HomeMy WebLinkAbout1844-03 Edina Comprehensive Housing Market Analysis Draft - FINAL
Comprehensive Housing Market Analysis
For The City of Edina, Minnesota
Prepared For:
City of Edina
Edina, MN
April 2020
7575 Golden Valley Road
Suite 385
Minneapolis, MN 55427
612.338.0012
www.maxfieldresearch.com
(main) 612-338-0012 (fax) 612-904-7979
7575 Golden Valley Road, Suite 385, Golden Valley, MN 55427
www.maxfieldresearch.com
April 10, 2020
Mr. Scott Neal
City Manager
City of Edina
4801 West 50th Street
Edina, MN 55424
Dear Mr. Neal:
Attached is the Comprehensive Housing Market Analysis for Edina, Minnesota conducted by Maxfield
Research and Consulting, LLC. The study projects housing demand from 2020 to 2040 and provides rec-
ommendations on the amount and type of housing for Edina that could be built to satisfy housing needs
from 2020 to 2040.
The study identifies an estimated potential demand for 4,648 new housing units to 2025. Because the
population is aging in Edina, we estimate that an estimated 76% of the total demand will be for age-re-
stricted housing types. However, younger households are also seeking housing in Edina and have taken
advantage of older properties. Demand for housing at entry-level and move-up properties is strong
from non-senior buyers, but land scarcity and high development costs for traditional housing products
remain barriers to creating new housing that will meet the needs of younger buyers. Condominium
product may meet the needs of some younger and older buyers where the units can be built at high-
density. There continues to be strong demand for infill new single-family construction, however this will
continue to be expensive due to redevelopment and high land costs in the community.
Demand for affordable housing for non-seniors and seniors is also in high demand and we recommend
the development of these housing products in the short-term. Based on our findings, we found demand
for most housing products with strong demand for affordable and market rate rental products. We rec-
ommend more affordable rental developments including both shallow and deep subsidy products. At
the same time demand exists for all senior housing products and service levels to meet the growing
needs of an aging community. Detailed information regarding recommended housing concepts can be
found in the Recommendations section at the end of the report. If you have any questions or need addi-
tional information, please contact us. We have enjoyed conducting this study for you.
Sincerely,
MAXFIELD RESEARCH AND CONSULTING, LLC
Mary Bujold Andrew McIntyre
President Associate
Attachment
TABLE OF CONTENTS
Page
EXECUTIVE SUMMARY...................................................................................................... 1
DEMOGRAPHIC ANALYSIS ................................................................................................ 7
Introduction ................................................................................................................. 7
Definition of Primary Market Area ............................................................................... 7
Population & Household Growth Trends & Projections from 2000 to 2040 .................. 8
Age Distribution Trends ................................................................................................ 11
Median Household Incomes by Census Tract ................................................................ 15
Household Income by Age of Householder ................................................................... 17
Net worth ..................................................................................................................... 25
Tenure by Household Income ....................................................................................... 26
Tenure by Age of Householder ..................................................................................... 29
Household Type ............................................................................................................ 31
Tenure by Household Size ............................................................................................ 33
Diversity ....................................................................................................................... 35
Mobility in the Past Year ............................................................................................... 37
Summary of Demographic Trends ................................................................................. 39
EMPLOYMENT .................................................................................................................. 41
Introduction ................................................................................................................. 41
Employment Growth Trends & Projections ................................................................... 41
Resident Labor Force and Workplace Employment ....................................................... 42
Employment, Earnings & Employment by Educational Attainment ............................... 46
Commuting Patterns..................................................................................................... 49
Inflow/Outflow ............................................................................................................. 50
Major Employers .......................................................................................................... 52
HOUSING CHARACTERISTICS ............................................................................................ 54
Introduction ................................................................................................................. 54
Residential Construction Trends 2010 through 2019 .................................................... 54
Housing Replacements ................................................................................................. 56
American Community Survey ....................................................................................... 58
Age of Housing Stock .................................................................................................... 58
Housing Units by Structure & Occupancy or (Housing Stock by Structure Type) ............ 61
Owner Occupied Housing Units by Mortgage Status ..................................................... 61
Owner-Occupied Housing Units by Value...................................................................... 62
Renter-Occupied Units by Asking Rent.......................................................................... 64
TABLE OF CONTENTS
(continued)
Page
FOR-SALE HOUSING ANALYSIS.......................................................................................... 65
Introduction ................................................................................................................. 65
Median Home Values by Census Tract .......................................................................... 65
Home Resales in Edina & Surrounding Communities .................................................... 67
Overview of For-Sale Housing Conditions ..................................................................... 69
Single Family & Multifamily Resales by Price Point ....................................................... 73
Current Supply of Homes on the Market ...................................................................... 75
New Construction and Active Listings by Price Point ..................................................... 76
For-Sale Multifamily Homes.......................................................................................... 82
Home Resales Per Square Foot (“PSF”) ......................................................................... 85
Actively Marketing Subdivisions ................................................................................... 89
Edina Neighborhoods ................................................................................................... 89
School Districts ............................................................................................................. 95
Summary of For Sale Market Conditions ....................................................................... 99
RENTAL MARKET ANALYSIS .............................................................................................. 101
Introduction ................................................................................................................. 101
Overview of Rental Market Conditions ......................................................................... 101
General Occupancy Rental Properties ........................................................................... 108
Natural Occurring Affordable Housing (i.e. Unsubsidized Affordable) ........................... 125
Multifamily Affordable Housing Policy .......................................................................... 136
Rental Licensing Ordinance ........................................................................................... 136
Housing Choice Vouchers ............................................................................................. 137
Summary of Rental Market Conditions ......................................................................... 138
SENIOR HOUSING ANALYSIS ............................................................................................. 140
Senior Housing Defined ................................................................................................ 140
Senior Housing in Edina ................................................................................................ 141
Summary of Senior Housing Analysis ............................................................................ 149
PENDING RESIDENTIAL DEVELOPMENTS .......................................................................... 151
Pending Residential Developments............................................................................... 151
HOUSING WITH SUPPORT SERVICES AND HARD TO HOUSE POPULATIONS ..................... 155
Housing with Special Services ....................................................................................... 155
Edina Disabilities Overview ........................................................................................... 155
Overview of Homelessness in Hennepin County ........................................................... 157
Summary of Homelessness in Hennepin County ........................................................... 161
Edina & Nearby Communities: Emergency & Supportive Housing by Type .................... 162
Summary of Emergency & Supportive Housing by Type in Edina & Neighboring
Communities ................................................................................................................ 170
TABLE OF CONTENTS
(continued)
Page
HOUSING AFFORDABILITY ................................................................................................ 171
Introduction ................................................................................................................. 171
Rent and Income Limits ................................................................................................ 172
Housing Cost Burden .................................................................................................... 175
Housing Programs ........................................................................................................ 178
Housing Choice Vouchers ............................................................................................. 180
Housing Costs as Percentage of Household Income ...................................................... 180
Metropolitan Council Affordable Housing Criteria & Benchmarks ................................. 183
HOUSING DEMAND ANALYSIS .......................................................................................... 185
Introduction .................................................................................................................. 185
Demographic Profile and Housing Demand ................................................................... 185
Housing Demand Overview ........................................................................................... 186
Estimated Demand for For-Sale Housing ....................................................................... 190
Estimated Demand for General Occupancy Rental Housing ........................................... 195
Demand for Active Adult (55+) Services Senior Housing ................................................ 199
Demand for Subsidized/Affordable Independent Senior Housing .................................. 202
Demand for Independent (Congregate) Senior Housing ................................................ 206
Demand Estimate for Assisted Living Housing ............................................................... 209
Demand for Memory Care Housing ............................................................................... 214
RECOMMENDATIONS AND CONCLUSIONS ....................................................................... 219
Introduction/Overall Housing Recommendations ......................................................... 219
Housing Recommendations/Gaps ................................................................................. 222
CHALLENGES AND OPPORTUNITIES .................................................................................. 229
HOUSING PROGRAMS ...................................................................................................... 235
APPENDIX ......................................................................................................................... 239
Senior Housing Properties ............................................................................................ 240
Definitions .................................................................................................................... 245
MAPS
Page
Primary Market Area ......................................................................................................... 7
City of Edina 2019 Median Household Income by Census Tract ......................................... 16
Edina Employment Inflow/Outflow ................................................................................... 51
City of Edina 2019 Median Home Values by Census Tract .................................................. 66
Edina City Neighborhoods ................................................................................................. 90
Edina City & School District Boundaries ............................................................................. 95
Edina and Nearby Community High Schools ...................................................................... 96
City of Edina Affordable Housing Sites ............................................................................... 135
Edina Pending Rental & For Sale Developments ................................................................ 153
Emergency Shelters in Hennepin County ........................................................................... 162
Transitional Housing Facilities in Edina’s Neighboring Communities .................................. 163
Permanent Supportive Housing in Edina & Neighboring Communities .............................. 165
Treatment Facilities & Halfway Houses in Edina’s Neighboring Communities .................... 168
Come Home 2 Edina Program Eligible Areas Map .............................................................. 179
LIST OF TABLES
Table Number and Title Page
D1. Population and Household Growth Trends and Projections, Edina Market
Area, 2000 to 2040 ................................................................................................... 10
D2. Population Age Distribution, Edina Market Area, 2000 to 2040 (Revised) ................. 13
D3. Household Income by Age of Householder, Edina, 2019 & 2024 ............................... 20
D4. Household Income by Age of Householder, Remainder of PMA, 2019 & 2024 .......... 22
D5. Household Income by Age of Householder, Hennepin County, 2019 & 2024 ............ 23
D6. Household Income by Age of Householder, Twin Cities Metro, 2019 & 2024 ............ 24
D7. Estimated Net Worth by Age of Householder, Edina Market Area, 2019................... 26
D8. Tenure by Household Income, Edina Market Area, 2019 .......................................... 28
D9. Tenure by Age of Householder, Edina Market Area, 2010 & 2019............................. 30
D10. Household Type, Edina Market Area, 2010 & 2019 ................................................... 32
D11. Tenure by Household Size, Edina Market Area, 2010 & 2019 .................................... 34
D12. Population Distribution by Race, Edina Market Area, 2010 & 2019 ........................... 36
D13. Mobility Estimate in the Past Year by Age for Current Residence, Edina, 2019 ......... 38
E1. Employment Growth Trends and Projections, Edina, Hennepin Co. and Twin Cities
Metro Area, 2000-2040 ............................................................................................ 41
E2. Annual Average Resident Employment, Edina, MN, 2010 through 2019 ................... 43
E3. Covered Employment Trends, Edina, MN, 2000, 2005, 2010, 2015, 2019* ............... 45
E4. Employment By Earnings, City of Edina 2017 ............................................................ 47
E5. Employment By Educational Attainment, City of Edina, 2018 ................................... 47
E6. Business Summary - By Industry Sector, 2nd Quarter 2019....................................... 48
E7. Commuting Patterns, City of Edina, 2017 ................................................................. 49
E8. Commuting Inflow/Outflow Characteristics, City of Edina, 2017 ............................... 49
E9. Major Employers, City of Edina, 2019 ....................................................................... 52
HC1. Residential Construction Building Permits Issued, City of Edina, 2010 through
2019 (per Metropolitan Council) .............................................................................. 54
HC2. Residential Construction Building Permits Issued, Edina & PMA Cities, 2010 to
2019 ................................................................................................................. 55
HC3. Housing Tear Down Data, City of Edina, 2008 Through 2018 ..................................... 57
HC4. Age of Housing Stock, Edina, Hennepin County & Twin Cities Metro Area, 2019 ....... 60
HC5. Housing Units by Structure & Tenure, Edina, Hennepin County & Twin Cities Metro
Area, 2019 ................................................................................................................ 61
HC6. Owner-Occupied Housing Units by Mortgage Status, Edina, Hennepin County &
Twin Cities Metro Area, 2019 ................................................................................... 62
HC7. Owner-Occupied Units by Value, Edina, Hennepin County & Twin Cities Metro Area,
2019 ................................................................................................................. 63
HC8. Renter-Occupied Units by Contract Rent, Edina, Hennepin County & Twin Cities Metro
Area, 2019 ................................................................................................................ 64
LIST OF TABLES
(continued)
Table Number and Title Page
FS1. Median Resale Price by Community, Edina & Nearby Communities 2010 through
2019* ....................................................................................................................... 68
FS2. Home Resales, Edina, MN, 2010 Through 2019 ........................................................ 71
FS3. Single-Family and Owned Multifamily Residential Resales, Edina, MN, 2010 through
2019 ......................................................................................................................... 72
FS4. Resales by Price Point, Edina, MN, January 1 through September 2019 .................... 74
FS5. Homes Currently Listed For-Sale, January 1 to October 6, 2019 ................................ 75
FS6. Household Income Needed to Afford New/Previously Owned Single & Multifamily
Median Property Prices, Edina, MN, January 1 to October 6, 2019 ........................... 76
FS7. Active Listings by Housing Type, Edina, MN, January 1 to October 6, 2019 ............... 78
FS8. Single-Family Active Listings by Housing Type, Edina, January 1 to October 6, 2019.. 79
FS9. Active For-Sale Multifamily Housing Listings, Edina, Jan 1 to Oct 11, 2019 ................ 83
FS10. Average & Median Sales Price Per Square Foot (PSF), Edina & Twin Cities Metro Area,
2013 to 2019…………………………………………………………………………………………………………... 86
FS11. Median Sales Price Per Square Foot (PSF), Existing Home vs. New Construction, Edina &
Twin Cities Metro Area, 2013 to 2019……………………………………………………………………… 87
FS12. Edina City Neighborhoods……………………………………………………………………………………….. 89
FS13. Edina & Neighboring Communities: High School Rankings……………………………………….. 98
R1. Average Rents/Vacancies Trends, Edina, Surrounding Communities, & Twin Cities
Metro, 3rd Quarter 2018 & 3rd Quarter 2019 ............................................................. 102
R2. Bedrooms by Gross Rent, Renter-Occupied Housing Units, Edina Analysis Area,
2017 ......................................................................................................................... 107
R3. Market Rate General Occupancy Rental Properties by Year Built, City of Edina,
November 2019 ........................................................................................................ 110
R4. Surveyed Unit Type Summary, Select General Occupancy Rental Properties, Built
2000 or later, November 2019 .................................................................................. 113
R5. Surveyed Unit Type Summary, Select General Occupancy Rental Properties, Built
1980 to 1999, November 2019 ................................................................................. 114
R6. Surveyed Unit Type Summary: Select General Occupancy Rental Properties, Built
Prior to 1980, November 2019 ................................................................................. 115
R7. Market Rate General Occupancy Rental Properties, City of Edina, November 2019 .. 117
R8. Shallow Subsidy & Deep Subsidy General Occupancy Rental Properties, City of Edina,
November 2019 ........................................................................................................ 122
R9. Maximum Rent Based on Household Size & Area Median Income, Hennepin County,
2019 ......................................................................................................................... 127
R10. Multifamily Market Rate Rental Developments, Naturally Occurring Rental Housing,
Market Rate Rental Properties (Constructed 2000 or Later), City of Edina,
November 2019 ........................................................................................................ 128
R11. Multifamily Market Rate Rental Developments, Naturally Occurring Rental Housing,
Rental Properties Constructed from 1980 through 1999, Edina, November 2019 ..... 129
LIST OF TABLES
(continued)
Table Number and Title Page
R12. Multifamily Market Rate Rental Developments, Naturally Occurring Rental Housing,
Rental Properties Constructed Prior to 1980, Edina, November 2019 ....................... 130
R13. Multifamily Market Rate Rental Developments, Naturally Occurring Summary,
Properties Built After 2000 or Later, City of Edina, November 2019.......................... 132
R14. Multifamily Market Rate Rental Developments, Naturally Occurring Summary,
Properties Built 1980 to 1999, City of Edina, November 2019 ................................... 133
R15. Multifamily Market Rate Rental Developments, Natural Occurring Summary,
Properties Built Prior to 1980, City of Edina, November 2019 ................................... 134
S1. Surveyed Unit Type Summary, Senior Housing Properties, Edina, December 2019 ... 146
PR1. Pending Market Rate & Affordable General Occupancy Rental Developments,
City of Edina, January 2020........................................................................................ 154
HS 1. Disability by Type, Edina and Twin Cities Metro Area, 2019 ...................................... 155
HS 2. Disability, Edina and Twin Cities Metro 2019 ............................................................ 157
HS 3. Number of Homeless, Hennepin County, MN, 2018.................................................. 158
HS 4. Homeless Age Distribution, Hennepin County & Twin Cities Metro Area*, 2018....... 159
HS 5. Monthly Income of the Homeless Surveyed, Hennepin County & Twin Cities
Metro Area, 2019 ..................................................................................................... 160
HS 6. Barriers to Employment for Homeless, Hennepin County & Twin Cities Metro Area,
2019 ......................................................................................................................... 161
HS 7. Permanent Supportive Housing, Edina, Minnesota, & Nearby Communities,
October 2019 ........................................................................................................... 164
HS 8. Treatment Facilities & Halfway Houses, Edina, MN, & Nearby Communities,
October 2019 ........................................................................................................... 167
HA1. MHFA/HUD Max Income and Rent Limits, Minneapolis-St Paul-Bloomington,
MN-WI MSA*, 2019 .................................................................................................. 173
HA2. Maximum Rent Based on Household Size and Area Median Income, Minneapolis-
St Paul-Bloomington, MN-WI MSA, 2019* ................................................................ 174
HA3. Housing Cost Burden, Edina, PMA Remainder, & Twin Cities Metro Area, 2019........ 176
HA4. Edina Housing Affordability – Based on Household Income ...................................... 182
HA5. Metropolitan Council Affordable Housing Allocation, 2021 to 2030 ......................... 184
LIST OF TABLES
(continued)
Table Number and Title Page
HD1. For-Sale Housing Demand, Edina, 2020 to 2025 ....................................................... 192
HD2. For-Sale Housing Demand, Edina, 2025 to 2030 ....................................................... 193
HD3. For-Sale Housing Demand, Edina, 2030 to 2040 ....................................................... 194
HD4. Rental Housing Demand, Edina, 2020 to 2025 .......................................................... 196
HD5. Rental Housing Demand, Edina, 2025 to 2030 .......................................................... 197
HD6. Rental Housing Demand, Edina, 2030 to 2040 .......................................................... 198
HD7. Market Rate Active Adult/Few Services Housing Demand, Edina, 2020 & 2025 ........ 200
HD8. Market Rate Active Adult/Few Housing Demand, Edina, 2025 & 2030 ...................... 201
HD9. Market Rate Active Adult/Few Housing Demand, Edina, 2030 & 2040 ...................... 202
HD10. Deep Subsidy/Shallow Subsidy Active Adult Housing Demand, Edina,
2020 & 2025 ........................................................................................................... 204
HD11. Deep Subsidy/Shallow Subsidy Active Adult Housing Demand, Edina,
2025 & 2030 ........................................................................................................... 205
HD12. Deep Subsidy/Shallow Subsidy Active Adult Housing Demand, Edina,
2030 & 2040 ........................................................................................................... 206
HD13. Market Rate Independent (Congregate) Rental Housing Demand, Edina,
2020 & 2025 ........................................................................................................... 207
HD14. Market Rate Independent (Congregate) Rental Housing Demand, Edina,
2025 & 2030 ........................................................................................................... 208
HD15. Market Rate Independent (Congregate) Rental Housing Demand, Edina,
2030 & 2040 ........................................................................................................... 208
HD16. Market Rate Assisted Living Demand, Edina, 2020 & 2025 ...................................... 211
HD17. Market Rate Assisted Living Demand, Edina, 2025 & 2030 ...................................... 212
HD18. Market Rate Assisted Living Demand, Edina, 2030 & 2040 ...................................... 213
HD19. Market Rate Memory Care Demand, Edina, 2020 & 2025 ....................................... 215
HD20. Market Rate Memory Care Demand, Edina, 2025 & 2030 ....................................... 216
HD21. Market Rate Memory Care Demand, Edina, 2030 & 2040 ....................................... 217
CR1. Summary of Housing Demand, Edina, MN, January 2020 .......................................... 219
CR2. Recommended Housing Development, City of Edina, 2020 to 2040 .......................... 221
A-3 Senior Housing Properties, Edina, November/December 2019 ................................. 240
EXECUTIVE SUMMARY
MAXFIELD RESEARCH AND CONSULTING, LLC 1
Purpose and Scope of Study
Maxfield Research and Consulting LLC (i.e. “Maxfield Research”) was engaged by the City of
Edina to conduct a Comprehensive Housing Needs Analysis. Unless otherwise stated, the use of
the word Edina shall be defined as the municipality. The Housing Market Study provides rec-
ommendations on the amount and types of housing that could be developed in order to meet
the needs of current and future households who choose to reside in Edina.
