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HOUSING AFFORDABILITY 63 <br />Introduction 63 <br />Rent and Income Limits 63 <br />Housing Cost Burden 66 <br />Housing Costs as Percentage of Household Income 68 <br />RENTAL MARKET ANALYSIS 70 <br />Introduction 70 <br />Overview of Rental Market Conditions 70 <br />General Occupancy Multifamily Rental Properties 75 <br />Licensed Rental Ordinance 82 <br />Rental Housing Comparison 82 <br />SENIOR HOUSING ANALYSIS 86 <br />Senior Housing Defined 86 <br />Senior Housing in Ramsey 87 <br />Senior Housing and Demographic Comparison 92 <br />FOR -SALE HOUSING ANALYSIS 94 <br />Introduction 94 <br />Overview of For -Sale Housing Market Conditions 94 <br />Home Resales by Price Point 98 <br />Home Resales per Square Foot ("PSF") 100 <br />Current Supply of Homes on the Market 104 <br />New Construction Housing Activity 110 <br />PLANNED AND PENDING HOUSING DEVELOPMENTS 120 <br />Planned and Pending Housing Developments 120 <br />HOUSING DEMAND ANALYSIS 122 <br />Introduction 122 <br />Demographic Profile and Housing Demand 122 <br />Housing Demand Overview 123 <br />Estimated Demand for General Occupancy Rental Housing 127 <br />Estimated Demand for Market Rate Active Adult Senior Housing 129 <br />Estimated Demand for Subsidized/Affordable Active Adult Senior Housing 131 <br />Estimated Demand for Independent Living (Congregate) Senior Housing 132 <br />Demand Estimate for Assisted Living Housing 134 <br />Estimated Demand for Memory Care Housing 137 <br />Estimated Demand for For -Sale Housing 138 <br />RECOMMENDATIONS AND CONCLUSIONS 141 <br />Introduction/Overall Housing Recommendations 141 <br />Recommended Housing Product Types 144 <br />