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Section 2. -��i.�,. Housing Needs Assessment: 2.1 Why is housing important? Housing is important because there are over 15,000 housing units in the City of Roseville af w�Cic�i 60%of those units are more than 35 years in age. Homes over 35 years c� age typically require some level c� maintenance and repair as well as modernization. The City's housing supply is valued at $2.2 billion. Although housing represents 60%c� the market value c� the City it is only 38%c� the tax base and covers only 38%c£ the land area. Approximately two-thirds of the housing is owner occupied with an average cf 2.44 people per household. Renters make up 32%c£ the households with an average 1.69 people per household. People per household have been declining since the 1970's when the City had over 3.3 residents per household. Housing is an aging investment and is critical to the quality af life in the community. Because it is the sector c� the community with the most private investment ($2.2 billion), it is important to continually upgrade the housing supply to preserve its functionality and value in the City. As an indicator, median housing prices in the City are escalating slowly, however, the median value is not increasing at the same rate as surrounding communities. As the quality and value decline, the City is not capable c£ competing for new young families. These families help generate the needed state aid per pupil funding of the two school districts which has traditionally been one c£ the key reasons people put down strong roots and ties to the community. The challenge c£ the HRA over the next 5-10 years is to provide programs that bring new families into the community to ensure that there is a continuous balance in price, product and people within the community. 2.2 E�sting Demography & Conditions The following is a review cf the City's housing demography and its condition (number c� units, type, age and value). The information was reviewed by the HRA in its evaluation cf housing goals for the City. The information is provided from a variety c£ sources compiled by the City's Community Development Department. Those sources include the 2000 Census, Ramsey County value and type records, Excensus and GVA Marquette. The following is a summary cf that compilation c� data. . There are over 15,200 housing units within the City. . Single family detached homes make up the majority c� these housingunits at 56%. Roseville Comprehensive Plan - 2003 Update Page 3 of 3