The scope of this study includes: an analysis of the demographic and economic characteristics
of the City; a review of the characteristics of the existing housing stock, building permit trends,
and residential land supply; an analysis of the market condition for a variety of rental and for-
sale housing products; and an assessment of the need for housing by product type in the City.
Recommendations on the number and types of housing products that should be considered in
the City are also supplied. Data for this report was compiled using many sources of information
including regional, state and federal agencies, national demographics providers, local and na-
tional housing databases, one-on-one interviews, and field work. A list of data sources is pro-
vided in the Appendix. Secondary data from published sources included in the analysis is the
most recent available for the components presented, but not all data sources compile and
present information for the same years at the same time. Therefore, information presented
in each section from these sources may represent different timelines. All secondary data
sources and timeframes are identified.
Demographic Analysis
• As of 2020, Edina is estimated to have 53,700 people and 23,500 households. Edina is fore-
cast to grow by 4,200 people and 2,500 households between 2020 and 2030 and by another
1,700 people and 1,200 households between 2030 and 2040.
• From 2020 to 2040, the number of people is expected to increase in all age categories in
Edina except for those between the ages of 45 to 54 which is expected to decrease by 348
people.
• Edina had an estimated median household income of $107,757 in 2019 and the Remainder
of the Primary Market Area (PMA) had a median household income of $100,686. Non-sen-
ior household median incomes peak in the 45 to 54 age group at $188,095 for Edina and
$135,324 for the Remainder of the PMA. The median income for Edina senior households
age 65 to 74 is $93,113 and for 75+ is $52,561.
EXECUTIVE SUMMARY
MAXFIELD RESEARCH AND CONSULTING, LLC 2
• Between 2010 and 2019, homeownership rates decreased from 74.9% to 72.3% in Edina.
The decline is primarily a result of an increase in renter households due to the housing mar-
ket slowdown during the recession and an increase in the number of lender-mediated prop-
erties which shifted more households toward rental housing.
• Households living alone accounted for the largest proportion of households as of 2019 at
31.5%, followed by married couples without children at 28.7%. Married couples with chil-
dren increased to 25.8% as of 2019, from 24.0% in 2010.
Employment Analysis
• As of the 2nd Quarter of 2019, there were 44,899 jobs in Edina, accounting for 5.6% of all
jobs in Hennepin County and 2.6% of all jobs in the Twin Cities Metro Area. In 2020, Edina is
forecast to have 45,544 jobs, which proportion would have decreased to 4.8% of all jobs in
Hennepin County and 2.5% of all jobs in the Twin Cities Metro Area.
• Almost one quarter (24.2%) of Edina employees work in the Health Services sector. The
second highest sector employment sector is Professional and Business Services (11.2%).
• Edina, Hennepin County and the Twin Cities Metro Area all had unemployment rates of
2.9% through August 2019, which rate was slightly lower than the State of Minnesota aver-
age (3.0%).
• Of the 43,771 workers estimated to work in Edina as of 2017, 6.6% (2,873) also lived in
Edina. Most workers commuted to Edina from Minneapolis (12.6%), Bloomington (5.9%), St
Paul (4.5%) and Eden Prairie (4.3%).
Housing Characteristics
• Per the City of Edina, 2,816 units were permitted from 2000 through September 2019. Be-
tween 2010 and September 2019, the highest numbers of residential permits were issued in
2016 (57), 2014 (55) and 2015 (54). The year with the fewest permits issued was 2010 (18).
• An estimated 35% of Edina’s housing stock was built before the 1950s, 59% was built be-
tween 1950 and 1980, 10% was built in the 1990s and 2000s and 4% was built 2010 or later.
• As of 2019, 66% of Edina homeowners had a mortgage compared to 72% of Hennepin
County and 72% of the Metro Area. An estimated 15% of homeowners with mortgages also
had a second mortgage or home equity loan.
• The median owner-occupied home value in Edina was estimated at $465,000 in 2019. Ap-
proximately 40% of the owner-occupied housing stock in Edina was estimated to be valued
at $500,000 or higher.
EXECUTIVE SUMMARY
MAXFIELD RESEARCH AND CONSULTING, LLC 3
• The median rent in Edina was estimated at $1,586 in 2019. Based on a 30% allocation of in-
come to housing, a household would need an income of $63,440 to afford the median rent
in Edina.
For-Sale Housing Market Analysis
• The Edina home resale price was lowest in 2011 when it decreased to $339,900. Between
2011 and 2017, the median resale value increased 30% ($102,725). The median home re-
sale value in 2018 was $440,500, a decrease of -0.5% from 2017 ($443,625). Through Sep-
tember 30, 2019, the median resale price was $465,000, an increase of 5.6% from 2018
($440,500).
• The number of resales in Edina averaged 801 homes annually from 2010 through 2019. The
fewest number of resales occurred after the recession in 2010 with 617 resales; while 2017
established a new high in Edina of 952 resales.
• Compared to the Metro Area average, lender-mediated properties (i.e. short sales and fore-
closures) in Edina were generally less than Metro Area during the recession. As of 2019,
lender-mediated properties accounted for less than 1% (0.8%) of resales in Edina.
• Single-family homes accounted for 63% of the resale sales volume in Edina as of September
30, 2019. Multifamily for-sale housing products are more affordable and are priced about
30% lower than single-family homes.
• The average price of an existing single-family home in Edina is about 30% less than the cost
of new construction. The average cost of an existing single home in Edina is higher than in
Hennepin County ($215 "PSF vs. $159 PSF); new construction costs in Edina have recently
escalated much higher than Hennepin County averages ($308 PSF vs. $184 PSF).
Rental Housing Market Analysis
• Maxfield Research inventoried 4,654 market rate general occupancy rental units in Edina,
which properties had 184 vacancies resulting in an overall vacancy rate of 4.0% among all
rental properties. Excluding properties in their initial lease-up periods, the vacancy rate
drops to 2.8%. Typically, a healthy rental market maintains a vacancy rate of roughly 5.0%,
which promotes competitive rates, ensures adequate consumer choice, and allows for unit
turnover. A stabilized vacancy rate of 2.8% indicates a need for additional market rate
rental units.
• Affordable rental properties have a total of 43 units. Of these, one property is still in initial
lease-up, Nolan Mains. Excluding that property, affordable units had a vacancy rate of 3%.
EXECUTIVE SUMMARY
MAXFIELD RESEARCH AND CONSULTING, LLC 4
• Edina has two deep subsidy properties, Yorkdale Townhomes and Oak Glen, both of which
were fully occupied with waiting lists.
Housing with Support Services and Homeless
• Of Edina’s 53,124 people, 9.2% or 4,882, are estimated to have a disability. By comparison,
of the 3.1 million people that comprise the Twin Cities Metro Area, 9.8% have a disability.
• The percentage of those with disabilities is highest among people age 65+ in Edina and the
Twin Cities Metro Area. In addition, the percentage of those disabled is higher in all age
categories in the Twin Cities Metro Area than in Edina.
• In 2018, 55% of homeless in Hennepin County were in emergency shelters, 21% were in
transitional housing, 3.8% were in domestic violence shelters and 0.7% were in rapid re-
housing. Figures are compiled in the Twin Cities Metro Area by county by Wilder Research,
a private foundation.
• According to the Wilder 2018 homeless study findings, a survey of the homeless in Henne-
pin County identified the following as the top five barriers to employment: in order were
physical health, mental/chemical health, transportation, housing and lack of resources
needed to work or look for work. By comparison, the greatest barriers to employment in
the Twin Cities Metro Area were essentially the same, but transportation was listed higher
in the ranking as there are fewer public transit options outside of Hennepin and Ramsey
Counties in the Metro Area.
Housing Affordability
• Hennepin County’s Fair Market Rents increased 6% from an average of $1,205 in 2018 to an
average of $1,278 in 2019, demonstrating that market rents have also increased dramati-
cally.
• Of Edina’s owner households, 22% are cost burdened (pay 30% or more of their income for
housing costs). Most owner households that are cost-burdened are age 65 or older. The
proportion of cost burdened owner households in Edina (22%) is higher than the Twin Cities
Metro Area (20%) and Remainder of the PMA (17%).
• Of Edina’s renter households, 42% are cost burdened (pay 30% or more of their income for
housing costs). The proportion of Edina’s cost burdened renter households (42%) is higher
than the Primary Market Area (37%), but modestly lower than the Twin Cities Metro Area
(43%). Among renter households, 44% of the youngest households (under 25) are cost bur-
dened and 62% of those 65+ are cost burdened. The middle age groups have lower propor-
tions of cost-burdened households.
EXECUTIVE SUMMARY
MAXFIELD RESEARCH AND CONSULTING, LLC 5
• Based on Edina’s 2019 income distribution, 57% of all households and 60% of owner house-
holds could afford to purchase an entry level home in Edina ($400,000).
• Of Edina’s existing renters, 57% could afford to rent a market rate one-bedroom apartment
in the City ($1,186 per month). The proportion of Edina’s existing renters able to afford a
new market rate one-bedroom apartment ($1,745 per month) decreases to 43%.
Housing Demand Analysis
• Based on our calculations, demand exists in Edina for the following general occupancy prod-
uct types between 2020 and 2040:
o Market rate rental 2,577 units
o Affordable rental 1,569 units
(Shallow subsidy)
o Subsidized rental 869 units
(Deep subsidy)
o For-sale single-family 201 units
o For-sale multifamily 1,292 units
• In addition, we find demand for multiple senior housing product types. By 2040, demand in
Edina for senior housing is forecast for the following:
o Active adult ownership 228 units
o Active adult rental 320 units
o Active adult affordable 518 units
(Shallow subsidy)
o Active adult subsidized 396 units
(Deep subsidy)
o Independent Living 483 units
o Assisted Living 411 units
o Memory care 272 units
Demand for senior housing is cumulative. Therefore, any new senior housing properties devel-
oped must be subtracted from the total demand.
Recommendations and Conclusions
• Based on the finding of our analysis and demand calculations, the following chart provides a
summary of the recommended development concepts by product type for Edina over the
short-term to 2040. Details are described in the Recommendations section of the report.
EXECUTIVE SUMMARY
MAXFIELD RESEARCH AND CONSULTING, LLC 6
Purchase Price/
Monthly Rent Range¹
Market Rate For-Sale Housing
Move-Up Single-Family $650,000-$700,000 40 -50
Owned Multifamily (TwinHms/Villas)$525,000-$550,000 60 -80
60 -80
Affordable For-Sale
Entry-level single-family $425,000-$450,000 50 -60
Owned Multifamily (THs/Rowhomes)$400,000 100 -120
100 -120
Market Rate Rental Housing
Market Rate - Rental $1,450+/1BR, $2,200+/2BR 500 -600
Total 500 -600
Affordable Rental Housing
Affordable Moderate Income3 220 -260
Subsidized 30% of Income4 160 -180
Total 160 -180
Total-General Occupancy 820 -980
Purchase Price/
Monthly Rent Range¹
Senior Coop./Ownership Active Adult $200,000+/1BR - $400,000+/2BR 200 -240
Active Adult Market Rate Rental5 $1,400+/1BR - $1,900+/2BR 200 -250
Active Adult Affordable Rental5 Moderate Income3 160 -180
Active Adult Subsidized Rental5 30% of Income4 150 -200
Independent Living/Congregate $2,800+/1BR - $4,500+/2BR 300 -350
Assisted Living $3,500+/EFF - $4,500+/1BR 180 -200
Memory Care $4,200+/EFF - $5,000+/1BR 120 -140
Total Senior Units 1,310 -1,560
Total - All Units 2,130 -2,540
2030-2040 recommended development should be revisited based on number of units developed from 2020-2030.
2030-2040
No. of
Units
2030-2040
No. of
Units
30
40 40
30 30
Units
General Occupancy Housing
No. of
120
2020-2025
10
20
No. of
Units
2025-2030
10
20
180
10 10
30
490
300
120
50
250
Senior Housing (i.e. Age Restricted)
2020-2025 2025-2030
Units
No. of No. of
Units
2030-2040
1,030 960
540
2020-2025 2025-2030
510
80
100
100
60
80
150
60
80
60
30
TABLE CR-2
Source: Maxfield Research & Consulting, LLC
RECOMMENDED HOUSING DEVELOPMENT
CITY OF EDINA
2020 to 2040
¹ Pricing in 2020 dollars. Pricing can be adjusted to account for inflation.
2 Replacement need, infill, and redevelopment.
3 Affordablity subject to income guidelines per Minnesota Housing Finance Agency (MHFA). See Table HA-1 for Hennepin
County Income limits.
4 Subsized housing will require a high level of financial assistance
5 Alternative development concept is to combine active adult affordable and market rate active adult into mixed-income senior
Note - Recommended development does not equal total demand. Edina may not be able to accommodate all recommended
housing types based on land availability and development constraints.
40
30
80
100
180
150
50
200
450
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 7
Introduction
This section of the report examines factors related to the current and future demand for owned
and rental housing units in Edina, Minnesota. It includes an analysis of population and house-
hold growth trends and projections, age distribution, household income, net worth, household
type, household tenure, diversity and mobility trends. A review of these characteristics pro-
vides insight into the demand for various housing products in Edina.
Definition of Primary Market Area
The analysis focuses on housing needs for Edina. Demand however, for housing products in the
City is also affected by its connections to adjacent communities and the Twin Cities Metro Area
and households’ mobility in an area we have defined as the Primary Market Area (PMA) for
housing for Edina. The PMA is an aggregation of census tracts that includes all of Edina and
portions of Bloomington, Eden Prairie, Minneapolis and Minnetonka.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 8
In defining the PMA, we considered factors such as commuting/travel patterns, employment
and general household movement patterns over time in the Metro Area. Additional demand
will also come from outside of the PMA as households in the Metro Area are highly mobile.
Population and Household Growth Trends and Projections from 2000 to 2040
Table D-1 presents population and household growth trends and projections from 2000 to
2040. The 2000 to 2010 data is from the U.S. Census. Estimates and projections were calcu-
lated by Maxfield Research and Consulting using information gathered from the Metropolitan
Council and ESRI, Inc. (a national demographics service provider). The adjustments are in-
tended to reflect growth that has been and will likely be realized after considering the impacts
of the current housing market, employment and residential construction along with the poten-
tial for increased density related to new housing development.
Population
• Between 2000 and 2010, Edina experienced a 1.1% increase in population and a -1.5% de-
cline in households.
• The estimated population growth in Edina between 2000 and 2019 is 5,699 people (12%).
Population growth was stagnant between 2000 and 2010 but grew by 12% between 2010
and 2019. Redevelopment efforts combined with increased residential density has sup-
ported population growth in the City since 2010. With the current rate of population
growth, Edina is on target to reach or exceed the 2020 forecast published by the Metropoli-
tan Council of 53,700 people.
• The population growth rate of 12% between 2010 and 2019 is higher than that of the Re-
mainder of the Primary Market Area (8.1%), Hennepin County (9.4%) and the seven county
Twin Cities Metro (10.9%).
231 239.01 256.03 258.05 260.05 260.16 106 1098 261.01 262.05
235.01 239.02 256.05 259.03 260.06 260.18 120.01 1112 261.03 262.06
235.02 239.03 257.01 259.05 260.07 260.19 1065 1113 261.04 262.07
236 240.03 257.02 259.06 260.13 260.2 1091 262.01 262.08
237 240.04 258.02 259.07 260.15 262.02
238.01 240.05 258.03
238.02 240.06
Source: Maxfield Research and Consulting LLC
Bloomington Eden Prairie Minneapolis Minnetonka
Primary Market Area Definition
Census Tracts within PMA Cities
Edina
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 9
• Although population is forecast to increase from 2020 to 2030 in Edina and the PMA, the
rate of growth is expected to slow, when compared to the growth rate from 2010 to 2020.
Growth rates are projected at 7.8% for Edina, 6.6% for the Remainder of the PMA, 6.0% for
Hennepin County and 9.5% for the Twin Cities Metro Area.
• Between 2030 and 2040 population is expected to increase 2.9% in Edina, 6.2% in the Re-
mainder of the PMA, 5.9% in Hennepin County, and 8.1% in the Twin Cities Metro Area.
This is a slower rate of growth for all analyzed geographies than between 2010 and 2020 as
well as for the projected growth rates between 2020 and 2030.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 10
Estimate
2000 2010 2019 2020 2030 2040 No.Pct.No.Pct.No.Pct.No.Pct.
Edina 47,425 47,941 53,124 53,700 57,900 59,600 516 1.1 5,759 12.0 4,200 7.8 1,700 2.9
Remainder of PMA 149,445 148,966 158,770 161,070 171,770 182,500 -479 -0.3 12,104 8.1 10,700 6.6 10,730 6.2
Hennepin County 1,116,200 1,152,425 1,249,774 1,260,590 1,336,480 1,414,960 36,225 3.2 108,165 9.4 75,890 6.0 78,480 5.9
7-County Metro Area 2,642,056 2,849,567 3,128,957 3,160,000 3,459,000 3,738,000 207,511 7.9 310,433 10.9 299,000 9.5 279,000 8.1
Edina 20,996 20,672 23,217 23,500 26,000 27,200 -324 -1.5 2,828 13.7 2,500 10.6 1,200 4.6
Remainder of PMA 62,678 64,278 68,300 70,200 78,500 85,800 1,600 2.6 5,922 9.2 8,300 11.8 7,300 9.3
Hennepin County 456,129 475,913 524,303 529,680 568,550 603,410 19,784 4.3 53,767 11.3 38,870 7.3 34,860 6.1
7-County Metro Area 1,021,454 1,117,749 1,249,375 1,264,000 1,402,000 1,537,000 96,295 9.4 146,251 13.1 138,000 10.9 135,000 9.6
Sources: U.S. Census Bureau; ESRI; Metropolitan Council; Maxfield Research & Consulting, LLC
Change
2030 to 2040
POPULATION
HOUSEHOLDS
Note: Edina, Hennepin County and Metro Area totals sourced to Metropolitan Council (2020 to 2040).
Twin Cities Metro includes the following counties: Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington
TABLE D-1
POPULATION AND HOUSEHOLD GROWTH TRENDS AND PROJECTIONS
EDINA MARKET AREA
2000 to 2040
ForecastU.S. Census 2000 to 2010 2010 to 2020 2020 to 2030
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 11
Households
• Household growth is typically a more accurate indicator of housing needs than population
growth since, by definition, a household is an occupied dwelling unit. Additional demand
however, can come from changing demographics of the population base, which results in
shifts in demand for different housing products.
• The number of households in Edina declined by -1.5% between 2000 and 2010. Between
2010 and 2020 however, an increase of 2,828 households or 13.7% is expected, primarily
due to increases in housing supply and density. Strong housing demand post-Recession led
to significant housing demand as Millennials and Gen Z moved more fully into the work-
force.
• In all geographies, household growth is expected to outpace population growth as the trend
of smaller household sizes and higher rates of people living alone continues.
Age Distribution Trends
Age distribution affects demand for different types of housing since needs and desires change
at different stages of the life cycle. Table D-2 shows the distribution of persons in nine age co-
horts for Edina, the Remainder of the Primary Market Area, Hennepin County and the Metro
-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0
2000-2010
2010-2020
2020-2030
2030-2040
DecadeHousehold Change by Decade
Twin Cities Metro Hennepin Co Remainder Edina
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 12
Area in 2000 and 2010 with estimates for 2019 and projections for 2020, 2030 and 2040. The
2000 and 2010 age distributions are from the U.S. Census Bureau. Projections were made by
Maxfield Research after considering data and forecasts from the Minnesota State Demographic
Center, the Metropolitan Council and ESRI Inc., a national demographics forecasting company.
