Laserfiche WebLink
HOUSING DEMAND ANALYSIS <br />TABLE HD-3 <br />DEEP-SUBSIDY/SHALLOW SUBSIDY ACTIVE ADULT HOUSING DEMAND <br />CITY OF RAMSEY <br />2019 and 2024 <br />8 of Households w/ Incomes of <$35,000' <br />Less Households w/ Incomes of $30,000 to $34,999' <br />(times) Homeownership Rate <br />(equals) Total Potential Market Base <br />(times) Potential Capture Rate <br />(equals) Demand Potential <br />(equals) Potential Demand from Residents <br />x <br />1= <br />2019 2024 <br />Age of Householder Age of Householder <br />55-64 65-74 75+ 55-64 65-74 75+ <br />166 201 149 170 220 255 <br />26 23 25 - 43 47 50 <br />93% 94% 94% x 93% 94% 94% <br />142 179 126 130 176 208 <br />1.5% 10.0% 20.0% 1.5% 10.0% 20.0% <br />2 18 25 2 18 42 <br />= 45 = 61 <br />(plus) Demand from outside Ramsey (30%) + 19 + 26 <br />(equals) Total Demand Potential = 65 = 87 <br />Deep -Subsidy Shallow -Subsidy Deep -Subsidy Shallow -Subsidy <br />(times) % by Product Type x 25% x 75% 25% x 75% <br />(equals) Demand Potential by Product Type = 16 = 48 22 65 <br />(minus) Existing and Pending Sub-Aff Active Adult Units' 0 0 - 0 - 0 <br />(equals) Excess Demand for Aff/Sub Units = 16 = 48 22 65 <br />' 2024 calculations define income -qualified households as all households with incomes less than $40,000. Homeowner households with incomes between $35,000 and $39,999 are excluded from the <br />market potential for financially -assisted housing. <br />x Existing units are deducted at market equilibrium, or 97% occupancy. <br />Source: Maxfield Research & Consulting, LLC <br />Estimated Demand for Independent Living (Congregate) Senior Housing <br />Table HD-4 presents our demand calculations for congregate housing in Ramsey in 2019 and <br />2024. <br />The potential age- and income -qualified base for congregate senior housing includes all senior <br />(65+) households with incomes of $35,000 as well as homeowner households with incomes be- <br />tween $30,000 and $34,999 who would qualify with the proceeds from the sales of their <br />homes. The proportion of eligible homeowners is based on the 2017 ACS homeownership rates <br />of the Ramsey seniors. The number of age, income, and asset -qualified households in Ramsey <br />is estimated to be 1,364 households in 2019. <br />Demand for congregate housing is need -drive, which reduces the qualified market to only the <br />portion of seniors who need some assistance. Adjusting to include appropriate capture rates <br />for each age cohort (1.5% of households age 65 to 74 and 13.5% of households age 75 and <br />older) results in a local demand potential for 55 congregate units in 2019. <br />We estimate that seniors currently residing outside of the Ramsey will generate 25% of the de- <br />mand for congregate senior housing. Together, the demand from Ramsey seniors and demand <br />from seniors who are willing to locate to the Ramsey totals 74 congregate units in 2019. <br />MAXFIELD RESEARCH AND CONSULTING 132 <br />