Agenda - Council Work Session - 04/28/2020

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DEMOGRAPHIC ANALYSIS Summary of Demographic Trends The following points summarize key demographic trends that will impact demand for housing throughout Ramsey. • The City of Ramsey experienced a population increase of an estimated 3,494 people (14.8%) and 1,479 households (18.4%) between 2010 and 2019. • Between 2010 and 2040, Ramsey's population is expected to increase by 65% (15,482 peo- ple) while the number of households is expected to increase by 68% (5,467 households). The City of Ramsey can expect to see continued population growth as it is located near em- ployment opportunities and urban services that would support residential development. More people will choose to locate near their place of work as increasing transportation costs increase the desirability of living close to employment. • In the City of Ramsey, growth is projected to occur in all age cohorts except the 20 to 24- year olds (-8.4%) and the 45 to 54-year olds (-4.3%) between 2019 and 2024. The greatest percentage growth is projected to occur among seniors 75+ age group (69.8%). • Ramsey has an estimated median household income of $92,484 in 2019 and is projected to increase over the next five years to $102,941. There are 93 non -senior households (1.2% of households with incomes less than $15,000) eligible for deep -subsidy rental housing. Me- dian incomes for households in Ramsey peak at $105,140 for the 45 to 54 age group in 2019. Incomes are expected to increase by 11.3% (2.3% annually) between 2019 and 2024 in the Ramsey. • Ramsey had an average net worth of $1,093,026 in 2019 and a median net worth of $305,403. Median net worth is generally a more accurate depiction of wealth than the av- erage figure. A few households with very large net worth can significantly skew the aver- age. • Typically, as income increases, so does the rate of homeownership. Homeownership in the Ramsey increases from 72% of households with incomes below $15,000 to 95% of house- holds with incomes above $100,000. • Between 2010 and 2017, Ramsey experienced an increase in all household types besides married with children households, which decreased by 6%, and roommate households, which contracted by 23%. Married families without children grew the most, adding 645 households (23%). The increase in households married without children can be attributed to couples waiting longer to have children, and the baby boomers aging into empty nester years. • An estimated 23% of renter households in Ramsey in 2017 had either one or two people. MAXFIELD RESEARCH AND CONSULTING 32