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Senior Housing Demand Assessment: Ramsey, MN <br />► The target market for senior housing with support services is generally senior households <br />age 75 and older with incomes of at least $55,000 (plus some senior homeowners with <br />lower incomes). In 2025, an estimated 550 households age 75 and older in the PMA have <br />incomes of at least $55,000. By 2030, about 735 households age 75 and older are projected <br />to have incomes of at least $60,000 (increased from $55,000 to adjust for inflation). It <br />should be noted that senior housing with personal care services will primarily serve seniors <br />age 80+. Also, since assisted living and memory care housing are predominately need <br />driven, seniors with lower incomes are still candidates for private pay housing if they have <br />home equity or other savings that they can utilize to pay for the costs. <br />Senior Household Tenure <br />► Seniors who own their homes have an additional source of income through the sale of their <br />home that can be utilized to afford market rate housing. Seniors in the PMA have a high <br />homeownership rate compared to the Twin Cities Metro Area (89.3% for 65+ households in <br />2020 compared to 75.7% metrowide). <br />► There is normally a significant drop in the homeownership rate among the age 75+ <br />population since rental housing becomes more predominant as seniors' care needs rise <br />and/or they no longer desire to maintain a single-family home. However, in the PMA the <br />homeownership rate among age 75+ households remains at 84%. This indicates a potential <br />lack of senior housing options in the PMA. <br />Home Value Trends <br />► Seniors can use the proceeds from the sale of their home to offset the cost of senior <br />housing. The estimated median home value is $399,563 in 2025. In comparison, the median <br />home value in the Twin Cities is estimated at $419,048. <br />► A senior selling their home for $399,000 could receive an investment return of <br />approximately $920 monthly from the sale (sale price minus 7% sales agent fees, and a 3% <br />annual return on their investment). If a senior uses the full home sale proceeds towards the <br />cost of alternative housing, the home sale proceeds would cover the costs at an assisted <br />living facility ($5,000 per month) for about six years. At a memory care facility ($7,500 per <br />month), the same amount of home sale proceeds would last about four years. <br />Viewpoint Consulting Group, Inc. <br />Page 5 <br />November 5, 2025 <br />