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Edina Housing Task Force DRAFT March 2006 Chart C shows the proportion of all homeowners and renters who pay more than 30% of their In- come in housing costs. Teachers, police officers, firefighters, retail/service workers, hospital staff, office workers, nurses, etc. who work in Edina often simply cannot afford to live in Edina. Of the approximately 47,500 residents in Edina, nearly 10% work in jobs earning less than $14,40 per hours. Many of these are our service providers, including our retail clerks and day care workers. It is especially hard for these households to find affordable housing in Edina. Chart D compares local wages for various jobs with the amount of monthly housing payments these workers can afford','. It also shows the percentage of income they would need to spend to buy a $200,000 and a $350,000 home —homes that are not affordable to them. s 4dxi r✓' J _}M' + A - s.•h D ei ' L rec�ued_ ! aWEN fit"§ ► 5i t al m g1. . ofar kA $32,000 $750 53% 107% starting Teacher, median $49,000 $1,140 35% 61 ° Police officer, $38,000 $890 45% 78% starting Healthcare worker, $54,000 $1260 31% 55% median Food Service $15,000 $350 113% 198% worker Administrative $29,000 $680 59% ° 103/ Assistant Chart D. Using Fair Isaac's "mortgage qualifier", this chart shows the typical monthly payment that each Edina worker could qualify for, assuming they have $10,000 on hand, 7.0%fixed 30-year mort- gage, and no closing costs. Because this payment does not include taxes, Insurance or other home- ownership costs, the "affordable monthly payment" may be slightly lower than the traditional 30% measure. The other columns show the percentage of Income that would be required to purchase a $200,000 or $350,00 home. 2000 US Census. e Minnesota Department of Employment mid Economic Development. Fair Isaac, Financial Calculator, "Mortgage Qualifier",