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Chart B. Using permit informa- <br />tion for demolitions, this chart <br />shows the number of "tear <br />downs' in Edina by year. <br />trend of "tear downs" (buying smaller single family homes, tearing them down, and building significantly <br />larger homes on those lots). Chart B shows that the number of tear downs jumped sharply from <br />about eight a year from 2000 to 2003, to 20 in 2004 and 37 in 2005'. The number of major construc- <br />tion projects for renovation and additions rose steeply as well, further contributing to the rise in home <br />values in Edina. The estimated value of new construction for remodeling, additions, and tear -downs <br />increased by more than 60% between 2000 and 2005. <br />Edina's residents have a wide range of Incomes. Of the more than 21,000 households in Edina, more <br />than 7,700 have incomes of less than $50,000 per year; nearly 3,300 have incomes of $25,000 or less. <br />Of these 7,700 households, 3,300 are renters, 60% of whom pay more than 30 percent of their in- <br />come for housing, a standard measure of affordability. When looking at single-family homeowners <br />who earn less than $50,000, about 1,300 households pay more than 30% of their income for housing, <br />about I in 2 single family homeowners,. (Data for condo and townhome owners are not available.) <br />ChartC. While both homeown- <br />ers and renters often pay more <br />than 30% of their income for <br />housing costs, renters do so much <br />more often. While just more than <br />1 in homeowners pays 30% or <br />more of income for housing, <br />more than 3 and 7 renters do. <br />3 City of Edina, Office of the Assessor. <br />° 2000 US Census <br />