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home sales prices increasing by $185,000 from about $215,000 to over $400,000 between <br />1997 and 2004, living in Edina is becoming unaffordable for many. <br />Of the more than 21,000 households in Edina, more than 7,700 have Incomes of less than <br />$50,000 per year; nearly 3,300 have incomes of $25,000 or less. Of these 7,700 house- <br />holds, approximately 3,500 pay 30 percent or more of their income for housing, a stan- <br />dard measure of affordability. Lower- and moderate -income workers in Edina are often <br />priced out of its housing market. As housing values outpace the incomes of those who <br />have helped create higher property values (such as teachers, police officers, firefighters, <br />retail/service workers, hospital staff, office workers, nurses, etc.), it becomes difficult for <br />Edina to be their home. <br />This plan aims to protect and enhance Edina as a community of character, openness, and <br />foresight by creating and maintaining a diversity of housing options. The Task Force be- <br />lieves that deliberate attention to Edina's housing is necessary to: <br />• Preserve and enhance the strength of our schools; <br />• Maintain community character; <br />• Foster diversity; <br />• Support Edina businesses' ability to remain competitive in regional and global mar- <br />kets and attract _quality employees; and <br />• Provide lifecycle opportunities for community renewal (provide opportunities for <br />people to live and work in Edina throughout their lives, continually renewing <br />Edina's residential base). <br />We also recommend a three step action plan in this report. The first step.is to obtain <br />feedback from the community. As you review this report, we hope that you will provide <br />your comments and support for the Housing Succession Plan. Second, the Task Force <br />will convene teams to design and implement housing strategies. We invite you to serve <br />on one or more of these teams or to recommend community members with specific ex- <br />pertise. Third, it is important that a management structure be created, responsible for <br />implementing the Housing Succession Plan. <br />