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Senior Housing Demand Assessment: Ramsey, MN <br />Market Rate Memory Care <br />Table 10 calculates unmet memory care demand on the Site in Ramsey for 47 units in 2030. Like <br />assisted living, this demand is for market rate units and does not include additional demand <br />from lower -income seniors who could utilize the Elderly Waiver program to pay for services. <br />The following points summarize the demand methodology. <br />Demand is calculated by multiplying the PMA age 65+ population in 2025 and 2030 by the <br />incidence rate of Alzheimer's/dementia (based on data from the Alzheimer's Association: <br />Alzheimer's Disease Facts & Figures). An estimated 449 seniors living in the PMA as of 2025 <br />have memory impairment. <br />Due to the high cost of memory care housing, the income needed to afford market rate <br />memory care is much higher than independent and assisted living housing. To afford memory <br />care rents, seniors will generally need incomes of at least $105,000 or have assets available, <br />such as the proceeds received from the sale of a home. Overall, it is calculated that 48% of the <br />senior population in the PMA in 2025 is income -qualified for market rate memory care housing <br />(with about half of the income -qualified seniors being homeowners with incomes below <br />$105,000). <br />The majority of seniors with dementia are able to live independently with the assistance of a <br />caregiver, while those in the latter stages of dementia require intensive medical care that is <br />only available in skilled nursing facilities. Some also choose other types of housing like adult <br />foster care. An estimated 30% of age/income-qualified people with memory impairment <br />constitute the market for memory care housing. <br />An estimated 30% of the demand for memory care housing would come from seniors residing <br />outside of the PMA. This additional demand brings the total demand within the PMA to 91 units <br />in 2025 growing to 121 units in 2030. <br />The competitive supply is then subtracted from the total demand to reveal unmet demand. A <br />total of 54 competitive units were identified serving the PMA. Subtracting these competitive <br />units (minus 15% estimated to be occupied by Elderly Waiver residents and a 5% vacancy <br />factor) results in unmet demand for 48 memory care units in 2025. No pending memory care <br />developments in or near the PMA that will increase the competitive supply were identified. <br />Subtracting the existing competitive units from the total demand results in unmet demand for <br />78 units in the PMA in 2030. <br />It is estimated that the Site in Ramsey can capture 60% of the unmet demand potential in the <br />PMA. This results in unmet demand on the Site for 29 units in 2025, growing to 47 units in <br />2030. <br />Viewpoint Consulting Group, Inc. <br />Page 20 <br />November 5, 2025 <br />