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Senior Housing Demand Assessment: Ramsey, MN <br />Senior Housing Demand Calculations <br />Tables 7 through 11 provide demand calculations for the number of independent living, <br />assisted living, and memory care units that can be supported in the PMA in 2025 and 2030, <br />along with an estimate on the number of units that can be supported on the Site in Ramsey. <br />Demand for assisted living and memory care housing is calculated for market rate ("private <br />pay") and Elderly Waiver units. <br />The Elderly Waiver program funds home -and community -based services for people ages 65 and <br />older with an annual income below $15,660 (singles) and assets below $3,000 and require the <br />level of care provided in a nursing home but choose to reside in the community. Single seniors <br />with incomes above the limit are still eligible for the program with a spenddown. The Elderly <br />Waiver cost for an individual cannot be greater than the estimated nursing home cost for that <br />same individual. <br />Independent Senior Living <br />As shown in Table 7, unmet demand for independent living housing on the Site in Ramsey is <br />calculated for 130 units in 2030. The points below summarize the demand methodology. <br />The target market for independent living housing is senior households age 75+ with incomes of <br />$55,000 or more plus homeowners with incomes below $55,000 who would qualify with the <br />proceeds from a home sale. There would also be some limited demand from seniors under age <br />75. These seniors are the "age/income-qualified base." A capture rate — or "penetration rate" — <br />is applied to the income -qualified base of younger and older seniors. The penetration rates are <br />based on the penetration rates being achieved for independent living across the Twin Cities <br />Metro Area. Applying the penetration rates to the age/income-qualified base results in demand <br />for 143 independent units in 2025, growing to 185 units in 2030. <br />It is estimated that seniors currently residing outside the PMA will generate 30% of the total <br />demand for independent senior housing. This demand from outside the PMA increases total <br />demand to 204 units in 2025 and 264 units in 2030. This demand from outside the PMA will <br />consist primarily of parents of adult children living in the local area. <br />The number of existing competitive units (minus a 5% vacancy factor) is subtracted from the <br />total demand resulting in unmet demand for 157 units in the PMA in 2025. No pending <br />developments that would increase the competitive supply of independent living in the PMA <br />were identified. Subtracting existing units from 2030 total demand results in unmet demand <br />potential in the PMA for 216 units in 2030. <br />No single location or development can capture all the demand in a PMA. Based on the <br />geographic size of the PMA and the Site's location within the PMA, it is estimated that the Site <br />can capture 60% of the unmet demand potential. This results in unmet demand on the Site for <br />94 independent living units in 2025 increasing to 130 units in 2030. <br />Viewpoint Consulting Group, Inc. <br />Page 14 <br />November 5, 2025 <br />