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families without children, and 37% are families with school -aged children. The average household size is 2.59 people, which is on par with the state and the national average. Households in Arden Hills are more educated on average than those in other cities in the metropolitan area. More than 62% of adults in Arden hills have a four-year degree. The average annual wage in Arden Hills is about $82,313. The median household income in Arden Hills is $128, 700. The median is the mid -point of the range between the lowest household income and the highest. 50 percent of households in Arden Hills earn less than that and 50 percent of households earn more. Of the total population, about 4 percent lives below the Federal Poverty level. This represents approximately $15,000 in annual income for an individual or $31,200 for a family of four. Arden Hills is a very diverse community in terms of land uses. Approximately 22% of Arden Hills consists of residential land uses, including multifamily properties. Nine percent of the land uses are institutional, mostly represented by the two colleges and the public facilities owned/managed by the City, County, and Federal government. Residential land in Arden Hills is primarily developed as typical single-family home lots with one residential unit on the property. In addition, there are 276 manufactured home lots, 839 multi- family units (these are in buildings that contain five or more units), and approximately 362 homes that have between two and four units in them, including townhomes, duplexes, triplexes, and four- plexes. The homeownership rate in Arden Hills is more than 83% of all households. The median estimated market value of a single-family home is $423,800. Attachment C, Figure 7.7 from the adopted comprehensive plan shows the value of homes throughout the city. This is higher than the region and the county by more than $50,000. The median gross rent in Arden Hills (this includes rents and mortgage payments) is $1,847. Finally, in Arden Hills, there are many cost -burdened households. Twenty-one percent of all households are considered cost -burdened, according to U.S. Census data. This represents approximately 16 percent of owner -occupied households and 50 percent of renter households. Cost -burdened households are those paying more than 30 percent of their income for housing costs. As a fully developed city, Arden Hills has limited land (outside of Rice Creek Commons) to develop or redevelop for new neighborhoods and/or new housing, especially larger scale apartment homes. The Comprehensive Plan does identify goals, strategies, and tools for addressing the community's needs for affordable places to live. Arden Hills' Housing Chapter Identifies the following overarching goal: Develop and maintain a strong, vital, diverse and stable housing supply for all members of the community. To achieve this housing goal, the following policies are proposed: • Promote the development of a variety of housing options by preserving and increasing high -quality housing opportunities that are suitable for a mix of ages, incomes and household types. • Encourage the incorporation of affordable and life -cycle housing into new development and redevelopment where feasible. • Maintain the quality, safety, and unique character of the City's housing stock. • Preserve and strengthen the community's neighborhoods to maintain a high quality of life for residents. Encourage housing development and redevelopment that is complimentary to and enhances the character of the City's established neighborhoods. Page 3 of 9