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21 <br />• Housing and Neighborhoods: Trends and Conclusions <br />• The City is fully developed with single-family housing at net densities ranging from 2 <br />to 6 units per acre. Existing multi-family housing ranges from 12 to 46 units per acre <br />and is primarily located along Larpenteur Avenue. Overall, Falcon Heights exceeds <br />the Metropolitan Council's 3 unit per acre benchmark. <br />• The City's housing mix has remained remarkably stable but home ownership has <br />decreased from 59.5% in 1990 to 54.0% in 2007, primarily due to the addition of 175 <br />rental apartments in Falcon Heights Town Square. <br />• The City has a rental unit vacancy rate of % and an overall vacancy rate of <br />%, which indicates that there is very little housing available in the City. There is <br />almost no private vacant land available for the development of new housing. <br />• Housing quality is very good. According to the Ramsey County Department of <br />Records and Revenue, all housing was rated Average or better in 2006, except for 12 <br />properties which were rated Fair. None were rated Poor. <br />• Housing values remain strong. In 2000, median value of asingle-family, owner- <br />occupied home was $161,400 compared to a median value of $126,400 in Ramsey <br />County. In 2006, the median value was $273,100, with 90% ofowner-occupied <br />housing valued above $214,500. <br />• Nearly half of the housing stock (47%) was built between 1950 and 1969. Only 18% <br />• has been built since 1970. [To be revised] <br />• Approximately 18% of the City's housing stock (excluding dormitory or group <br />housing) is located on the University of Minnesota campus in Commonwealth <br />Terrace. It is entirely under the jurisdiction of the University. Approximately one <br />third of the City's non-university housing is comprised ofmulti-family units (555). <br />[To be updated with FHTS] <br />• The City has eight existing Section 8 subsidized housing units and no public or <br />subsidized seniors housing. [To be updated] <br />• Rental housing is skewed toward the University of Minnesota student population with <br />a predominance of one and two bedroom units. If there are constituencies whose <br />housing needs are not being met, they are most likely students. [No longer true? To <br />be updated?] <br />• Based on accepted rules of thumb for income/housing cost, there are no <br />constituencies in Falcon Heights whose housing needs are not being met. [Verify] <br />• <br />