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8.1 HRA Handout 03-03-2025f6 ndc)L+ 31-3 j, 2024 Sherburne County Housing Study I Elk River Excerpts 3/3/25 • Population Projections 2020 - 2030 o Elk River: 25,835 -> 29,119 (+3,284, 12.7%o) o Sherburne: 97,183 -> 106,809 (+9,626, 9.9%) • Housing Demand 2024 - 2030 o For Sale ■ Elk River: 712 (498 SF, 214 MF) ■ Sherburne: 2,118 (1,584 SF, 534 MF) o Rental ■ Elk River: 347 (208 MR, 87 Aff, 52 Sub) ■ Sherburne: 926 (528 MR, 260 Aff, 138 Sub) o Senior ■ Elk River: 489 (268 AA, 221 SE) ■ Sherburne: 2,205 (1,495 AA, 710 SE) o Total (FS, R, S) ■ Elk River: 1,548 ■ Sherburne:5,249 • For Sale Market Analysis o Median Resale Value 2023 ■ Elk River: $418,000 ■ Sherburne: $375,000 Year No. Sold Avg. Sold Price Median Sold Price Avg. Time on Market' Elk River Submarket 2015 415 $236,654 $228,000 83 2016 365 $255,150 $242,000 66 2017 334 $285,277 $272,000 51 2018 396 $292,078 $280,450 48 2019 440 $308,230 $294,950 57 2020 484 $338,978 $330,000 50 2021 491 $388,788 $375,000 21 2022 377 $419,735 $405,005 29 2023 259 $421,300 $399,900 47 2024* 91 $425,367 $418,000 87 Pct. Change 15 to 19 6% 30% 29% -- 20 to 23 -46% 24% 21% -- 15 to 23 -38% 78% 75% -- • Rental Market Analysis o Vacancy Rate ■ Elk River: 3.2% ■ Sherburne:3.1% ■ Industry Standard: 5% o Median Contract Rent 2024 (all types) ■ Elk River: $1,096 ■ Sherburne County: $1,053 • Existing Senior Housing in Elk River: 530 o Active Adult: 323 ■ Subsidy:139 • Angel Ridge: 53 • Guardian Oaks: 63 • Elk Terrace: 23 ■ Owner Occupied: 124 • Pullman Place: 65 • Elk Run Village: 59 ■ Market Rate: 60 • Evans Park: 36 • Riverview Apartments: 24 o Independent Living (with services): 37 ■ Elk River Senior Living: 37 o Assisted Living: 96 ■ Elk River Senior Living: 36 ■ Guardian Angels by the Lake: 60 o Memory Care: 74 ■ Elk River Senior Living: 24 ■ Beehive Homes: 20 ■ Guardian Angels by the Lake: 30