rarely pay more than 30% of their income to housing costs - less <br />than 2%. <br />Approximately 17% of all households in Ramsey are cost -burdened to some extent. Ideally, no <br />residents in Ramsey would be cost -burdened. While this goal is not realistic or likely even <br />achievable, the City of Ramsey should strive to support housing options at all affordability levels to <br />decrease the burden on its residents. As the City tries to provide housing for all types of residents, <br />at all stages of life, maintaining low costs for residents with lower incomes is extremely important. <br />These types of residents could be seniors with fixed incomes, residents with disabilities, or <br />firefighters, teachers, non-profit workers, etc. The City of Ramsey is proactively working on their <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 54: Household Income Levels <br />Income Levels <br />< 30% AMI <br />Number of Households <br />272 <br />Discrepancy <br />-150 <br />31 - 50%AMI 411 <br />51 - 80% AMI 674 <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 />city of RAMSEY <br />Comprehensive Plan 2040 <br />423 <br />4,726 <br />