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City of Arden Hills - Comprehensive Plan - DRAFT rental housing comprises .15% of the total housing in Arden Hills, which includes one traditional apartment building in Arden Hills with 37 units. The other rental units in apartment style buildings are oriented toward the senior population. According to the 2000 Census, less than 2 percent of the single-family homes in the community were renter occupied. Arden Hills promotes housing diversity through its long-term goals, policies, and strategies. The market is also expected to exert pressure on the City for more housing diversity. As was noted earlier, factors such as an aging population, a population that has more non-family households, and increased numbers of householders living alone is expected to drive demand for more attached, multi- family housing. Muiti-family units expected to be in demand are likely to be oriented toward both owners and renters. 7.4.2 Housing Affordabilily Affordable housing is an issue in every Twin Cities area community. With housing costs outpacing many wages, it is becoming increasingly important to focus on affordable housing,. Because of the disparity of housing costs and wages throughout the Twin Cities, affordable housing continues to be a major initiative of the Metropolitan Council. According to the Metropolitan Council, housing is considered affordable if it is priced at or below 30% of the gross income of a household earning 60% of the Twin Cities median family income. In 2007, the area median income for the seven- county Minneapolis-St. Paul area adjusted by the Department of Housing and Urban Development for a family of four was $78,500. At the present time, housing is considered affordable if annual housing costs for a family of four.do not excee<:l, 30% of $47,100. which translates to $14.130 per year or $1.177.50 per month for housinq. While the purchasinq power of $1.177.50 per month depends on Interest rates and other related factors. it could be sufficient to purchase home that is priced in the ranqe of $150.000_ To implement the Livable Communities Act in 2007, the Metropolitan Council uses as the upper limit of affordability for ownership purchase price and monthly rents, the following dollar amounts: 2007 HOMEOWNERsHIP Household Income Level: Affordable Home Price 80% of area median income ($62,800) $206,800 60% of area median income ($47,100) $152,000 DRAFT 5/15/2008 Deleted: in order to meet the needs of essential community members including teachers, police officers, and retail workers {i)~I~t~d;n~~- ..-.. ...." . - ----- (E~I;~;~~::~~~~__ ......... ...________ l Deleted: - 43