The following are key points from the table.
• Between 2000 and 2010, the population in age cohorts 35 to 44, 65 to 74 and 75 to 84 de-
creased. All other age cohorts increased during this period.
• Between 2010 and 2019, the population in Edina and the Remainder of the PMA is esti-
mated to have decreased for those under age 18 and between age 35 and 54. The most sig-
nificant population gains were for people ages 18 to 24 and 55 years and older.
• All cohorts are expected to see increases in Edina between 2020 and 2030 with the popula-
tion over age 65 forecast to increase 13% between 2020 and 2030.
• The growth of population over 65 in Edina is similar to the overall trend in the greater Twin
Cities Metro Area. This trend shows the population over 65 (largely Baby Boomers) is pro-
jected to increase rapidly between 2020 and 2030.
• From 2010 to 2020, all age cohorts 55 years or older are expected to grow, due primarily to
the aging of the Baby Boom generation. As of 2019, Baby Boomers range in age from 55 to
73 years.
• From 2020 to 2030, population cohorts in Edina are expected to remain stable or increase
modestly, with the most growth expected to occur among people age 75 to 84.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 13
Estimate
2000 2010 2019 2020 2030 2040
Age No.No.No.No.No.No.No.Pct.No.Pct.No.Pct.
Edina
Under 18 10,838 11,589 11,465 11,443 12,043 12,278 -146 -1.3 601 5.2 234 1.9
18 to 24 2,073 2,200 3,407 3,378 3,474 4,053 1,178 53.6 96 2.8 579 16.7
25 to 34 4,153 4,288 4,466 4,612 5,153 5,781 324 7.6 541 11.7 628 12.2
35 to 44 7,034 5,783 5,493 5,567 6,022 5,841 -216 -3.7 455 8.2 -181 -3.0
45 to 54 7,552 7,556 6,745 6,684 6,890 6,437 -872 -11.5 206 3.1 -453 -6.6
55 to 64 5,010 6,618 8,052 8,015 8,396 8,284 1,397 21.1 380 4.7 -111 -1.3
65 to 74 4,776 4,146 6,473 6,697 7,527 7,271 2,551 61.5 830 12.4 -256 -3.4
75 to 84 4,405 3,736 4,204 4,422 5,211 6,198 686 18.4 789 17.8 987 18.9
85 and over 1,584 2,025 2,819 2,881 3,185 3,457 856 42.3 303 10.5 272 8.6
Total 47,425 47,941 53,124 53,700 57,900 59,600 5,759 12.0 4,200 7.8 1,700 2.9
Remainder of PMA
Under 18 34,620 32,189 31,808 32,053 33,891 35,174 -136 -0.4 1,838 5.7 1,283 3.8
18 to 24 9,548 9,575 11,211 11,283 12,272 13,136 1,708 17.8 989 8.8 865 7.0
25 to 34 21,461 20,184 19,071 19,449 21,259 23,029 -735 -3.6 1,810 9.3 1,770 8.3
35 to 44 26,394 18,983 19,922 20,270 21,998 24,422 1,287 6.8 1,728 8.5 2,424 11.0
45 to 54 25,266 24,687 20,963 20,923 21,359 22,131 -3,764 -15.2 437 2.1 772 3.6
55 to 64 14,764 21,794 24,346 24,173 25,136 25,125 2,379 10.9 964 4.0 -11 0.0
65 to 74 9,494 11,267 18,399 19,084 20,263 22,265 7,817 69.4 1,180 6.2 2,002 9.9
75 to 84 5,850 6,882 8,911 9,582 9,947 9,780 2,700 39.2 365 3.8 -167 -1.7
85 and over 2,048 3,405 4,140 4,254 5,543 7,438 849 24.9 1,289 30.3 1,895 34.2
Total 149,445 148,966 158,770 161,070 171,669 182,500 12,104 8.1 10,599 7.1 10,831 6.7
Hennepin County
Under 18 267,502 261,345 265,874 266,648 286,007 287,237 5,303 2.0 19,359 7.3 1,230 0.4
18 to 24 108,767 113,551 122,340 123,068 132,312 138,666 9,517 8.4 9,243 7.5 6,355 4.8
25 to 34 183,860 187,523 188,874 190,093 207,154 247,618 2,570 1.4 17,061 9.0 40,464 19.5
35 to 44 191,872 154,304 168,188 169,978 177,752 185,360 15,674 10.2 7,773 4.6 7,608 4.3
45 to 54 156,068 171,130 154,523 154,420 152,359 152,816 -16,710 -9.8 -2,061 -1.3 457 0.3
55 to 64 85,773 133,758 161,447 160,314 165,724 165,550 26,556 19.9 5,409 3.4 -173 -0.1
65 to 74 59,737 66,516 109,439 113,290 125,629 135,836 46,774 70.3 12,339 10.9 10,207 8.1
75 to 84 44,942 42,476 51,856 55,174 60,142 60,843 12,698 29.9 4,967 9.0 702 1.2
85 and over 17,679 21,822 27,234 27,604 29,403 41,034 5,782 26.5 1,799 6.5 11,631 39.6
Total 1,116,200 1,152,425 1,249,774 1,260,590 1,336,480 1,414,960 108,165 9.7 75,890 6.6 78,480 5.9
Twin Cities Metro
Under 18 697,534 700,960 711,690 720,480 792,111 856,002 19,520 2.8 71,631 9.9 63,891 8.1
18 to 24 244,226 263,462 282,077 284,400 304,392 325,206 20,938 7.9 19,992 7.0 20,814 6.8
25 to 34 411,155 420,311 453,505 455,040 487,719 512,106 34,729 8.3 32,679 7.2 24,387 5.0
35 to 44 469,324 391,324 421,217 423,440 473,883 515,844 32,116 8.2 50,443 11.9 41,961 8.9
45 to 54 363,592 440,753 399,081 398,160 421,998 452,298 -42,593 -9.7 23,838 6.0 30,300 7.2
55 to 64 200,980 326,007 410,622 404,480 432,375 452,298 78,473 24.1 27,895 6.9 19,923 4.6
65 to 74 130,615 163,425 270,337 281,240 328,605 362,586 117,815 72.1 47,365 16.8 33,981 10.3
75 to 84 90,292 97,442 122,636 132,720 152,196 179,424 35,278 36.2 19,476 14.7 27,228 17.9
85 and over 34,338 45,883 57,792 60,040 65,721 82,236 14,157 30.9 5,681 9.5 16,515 25.1
Total 2,642,056 2,849,567 3,128,957 3,160,000 3,459,000 3,738,000 310,433 11.7 299,000 10.5 279,000 8.8
Sources: U.S. Census Bureau; ESRI; Maxfield Research and Consulting LLC
2010-2020 2030-2040
Census Forecast
2020-2030
Change
TABLE D-2
POPULATION AGE DISTRIBUTION
EDINA MARKET AREA
2000 to 2040
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 14
0%
5%
10%
15%
20%
25%
30%
Under 18 18 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75 to 84 85 and
overPercent of Total PopulationEdina Age Distribution-% of Total
2000 2010 2020 2030 2040
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 15
Median Household Incomes by Census Tract
The map on the following page depicts median household incomes for Edina’s 14 census tracts.
Geographic information System (GIS) data was provided by ESRI Inc., a national demographics
and GIS service provider. Below are key points from the map.
• Areas of Edina with high median incomes include most of the northeast portion of the
city as well as the far southwestern portion of the city.
• Areas with lower median incomes include the southeast portion of the city as well as
small sections of northeast and northwest Edina.
• None of the census tracts in Edina have a median income less than $50,000; median
household incomes by census tract range from just over $57,000 to more than
$200,000.
0%
5%
10%
15%
20%
25%
30%
Under 18 18 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65+Percent of Total PopulationEdina Age Distribution-% of Total w/65+
2000 2010 2020 2030 2040
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 16
City of Edina 2019 Median Household Income by Census Tract
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 17
Household Income by Age of Householder
Table D-3 shows the estimated distribution of household incomes in Edina in 2019 with a pro-
jection for 2024. Table D-4 through D-6 show the same information for the Remainder of the
Primary Market Area, Hennepin County and the Twin Cities Metro Area. The data is estimated
by Maxfield Research based on income trends provided by ESRI, Inc. The data helps ascertain
the demand for different housing products based on the size of the market at specific cost lev-
els.
The Department of Housing and Urban Development (HUD) defines housing as affordable if a
household spends no more than 30% of its gross income for housing costs. For example, a
household in Edina with the median annual income of $107,757 would be able to afford a
monthly housing cost of about $2,694. Maxfield Research uses a figure of 25% to 30% for
younger households and 40% or more for seniors, since seniors generally have lower living ex-
penses and can often sell their homes and use the proceeds toward rent payments. Senior
households that require support services will often spend higher proportions, up to as much as
90% of their income or may spend down assets to obtain housing and support services.
A generally accepted standard for affordable owner-occupied housing is that a typical house-
hold can afford to pay 3.0 to 3.5 times their annual income on a single-family home, given to-
day’s relatively low mortgage interest rates. Thus, a $107,757 income would translate to an af-
fordable single-family home price of $323,271 to $377,150. The higher end of this range as-
sumes that the person has adequate funds for down payment and closing costs but does not
include savings or equity in an existing home which may allow them to purchase a higher priced
home.
• Edina has an estimated median household income of $107,757 in 2019, which is expected
to increase to $118,770 over the next five years (10.2%).
• The 2019 median household income for Edina is higher than the Remainder of the PMA
($100,686), Hennepin County ($77,509) and the Twin Cities Metro ($79,195).
• Between 2019 and 2024, Edina’s proportional increase in their median household income is
expected to be lower (10.2%) compared to the other geographies (i.e. Remainder of the
PMA (11.6%), Hennepin County (15.8%) and the Twin Cities Metro Area (13.9%).
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 18
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 19
Non-Senior Households
• In 2019, 1.9% of non-senior (under age 65) households in Edina had incomes under $15,000
(288 households). All these households would be eligible for deep-subsidy rental housing.
Another 2.1% of Edina’s non-senior households had incomes between $15,000 and $25,000
(308 households). Many of these households would qualify for deep-subsidy housing, but a
portion may be able to afford shallow-subsidy housing. The very tight rental housing mar-
ket in many communities in the Twin Cities has resulted in rising rents. At an average
monthly rent of $1,000 for a studio or one-bedroom unit at an older rental property, a
household would need an income of at least $40,000 annually to afford this amount of rent
per month. If housing costs absorb 30% of income, households with incomes of $15,000 to
$25,000 could afford to pay $375 to $625 per month. There are a very limited number of
rental properties in Edina that have rents even at the upper end of this range.
• The proportion of residents eligible for deep subsidy rental housing in Edina is estimated to
be lower than Hennepin County (6.7%), the Twin Cities Metro (5.7%) and the Remainder of
the Primary Market Area (2.7%).
• The proportion of total households earning between $15,000 and $25,000 ranged from
2.1% in the Edina to 5.1% in Hennepin County.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 20
• In most geographic areas, household median incomes peak in the 45 to 54 age group, when
householders are considered in their peak earning years. In 2019, the median household
income in Edina was highest in the 45 to 54 age group at $188,095. By 2024, the median
income for the 45 to 54 age group is projected to increase to $194,735 (3.5%).
Total Under 25 25-34 35-44 45-54 55-64 65 -74 75+
Less than $15,000 862 16 38 33 61 143.38 146 425
$15,000 to $24,999 1,156 24 51 44 58 135.21 228 616
$25,000 to $34,999 1,022 33 101 78 75 125.23 211 398
$35,000 to $49,999 1,777 63 186 152 152 201.46 333 690
$50,000 to $74,999 2,419 66 272 201 201 360.27 466 853
$75,000 to $99,999 2,271 57 300 322 165 351.19 555 520
$100,000 to $149,999 3,241 34 348 382 610 745.95 644 476
$150,000 to $199,999 5,370 8 260 884 1,580 1,638.90 664 335
$200,000+5,381 19 260 884 1,580 1,638.90 664 335
Total 23,500 320 1,818 2,980 4,482 5,340 3,912 4,647
Median Income $107,757 $57,087 $94,903 $156,494 $188,095 $152,701 $93,113 $52,561
Less than $15,000 823 16 34 36 51 98 141 448
$15,000 to $24,999 1,146 20 46 39 48 108 224 661
$25,000 to $34,999 1,093 28 101 74 63 104 234 489
$35,000 to $49,999 1,911 62 200 146 129 162 365 848
$50,000 to $74,999 2,824 71 305 229 185 328 589 1,117
$75,000 to $99,999 2,645 67 347 339 162 334 664 731
$100,000 to $149,999 4,146 46 478 441 645 812 918 805
$150,000 to $199,999 3,347 11 402 708 533 665 634 394
$200,000+6,814 19 408 1,116 1,730 1,932 1,016 594
Total 24,750 340 2,320 3,128 3,546 4,544 4,785 6,086
Median Income $118,770 $62,963 $109,596 $164,133 $194,735 $170,878 $106,699 $60,979
Less than $15,000 -39 -1 -4 3 -9 -46 -5 23
$15,000 to $24,999 -10 -4 -5 -6 -10 -27 -4 45
$25,000 to $34,999 71 -4 0 -4 -12 -21 23 90
$35,000 to $49,999 135 -1 14 -5 -23 -40 32 158
$50,000 to $74,999 405 5 32 28 -16 -32 124 264
$75,000 to $99,999 373 10 46 17 -3 -17 109 211
$100,000 to $149,999 906 12 130 59 35 66 274 329
$150,000 to $199,999 -2,024 2 142 -176 -1,047 -974 -31 59
$200,000+1,433 -0 147 232 150 293 352 259
Total 1,250 20 502 148 -936 -797 873 1,439
Median Income $11,013 $5,876 $14,693 $7,639 $6,640 $18,177 $13,586 $8,418
Note: Some columns may not add to totals due to rounding.
Sources: ESRI; Maxfield Research and Consulting LLC
Change 2020 - 2025
TABLE D-3
HOUSEHOLD INCOME BY AGE OF HOUSEHOLDER
CITY OF EDINA
(Number of Households)
2020
2025
2020 to 2025
Age of Householder
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 21
• The 45 to 54 age cohort had the highest median incomes in the Remainder of the PMA
($135,324), Hennepin County ($106,264) and the Twin Cities Metro ($104,392).
• In 2024, the median household income is projected to remain highest for those ages 45 to
54 in all geographies. Within the 45 to 54 age group, Edina is expected to have the lowest
rate of household income increase (3.5%) compared to the other geographies (i.e. the Re-
mainder of the PMA (12.5%), Hennepin County (12.1%) and the Twin Cities Metro (10.7%).
• The median estimated home value in Edina as of 2019 is $465,000. The income required to
afford a home at this price would range from about $132,857 to $155,000 based on a stand-
ard of 3.0 to 3.5 times the median income (and assuming these households do not have a
high level of debt). Using the data compiled for income by age of householder, an esti-
mated 63.5% of non-senior households in the City of have incomes of $132,857 or more as
of 2019.
Senior Households
• Typically, younger seniors have higher incomes because they are still working, are married
couples with two incomes or have higher social security benefits. The 2019 median in-
comes for Edina households age 65 to 74 and 75+ are $93,113 and $52,561, respectively.
• Compared to Edina, senior incomes for 65 to 74-year-olds are lower in the Remainder of the
Primary Market Area ($87,384), Hennepin County ($69,438) and the Twin Cities Metro
($68,721). For the 75+ cohort, median incomes were $40,783 in the Twin Cities Metro,
$52,630 in the Remainder of the PMA and $52,561 in Edina.
• Senior households ages 75+ have lower incomes compared to senior households ages 65 to
74. In Edina, 3.7% of households ages 65 to 74 had incomes below $15,000, compared to
9.1% of households age 75 and over. Many of these low-income 75+ households rely solely
on social security benefits.
• Generally, senior households with incomes greater than $35,000 can afford market rate
senior housing. Using an income allocation of 40% for adult/no services housing, translates
to a monthly rent of $1,166. As of 2019, 80% (6,456) of senior households in Edina have in-
comes of $35,000 or more.
