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HOUSING DEMAND ANALYSIS <br />TABLE HD-2 <br />MARKET RATE ACTIVE ADULT HOUSING DEMAND <br />CITY OF RAMSEY <br />2019 and 2024 <br /># of Households w/ Incomes of >$35,000' <br /># of Households w/ Incomes of $25,000 to $34,999' <br />(times) Homeownership Rate <br />(equals) Total Potential Market Base <br />(times) Potential Capture Rate <br />(equals) Demand Potential <br />Potential Demand from Residents <br />(plus) Demand from Outside Ramsey (25%) <br />(equals) Total Demand Potential <br />(times) % by Product Type <br />(equals) Demand Potential by Product Type <br />(minus) Existing and Pending MR Active Adult Units` <br />2019 <br />2024 <br />Age of Householder Age of Householder <br />55-64 65-74 75+ 55-64 65-74 75+ <br />1,767 1,051 268 1,896 1,249 417 <br />53 <br />93% <br />1,816 <br />46 <br />94% <br />1,094 <br />51 <br />94% <br />316 <br />x 1.5% 8.5% 15.0% <br />= 27 93 47 <br />= 168 <br />+ 56 <br />= 224 <br />Owner - <br />Occupied <br />x 25% <br />= 56 <br />0 <br />Renter - <br />Occupied <br />x 75% <br />= 168 <br />48 <br />+ 64 <br />x 93% <br />= 1,956 <br />69 <br />94% <br />1,314 <br />85 <br />94% <br />497 <br />x 1.5% 8.5% 15.0% <br />= 29 112 75 <br />v <br />= 216 <br />+ 72 <br />= 287 <br />Owner - <br />Occupied <br />x 25% <br />= 72 <br />0 <br />Renter - <br />Occupied <br />x 75% <br />= 216 <br />213 <br />(equals) Excess Demand for MR Active Adult Units <br />= 56 <br />120 = 72 <br />= 3 <br />12024 calculations define income -qualified households as all households with incomes greater than $40,000 and homeowner households with incomes between $30,000 and <br />$39,999. <br />Existing and pending are deducted at market equilibrium (95% occupancy). <br />Source: Maxfield Research & Consulting, LLC <br />Adjusting for inflation, we have estimated that households with incomes of $40,000 or more <br />and homeowners with incomes of $30,000 to $34,999 would income qualify for market rate in- <br />dependent senior housing in 2024. Considering the growth in the older adult base, the income <br />distribution of the older adult population in 2024, and under construction units at the Affinity <br />at Ramsey, the methodology projected that demand will be 72 adult owner -occupied units and <br />3 adult rental units in the City of Ramsey. <br />MAXFIELD RESEARCH AND CONSULTING 130 <br />