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Market Overview Page 7 County Road 10 Redevelopment Study October 24, 2006 Household Income Mounds View, Study Area, Metro Area 2000 $49,000 $50,000 $51,000 $52,000 $53,000 $54,000 $55,000 $56,000 $57,000 $58,000 Mounds View Study Area Metro AreaMedian Income0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%Pct. of HouseholdsMed. HH Income HHs Below Poverty Household Income Mounds View consists primarily of modest- income households with a median household income below the study area and metro area medians, as reported in the 2000 Census. The median income in Mounds View was just under $52,000. Despite the prevalence of modest incomes in Mounds View, neighboring communities are more affluent. The study area had a reported median income of $57,500, which was well above the metro area median of $54,300. Although incomes in Mounds View may be modest, the proportion of households with incomes below poverty is below the metro-wide proportion. This suggests that Mounds View does not have a wide disparity of household incomes like one may find in other communities. Home Value A lower median income relative to the Metro Area is also reflected in lower home values. The chart to the right displays the distribution of estimated home values for owner-occupied households in Mounds View, the study area, and the metro area from the 2000 Census. In 2000, over 80% of Mounds View homeowners valued their home at under $150,000, and only 3% valued their homes at over $200,000. This is in stark contrast to the study area and the metro area, both of which include a significantly lower proportion of home values under $150,000 and a much higher proportion over $200,000. Despite the preponderance of older, modest homes, recent development indicates that when desirable sites are available achievable home prices can exceed $650,000 as evidenced by the Hidden Hollow and Hidden Hollow South subdivisions on the western border of Mounds View. Rapid appreciation in home prices since 2000 has clearly increased dollar amounts in recent years. Although Mounds View may have a preponderance of older, modest homes, these same homes have been appreciating at rates similar to the metro area. The chart on the following page shows the increase in the median price of homes sold in Mounds View/New Brighton, Arden Hills/Shoreview, and the 13-County Metro Area from 2000 to 2005. Estimated Home Values in 2000 Owner-Occupied Households Mounds View, Study Area, Metro Area 0% 10% 20% 30% 40% 50% 60% Under $100,000 $100,000- $149,999 $150,000- $199,999 $200,000- $249,999 $250,000+ Estimated Home ValuesPct. of Owner HHsMounds View Study Area Metro Area