• The current generation of seniors has been frugal, accumulated wealth and many had de-
fined pension plans. With changes to retirement structures, future senior generations may
not have as much wealth or incomes to dedicate toward service-based housing, especially if
they choose to rent most or all their lives.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 22
Total Under 25 25-34 35-44 45-54 55-64 65-74 75+
Less than $15,000 2,247 163 349 211 214 365 359 586
$15,000 to $24,999 2,432 104 301 221 196 390 501 718
$25,000 to $34,999 3,083 225 570 295 267 397 454 876
$35,000 to $49,999 5,423 282 991 638 539 646 803 1,524
$50,000 to $74,999 10,156 431 1,569 1,268 1,175 1,734 1,958 2,022
$75,000 to $99,999 8,517 218 1,359 1,453 1,077 1,813 2,044 553
$100,000 to $149,999 12,965 230 1,837 2,334 2,750 2,938 1,942 935
$150,000 to $199,999 11,731 65 933 2,201 3,202 3,241 1,536 553
$200,000+11,745 79 933 2,201 3,202 3,241 1,536 553
Total 68,300 1,796 8,842 10,821 12,623 14,765 11,133 8,321
Median Income $100,686 $55,020 $84,534 $119,257 $135,324 $117,737 $87,384 $52,630
Less than $15,000 1,815 150 258 161 155 214 304 575
$15,000 to $24,999 2,116 92 237 171 147 285 453 732
$25,000 to $34,999 2,864 207 482 238 174 289 439 1,036
$35,000 to $49,999 5,131 280 914 548 394 467 738 1,791
$50,000 to $74,999 10,604 485 1,606 1,242 990 1,477 2,116 2,688
$75,000 to $99,999 8,969 260 1,478 1,435 1,005 1,629 2,345 818
$100,000 to $149,999 15,590 317 2,387 2,713 2,877 3,032 2,623 1,640
$150,000 to $199,999 11,233 109 1,448 2,644 2,398 2,404 1,578 652
$200,000+15,199 115 1,377 2,812 3,646 3,755 2,438 1,056
Total 73,520 2,014 10,185 11,963 11,785 13,550 13,033 10,989
Median Income $112,411 $61,632 $101,538 $136,766 $152,187 $136,181 $101,513 $59,870
Less than $15,000 -432 -14 -92 -49 -60 -152 -55 -11
$15,000 to $24,999 -317 -12 -64 -50 -50 -105 -48 13
$25,000 to $34,999 -219 -18 -89 -58 -93 -108 -15 160
$35,000 to $49,999 -292 -2 -77 -90 -145 -179 -65 267
$50,000 to $74,999 447 54 37 -26 -185 -257 158 666
$75,000 to $99,999 452 41 119 -18 -72 -184 301 264
$100,000 to $149,999 2,624 88 550 380 127 94 682 706
$150,000 to $199,999 -498 44 515 444 -804 -837 41 99
$200,000+3,454 36 444 611 444 514 902 503
Total 5,220 218 1,343 1,143 -837 -1,214 1,900 2,668
Median Income $11,725 $6,612 $17,004 $17,509 $16,863 $18,444 $14,129 $7,240
Sources: ESRI; Maxfield Research and Consulting LLC
Change - 2019 to 2024
TABLE D-4
HOUSEHOLD INCOME BY AGE OF HOUSEHOLDER
REMAINDER OF PRIMARY MARKET AREA
(Number of Households)
2019
2024
2019 and 2024
Age of Householder
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 23
Total Under 25 25-34 35-44 45-54 55-64 65-74 75+
Less than $15,000 38,205 4,917 6,684 4,623 4,308 6,274 4,978 6,421
$15,000 to $24,999 33,598 3,541 5,628 3,515 2,918 4,904 5,160 7,932
$25,000 to $34,999 35,073 3,365 7,916 4,682 3,747 4,194 4,578 6,593
$35,000 to $49,999 56,176 4,073 11,811 8,429 6,785 7,237 8,354 9,487
$50,000 to $74,999 83,550 3,827 16,251 12,999 12,510 15,725 12,583 9,655
$75,000 to $99,999 64,481 2,168 12,907 12,389 10,244 12,765 10,209 3,800
$100,000 to $149,999 87,595 1,760 16,463 20,155 17,771 17,336 9,611 4,499
$150,000 to $199,999 62,825 627 6,226 13,117 17,336 16,238 7,029 2,252
$200,000+62,800 602 6,226 13,117 17,336 16,238 7,029 2,252
Total 524,303 24,880 90,114 93,025 92,955 100,911 69,530 52,889
Median Income $77,509 $36,653 $69,443 $98,141 $106,264 $91,428 $69,438 $41,966
Less than $15,000 30,831 4,474 4,807 3,462 3,143 4,303 4,366 6,276
$15,000 to $24,999 29,178 3,436 4,424 2,689 2,238 3,664 4,800 7,927
$25,000 to $34,999 32,411 3,360 6,707 3,956 2,943 3,361 4,599 7,485
$35,000 to $49,999 52,496 4,269 10,415 7,378 5,640 5,756 8,276 10,762
$50,000 to $74,999 84,633 4,411 15,897 12,516 11,304 14,000 14,167 12,338
$75,000 to $99,999 66,119 2,597 13,264 12,063 9,751 11,565 11,699 5,180
$100,000 to $149,999 103,116 2,432 20,397 22,723 18,928 18,200 12,955 7,481
$150,000 to $199,999 68,430 1,017 10,993 16,572 15,279 13,247 7,747 3,575
$200,000+78,015 824 8,483 16,316 19,204 18,425 10,704 4,060
Total 545,228 26,819 95,386 97,675 88,429 92,522 79,314 65,083
Median Income $89,749 $41,260 $83,576 $110,545 $119,136 $106,943 $80,901 $50,121
Less than $15,000 -7,374 -443 -1,877 -1,161 -1,166 -1,971 -612 -145
$15,000 to $24,999 -4,420 -106 -1,205 -826 -680 -1,240 -359 -5
$25,000 to $34,999 -2,662 -5 -1,209 -726 -804 -833 21 892
$35,000 to $49,999 -3,680 195 -1,397 -1,051 -1,145 -1,481 -78 1,275
$50,000 to $74,999 1,083 584 -354 -483 -1,206 -1,725 1,584 2,683
$75,000 to $99,999 1,638 429 357 -325 -493 -1,200 1,490 1,380
$100,000 to $149,999 15,521 672 3,934 2,568 1,157 864 3,344 2,982
$150,000 to $199,999 5,605 391 4,766 3,455 -2,057 -2,991 719 1,323
$200,000+15,215 222 2,256 3,199 1,867 2,187 3,675 1,808
Total 20,925 1,939 5,272 4,650 -4,525 -8,389 9,784 12,194
Median Income $12,240 $4,607 $14,133 $12,404 $12,872 $15,515 $11,463 $8,155
Sources: ESRI; Maxfield Research and Consulting LLC
Change - 2019 to 2024
TABLE D-5
HOUSEHOLD INCOME BY AGE OF HOUSEHOLDER
HENNEPIN COUNTY
(Number of Households)
2019
2024
2019 and 2024
Age of Householder
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 24
Total Under 25 25-34 35-44 45-54 55-64 65-74 75+
Less than $15,000 79,744 8,096 13,151 9,673 9,301 13,978 10,933 14,612
$15,000 to $24,999 74,020 6,085 11,372 7,681 6,796 11,450 12,375 18,262
$25,000 to $34,999 83,153 6,553 17,192 10,988 9,356 10,853 11,595 16,617
$35,000 to $49,999 133,426 8,243 26,863 19,829 16,904 18,587 20,598 22,402
$50,000 to $74,999 212,352 8,686 40,077 31,973 32,647 41,704 34,136 23,128
$75,000 to $99,999 172,968 4,623 31,927 32,548 30,912 37,408 27,495 8,056
$100,000 to $149,999 232,011 3,739 40,081 57,057 50,114 47,287 24,307 9,425
$150,000 to $199,999 130,892 1,262 13,405 27,910 36,589 32,957 14,595 4,174
$200,000+130,809 1,180 13,405 27,910 36,589 32,957 14,595 4,174
Total 1,249,375 48,467 207,472 225,569 229,207 247,183 170,629 120,848
Median Income $79,195 $40,116 $72,107 $100,556 $104,392 $89,037 $68,721 $40,783
Less than $15,000 64,123 7,314 9,469 7,429 6,686 9,495 9,460 14,271
$15,000 to $24,999 63,919 5,694 8,943 5,958 5,089 8,469 11,407 18,359
$25,000 to $34,999 76,388 6,301 14,424 9,337 7,130 8,587 11,588 19,020
$35,000 to $49,999 123,858 8,372 23,546 17,463 13,572 14,653 20,406 25,846
$50,000 to $74,999 213,528 9,737 38,623 30,738 28,602 37,009 38,442 30,377
$75,000 to $99,999 175,916 5,405 32,356 32,240 28,434 34,194 32,092 11,193
$100,000 to $149,999 270,885 5,029 48,746 65,972 51,880 50,027 33,402 15,829
$150,000 to $199,999 169,393 2,058 24,737 42,575 40,857 34,014 17,773 7,379
$200,000+161,190 1,557 17,850 35,027 39,890 37,268 22,128 7,469
Total 1,319,200 51,467 218,694 246,740 222,141 233,716 196,699 149,742
Median Income $90,172 $45,557 $84,302 $110,512 $115,597 $102,892 $79,226 $47,962
Less than $15,000 -15,621 -783 -3,682 -2,244 -2,614 -4,483 -1,473 -341
$15,000 to $24,999 -10,101 -390 -2,428 -1,723 -1,708 -2,981 -968 97
$25,000 to $34,999 -6,765 -252 -2,768 -1,652 -2,225 -2,266 -6 2,403
$35,000 to $49,999 -9,568 129 -3,317 -2,366 -3,332 -3,934 -191 3,444
$50,000 to $74,999 1,176 1,052 -1,454 -1,235 -4,045 -4,695 4,306 7,249
$75,000 to $99,999 2,947 782 430 -307 -2,478 -3,214 4,597 3,137
$100,000 to $149,999 38,874 1,289 8,665 8,916 1,766 2,740 9,094 6,404
$150,000 to $199,999 38,501 796 11,332 14,665 4,269 1,056 3,178 3,205
$200,000+30,381 377 4,445 7,117 3,302 4,310 7,533 3,295
Total 69,825 3,000 11,223 21,170 -7,066 -13,466 26,070 28,895
Median Income $10,977 $5,441 $12,195 $9,956 $11,205 $13,855 $10,505 $7,179
Sources: ESRI; Maxfield Research and Consulting LLC
Change - 2019 to 2024
TABLE D-6
HOUSEHOLD INCOME BY AGE OF HOUSEHOLDER
TWIN CITIES METRO
(Number of Households)
2019
2024
2019 and 2024
Age of Householder
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 25
Net Worth
Table D-7 shows the estimated household net worth in Edina in 2019, along with the Remainder
of the Market Area, Hennepin County and the Twin Cities Metro. Simply stated, net worth is
the difference between assets and liabilities, or the total value of assets after the debt is sub-
tracted. The data was compiled and estimated by ESRI based on the Survey of Consumer Fi-
nances and Federal Reserve Board data.
According to data released by the National Association of Realtors, the average American
homeowner has a net worth about 31 to 46 times greater than that of a renter and that in
2016, the average American homeowner net worth was estimated at 44 times greater than that
of a renter. The Federal Reserve survey is conducted every three years and this research was
based on the 2016 Federal Reserve survey that showed the median net worth of a homeowner
was $231,400, whereas the median net worth of a renter was $5,200.
• Edina households had an average net worth of $2,412,517 in 2019 and a median net worth
of $687,366. Median net worth is generally a more accurate depiction of wealth than the
average figure. A few households with very large net worth can significantly skew the aver-
age.
• Similar to household income, net worth increases as households age and decreases after
they pass their peak earning years and move into retirement. Median and average net
worth usually peak in the 65 to 74 age cohort. The median net worth in Edina for the age
65 to 74 cohort is estimated at $861,272 as of 2019. Average and median net worth how-
ever, are highest for the 55 to 64 age cohort at $4,014,474 and $1,000,001, respectively.
Additionally, despite net worth tending to decrease after retirement, senior households of-
ten continue to have relatively high net worth due to their savings, investments, and other
retirement funds.
• Edina reported the highest average net worth ($2,412,517) and highest median net worth
($687,366). The Twin Cities Metro had the lowest average net worth ($1,076,191) while
Hennepin County had the lowest median net worth ($168,046).
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 26
Tenure by Household Income
Table D-8 shows household tenure by income for Edina, the Remainder of the PMA, Hennepin
County and the Twin Cities Metro in 2019. Data is an estimate from the American Community
Survey (2018) and adjusted for the most recent household 2019 household estimates This infor-
mation is important to assess the propensity for households to own or rent their housing based
on income. As stated earlier, the Department of Housing and Urban Development determines
affordable housing as not exceeding 30% of the household’s income. The higher the income,
Average Median Average Median Average Median Average Median
Edina $2,412,517 $687,366 $43,269 $13,647 $172,338 $52,375 $912,575 $324,719
Remainder of PMA $1,789,116 $418,483 $39,074 $12,722 $143,320 $46,234 $775,400 $185,484
Hennepin County $1,119,049 $168,046 $27,757 $10,324 $110,010 $25,020 $505,912 $109,461
Twin Cities Metro $1,076,191 $198,484 $33,913 $11,136 $124,797 $41,882 $517,054 $139,122
Average Median Average Median Average Median Average Median
Edina $2,703,448 $1,000,001 $4,014,474 $1,000,001 $2,809,423 $861,272 $2,318,768 $709,024
Remainder of PMA $1,926,515 $557,544 $2,990,145 $1,000,001 $2,507,263 $849,822 $2,167,855 $753,023
Hennepin County $1,301,419 $259,944 $1,301,419 $507,918 $1,772,087 $463,069 $1,556,652 $426,831
Twin Cities Metro $1,241,095 $285,221 $1,935,063 $499,916 $1,643,227 $463,350 $1,408,972 $389,113
Sources: ESRI; Maxfield Research and Consulting, LLC
TABLE D-7
ESTIMATED NET WORTH BY AGE OF HOUSEHOLDER
EDINA MARKET AREA
2019
Age of Householder
Total 15-24 25-34 35-44
45-54 55-64 65-74 75+
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
15-24 25-34 35-44 45-54 55-64 65-74 75+Median Net WorthMedian Net Worth by Age, Edina Market Area, 2019
Edina
Remainder of PMA
Hennepin County
Twin Cities Metro
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 27
the lower percentage a household typically allocates to housing. Many lower income house-
holds, as well as many young and senior households spend more than 30% of their income,
while middle-aged households in their prime earning years typically allocate 20% to 25% of
their income.
• As income increases, so does the rate of homeownership. This can be seen in Edina, where
the homeownership rate is less than 60% for households with incomes less than $50,000
and increases to 90.9% of households with incomes of $150,000 or greater.
• A portion of renter households that are referred to as lifestyle renters, those who are finan-
cially able to own but choose to rent, typically have household incomes of $50,000 or more
and account for an estimated 56% of Edina’s renters in 2019. The proportion of lifestyle
renters is slightly higher in the Remainder of the PMA (57%), but Edina’s proportion of life-
style renters is higher than Hennepin County (41.9%) and the Twin Cities Metro (40.7%)
• Households with incomes below $15,000 are typically a market for deep-subsidy rental
housing (an estimated 9.2% of Edina’s renter households as of 2019). The proportion of
renters eligible for deep subsidies in the Remainder of the Market Area (8.6%) is similar to
Edina.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 28
Owner-Renter-Owner-Renter-Owner-Renter-Owner-Renter-
Income Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.
Less than $15,000 807 57.3%601 42.7%1,221 42.2%1,670 57.8%11,477 24.0%36,410 76.0%26,895 28.0%69,080 72.0%
$15,000 to $24,999 894 52.6%805 47.4%1,602 43.7%2,061 56.3%14,407 35.6%26,108 64.4%35,428 39.3%54,819 60.7%
$25,000 to $34,999 715 58.1%516 41.9%2,184 56.9%1,653 43.1%17,149 43.1%22,678 56.9%44,461 47.7%48,720 52.3%
$35,000 to $49,999 1,238 56.7%946 43.3%3,352 53.4%2,925 46.6%29,786 49.7%30,113 50.3%77,342 55.3%62,481 44.7%
$50,000 to $74,999 1,886 62.0%1,156 38.0%6,538 60.0%4,367 40.0%51,767 59.5%35,275 40.5%142,025 65.8%73,944 34.2%
$75,000 to $99,999 1,561 67.2%761 32.8%6,294 72.2%2,428 27.8%46,949 70.3%19,816 29.7%130,947 76.3%40,624 23.7%
$100,000 to $149,999 2,569 71.9%1,002 28.1%10,664 79.8%2,692 20.2%70,867 80.3%17,421 19.7%195,000 86.1%31,602 13.9%
$150,000+7,313 90.9%730 9.1%16,940 91%1,709 9.2%84,843 90.2%9,237 9.8%201,137 93.1%14,871 6.9%
Total 16,983 72.3%6,517 27.7%48,795 71.4%19,505 28.6%327,245 62.4%197,058 37.6%853,235 68.3%396,141 31.7%
Median Household Income
Sources: U.S. Census Bureau - American Community Survey; Maxfield Research and Consulting LLC
$129,679 $59,886 $114,820 $63,150
TABLE D-8
TENURE BY HOUSEHOLD INCOME
EDINA MARKET AREA
2019
CITY OF EDINA REMAINDER OF PMA HENNEPIN COUNTY TWIN CITIES METRO
$99,376 $42,878 $96,345 $43,346
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 29
Tenure by Age of Householder
Table D-9 shows the number of owner and renter households in Edina by age group in 2010 and
2019. This data is useful in determining demand for certain types of housing since housing
preferences change throughout an individual’s life cycle. The following are key findings from
Table D-9.
• In 2010, 74.8% of all households in Edina owned their housing. By 2019, that percentage
declined to 72.3%. A similar pattern was observed in the Remainder of the PMA, Hennepin
County and the Twin Cities Metro, which experienced a decline in homeownership rates
between 2.3% and 1.7%.
• As households progress through their life cycle, housing needs change. The proportion of
renter households decreases as households’ age out of their young-adult years. By the
time households reach their senior years however, rental housing often becomes a more
viable option than homeownership, reducing the responsibility of maintenance and a fi-
nancial commitment.
• The proportion of homeowners increases as households age, through the 45 to 54 age co-
hort in Edina. In this age cohort, homeowner households reached the highest proportion
of 83% before declining to 57.9% among households 85 and older. In every age cohort, the
proportion of renter households increased between 2010 and 2019.
0%
20%
40%
60%
80%
100%
120%
15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+Proportion of RentersAge Cohort
Proportion of Renters by Age of Householder, 2019
Edina Remainder of PMA Hennepin County TC Metro
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 30
Age No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.
15-24 Own 53 18.5 8 3.7 233 12.1 236 13.4 2,790 10.9 1,695 7.7 7,947 16.0 5,621 12.7
Rent 234 81.5 198 96.3 1,689 87.9 1,527 86.6 22,734 89.1 20,198 92.3 41,789 84.0 38,672 87.3
Total 287 100.0 206 100.0 1,922 100.0 1,763 100.0 25,524 100.0 21,893 100.0 49,736 100.0 44,293 100.0
25-34 Own 796 39.3 984 38.4 4,574 44.6 4,608 42.1 39,850 42.3 40,251 38.1 102,236 50.6 104,300 46.3
Rent 1,227 60.7 1,577 61.6 5,672 55.4 6,343 57.9 54,312 57.7 65,483 61.9 99,716 49.4 121,182 53.7
Total 2,023 100.0 2,561 100.0 10,246 100.0 10,951 100.0 94,162 100.0 105,734 100.0 201,952 100.0 225,482 100.0
35-44 Own 2,349 76.3 2,684 71.3 7,684 72.2 7,766 67.5 57,684 66.6 58,062 62.3 154,678 72.3 153,466 67.9
Rent 729 23.7 1,082 28.7 2,956 27.8 3,744 32.5 28,946 33.4 35,102 37.7 59,303 27.7 72,530 32.1
Total 3,078 100.0 3,766 100.0 10,640 100.0 11,510 100.0 86,630 100.0 93,164 100.0 213,981 100.0 225,997 100.0
45-54 Own 3,620 84.1 3,883 83.0 12,001 83.6 10,218 78.8 75,651 75.4 72,020 73.3 202,404 79.8 197,477 78.1
Rent 684 15.9 793 17.0 2,359 16.4 2,753 21.2 24,688 24.6 26,203 26.7 51,379 20.2 55,342 21.9
Total 4,304 100.0 4,676 100.0 14,360 100.0 12,971 100.0 100,339 100.0 98,224 100.0 253,783 100.0 252,819 100.0
55-64 Own 3,416 85.3 3,498 82.4 11,467 87.2 11,902 85.3 65,466 79.5 74,650 76.6 162,595 82.6 193,838 80.3
Rent 591 14.7 749 17.6 1,678 12.8 2,054 14.7 16,891 20.5 22,820 23.4 34,355 17.4 47,660 19.7
Total 4,007 100.0 4,247 100.0 13,145 100.0 13,956 100.0 82,357 100.0 97,470 100.0 196,950 100.0 241,498 100.0
65-74 Own 2,212 82.5 2,988 81.9 6,285 89.3 8,297 88.7 34,028 80.0 47,860 79.7 85,347 82.6 120,656 82.2
Rent 470 17.5 659 18.1 751 10.7 1,056 11.3 8,502 20.0 12,184 20.3 17,998 17.4 26,098 17.8
Total 2,682 100.0 3,648 100.0 7,036 100.0 9,353 100.0 42,530 100.0 60,044 100.0 103,345 100.0 146,753 100.0
75-84 Own 2,052 77.2 1,931 72.7 3,877 83.7 4,229 84.8 21,975 75.6 23,073 75.1 50,083 75.6 57,192 76.5
Rent 605 22.8 724 27.3 756 16.3 760 15.2 7,108 24.4 7,638 24.9 16,185 24.4 17,553 23.5
Total 2,657 100.0 2,655 100.0 4,633 100.0 4,990 100.0 29,083 100.0 30,711 100.0 66,268 100.0 74,745 100.0
85+Own 957 58.6 1,008 57.9 1,306 56.9 1,538 54.8 8,677 56.8 9,634 56.5 17,185 54.2 20,685 54.7
Rent 677 41.4 734 42.1 990 43.1 1,268 45.2 6,611 43.2 7,430 43.5 14,549 45.8 17,104 45.3
Total 1,634 100.0 1,742 100.0 2,296 100.0 2,807 100.0 15,288 100.0 17,064 100.0 31,734 100.0 37,788 100.0
TOTAL Own 15,455 74.8 16,983 72.3 47,427 73.8 48,795 71.4 306,121 64.3 327,245 62.4 782,475 70.0 853,234 68.3
Rent 5,217 25.2 6,517 27.7 16,851 26.2 19,505 28.6 169,792 35.7 197,058 37.6 335,274 30.0 396,141 31.7
Total 20,672 100.0 23,500 100.0 64,278 100.0 68,300 100.0 475,913 100.0 524,303 100.0 1,117,749 100.0 1,249,375 100.0
TABLE D-9
TENURE BY AGE OF HOUSEHOLDER
EDINA MARKET AREA
2010 and 2019
201920102019
CITY OF EDINA
2010
TWIN CITIES METRO
Sources: U.S. Census Bureau; Maxfield Research and Consulting LLC
REMAINDER OF PRIMARY MARKET AREA
20192010
HENNEPIN COUNTY
2010 2019
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 31
Household Type
Table D-10 shows a breakdown of the type of households in Edina in 2010 and 2019. The data
is useful in assessing housing demand since the household composition often dictates the type
of housing needed and preferred.
• In 2010, the largest household type in Edina was Living Alone, which represented 33.1% of
households. As of 2019, households living alone remains the largest household type in the
City, although the proportion of households decreased modestly over the period.
