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6Lino Lakes Economic Development Strategic Plan <br />AFFORDABILITY <br />When looking at the affordability of housing, the City has a housing affordability index of 185 compared to the MSA <br />rating of 146. The housing affordability index is based on the level of the median income of an area to qualify for a <br />mortgage on a home at the median home price. An index of 100 means that households with a median income will not <br />be a cost burden for housing costs. <br />Housing <br />While population growth and a higher per capita income are a positive for the community, they <br />can present several challenges for the City. One of these challenges is the availability and cost <br />of new housing for new residents and residents looking to move up in the type of housing. This <br />housing market activity can cause an increase in the selling price and value of homes resulting in <br />homes being less affordable for new and younger families. <br />The aging of the housing stock will also present opportunities for the community as those moving into those units <br />begin to update and replace systems (e.g., furnaces, air conditioning, and appliances) increasing the need for <br />additional services. Areas with housing stock that has outlived its useful life span may provide the opportunity for <br />redevelopment as the city continues to grow and develop. <br />MEDIAN HOME VALUE <br />The City currently has a median home value <br />of $333,076 compared to the Minneapolis/St. <br />Paul MSA value of $297,739. While this higher <br />value has advantages for the City and current <br />homeowners, it may prevent new families from <br />owning a home. <br />AGE OF HOUSING STOCK <br />Lino Lakes is a young community that has seen <br />significant growth over the last 20 years. The City <br />is now seeing an aging of the current housing <br />stock with a majority of the housing being <br />constructed prior to 2000. Over 73% of the <br />current housing stock is 20 years old or older.