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Market Overview
<br />County Road 10 Redevelopment Study
<br />October 24.2006
<br />Honsebold Income
<br />Mounds View consists primarily of modest -
<br />income households with a median household
<br />income below the study area and metro area
<br />medians, as reported in the 2000 Census. The
<br />median income in Mounds View was just under
<br />$52,000. Despite the prevalence of modest
<br />incomes in Mounds View, neighboring
<br />communities are more affluent. The study area
<br />had a reported median income of $57,500, which
<br />was well above the metro area median of $54,300.
<br />Although incomes in Mounds View may be
<br />Page 7
<br />modest, the proportion of households with
<br />incomes below poverty is below the metro -wide proportion. This suggests that Mounds View does
<br />not have a wide disparity of household incomes like one may find in other communities.
<br />Home Vakie
<br />A lower median income relative to the Metro
<br />Area is also reflected in lower home values.
<br />The chart to the right displays the distribution
<br />of estimated home values for owner -occupied
<br />households in Mounds View, the study area,
<br />and the metro area from the 2000 Census. In
<br />2000, over 80% of Mounds View
<br />homeowners valued their home at under
<br />$150,000, and only 3% valued their homes at
<br />over $200,000. This is in stark contrast to the
<br />study area and the metro area, both of which
<br />include a significantly lower proportion of
<br />home values under $150 000 and a much
<br />Estimated Home Values in 2000
<br />Owner -Occupied Households
<br />Mounds View, Study Area, Metro Area
<br />60%
<br />50% - - - ■ Maundy View
<br />iq ■ Study Area
<br />W40% - --- ❑Metra Area --
<br />2o°i
<br />a
<br />mr,
<br />o%
<br />CYiderY 00,000 $00,000- 4150,000- $200,000- $250,000~
<br />$09999 $09999 5249,999
<br />Estimated Home Values
<br />higher proportion over $200,000. Despite the preponderance of older, modest homes, recent
<br />development indicates that when desirable sites are available achievable home prices can exceed
<br />$650,000 as evidenced by the Hidden Hollow and Hidden Hollow South subdivisions on the
<br />western border of Mounds View.
<br />Rapid appreciation in home prices since 2000 has clearly increased dollar amounts in recent years.
<br />Although Mounds View may have a preponderance of older, modest homes, these same homes have
<br />been appreciating at rates similar to the metro area. The chart on the following page shows the
<br />increase in the median price of homes sold in Mounds View/New Brighton, Arden
<br />Hills/Shoreview, and the 13 -County Metro Area from 2000 to 2005.
<br />Household Income
<br />Mounds View, Study Area, Metro Area
<br />2000
<br />7.0%
<br />$5000
<br />$57,000
<br />6.0%
<br />$56,000
<br />`5 $55,000
<br />e $300040%
<br />.9 $53,000
<br />3.0%
<br />$52,000
<br />.0% w
<br />fsl,00o
<br />$50,000
<br />1'0%
<br />$49,000
<br />0.0%
<br />Mom&Ww Surly Arca Mctm Arca
<br />Med no Incomes ousIidow P9vcrty
<br />modest, the proportion of households with
<br />incomes below poverty is below the metro -wide proportion. This suggests that Mounds View does
<br />not have a wide disparity of household incomes like one may find in other communities.
<br />Home Vakie
<br />A lower median income relative to the Metro
<br />Area is also reflected in lower home values.
<br />The chart to the right displays the distribution
<br />of estimated home values for owner -occupied
<br />households in Mounds View, the study area,
<br />and the metro area from the 2000 Census. In
<br />2000, over 80% of Mounds View
<br />homeowners valued their home at under
<br />$150,000, and only 3% valued their homes at
<br />over $200,000. This is in stark contrast to the
<br />study area and the metro area, both of which
<br />include a significantly lower proportion of
<br />home values under $150 000 and a much
<br />Estimated Home Values in 2000
<br />Owner -Occupied Households
<br />Mounds View, Study Area, Metro Area
<br />60%
<br />50% - - - ■ Maundy View
<br />iq ■ Study Area
<br />W40% - --- ❑Metra Area --
<br />2o°i
<br />a
<br />mr,
<br />o%
<br />CYiderY 00,000 $00,000- 4150,000- $200,000- $250,000~
<br />$09999 $09999 5249,999
<br />Estimated Home Values
<br />higher proportion over $200,000. Despite the preponderance of older, modest homes, recent
<br />development indicates that when desirable sites are available achievable home prices can exceed
<br />$650,000 as evidenced by the Hidden Hollow and Hidden Hollow South subdivisions on the
<br />western border of Mounds View.
<br />Rapid appreciation in home prices since 2000 has clearly increased dollar amounts in recent years.
<br />Although Mounds View may have a preponderance of older, modest homes, these same homes have
<br />been appreciating at rates similar to the metro area. The chart on the following page shows the
<br />increase in the median price of homes sold in Mounds View/New Brighton, Arden
<br />Hills/Shoreview, and the 13 -County Metro Area from 2000 to 2005.
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