• Among all geographies, the greatest change in household type occurred in the “Roommate”
category in Edina, where this segment increased by 33.0%, followed by Married Couples
with Children, where this segment increased by 21%. This is atypical of other communities
in the Metro where living alone and Married Couples without Children have had greater in-
creases.
• Edina had a higher proportion of Married with Child Households, 25.8%, compared to the
Remainder of the PMA, Hennepin County and the Twin Cities Metro, which ranged between
18.8% and 21.5% in 2019.
• At the same time, Edina reported the lowest proportion of Other (8.8%, single parents with
children) and Roommates households (5.2%, unmarried couples without children and re-
lated or unrelated individuals living together), compared to the Remainder of PMA, Henne-
pin County, and the Twin Cities Metro.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 32
Households 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019
Edina 20,672 23,217 4,955 5,993 6,153 6,659 1,810 2,043 6,851 7,321 903 1,201
Remainder of PMA 64,278 68,300 13,269 13,646 19,983 21,721 6,851 7,445 19,453 20,378 4,722 5,111
Hennepin County 475,913 524,303 89,084 98,586 116,099 132,837 67,702 69,247 155,807 173,477 47,221 50,156
Twin Cities Metro 1,117,749 1,249,375 244,687 268,319 298,723 347,846 164,086 175,075 319,030 360,786 91,223 97,351
Percent
Edina 100.0 100.0 24.0 25.8 29.8 28.7 8.8 8.8 33.1 31.5 4.4 5.2
Remainder of PMA 100.0 100.0 20.6 20.0 31.1 31.8 10.7 10.9 30.3 29.8 7.3 7.5
Hennepin County 100.0 100.0 18.7 18.8 24.4 25.3 14.2 13.2 32.7 33.1 9.9 9.6
Twin Cities Metro 100.0 100.0 21.9 21.5 26.7 27.8 14.7 14.0 28.5 28.9 8.2 7.8
No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.
Edina 2,545 12.3%1,038 21.0%506 8.2%233 12.9%470 6.9%298 33.0%
Remainder of PMA 4,022 6.3%377 2.8%1,738 8.7%594 8.7%925 4.8%389 8.2%
Hennepin County 48,390 10.2%9,502 10.7%16,738 14.4%1,545 2.3%17,670 11.3%2,935 6.2%
Twin Cities Metro 131,626 11.8%23,632 9.7%49,123 16.4%10,989 6.7%41,756 13.1%6,128 6.7%
* Predominantly single-parents with children
** Includes unmarried couples without children and unrelated people living together
Sources: U. S. Census; ESRI, Inc.; Maxfield Research and Consulting, LLC
Change 2010-2019
Total HH's Married w/ Child Married w/o Child Other *Living Alone Roommates **
TABLE D-10
HOUSEHOLD TYPE
EDINA MARKET AREA
2010 & 2019
Family Households Non-Family Households
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 33
• Although Edina showed an increase in all household types between 2010 and 2019, the pro-
portion of Married without Children Households and Living Alone Households declined, due
primarily to larger increases among Married Couples with Children and Roommates. In-
creases in households with fewer people, on average, in each household will impact the
type of housing in demand in Edina. Smaller household sizes may favor maintenance-free
housing options located near amenity-rich areas as opposed to large single-family homes.
Tenure by Household Size
Table D-11 shows the distribution of households by size and tenure in Edina, the Remainder of
the PMA, Hennepin County and the Twin Cities Metro in 2010 and 2019.
• Household size for renters is usually smaller than for owners. This trend is because the typi-
cal market segments for rental housing are younger households which are less likely to be
married and have children and older adults who elect to downsize or “right size” from their
single-family homes. In 2019, an estimated 47% of the renter-occupied units in Edina were
single-person households, compared to only 26% of owner households.
Data from the American Community Survey adjusted to current household estimates reveals
that 9.7% of Edina owner households reside alone in single-family detached homes. Most of
these people are likely over age 65.
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 34
Size Number Pct.Number Pct.Number Pct.Number Pct.
1PP Household 4,161 26.9%2,690 51.6%4,281 25.5%3,040 47.2%
2PP Household 5,510 35.7%1,410 27.0%5,984 35.7%1,831 28.4%
3PP Household 2,052 13.3%593 11.4%2,222 13.2%892 13.8%
4PP Household 2,355 15.2%328 6.3%2,826 16.8%542 8.4%
5PP Household 1,076 7.0%125 2.4%1,206 7.2%127 2.0%
6PP Household 234 1.5%42 0.8%219 1.3%8 0.1%
7PP+ Household 67 0.4%29 0.6%41 0.2%0 0.0%
Total 15,455 100.0%5,217 100.0%16,778 100.0%6,439 100.0%
Size Number Pct.Number Pct.Number Pct.Number Pct.
1PP Household 11,709 24.7%7,744 46.0%12,088 24.8%8,290 42.5%
2PP Household 18,783 39.6%5,023 29.8%19,463 39.9%6,421 32.9%
3PP Household 7,200 15.2%2,038 12.1%7,504 15.4%2,253 11.5%
4PP Household 6,632 14.0%1,236 7.3%6,808 14.0%1,571 8.1%
5PP Household 2,251 4.7%437 2.6%1,917 3.9%591 3.0%
6PP Household 599 1.3%232 1.4%765 1.6%254 1.3%
7PP+ Household 253 0.5%141 0.8%251 0.5%124 0.6%
Total 47,427 100.0%16,851 100.0%48,795 100.0%19,505 100.0%
Size Number Pct.Number Pct.Number Pct.Number Pct.
1PP Household 77,198 25.2%78,609 46.3%82,997 25.4%90,480 45.9%
2PP Household 112,157 36.6%44,706 26.3%121,121 37.0%53,869 27.3%
3PP Household 47,338 15.5%20,044 11.8%49,755 15.2%22,577 11.5%
4PP Household 42,878 14.0%13,330 7.9%46,687 14.3%15,812 8.0%
5PP Household 16,863 5.5%6,653 3.9%16,890 5.2%7,664 3.9%
6PP Household 5,442 1.8%3,255 1.9%6,021 1.8%3,809 1.9%
7PP+ Household 4,245 1.4%3,195 1.9%3,773 1.2%2,847 1.4%
Total 306,121 100.0%169,792 100.0%327,245 100.0%197,058 100.0%
Size Number Pct.Number Pct.Number Pct.Number Pct.
1PP Household 171,241 21.9%147,789 44.1%189,443 22.2%171,343 43.3%
2PP Household 280,552 35.9%87,139 26.0%312,169 36.6%107,939 27.2%
3PP Household 128,197 16.4%42,563 12.7%136,423 16.0%48,872 12.3%
4PP Household 123,219 15.7%29,587 8.8%133,425 15.6%35,469 9.0%
5PP Household 50,854 6.5%14,883 4.4%53,681 6.3%17,955 4.5%
6PP Household 16,887 2.2%6,908 2.1%17,334 2.0%8,357 2.1%
7PP+ Household 11,525 1.5%6,405 1.9%10,760 1.3%6,207 1.6%
Total 782,475 100.0%335,274 100.0%853,234 100.0%396,141 100.0%
Sources: U.S. Census Bureau; Maxfield Research and Consulting LLC
Owner Occupied Renter Occupied Owner Occupied Renter Occupied
TABLE D-11
TENURE BY HOUSEHOLD SIZE
EDINA MARKET AREA
2010 AND 2019
HENNEPIN COUNTY
REMAINDER OF PRIMARY MARKET AREA
2010 2019
Owner Occupied Renter Occupied Owner Occupied Renter Occupied
2019
CITY OF EDINA
2010
2010 2019
Owner Occupied Renter Occupied Owner Occupied Renter Occupied
TWIN CITIES METRO AREA
2010 2019
Owner Occupied Renter Occupied Owner Occupied Renter Occupied
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 35
• An estimated 76% of renter households in Edina in 2019 have either one or two people.
One-person households are likely to seek smaller homes, while two-person households may
prefer larger homes or apartments. Two-person households with a parent and child or
roommate are likely to prefer at least a two-bedroom apartment or a modest size home.
Only an estimated 24% of renter households in Edina in 2019 had three or more people in
the household.
Diversity
The population distribution by race, Table D-12, presents the diversity of the population in
Edina, the Remainder of the PMA, Hennepin County and the Twin Cities Metro for 2010 and
2019. The data was obtained from the U.S. Census.
• In 2019, “White Alone” comprised the largest proportion of the population in Edina (86.9%),
the Remainder of the PMA (84.5%), Hennepin County (74.6%) and the Metro Area (78.6%).
The percentage has decreased since 2010 where “White Alone” was 88.7% in Edina.
• U.S. Census respondents that list themselves ethnically as Hispanic or Latino, racially list
themselves in various race categories. As of 2019, 3.1% of Edina’s population self-identified
as Hispanic/Latino. The Hispanic/Latino population was 2.4% of Edina’s population in 2010.
• “Black or African American Alone” decreased from 1,424 people in 2010 to 1,009 and “Na-
tive Hawaiian or Pacific Islander Alone” also decreased from 16 people in 2010 to 0 people
in 2019.
• The greatest increase in population by race in Edina were “Asian Alone” which increased
from 2,914 people in 2010 to 4,271 people in 2019, an estimated increase of 46.6%.
-100.0%-50.0%0.0%50.0%100.0%
White Alone
Black or African American Alone
American Indian or Alaska Native Alone (AIAN)
Native Hawaiian or Pacific Islander Alone (NHPI)
Asian Alone
Some Other Race
Two or More Races Alone
Hispanic or Latino (Ethnicity)Race/EthnicityPercent Change in Race and Ethnicity, CIty of Edina,
2010-2019
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 36
2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019
Number
Edina 41,535 44,812 1,424 1,009 78 83 16 0 2,914 4,271 88 151 785 1,215 1,101 1,584
Remainder of PMA 125,814 128,626 6,880 8,900 332 330 41 130 7,905 9,502 225 267 3,154 4,551 4,615 6,463
Hennepin County 826,670 868,921 134,240 156,789 8,848 6,640 431 406 71,535 86,983 2,321 2,980 30,704 41,280 77,676 85,776
Twin Cities Metro 2,173,218 2,306,414 234,334 283,020 17,452 14,561 1,091 1,017 182,496 227,365 4,609 6,007 68,809 95,913 167,558 194,661
Percentage
Edina 88.7%86.9%3.0%2.0%0.2%0.2%0.0%0.0%6.2%8.3%0.2%0.3%1.7%2.4%2.4%3.1%
Remainder of PMA 87.2%84.5%4.8%5.8%0.2%0.2%0.03%0.09%5.5%6.2%0.2%0.2%2.2%3.0%3.2%4.2%
Hennepin County 76.9%74.6%12.5%13.5%0.8%0.6%0.04%0.03%6.7%7.5%0.2%0.3%2.9%3.5%7.2%7.4%
Twin Cities Metro 81.0%78.6%8.7%9.6%0.7%0.5%0.04%0.03%6.8%7.7%0.2%0.2%2.6%3.3%6.2%6.6%
Note: Hispanic/Latino totals included within the other race categories.
TABLE D-12
POPULATION DISTRIBUTION BY RACE
EDINA MARKET AREA
2010 & 2019
Sources: U.S. Census Bureau; Maxfield Research and Consulting, LLC
Hispanic or Latino
(Ethnicity)White Alone Black or African
American Alone
American Indian or
Alaska Native Alone
(AIAN)
Native Hawaiian or
Pacific Islander
Alone (NHPI)
Asian Alone Some Other Race Two or More
Races Alone
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 37
Mobility in the Past Year
Table D-13 shows the mobility patterns of residents in Edina, the Remainder of the PMA,
Hennepin County and the Twin Cities Metro within a one-year time frame.
• Most residents in Edina (88.3%) did not move within the last year.
• Of Edina residents that moved, most were likely to move within the county (6.1%).
• In all geographies, those Under 18 and ages 25 to 34 were most likely to report a move. Of
residents in Edina who reported a move, 18% were Under 18 and 33% were ages 25 to 34.
• In Edina, a higher proportion of 25- to 34-year olds were more likely to move (33%) com-
pared to the Remainder of the PMA (31%), Hennepin County (30%) and the Twin Cities
Metro Area (28%).
• After age 35, mobility declines through age 74. There is a slight uptick in mobility among
those over age 75 in all areas. This reflects older seniors leaving their single-family homes
for alternate housing options.
0%
5%
10%
15%
20%
25%
30%
35%
Under 18 18 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75+Percentage of People Who Moved in Last YearPercent of People Who Moved in Last Year by Age, 2019
Edina
Remainder of PMA
Hennepin County
Twin Cities Metro
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 38
Edina
Age No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.
Under 18 11,179 90.9%549 4.5%96 0.8%275 2.2%200 1.6%
18 to 24 1,718 79.4%204 9.4%71 3.3%134 6.2%38 1.8%
25 to 34 3,475 62.9%1,007 18.2%253 4.6%328 5.9%458 8.3%
35 to 44 5,814 87.4%356 5.4%146 2.2%277 4.2%59 0.9%
45 to 54 7,436 92.7%287 3.6%108 1.3%71 0.9%118 1.5%
55 to 64 6,809 94.9%225 3.1%96 1.3%37 0.5%10 0.1%
65 to 74 5,182 94.6%192 3.5%30 0.5%58 1.1%17 0.3%
75+5,320 91.6%398 6.8%22 0.4%66 1.1%4 0.1%
Total 46,934 88.3%3,218 6.1%824 1.6%1,245 2.3%904 1.7%
Remainder
of PMA
Age No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.
Under 18 27,388 87.1%2,845 9.1%628 2.0%500 1.6%69 0.2%
18 to 24 6,409 65.3%1,450 14.8%1,192 12.1%676 6.9%96 1.0%
25 to 34 15,891 69.2%3,988 17.4%1,581 6.9%1,229 5.4%262 1.1%
35 to 44 17,689 85.8%1,820 8.8%387 1.9%606 2.9%119 0.6%
45 to 54 21,384 91.5%1,261 5.4%376 1.6%270 1.2%84 0.4%
55 to 64 22,160 94.0%850 3.6%159 0.7%263 1.1%152 0.6%
65 to 74 14,075 94.0%649 4.3%49 0.3%185 1.2%16 0.1%
75+11,100 92.4%743 6.2%50 0.4%99 0.8%22 0.2%
Total 136,095 85.7%13,606 8.6%4,422 2.8%3,828 2.4%818 0.5%
Hennepin
County
Age No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.
Under 18 228,527 86.4%23,181 8.8%5,652 2.1%4,610 1.7%2,431 0.9%
18 to 24 65,176 58.4%22,930 20.6%13,226 11.9%8,524 7.6%1,679 1.5%
25 to 34 151,394 70.0%37,247 17.2%13,211 6.1%11,061 5.1%3,369 1.6%
35 to 44 143,403 85.9%14,605 8.7%3,847 2.3%3,698 2.2%1,402 0.8%
45 to 54 150,413 89.8%11,124 6.6%3,029 1.8%2,307 1.4%580 0.3%
55 to 64 148,108 92.9%7,312 4.6%1,972 1.2%1,581 1.0%520 0.3%
65 to 74 87,275 93.5%3,910 4.2%818 0.9%948 1.0%370 0.4%
75+64,349 91.5%4,101 5.8%909 1.3%682 1.0%296 0.4%
Total 1,038,643 83.1%124,411 10.0%42,663 3.4%33,412 2.7%10,645 0.9%
Twin Cities
Metro
Age No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.
Under 18 616,334 86.7%54,697 7.7%23,973 3.4%10,626 1.5%5,088 0.7%
18 to 24 183,255 66.0%41,473 14.9%33,385 12.0%16,279 5.9%3,244 1.2%
25 to 34 347,454 72.4%65,123 13.6%40,675 8.5%20,656 4.3%6,006 1.3%
35 to 44 358,234 86.3%30,637 7.4%15,783 3.8%7,637 1.8%2,745 0.7%
45 to 54 400,242 91.0%23,127 5.3%10,796 2.5%4,530 1.0%1,252 0.3%
55 to 64 375,779 93.2%15,465 3.8%7,057 1.8%3,584 0.9%1,280 0.3%
65 to 74 220,591 93.9%7,470 3.2%3,849 1.6%2,080 0.9%906 0.4%
75+152,869 91.2%8,694 5.2%3,897 2.3%1,615 1.0%570 0.3%
Total 2,654,759 84.8%246,686 7.9%139,414 4.5%67,008 2.1%21,091 0.7%
Sources: American Community Survey; Maxfield Research and Consulting LLC
Same House Within Same County Different County
Same State Different State Abroad
Same House Within Same County Different County
Same State Different State Abroad
Same House Within Same County Different County
Same State Different State Abroad
Same House Within Same County AbroadDifferent County
Same State Different State
Moved
TABLE D-13
MOBILITY IN THE PAST YEAR BY AGE FOR CURRENT RESIDENCE
EDINA MARKET AREA
2019
Did Not Move
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 39
Summary of Demographic Trends
The following points summarize key demographic trends that will impact demand for housing in
Edina.
• The population in Edina grew by 10.8% (5,183 people) and 2,545 households (12.3%) be-
tween 2010 and 2019. Population growth is expected to continue to 2040, with a forecast
population growth of 11% (5,900 people) and 3,700 households between 2020 and 2040.
• Median incomes are projected to rise in Edina, with a 10.2% increase forecast between
2019 and 2024, from $107,757 to $118,770.
• As incomes rise, the proportion of homeowners usually also rises. This historical trend has
experienced a shift however, in the past decade as an increasing number of higher income
households are electing to rent rather than own their housing. This includes younger and
older households, those financially able to own, but choose to rent. These households usu-
ally have incomes of $50,000 or higher. This accounted for an estimated 55% of Edina’s
renter households in 2019.
• The proportion of homeowners increases as households age beginning with age 25. Home-
owner households reached the highest ownership proportion at 83% for those ages 45 to
54. Households ages 25 to 34 had a homeownership rate of 38.4%. Households 85 years or
older had a homeownership rate of 58% as this group often elects to relocate to housing
options with support services.
• Between 2010 and 2019, all household types increased in Edina although the proportion of
households shifted during the period. Roommate households experienced the largest per-
centage increase (33%) and Married Couples with Children had the largest numerical in-
crease (1,038 households-21%).
• Renter households are most likely to be composed of one person (47% of renter house-
holds), followed by two-person households (28% of renter households).
• In 2019, “White Alone” comprised the largest proportion of the population in Edina, ac-
counting for 87% of the total. This proportion represents a decrease of -1.8% in the “White
Alone” population from 2010.
• From 2010 to 2019, people that self-identify as Asian Alone increased by 1,357 people
(2.1%) in Edina and people that self-identify as Hispanic or Latino Ethnicity increased by 483
people (0.7%).
DEMOGRAPHIC ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 40
• Most Edina residents (88.3%) did not move within the last year. Of those who moved
(18.1%), they were most likely to be Under 18 or 25 to 34 and most moved within the same
County. Mobility drops after age 34 but rises again beginning with households age 75 years
or older. Fully 90% or more of householders ages 45+ however, did not move within the
last year. Older age cohorts may elect to relocate to alternative housing and the oldest
households may choose to relocate to housing that provides additional support services.
• Recent national findings on mobility have identified that younger households are relocating
less often than in the past. There is little qualitative data on this trend as to why younger
households are less mobile. Some are speculating that they may be less likely to move just
to take a new job and are evaluating more carefully a move because of other implications
such as higher cost of living.
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 41
Introduction
Since employment growth generally fuels household growth, employment trends are a reliable
indicator of housing demand. Typically, households prefer to live near work for convenience.
Employment Growth and Projections
Table E-1 shows projected employment growth in Edina, Hennepin County and the Twin Cities
Metro Area. Table E-1 shows employment growth trends and projections from 2000 to 2040
based on the most recent Minnesota Department of Employment and Economic Development
(DEED) and Metropolitan Council employment projections, with adjustments calculated by
Maxfield Research to reflect current estimates and forecasts.
• There were an estimated 47,457 jobs in Edina in 2010, which was 5.9% of the County total
(805,089 jobs).
