Click here to read more about Elk River’s housing study.
Click here to read about the ups and downs of home building in Elk River since 2000.
by Joni Astrup
“It’s very, very healthy.”
That’s how Matt Mullins of Maxfield Research describes Elk River’s household income.
The median household income in Elk River this year is $82,050, compared to $63,000 in the seven-county Twin Cities metropolitan area.
Median income is a key indicator when it comes to housing, Mullins told a Tuesday joint meeting of the Elk River Housing and Redevelopment Authority and Elk River City Council while going over Maxfield Research’s housing study.
Elk River also fares well in the median net worth of households.
The median net worth of Elk River households in 2012 is $159,710. Mullins said that is very strong and higher than the metro numbers.
Given housing prices today, Mullins said the majority of residents can afford housing in Elk River.
•The median net worth of Elk River households with the age of householder 55-64 is approximately $400,000.
•Median income of Elk River households ages 35-64 is $80,000 plus. For age 25-34, it’s $60,000 plus, a number Mullins described as “very strong.”