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City of Arden Hills – 2030 Comprehensive Plan <br />percent of the Twin Cities median family income. In 2007, the area median <br />income for the seven-county Minneapolis-St. Paul area adjusted by the <br />Department of Housing and Urban Development for a family of four was $78,500. <br />Therefore, in 2007, housing was considered affordable if annual housing costs <br />for a family of four do not exceed 30 percent of $47,100, which translates to <br />$14,130 per year or $1,177.50 per month for housing. While the purchasing <br />power of $1,177.50 per month depends on interest rates and other household <br />factors, it could be sufficient to purchase a home that is priced in the range of <br />$150,000. <br />To implement the Livable Communities Act in 2007, the Metropolitan Council <br />uses as the upper limit of affordability for ownership purchase price and monthly <br />rents, the following dollar amounts: <br />Table 7.5 - 2007 Owned Occupied Affordable Housing Prices <br />Household Income Level:Affordable Home Price <br />80% of area median income ($62,800)$206,800 <br />60% of area median income ($47,100)$152,000 <br />Source: Metropolitan Council <br />Table 7.6 - Rental Housing Affordable Prices <br />2007 RENTAL HOUSING <br />*Monthly gross rent including tenant-paid utilities, <br />Bedroom size: <br />affordable at 50% of area median income <br />Efficiency$687 <br />1 bedroom$736 <br />2 bedrooms$883 <br />3 bedrooms$1,020 <br />4 bedrooms$1,138 <br />Source: Metropolitan Council <br />The mean assessed value of housing in Arden Hills in 2007 was $291,778 with a <br />median of $272,100 (Figure 7.7). Based on 2007 assessed property values from <br />Ramsey County, 25 percent of the housing was at or below the affordable home <br />price of $206,800 and approximately 13 percent was at or below $152,000. <br />In January of 2006, the Metropolitan Council released a report entitled <br />“Determining the Affordable Housing Need in the Twin Cities 2011-2020”. The <br />report not only forecasts the regional need by 2020 for newly constructed, <br />affordable housing but it allocates each community’s share of the regional need. <br />The total need for newly constructed housing in the Twin Cities is estimated to be <br />51,000 units between 2011 and 2020. <br />Approved: September 28, 2009 <br />7-8 <br />