• From 2010 through 2nd Quarter 2019, place of work employment has fluctuated. The graph
on the following page shows how jobs in Edina increased during the recession, decreased as
the recovery began, then increased again each year, peaking in 2016. In 2017 and 2018, the
number of jobs in Edina decreased. A modest increase occurred again in 2019.
• Industry sectors experiencing job losses include Manufacturing, Wholesale and Retail Trade,
Real Estate and Leasing, Professional and Business Services and Support of Waste Manage-
ment and Remediation. Conversely, employment increases were strong in these sectors in
Hennepin County and the Twin Cities Metro Area during the same period. As of 2nd Quarter
2019, Edina had an estimated 44,899 jobs. The Metropolitan Council forecasts that employ-
ment in Edina will continue to increase to 2040. Locally based employment supports de-
mand for housing and increases in individual industry sectors informs the types of housing
that may be needed to assist households that want to live and work in Edina.
2000 2010 2019 2020 2030 2040 No.Pct.No.Pct.No.Pct.No.Pct.
Edina 53,124 47,457 44,899 45,544 51,994 59,357 -5,667 -10.7%-1,913 -4.0%6,450 14.2%7,363 12.4%
Hennepin County 874,882 805,089 938,674 946,500 981,700 1,038,040 -69,793 -8.0%141,411 17.6%35,200 3.7%56,340 5.4%
Twin Cities Metro Area 1,600,741 1,543,872 1,780,812 1,828,000 1,910,000 2,039,000 -56,869 -3.6%284,128 18.4%82,000 4.5%129,000 6.3%
* 2019 Data is from MNDEED Quarterly Census of Employment and Wages (2nd Quarter 2019)
Note: Twin Cities Metro represents the 7-County planning region
Sources: MN Dept of Employment and Economic Development; Metropolitan Council; Maxfield Research & Consulting, LLC.
2030-2040
Change
2000-2010 2020-2030
Employment
2010-2020Estimated Actual Forecast
TABLE E-1
EMPLOYMENT GROWTH TRENDS AND PROJECTIONS
EDINA, HENNEPIN CO. AND TWIN CITIES METRO AREA
2000-2040
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 42
• Edina’s employment base is forecast to grow by 14.2% between 2020 and 2030 with em-
ployment estimated at almost 52,000 jobs by 2030 and 53,500 jobs by 2040.
• The chart shows the number of covered jobs in Edina from 2010 through 2nd Quarter 2019,
demonstrating the fluctuations that occurred.
Resident Labor Force and Workplace Employment
Recent employment trends are shown in Tables E-2 and E-3. Table E-2 presents resident em-
ployment data for Edina from 2000 through 2019. The numbers are compiled from data pub-
lished by the Minnesota Department of Employment and Economic Development (MNDEED).
MNDEED compiles data for large cities in the state and Edina is one of those large cities. Resi-
dent employment data is calculated as an annual average and reveals the work force and num-
ber of employed people living in the City. Not all these individuals work in the City or in Henne-
pin County. Table E-3 presents covered employment data for Edina from 2000 through the 2nd
quarter 2019. Covered employment data is calculated as an annual average and reveals the
number of jobs in the designated area, which are covered by unemployment insurance. Many
temporary workforce positions, agricultural, self-employed persons, and some other types of
jobs are not covered by unemployment insurance and are not included in the table. Some agri-
cultural businesses and employees are listed in Table E-3, but not all positions are included.
The following are key trends derived from the employment data:
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 43
Labor
Year Force Employed Unemployed Rate
2010 23,844 22,477 1,367 5.7%
2011 24,110 22,890 1,220 5.1%
2012 24,198 23,121 1,077 4.5%
2013 24,309 23,378 931 3.8%
2014 24,317 23,547 770 3.2%
2015 24,475 23,774 701 2.9%
2016 24,796 24,028 768 3.1%
2017 25,325 24,608 717 2.8%
2018 26,246 25,654 592 2.3%
2019 1 26,667 25,900 767 2.9%
Change 2010-2019 1
Number 2,823 3,423 -600 --
Percent 11.8%15.2%-43.9%--
2010 650,891 605,294 45,597 7.0%
2011 656,063 616,331 39,732 6.1%
2012 659,812 625,310 34,502 5.2%
2013 666,831 636,298 30,533 4.6%
2014 672,373 646,952 25,421 3.8%
2015 676,722 654,583 22,139 3.3%
2016 687,472 664,578 22,894 3.3%
2017 698,548 677,696 20,852 3.0%
2018 703,310 685,853 17,457 2.5%
2019 1 719,849 698,905 20,944 2.9%
Change 2010-2019 1
Number 68,958 93,611 -24,653 --
Percent 10.6%15.5%-54.1%--
2010 1,593,385 1,479,385 114,000 7.2%
2015 1,649,759 1,594,798 54,961 3.3%
2019 1 1,748,746 1,697,873 50,873 2.9%
2010 2,938,795 2,721,194 217,601 7.4%
2015 2,997,748 2,887,132 110,616 3.7%
2019 1 3,130,214 3,036,377 93,837 3.0%
1 Through August 2019
not seasonally adjusted
MINNESOTA
Sources: MN Department of Employment and Economic
Development; Maxfield Research and Consulting LLC
TABLE E-2
ANNUAL AVERAGE RESIDENT EMPLOYMENT
EDINA MN
2010 to 2019 1
EDINA
TWIN CITIES METRO AREA
HENNEPIN COUNTY
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 44
Resident Employment
• The labor force and resident employment (number of people employed) that live in Edina
increased from 2010 through August 2019 by 2,823 people and 3,423 people, respectively.
The unemployment rate decreased from 5.7% to 2.9% (2010/2019). This was equal to that
of Hennepin County and the Twin Cities Metro Area.
• The unemployment rate decreased from 5.7% to 2.9% (2010/2019). This was equal to that
of Hennepin County and the Twin Cities Metro Area.
• Edina’s unemployment rate has remained the same or lower than Hennepin County’s and
Minnesota’s unemployment rates since 2010. The greatest difference between Edina
(5.7%) and Hennepin County (7%) was in 2010, a difference of 1.3%.
• In 2010, Hennepin County’s unemployment rate was highest at 7.0%, the period of the re-
cession. Since that time, the unemployment rate has steadily decreased to a low of 2.9% as
of August 2019, which is considered less than full employment (approximately 5.0%).
Covered Employment by Industry
• From 2010 through 2nd Quarter 2019 (most recent data available), the number of jobs in
Edina is estimated to have decreased by -2,576, or -4.4%. Categories that experienced the
greatest decreases include: Finance and Insurance and Support of Waste Management and
Remediation. The industry that gained the most jobs during the period was: Health Services
(3,095 jobs, 42.3%).
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 45
• Average weekly wages rose steadily over the period (2010 through 2nd Quarter 2019) in-
creasing by 23.7% or an average annual increase of 1.95%. The U.S average annual twelve-
month inflation rate as of September 2019 was 1.7%.
Total Employment
Industry 2000 2005 2010 2015 2019*No.Pct.2000 2005 2010 2015 2019*
Natural Resources & Mining ------------------------
Manufacturing 4,395 2,708 1,755 1,685 1,635 -120 -2.7%8.3%5.6%3.7%3.3%3.6%
Wholesale Trade 3,110 1,930 1,508 1,677 1,215 -293 -9.4%5.9%4.0%3.2%3.3%2.7%
Retail Trade 7,176 6,455 5,148 5,796 4,312 -836 -11.6%13.5%13.4%10.8%11.4%9.6%
Transportation & Warehousing ------------------------
Information 1,229 1,028 683 786 728 45 3.6%2.3%2.1%1.4%1.6%1.6%
Finance & Insurance 4,688 5,433 5,542 4,236 2,529 -3,013 -64.3%8.8%11.3%11.7%8.4%5.6%
Real Estate & Leasing 2,728 1,979 1,677 1,518 1,399 -278 -10.2%5.1%4.1%3.5%3.0%3.1%
Professional & Business Services 6,573 5,013 4,942 4,922 5,040 98 1.5%12.4%10.4%10.4%9.7%11.2%
Management of Companies 590 676 1,963 2,008 1,946 -17 -2.9%1.1%1.4%4.1%4.0%4.3%
Support of Waste Mgmt & Remediation 5,758 5,754 6,022 7,016 4,373 -1,649 -28.6%10.8%11.9%12.7%13.9%9.7%
Education 1,566 1,713 2,079 1,922 2,203 124 7.9%2.9%3.6%4.4%3.8%4.9%
Health Services 7,319 7,692 7,788 9,872 10,883 3,095 42.3%13.8%15.9%16.4%19.5%24.2%
Leisure & Hospitality 875 675 546 901 915 369 42.2%1.6%1.4%1.1%1.8%2.0%
Accommodation & Food Services 2,416 3,110 3,475 3,112 3,248 -227 -9.4%4.5%6.4%7.3%6.1%7.2%
Other Services 2,528 2,437 1,897 2,248 2,437 540 21.4%4.8%5.1%4.0%4.4%5.4%
Public Administration 276 422 327 383 481 154 55.8%0.5%0.9%0.7%0.8%1.1%
Totals 53,124 48,240 47,475 50,622 44,899 -2,576 -4.8%
Average Weekly Wages Percent Difference From Overall Average
Industry 2000 2005 2010 2015 2019*No.Pct.2000 2005 2010 2015 2019*
Natural Resources & Mining ------------------------
Manufacturing $1,275 $1,203 $1,186 $1,465 $1,358 $172 13.5%51.2%26.8%12.7%19.7%8.5%
Wholesale Trade $1,436 $1,322 $1,548 $1,843 $2,321 $773 53.8%70.3%39.3%47.1%50.6%85.4%
Retail Trade $416 $402 $460 $722 $639 $179 43.0%-50.7%-57.6%-56.3%-41.0%-49.0%
Transportation & Warehousing ------------------------
Information $1,018 $1,245 $1,403 $1,839 $1,826 ----20.8%31.2%33.3%50.2%45.8%
Finance & Insurance $1,219 $1,774 $1,884 $2,352 $2,217 $333 27.3%44.6%86.9%79.1%92.2%77.1%
Real Estate & Leasing $834 $879 $875 $1,356 $1,262 $387 46.4%-1.1%-7.4%-16.8%10.8%0.8%
Professional & Business Services $1,163 $1,275 $1,505 $1,843 $1,845 $340 29.2%38.0%34.4%43.1%50.6%47.4%
Management of Companies $1,420 $1,758 $1,587 $1,944 $1,642 $55 3.9%68.4%85.2%50.9%58.8%31.2%
Support of Waste Mgmt & Remediation $571 $565 $569 $686 $980 $411 72.0%-32.3%-40.5%-45.9%-44.0%-21.7%
Education $660 $727 $752 $918 $896 $144 21.8%-21.7%-23.4%-28.5%-25.0%-28.4%
Health Services $750 $1,017 $1,200 $1,264 $1,270 $70 9.3%-11.0%7.2%14.1%3.3%1.4%
Leisure & Hospitality $311 $371 $485 $428 $472 -$13 -4.2%-63.1%-60.9%-53.9%-65.0%-62.3%
Accommodation & Food Services $271 $305 $390 $407 $474 $84 31.0%-67.9%-67.9%-62.9%-66.7%-62.1%
Other Services $577 $885 $584 $643 $742 $158 27.4%-31.6%-6.7%-44.5%-47.5%-40.7%
Public Administration $888 $853 $1,163 $1,287 $1,324 $161 18.1%5.3%-10.1%10.6%5.1%5.8%
$843 $949 $1,052 $1,224 $1,252 $200 23.7%
* through 2nd Quarter 2019
Note: Industry titles based on the North American Industrial Classification Codes (NAICS)
Source: Minnesota Workforce Center; Maxfield Research & Consulting, LLC
Change
2010 - 2019*
TABLE E-3
Change
2010 - 2019*% of Total
2000, 2005, 2010, 2015, 2019*
EDINA, MN
COVERED EMPLOYMENT TRENDS
Average Number of Employees
Percent of Total Employment
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 46
• Employment has continued to fluctuate in Edina between 2010 and 2019, although overall
employment in Hennepin County and the Twin Cities Metro Area has continued to steadily
increase. MN DEED and Metropolitan Council employment outlook projections expect em-
ployment to increase in Edina, Hennepin County and the Metro Area.
Employment, Earnings, and Employment by Educational Attainment
Table E-4 displays information on employment by earnings; Table E-5 identifies employment by
educational attainment and Table E-6 is a summary of businesses in Edina. The employment by
earnings is sourced from the US Census, Local Employment-Household Dynamics data (LEHD)
and employment by educational attainment is sourced from the US Census (American Commu-
nity Survey data) as of 2017. The business summary for Edina is sourced from Minnesota DEED
for 1st Quarter 2019, the most recent data available. Minnesota DEED obtains its business data
under the Unemployment Insurance (UI) Program which requires all establishments to report
wage and employment statistics quarterly to DEED. Federal government establishments are
also covered by this program.
Certain industries in Table E-6 may not display any information which means there is either no
reported economic activity for that industry or the data has been suppressed to protect the
confidentiality of cooperating employers. This generally occurs when there are too few em-
ployers or one employer comprises too much of the employment in that geography.
• As of 2017, an estimated 62.5% of Edina employees earned more than $3,333 per month
(14,611). This is higher than Hennepin County (52.9%) and the Metro Area (52.5%) of em-
ployees that make more than $3,333 per month. Edina has a lower proportion of employ-
ees that make between $1,251 to $3,333 per month (17.9%) and employees that make
$1,250 per month or less (19.6%) than Hennepin County or the Twin Cities Metro Area.
• As of 2017, of those in the labor force, 77.8% have a bachelor’s or advanced degree
(16,571). This is substantially higher than Hennepin County (53.3%) and the Metro Area at
47.5%.
• For those in the labor force that are employed, 78.2% have a bachelor’s or advanced degree
in Edina, compared to 54.1% in Hennepin County and 48.2% in the Twin Cities Metro Area.
• For those in the labor force that are unemployed, the highest proportion in Edina has a
bachelor’s or advanced degree (65.1%). This compares to 34% in Hennepin County and
30.6% in the Twin Cities Metro Area. A somewhat smaller proportion in each jurisdiction
has some college or associate degree.
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 47
Type No.Pct.No.Pct.No.Pct.
$1,250/month or less 4,586 19.6%139,544 21.5%350,361 21.8%
$1,251 to $3,333/month 4,197 17.9%165,676 25.6%413,687 25.7%
More than $3,333/month 14,611 62.5%342,384 52.9%843,429 52.5%
Total 23,394 100.0%647,604 100.0%1,607,477 100.0%
Sources: US Census Bureau; Maxfield Research & Consulting, LLC
TABLE E-4
EMPLOYMENT BY EARNINGS
CITY OF EDINA
2017
Edina Hennepin County Metro Area
Type No.Pct.No.Pct.No.Pct.
In Labor Force
Less Than High School 232 1.1%29,787 5.0%103,067 6.2%
High School or Equivalent, No College 1,222 5.6%79,964 13.5%295,274 17.8%
Some College or Associate Degree 3,501 16.2%160,624 27.2%501,572 30.2%
Bachelor's Degree or Advanced Degree 16,677 77.1%319,864 54.2%759,994 45.8%
Total 21,632 100.0%590,239 100.0%1,659,907 100.0%
Not In Labor Force
Less Than High School 217 5.1%15,247 15.2%35,964 14.7%
High School or Equivalent, No College 421 9.8%22,333 22.3%61,608 25.2%
Some College or Associate Degree 676 15.8%27,827 27.7%72,134 29.5%
Bachelor's Degree or Advanced Degree 2,975 69.4%34,872 34.8%74,764 30.6%
Total 4,289 100.0%100,279 100.0%244,470 100.0%
Employed (In Labor Force)
Less Than High School 231 1.1%26,961 4.7%67,103 4.7%
High School or Equivalent, No College 1,150 5.5%75,816 13.3%233,666 16.5%
Some College or Associate Degree 3,223 15.4%153,543 27.0%429,438 30.3%
Bachelor's Degree or Advanced Degree 16,321 78.0%312,956 55.0%685,230 48.4%
Total 20,925 100.0%569,276 100.0%1,415,437 100.0%
Unemployed (In Labor Force)
Less Than High School 1 0.1%2,826 13.6%5,666 12.5%
High School or Equivalent, No College 72 10.2%4,148 20.0%10,829 23.9%
Some College or Associate Degree 278 39.3%6,966 33.6%14,947 32.9%
Bachelor's Degree or Advanced Degree 356 50.4%6,778 32.7%13,962 30.8%
Total 707 100.0%20,718 100.0%45,404 100.0%
Total 25,921 100.0%690,518 100.0%1,904,377 100.0%
Sources: US Census Bureau; Maxfield Research & Consulting, LLC
TABLE E-5
EMPLOYMENT BY EDUCATIONAL ATTAINMENT
CITY OF EDINA
2018
Edina Hennepin County Metro Area
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 48
• As of 2019, there were an estimated 2,751 businesses with 44,899 employees in Edina.
Data from MN DEED by industry sector disclosed a total of 2,626 businesses with an esti-
mated 43,344 employees.
• The top three industry sectors by size of business establishment were:
Professional, Scientific and Technical Services (461 businesses)
Health Care and Social Assistance (389 businesses)
Other Services (except Public Administration (370 businesses)
• The top three industry sectors by number of employees were:
Health Care and Social Assistance (10,883 employees)
Professional, Scientific and Technical Services (5,040 employees)
Administrative & Support & Waste Mgmt and Remediation Services (4,373 employees)
Business/Industry
Number Pct Number Pct
Agriculture, Forestry, Fishing and Hunting 0 0.0%0 0.0%
Mining 0 0.0%0 0.0%
Utilities 0 0.0%0 0.0%
Construction 0 0.0%0 0.0%
Manufacturing 66 2.5%1,635 3.8%
Wholesale Trade 171 6.5%1,215 2.8%
Retail Trade 252 9.6%4,312 9.9%
Transportation & Warehousing 0 0.0%0 0.0%
Information 56 2.1%728 1.7%
Finance & Insurance 263 10.0%2,529 5.8%
Real Estate, Rental & Leasing 209 8.0%1,399 3.2%
Professional, Scientific & Tech Services 461 17.6%5,040 11.6%
Management of Companies & Enterprises 36 1.4%1,946 4.5%
Admin & Support & Waste Management & Remediation Services 113 4.3%4,373 10.1%
Educational Services 64 2.4%2,203 5.1%
Health Care & Social Assistance 389 14.8%10,883 25.1%
Arts, Entertainment & Recreation 42 1.6%915 2.1%
Accommodation & Food Services 132 5.0%3,248 7.5%
Other Services (except Public Administration)370 14.1%2,437 5.6%
Public Administration 2 0.1%481 1.1%
Unclassified Establishments 0 0.0%0 0.0%
Total of Columns**2,626 100.0%43,344 100.0%
Total Per MN DEED 2,751 44,899
** Totals may not sum to individual line items due to disclosure regulations by MN DEED.
Sources: Minnesota Department of Employment and Economic Developent, Maxfield Research & Consulting, LLC
INDUSTRY SECTOR
Businesses Employees
TABLE E-6
BUSINESS SUMMARY - BY INDUSTRY SECTOR
EDINA MN
2nd Quarter 2019
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 49
• Health Care and Social Assistance accounts for 25.1% of employees by industry sector in
Edina, followed by Professional, Scientific and Technical Services (11.6%) and Administrative
& Support & Waste Mgmt and Remediation Services (10.1%).
Commuting Patterns
Proximity to employment is often a primary consideration when choosing where to live, since
transportation costs often account for a large proportion of households’ budgets. Table E-7
highlights the commuting patterns of workers in Edina in 2017 (the most recent data available),
based on Local Employer-Household Dynamics data (LEHD) from the U.S. Census Bureau.
• As shown in Table E-7, 2,873 Edina residents commuted to jobs in Edina. Most employees
that live in Edina commuted to jobs in Minneapolis 5,504.
• An estimated 11,848 workers commute at least 30 minutes or more to Edina for work.
This is an estimated 27% of all workers in Edina.
