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Section 2. -HRA Housing Needs Assessment: <br />2.1 Why is housing important? <br />Housing is irrrportant because �here are over ��F�housing units in the Ci�y of <br />Roseville of which 60 % of those units are more than 35 years in age. Homes over <br />35 years of age typically require some level of maintenance and repair as well as <br />modernization. The City's housing supply was valued at $2.2 billion in 2003. <br />Although housing represents 60% of the market value of the City it is only 38% of <br />the tax base and covers only 38% of the land area. Approximately two-thirds of <br />th e housing is owner occupied with an average o f 2.44 people per household. <br />Renters make up 32% of the households with an average 1.69 people per household. <br />People per household have been declining since the 1970's when the City had over <br />3.3 residents per household. <br />Housing is an aging investment and is critical to the qualify o f life in fhe <br />community. Because it is the sector of the community with the most private <br />investment ($2.2 billion), it is important to continually upgrade the housing supply <br />to preserve its functionality and value in the City. As an indicator, median housing <br />prices in the City are escalating slowly, however, the median value is not increasing <br />at the same rate as surrounding communities. As the quality and value decline, the <br />City is not capable of competing f o r new young families. These families help <br />generate the needed state aid per pupil funding of the two school districts which <br />has traditionally been one of the key reasons people put down strong roots and ties <br />to the community. <br />The challenge of the HRA over the next 5-10 years is to provide programs that <br />bring new families into the community to ensure that there is a continuous balance <br />in price, product and people within the community. <br />2.2 Existing Demography & Conditions <br />The following is a review of the City's housing demographyand its condition <br />(number of units, type, age and value). The information was reviewed by the HRA <br />in its evaluation of housing goals for the City. The information is provided from a <br />variety of sources compiled by the City's Community Development Department. <br />Those sources include th e 2000 Census, Ramsey County value and type records, <br />�xcensus and GVA Marquette. The following is a summary of that compilation of <br />data. <br />Housing Plan — 2005 Page 3 Rosevil�e �I�tA <br />