Place of Residence Count Share Place of Employment Count Share
Minneapolis city, MN 6,123 26.2%Minneapolis city, MN 5,504 12.6%
Edina city, MN 2,873 12.3%Edina city, MN 2,873 6.6%
Bloomington, city, MN 2,155 9.2%Bloomington city, MN 2,600 5.9%
Eden Prairie city, MN 1,251 5.3%St Paul city, MN 1,980 4.5%
St Paul city, MN 1,231 5.3%Eden Prairie city, MN 1,865 4.3%
St Louis Park city, MN 1,096 4.7%Richfield city, MN 1,254 2.9%
Minnetonka city, MN 922 3.9%St Louis Park city, MN 1,241 2.8%
Golden Valley city, MN 602 2.6%Minnetonka city, MN 1,157 2.6%
Plymouth city, MN 592 2.5%Plymouth city, MN 1,121 2.6%
Eagan city, MN 514 2.2%Eagan city, MN 1,042 2.4%
All Other Locations 6,035 25.8%All Other Locations 23,134 52.9%
Distance Traveled Distance Traveled
Total Primary Jobs 23,394 100.0%Total Primary Jobs 43,771 100.0%
Less than 10 miles 17,250 73.7%Less than 10 miles 20,376 46.6%
10 to 24 miles 4,834 20.7%10 to 24 miles 17,234 39.4%
25 to 50 miles 306 1.3%25 to 50 miles 3,393 7.8%
Greater than 50 miles 1,004 4.3%Greater than 50 miles 2,768 6.3%
Home Destination = Where workers live who are employed in Edina.
Work Destination = Where workers are employed who live in Edina.
Sources: US Census Bureau Local Employment Dynamics; Maxfield Research and Consulting LLC
TABLE E-7
COMMUTING PATTERNS
CITY OF EDINA
2017
Home Destination Work Destination
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 50
Inflow/Outflow
Table E-8 provides a summary of the inflow and outflow of workers in Edina. Outflow reflects
the number of workers living in Edina but employed outside of the city while inflow measures
the number of workers that are employed in Edina but live outside. Interior flow reflects the
number of workers that both live and work in Edina.
• Edina is considered a major importer of workers, as the number of workers coming into the
City (inflow) for employment was more than the number of workers leaving the City for
work (outflow). An estimated 40,898 workers came into Edina for work while 20,521 work-
ers left, a net inflow 20,377 workers to Edina.
City of Edina 20,521 100.0%40,898 100.0%2,873 100.0%
By Age
Workers Aged 29 or younger 3,813 18.6%9,890 24.2%612 21.3%
Workers Aged 30 to 54 11,214 54.6%22,982 56.2%1,334 46.4%
Workers Aged 55 or older 5,494 26.8%8,026 19.6%927 32.3%
By Monthly Wage
Workers Earning $1,250 per month or less 3,655 17.8%9,086 22.2%931 32.4%
Workers Earning $1,251 to $3,333 per month 3,491 17.0%10,601 25.9%706 24.6%
Workers Earning More than $3,333 per month 13,375 65.2%21,211 51.9%1,236 43.0%
By Industry
"Goods Producing"1,903 9.3%2,354 5.8%82 2.9%
"Trade, Transportation, and Utilities"3,298 16.1%4,674 11.4%466 16.2%
"All Other Services"*15,320 74.7%33,870 82.8%2,325 80.9%
Sources: US Census Bureau Local Employment Dynamics; Maxfield Research & Consulting, LLC
*includes the following sectors: Information, Financial Activities, Professional & Business Services, Education & Health Services,
Leisure & Hospitality, Other Services, and Public Administration
TABLE E-8
COMMUTING INFLOW/OUTFLOW CHARACTERISTICS
CITY OF EDINA
2017
Outflow Inflow Interior Flow
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 51
Commuter Inflow-Outflow Map
Source: US Census: Longitudinal Employment-Household Dynamics, 2017
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 52
Major Employers
Table E-9 shows the major employers in Edina based on data provided by the City. This table is
not a comprehensive list of all employers and presents a selected list of the largest employers
with estimated employment. The following are key points from the major employers table.
• Fairview Southdale Hospital is identified as the largest employer. Including hospital, medi-
cal professional and staff employees, the Hospital is estimated to employ 1,624 workers. BI
Worldwide, a marketing consulting services provider employs an estimated 1,000 people.
Regis Corporation is estimated to employ 900 workers. Regis Corporation recently relo-
cated its corporate headquarters from Edina to Minneapolis to the former Target building
on Interstate 394, just west of Downtown Minneapolis. City Center Realty Partners, a San-
Francisco based private equity firm purchased the building and plans a full renovation and
remarketing of the building.
• The list of major employers represents several industry sectors. The largest is the Health
Services sector followed by Professional, Business and Technical Services and Real Estate.
• The top two employers account for nearly 44% of the employment at the top 10 major em-
ployers in Edina. These employers are considered top employers Metro-wide and attract a
substantial number of employees.
• Together, the top ten employers in Edina are estimated to employ nearly 6,000 workers or
13% of total employment as of 2019.
• As of 2nd Quarter 2019, the average weekly wage in Edina was $1,252 among all industries;
Finance and Insurance had the highest weekly wage at $2,217, followed by Wholesale Trade
at $2,321.
Estimated Number of
Name Industry/Product/Service Employees
Fairview Southdale Hospital Hospital/General Medical & Surgical 1,624
BI Worldwide Marketing Consulting Services 1,000
Regis Corporation Beauty Salons/Marketing Programs 900
Twin Cities Orthopedics Physicians & Surgeons 401
Edina Realty Real Estate 400
Dow Film Tec Water Purification Equipment 375
SpartanNash Organic Foods & Services 350
Western National Insurance Insurance 320
City of Edina Government Services 300
International Dairy Queen Restaurant Management 300
Total 5,970
TABLE E-9
2019
Sources: City of Edina; ReferenceUSA; Maxfield Research and Consulting LLC
CITY OF EDINA
MAJOR EMPLOYERS
EMPLOYMENT
MAXFIELD RESEARCH AND CONSULTING, LLC 53
• Employers that offer higher paying jobs did not express significant challenges with finding
qualified workers, although the tight labor market is having an effect across the Board with
generally fewer applicants overall from which to choose.
• Employers hiring for lower paying jobs such as retail and service workers and lower paying
health care positions expressed significant challenges to attracting almost any workers, re-
gardless of commute times or
• Health aides and Certified Nursing Assistants continue to be in short supply and turnover in
the senior housing industry continues to increase. Labor shortages for senior housing with
services is the number one challenge for senior housing operators.
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 54
Introduction
The variety and condition of the housing stock in a community provides the basis for an attrac-
tive living environment. Housing functions as a building block for neighborhoods and goods
and services. We examined the characteristics of the housing supply in Edina by reviewing data
on the age of the existing housing stock; examining the number of permits issued for residential
units since 2010; reviewing housing data from the American Community Survey (2013-2017,
five-year average estimates) with adjustments made to 2019 to reflect the most recent house-
hold and tenure estimates for Edina and the Market Area.
Residential Construction Trends 2010 through 2019
Maxfield Research obtained data from Edina on the number of building permits issued for new
housing units in the City from 2010 through 2019. Also included are area cities from 2010
through September 2019. Table HC-1 displays units from permits issued for Edina by product
type. Table HC-2 compares single-family and multifamily permits issued in Edina and PMA cit-
ies. The following are key points about residential development since 2010.
• Per the City of Edina, 2,646 housing units were permitted from 2010 through 2019. This is
an average of 294 new housing units annually during the period. From January through De-
cember 2019, 118 new construction permits were issued, substantially lower than the previ-
ous few years.
Year Single-Family
Duplex,
Triplex, and
Fourplex
Units Multifamily
5+ Units
2010 37 0 76 113
2011 57 0 0 57
2012 101 0 0 101
2013 111 2 232 345
2014 120 4 109 233
2015 111 10 472 593
2016 106 2 95 203
2017 91 2 431 524
2018 71 5 283 359
2019 67 6 45 118
Total 872 31 1,743 2,646
Sources: City of Edina; Maxfield Research and Consulting LLC
TABLE HC-1
RESIDENTIAL CONSTRUCTION BUILDING PERMITS ISSUED
CITY OF EDINA
2010 through 2019
Units Permitted
Total Units
Permitted
per Year
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 55
• Since 2010, Edina permitted 872 single-family residential units with an average of 101 units
per year from 2010 through 2018. In 2019, only 67 new single-family units were permitted.
• Between 2010 and 2019, Edina issued permits for 31 duplex, triplex, and fourplex units and
1,743 multifamily units.
37 57
101 111 120 111 106 91 71 6776
0 0
234
113
482
97
433
288
51
0
100
200
300
400
500
600
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Units
Year
New Construction Residential Units: 2010 through 2019
Single-family Multifamily
Year SF MF Total SF MF Total SF MF Total SF MF Total SF MF Total
2010 37 76 113 3 0 3 34 24 58 40 1,010 1,050 21 151 172
2011 57 0 57 21 624 645 32 0 32 49 617 666 41 0 41
2012 101 0 101 27 16 43 54 0 54 78 3,227 3,305 42 70 112
2013 111 234 345 21 260 281 80 191 271 144 3,176 3,320 60 1 61
2014 120 113 233 12 82 94 61 0 61 128 1,841 1,969 53 100 153
2015 111 482 593 17 395 412 71 2 73 117 1,421 1,538 40 521 561
2016 106 97 203 15 181 196 49 0 49 125 2,470 2,595 42 158 200
2017 91 433 524 4 37 41 59 0 59 132 2,143 2,275 40 474 514
2018 71 288 359 6 2 8 49 476 525 141 3,666 3,807 62 181 243
2019 1 67 51 118 4 444 448 7 0 7 16 4 20
Total 872 1,774 2,646 130 2,041 2,171 496 693 1,189 954 19,571 20,525 417 1,660 2,077
% of Total 33.0%67.0%100.0%6.0%94.0%100.0%41.7%58.3%100.0%4.6%95.4%100.0%20.1%79.9%100.0%
1 Edina data is through December 2019. All other geographies are through September 2019.
Sources: Each PMA City; Metropolitan Council; Maxfield Research and Consulting LLC
na
Minnetonka Units
TABLE HC-2
RESIDENTIAL CONSTRUCTION BUILDING PERMITS ISSUED
EDINA & PMA CITIES
2010 to 20191
Edina Units Bloomington Units Eden Prairie Units Minneapolis Units
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 56
• The higher number of multifamily units permitted reflects the increase in demand for gen-
eral occupancy rental housing and senior housing since the recession. Most new multifam-
ily rentals, however, are priced at the top end of the market at per square foot rents of
$2.10 per square foot or higher. Older rental properties have been increasing rents but are
more affordable to a larger group of households than are the newest market rate proper-
ties.
Housing Replacements
Maxfield Research accessed housing tear down data from Edina for 2010 through 2018. Table
HC-3 displays annual data for number of rebuild permits issued, average home values before
and after tear down, the total increase in estimated market value, and the total increase in tax
capacity.
• Between 2008 and 2018, 821 rebuild permits were issued. This is an annual average of 75
permits.
• Although there has been a decrease in the number of new construction and rebuild permits
issued, interest rates also recently decreased. We caution against considering that a slow
down in new construction or rebuild permits suggests a longer-term reduction in market ac-
tivity. There is usually some slow-down after a flurry of activity, which occurred post-reces-
sion in the middle of the decade. Also, as Baby Boomers age and as there are fewer house-
holds overall in the middle age group, there may be a general slowing in this type of activity
and the Echo Boom generation has not yet reached their peak move-up buying period.
• The average annual value of homes ultimately torn down between 2008 and 2018 was
$421,420. After being torn down and rebuilt, homes have averaged $1,165,786, an increase
of 177% ($744,366).
• In the 2019, Edina Quality of Life survey, 35% of respondents stated the most serious issue
facing Edina is housing (i.e. teardowns, overdevelopment, affordability and other housing
challenges). Most respondents listed the number of housing options in Edina as fair and the
availability of affordable housing as fair to poor.
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 57
Year
2018*68 $412,444 $1,166,588 ----
2017 88 $486,949 $1,336,778 $61,187,700 642,470
2016 91 $407,342 $1,257,996 $62,948,400 660,958
2015 109 $450,887 $1,195,284 $66,995,800 703,456
2014 115 $369,000 $1,070,000 $82,108,100 862,135
2013 104 $347,000 $1,063,000 $73,723,500 774,097
2012 99 $403,000 $1,147,000 $73,720,700 774,067
2011 57 $393,000 $1,133,000 $42,171,600 442,802
2010 34 $408,000 $992,000 $19,869,200 208,627
2009 21 $446,000 $1,130,000 $14,370,100 150,886
2008 35 $512,000 $1,332,000 $28,699,500 301,345
Total/Average 821 $421,420 $1,165,786 $52,579,460 552,084
Note: Tax Capacity is the amount of Estimated Market Value which is multiplied by the Tax Rate for property taxes.
TABLE HC-3
HOUSING TEAR DOWN DATA
CITY OF EDINA
2008-2018*
*:16 complete as of 1/2/2019.
Sources: City of Edina, Maxfield Research & Consulting LLC.
Rebuild
Permits
Average Value Before
Tear Down
Average Value
After Tear Down
Total Increase in
EMV**
Total Increase in
Tax Capacity
**: EMV is Estimated Market Value.
35
21
34
57
99 104
115 109
91 88
68
0
10
20
30
40
50
60
70
80
90
100
110
120
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Number of PermitsRebuild Permits: 2008 through 2018
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 58
American Community Survey
The American Community Survey (“ACS”) is an ongoing statistical survey administered by the
U.S. Census Bureau that is sent to approximately 3 million addresses annually. The survey gath-
ers data previously contained only in the long form of the Decennial Census. As a result, the
survey is ongoing and provides a more “up-to-date” portrait of demographic, economic, social,
and household characteristics every year, not just every ten years. The most recent ACS high-
lights data collected between 2014 and 2018. Tables HC-4 to HC-7 show key data for the Edina
with adjustments calculated by Maxfield Research to reflect 2019 housing characteristics.
Age of Housing Stock
The following graph shows the age distribution of the housing stock in 2019 based on data from
the U.S. Census Bureau American Community Survey (5-Year for 2018) and building permit data
provided by Edina for new residential units. Table HC-4 includes the number of housing units
built prior to 1940 and during each decade since.
• As of 2019, Edina is estimated to have 21,716 housing units, of which 72% are owner-occu-
pied and 28% are renter-occupied. In Hennepin County, an estimated 61% are owner-oc-
cupied while in the Twin Cities Metro Area, 68% of the housing stock is owner-occupied.
$512,000
$446,000
$408,000
$393,000
$403,000
$347,000
$369,000 $450,887
$407,342
$486,949
$412,444
$1,332,000
$1,130,000
$992,000
$1,133,000
$1,147,000
$1,063,000
$1,070,000
$1,195,284 $1,257,996
$1,336,778
$1,166,588
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Housing Value ($)Average Housing Values Before and After Tear Down: 2008 through 2018
Average Value Before Average Value After
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 59
• The median year built of homes in Edina is 1967, while in Hennepin County, it is 1970 and
in the Twin Cities Metro it is 1983. The older housing stock reflects Edina’s status as an in-
ner ring suburb that is largely built out. Due however, to the desirability of the Edina mar-
ket, older homes are being purchased, torn down and rebuilt with new homes. The largest
proportion of homes in Edina (59%) were built in the 1950’s, 1960’s and 1970’s. The great-
est proportion of homes in Edina was constructed in the 1950’s (20.3%). By comparison,
the highest proportion of homes in Hennepin County was built prior to 1940 (17.6%).
• Compared to Hennepin County and the Twin Cities Metro Area, 9.6% of Edina’s housing
stock was built since 2000 compared to 17.7% of Hennepin County’s and 20.7% of the Twin
Cities Metro Area.
• Based on data provided by Edina, 872 single-family, 31 duplex, tri-plex and four-plex units
and 1,743 multifamily units have been permitted since 2010.
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 60
Total Med. Yr.
Units Built No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.No.Pct.
CITY OF EDINA
Owner-Occupied 15,635 1964 1,467 9.4 1,165 7.5 3,897 24.9 3,090 19.8 2,193 14.0 1,846 11.8 644 4.1 914 5.8 419 2.7
Renter-Occupied 6,081 1974 229 3.8 267 4.4 522 8.6 1,206 19.8 1,807 29.7 1,015 16.7 282 4.6 335 5.5 418 6.9
Total 21,716 1967 1,696 7.8 1,432 6.6 4,419 20.3 4,296 19.8 4,000 18.4 2,861 13.2 926 4.3 1,249 5.8 837 3.9
HENNEPIN COUNTY
Owner-Occupied 326,813 1968 59,001 18.1 20,265 6.2 51,265 15.7 30,881 9.4 39,705 12.1 44,367 13.6 30,367 9.3 29,568 9.0 21,394 6.5
Renter-Occupied 206,857 1972 34,677 16.8 7,764 3.8 16,396 7.9 25,926 12.5 37,045 17.9 25,837 12.5 15,594 7.5 16,666 8.1 26,952 13.0
Total 533,670 1970 93,678 17.6 28,029 5.3 67,661 12.7 56,807 10.6 76,750 14.4 70,204 13.2 45,961 8.6 46,234 8.7 48,346 9.1
METRO AREA
Owner-Occupied 838,654 1982 109,784 13.1 34,293 4.1 95,014 11.3 76,341 9.1 105,609 12.6 122,752 14.6 123,065 14.7 110,041 13.1 61,755 7.4
Renter-Occupied 399,324 1982 59,443 14.9 12,507 3.1 29,656 7.4 47,500 11.9 70,909 17.8 55,066 13.8 39,542 9.9 41,119 10.3 43,582 10.9
Total 1,237,978 1983 169,227 13.7 46,800 3.8 124,670 10.1 123,841 10.0 176,518 14.3 177,818 14.4 162,607 13.1 151,160 12.2 105,337 8.5
Sources: U.S. Census Bureau - American Community Survey; Metropolitan Council; City of Edina; Maxfield Research & Consulting, LLC
2010 or later
TABLE HC-4
AGE OF HOUSING STOCK
CITY OF EDINA, HENNEPIN COUNTY AND TWIN CITIES METRO AREA
2019
1950s 1960s
Year Unit Built
1970s 1980s<1940 1940s 2000s1990s
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 61
Housing Units by Structure and Occupancy or (Housing Stock by Structure Type)
Table HC-4 shows the estimated housing stock in Edina by type of structure and tenure as of
2019.
• The dominant housing type in Edina and the Market Area is the single-family detached
home, representing an estimated 76.4% of all owner-occupied units and 10.9% of renter-
occupied units as of 2019.
• Nearly 60% of renter-occupied units in Edina are in structures with 50 or more units.
• Most housing structures with three or more units in Edina (64%) are renter-occupied.
Hennepin County has 85% and the Metro area has 86% with three or more units being
renter-occupied.
• In Edina, 53% of people living alone that own their housing reside in a single-family de-
tached dwelling. An estimated 86% of two-person households that own their housing re-
side in a single-family detached dwelling.
Owner-Occupied Housing Units by Mortgage Status
Table HC-5 shows mortgage status from the American Community Survey adjusted for 2019.
The Average Value of Mortgage Status is determined from area median sales prices. Mortgage
status provides information on the cost of homeownership when analyzed in conjunction with
mortgage payment data. A mortgage refers to all forms of debt where the property is pledged
Owner-Renter-Owner-Renter-Owner-Renter-
Units in Structure Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.Occupied Pct.
1, detached 11,845 76.4%647 10.9%263,650 84.6%25,825 13.8%676,478 83.2%54,554 14.5%
1, attached 948 6.1%416 7.0%31,550 10.1%14,532 7.7%96,524 11.9%40,565 10.8%
2 46 0.3%186 3.1%4,716 1.5%13,877 7.4%7,314 0.9%23,642 6.3%
3 to 4 59 0.4%74 1.2%2,712 0.9%10,055 5.4%5,622 0.7%19,828 5.3%
5 to 9 241 1.6%151 2.5%2,804 0.9%11,444 6.1%6,210 0.8%23,208 6.2%
10 to 19 243 1.6%360 6.0%2,225 0.7%25,081 13.4%3,743 0.5%46,647 12.4%
20 to 49 840 5.4%728 12.2%5,270 1.7%36,879 19.7%9,334 1.1%68,192 18.1%
50 or more 1,396 9.0%3,520 59.2%12,866 4.1%68,695 36.6%20,433 2.5%120,530 32.0%
Mobile home 16 0.1%0 0.0%977 0.3%429 0.2%12,844 1.6%2,037 0.5%
Boat, RV, van, etc.0 0.0%0 0.0%44 0.0%40 0.0%152 0.0%121 0.0%
Total 15,635 100%6,081 100%326,813 100%206,857 100%838,654 100%399,324 100%
Sources: U.S. Census Bureau - American Community Survey; Maxfield Research & Consulting, LLC
TABLE HC-5
HOUSING UNITS BY STRUCTURE & TENURE
EDINA, HENNEPIN COUNTY AND TWIN CITIES METRO
2019
EDINA HENNEPIN COUNTY METRO AREA
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 62
as security for repayment. A first mortgage has priority claim over any other mortgage or if it is
the only mortgage. A second (and sometimes third) mortgage is called a “junior mortgage,” a
home equity line of credit (HELOC) would also fall into this category. Finally, a housing unit
without a mortgage is owned free and clear and is debt free.
• An estimated 66.3% of Edina homeowners have a mortgage. An estimated 15.9% of home-
owners with mortgages in Edina also have a second mortgage and/or home equity loan.
These numbers are slightly lower compared to Hennepin County where 71.7% of homeown-
ers have a mortgage. The median value of homes with a mortgage among Edina homeown-
ers was $491,000.
Owner-Occupied Housing Units by Value
Table HC-6 presents data on housing values summarized in eight price ranges. Housing value
refers to the estimated price point the property would sell at if it were for-sale. For single-fam-
ily and townhome properties, value includes the land and the structure. For condominium
units, value refers to only the unit.
• Most of the owned housing stock in Edina is estimated to be valued at between $300,000
and $499,999 (32.7%). An estimated 21% is valued over $750,000 and 27% is valued under
$300,000.
Mortgage Status No.Pct.No.Pct.Pct.Pct.
Housing units without a mortgage 5,274 33.7 92,506 28.3 232,186 27.7000
Housing units with a mortgage/debt 10,361 66.3 234,308 71.7 606,468 72.3
Second mortgage only 450 2.9 11,039 3.4 30,136 3.6
Home equity loan only 1,949 12.5 34,553 10.6 87,541 10.4
Both second mortgage and equity loan 84 0.5 1,450 0.4 4,288 0.5
No second mortgage or equity loan 7,878 50.4 187,266 57.3 484,503 57.8
Total 15,635 100.0 326,813 100.0 838,654 100.0
Average Value by Mortgage Status
Housing units with a mortgage
Housing units without a mortgage
Sources: U.S. Census Bureau - American Community Survey; Maxfield Research & Consuilting, LLC
$490,607 $286,072 $286,785
$391,540 $269,548 $262,024
TABLE HC-6
OWNER-OCCUPIED HOUSING UNITS BY MORTGAGE STATUS
EDINA, HENNEPIN COUNTY AND TWIN CITIES METRO AREA
2019
EDINA HENNEPIN CO.METRO AREA
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 63
• The median sold price of owned homes in Edina is estimated at $465,000 from 2019 data
compiled by the Greater Minneapolis Area Association of Realtors from recent home sales
in the community. According to American Community Survey data, an estimated 56% of
Edina homes are valued at $400,000 or higher.
Home Value No.Pct.No.Pct.Pct.Pct.
Less than $100,000 848 5.4 19,848 6.1 59,445 7.1
$100,000-$199,999 1,733 11.1 93,795 28.7 253,021 30.2
$200,000-$299,999 1,711 10.9 94,203 28.8 256,079 30.5
$300,000-$399,999 2,535 16.2 50,633 15.5 130,553 15.6
$400,000-$499,999 2,586 16.5 26,352 8.1 62,257 7.4
$500,000-$749,999 3,002 19.2 25,788 7.9 51,981 6.2
$750,000-$999,999 1,683 10.8 8,582 2.6 13,962 1.7
Greater than $1,000,000 1,537 9.8 7,612 2.3 11,356 1.4
Total 15,635 100.0 326,813 100.0 838,654 100.0
Median Home Value
Sources: U.S. Census Bureau - American Community Survey; Maxfield Research & Consulting, LLC
$465,000 $298,350 $284,500
TABLE HC-7
OWNER-OCCUPIED UNITS BY VALUE
EDINA, HENNEPIN COUNTY AND TWIN CITIES METRO AREA
2019
EDINA HENNEPIN CO.METRO AREA
0
1,000
2,000
3,000
4,000
< $100K $100K-$99.9K $200K-$299.9K $300K-$399.9K $400K-
$4999.9K
$500K-$749.9K $750K-$999.9K >$1MUnits
Home Value
Owner-Occupied Units by Value
City of Edina
HOUSING CHARACTERISTICS
MAXFIELD RESEARCH AND CONSULTING, LLC 64
Renter-Occupied Units by Asking Rent
Table HC-7 presents information on the monthly housing costs for renters called asking rent.
Asking rent is the monthly rent agreed to between tenant and landlord regardless of any utili-
ties, furnishings, fees, or services that may be included.
• The median monthly rent in Edina and Hennepin County was $1,586 and $1,318, respec-
tively as identified by Marquette Advisors Apartment Trends report for the Twin Cities
Metro Area, Hennepin County and Edina for the 2nd Quarter of 2019. Based on a 30% allo-
cation of income to housing, a household in Edina would need an income of $63,440 to af-
ford an average monthly rent of $1,586.
• An estimated 23% of Edina renters have monthly rents of more than $1,500 with 44.8% of
renters paying between $1,000 and $1,499 and 29.4% of renters paying less than $1,000.
• In Hennepin County, most renters (30.1%) pay a monthly contract rent of between $1,000
and $1,499 while in Edina, the proportion is greater, at 44.8%. Based on the proportion of
renters in each of the geographies, rents are higher in Edina than in Hennepin County and
the Metro Area as a whole.
Contract Rent No.Pct.No.Pct.Pct.Pct.
No Cash Rent 162 2.7 4,523 2.2 9,986 2.5
Cash Rent 5,918 97.3 202,333 97.8 389,337 97.5
$0 to $499 348 5.7 23,000 11.1 42,921 10.7
$500-$750 390 6.4 31,819 15.4 63,819 16.0
$750-$999 1,052 17.3 57,537 27.8 117,016 29.3
$1,000-$1,499 2,726 44.8 62,253 30.1 119,408 29.9
$1,500-$2,000 919 15.1 19,267 9.3 32,289 8.1
$2,000+483 7.9 8,458 4.1 13,884 3.5
Total 6,081 100.0 206,857 100.0 399,324 100.0
2019 Average Rent
Sources: U.S. Census Bureau - American Community Survey; Marquette Advisors; Maxfield Research &
Consulting, LLC.
$1,586 $1,318 $1,254
TABLE HC-8
RENTER-OCCUPIED UNITS BY CONTRACT RENT
EDINA, HENNEPIN COUNTY AND TWIN CITIES METRO AREA
2019
EDINA HENNEPIN CO.METRO AREA
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 65
Introduction
Maxfield Research and Consulting LLC examined the for-sale housing market in Edina by analyz-
ing data on single-family and owned multifamily home sales and active listings, value distribu-
tion of existing homes by price range, identifying new construction, locations for in-fill and/or
redevelopment and pending for-sale developments. Owned multifamily includes twinhomes,
townhomes, condominiums and general occupancy cooperatives (senior cooperatives are dis-
cussed in the Senior Market section).
Median Home Values by Census Tract
The map on the following page depicts median home values by census tract. Geographic infor-
mation System (GIS) data was provided through ESRI, a national demographics and GIS service
provider. Below are key points from the map.
• Edina median home values ranged from an estimated $200,000 to a little over $900,000
with an average median home value of $466,902 across all 14 census tracts.
• Median home values were highest in the northwestern and far southwestern portions of
the City.
• Median home values were lowest in the southeastern portion of the City.
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 66
City of Edina 2019 Median Home Values by Census Tract
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 67
Home Resales in Edina and Surrounding Communities
Table FS-1 presents summary data for resales of single-family and owned multifamily housing
units for Edina and surrounding communities. The table shows the median sales prices and
number of resales from 2010 through September 2019. The following are key points from Ta-
ble FS-1.
• From year-end 2010 through September 2019, Edina and the surrounding communities ex-
perienced rapid home sale price appreciation. Home sale appreciation has been highest in
the neighboring communities of Hopkins (69.8%) and Bloomington (54.5%).
• The City’s median home resale price increased 32.9% between 2010 and September 2019.
This is compared to the Twin Cities Metro Area increase of 62.5%.
• The City’s median home resale price was lowest in 2011 when the median value declined to
$339,900 due to the recession. Since 2011, the median resale price has increased each
year. As of the end of September 2019, the median resale price was $465,000, an increase
of 36.8% from 2011 ($339,900). By comparison, Twin Cities Metro resale prices between
2011 and 2019 increased 83.9%.
• Edina’s 2019 median home resale value of ($465,000) is substantially higher than the neigh-
boring communities of Eden Prairie ($350,000), Minnetonka ($345,000), St Louis Park
($300,000), Bloomington ($274,999), Hopkins ($255,000) and Southwest Minneapolis
($399,000).
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 68
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*13'-15'15-17'17'-19'
Median Resale Price
Edina $349,900 $339,900 $344,900 $349,900 $379,000 $388,250 $425,000 $442,625 $440,500 $465,000 11.0%14.0%5.1%
Southwest Mpls1 $275,000 $260,500 $275,000 $300,275 $308,875 $333,750 $343,000 $378,000 $385,000 $399,000 11.1%13.3%5.6%
Bloomington $178,000 $157,000 $170,000 $190,000 $200,000 $217,000 $232,000 $250,000 $260,000 $274,999 14.2%15.2%10.0%
Eden Prairie $262,000 $255,000 $254,950 $273,500 $292,950 $290,000 $300,000 $325,000 $334,000 $350,000 6.0%12.1%7.7%
Minnetonka $265,000 $230,000 $249,900 $272,600 $266,800 $297,250 $303,950 $330,000 $340,000 $345,000 9.0%11.0%4.5%
Hopkins $150,175 $122,250 $158,000 $180,000 $172,500 $213,500 $215,000 $217,450 $250,000 $255,000 18.6%1.9%17.3%
St Louis Park $212,000 $181,500 $196,800 $217,000 $229,300 $237,500 $243,000 $262,950 $286,500 $300,000 9.4%10.7%14.1%
Twin Cities MSA2 $168,600 $149,000 $165,900 $190,000 $204,000 $218,000 $230,000 $244,900 $260,000 $274,000 14.7%12.3%11.9%
Sources: Greater Mpls Area Assoc of Realtors, Maxfield Research & Consulting, LLC
1:Southwest Minneapolis includes the following Minneapolis neighborhoods; Linden Hills, Fulton, East Harriet, Lynhurst, Armatage, Kenny, Windom, Tangeltown, and King Field.
YEAR
*2019 Data is for Jan 1 through September 30, 2019.
2: Twin Cities MSA includes the following counties; Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington.
TABLE FS-1
MEDIAN RESALE PRICE BY COMMUNITY
EDINA & NEARBY COMMUNITIES
2010 through 2019*
PCT. CHANGE
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 69
Overview of For-Sale Housing Market Conditions
Table FS-2 presents combined home resale data on single-family and owned multifamily hous-
ing in Edina from 2010 through September 30, 2019. The data was obtained from the Greater
Minneapolis Area Association of Realtors and shows annual number of sales, median and aver-
age prices, average days on market, cumulative days on market and percent of sales that are
lender-mediated (i.e. short-sale or foreclosure).
Table FS-3 breaks down resale activity from Table FS-2 into single-family and multifamily re-
sales. The following are key points observed from the data.
• The median resale price in Edina, excluding 2019, was highest in 2017 at $442,625. How-
ever, through September 30th, the median resale price was higher at $465,000. For compar-
ison, the Twin Cities Metro median resales price, excluding 2019, was highest in 2018 at
$260,000. However, through September 30th, the median resale price was higher at
274,999.
• Between 2010 and September 2019, the City’s median resale price increased from $349,900
to $465,000, a gain of 32.9%. Between 2010 and 2012 however, the median resale price
declined to $344,900 (-1.4%). Since 2012, home resale prices have increased each year, ris-
ing to $465,000 (34.8%).
• The number of home resales (single-family and owned multifamily combined) has averaged
811 sales annually between 2010 and 2018. The fewest number of resales occurred in 2010
with 617 resales while 2017 reached a peak of 952 resales.
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
Edina Southwest
Mpls
Bloomington Eden Prairie Minnetonka Hopkins St Louis Park Twin Cities
MSAMedian PriceMedian Resale Price by Community 2015 through 2019 (Sep)
2015 2016 2017 2018 2019
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 70
• The number of lender-mediated properties accounted for 11.1% of all home transactions
between 2009 and 2013; peaking in 2011 at 15.1%. Since 2013, the number has decreased
substantially and was 1.0% in 2018 and 0.6% as of September 30, 2019.
• Days on market for new construction homes in Edina increased from a low of 90 days in late
2018 to a high of 140 days as of early 2019. This compares to a steady median of about 45
days for the Twin Cities Metro Area. The much higher price of new construction homes in
Edina results in longer market times for absorption. Absorption has also increased for
homes priced at $1 million or higher.
6176478577468168988899528767130
100
200
300
400
500
600
700
800
900
1000
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 ResalesSales PriceEdina Housing Resale -2010 Through 2019 (Sept)
Resales Median Sold Price Average Sold Price
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 71
No.Avg. Sales Avg. %Med. Sales Median %% Lender
Year Sold Price Change Price Change Avg.Median Avg.Median Mediated3
2010 617 $431,342 -$349,900 -83.2 58.0 163.2 105.0 11.5%
2011 647 $431,060 -0.1%$339,900 -2.9%83.4 56.0 150.7 102.0 15.1%
2012 857 $427,573 -0.8%$344,900 1.5%80.2 51.0 141.5 85.0 10.4%
2013 746 $440,000 2.9%$349,900 1.4%60.6 31.0 91.3 42.0 7.4%
2014 816 $462,001 5.0%$379,000 8.3%50.8 32.0 77.4 39.0 4.7%
2015 898 $466,965 1.1%$388,250 2.4%55.5 36.0 92.2 55.0 3.6%
2016 889 $495,462 6.1%$425,000 9.5%53.5 32.0 86.0 44.0 1.5%
2017 952 $524,242 5.8%$442,625 4.1%51.3 28.0 89.5 36.0 1.9%
2018 876 $521,138 -0.6%$440,500 -0.5%43.4 24.0 71.5 31.0 1.0%
2019 713 $553,333 6.2%$465,000 5.6%21.0 45.4 73.1 27.0 0.6%
Total 10'-19'8,011 $475,312 2.8%$392,498 3.3%58 39 104 57 5.8%
Change 16%28%33%-75%-22%-55%-74%
Average 801 475,312 2.8%392,498 3.3%58 39 104 57 5.8%
TABLE FS-2
HOME RESALES
EDINA MN
2010 THROUGH 20191
Summary 10' through 19'
1 2019 Data is from Jan 1, 2019 through Sept 30, 2019.
2 Cumulative days equals the number of days on market over the course of the past year (i.e. covers number of days if the property was relisted)
3 Lender Mediated Properties include foreclosures and short sales.
Sources: Greater Mpls Area Association of Realtors & Maxfield Research & Consulting, LLC.
Days on Market Cumul. DOM2
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 72
• Single-family homes accounted for 64.8% of all resales between 2010 and 2019 and aver-
aged 519 resales per year. Owned multifamily resales were highest in 2015 (342 resales)
when they accounted for 38.1% of total sales. Through September 2019, 36.9% of resales
were for multifamily units.
Median Average
Number Sales %Sales %
Year of Sales Price Chg.Price Chg.
2010 428 $424,500 -$506,620 -
2011 451 $414,900 -2.3%$510,160 0.7%
2012 558 $430,000 3.6%$536,366 5.1%
2013 480 $443,215 3.1%$554,714 3.4%
2014 520 $450,000 1.5%$578,319 4.3%
2015 556 $469,950 4.4%$583,427 0.9%
2016 583 $519,900 10.6%$630,627 8.1%
2017 633 $545,000 4.8%$662,043 5.0%
2018 535 $573,000 5.1%$671,371 1.4%
2019 450 $595,000 3.8%$712,452 6.1%
Pct. Change
10' - 19'5.1%40.2%40.6%
2010 189 $135,000 -$178,427 -
2011 196 $119,900 -11.2%$166,302 -6.8%
2012 299 $120,000 0.1%$165,789 -0.3%
2013 266 $146,225 21.9%$192,068 15.9%
2014 296 $216,922 48.3%$149,250 -22.3%
2015 342 $162,250 -25.2%$237,256 59.0%
2016 306 $182,475 12.5%$237,940 0.3%
2017 319 $185,000 1.4%$257,276 8.1%
2018 341 $186,000 0.5%$249,081 -3.2%
2019*263 $205,000 10.2%$281,075 12.8%
Pct. Change
10' - 19'39.2%51.9%57.5%
Sources: Greater Mpls Area Association of Realtors & Maxfield Research &
Consulting, LLC.
TABLE FS-3
Single-Family
Multifamily*
* Multifamily includes twinhomes, townhomes, condominiums, and
cooperatives
SINGLE-FAMILY AND OWNED MULTIFAMILY RESIDENTIAL RESALES
EDINA MN
2010 through 2019
Note: 2019 data is for January 1 through September 30.
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 73
Single Family and Multifamily Resales by Price Point
Table FS-4 shows the number of single family and multifamily resales in 2019 through October
6, 2019 by housing unit type and price distribution among 21 price ranges in Edina.
Single-Family
• Homes priced between $400,000 and $499,999, $500,000 and $599,999, and $600,000 and
$699,999 comprised the three largest percentages of new single-family home resales be-
tween January 1 and September 30, 2019. All three categories constituted 48.7% of single-
family resales. The $300,000 to $399,000 category also comprised a sizable percentage of
single-family resales (11.3%).
• The minimum and maximum single-family resale price points were $222,000 and
$3,075,000 respectively. Median and average price points were $595,000 and $712,452 re-
spectively.
Multifamily
• Multifamily resales between $100,000 and $199,999 made up almost 50% (47.9%) of re-
sales between January 1 and September 30, 2019. Other price points with high numbers of
resales include between $200,000 and $299,999 (17.1%) and between $300,000 and
$399,999 (15.2%).
$424,500
$414,900
$430,000
$443,215
$450,000
$469,950
$519,900
$545,000
$573,000
$595,000
$135,000
$119,900
$120,000
$146,225
$216,922
$162,250
$182,475
$185,000
$186,000
$205,000
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sales PriceMedian Resale Values In Edina: 2010 through 2019 (Sept)
Single-Family Multifamily
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 74
• The minimum and maximum multifamily resale price points were $102,000 and $1,775,000
respectively. Median and average resale price points were $205,000 and $281,075 respec-
tively.
Price Range No.Pct.No.Pct.
< $99,999 0 0.0%1 0.4%
$100,000 to $199,999 1 0.2%127 47.9%
$200,000 to $299,999 19 4.1%45 17.0%
$300,000 to $399,999 54 11.8%41 15.5%
$400,000 to $499,999 88 19.2%23 8.7%
$500,000 to $599,999 70 15.3%16 6.0%
$600,000 to $699,999 62 13.5%4 1.5%
$700,000 to $799,999 37 8.1%2 0.8%
$800,000 to $899,999 24 5.2%1 0.4%
$900,000 to $999,999 17 3.7%0 0.0%
$1,000,000 to 1,100,000 11 2.4%0 0.0%
$1,100,000 to $1,199,999 21 4.6%0 0.0%
$1,200,000 to $1,299,999 15 3.3%1 0.4%
$1,300,000 to $1,399,999 10 2.2%1 0.4%
$1,400,000 to $1,499,999 2 0.4%1 0.4%
$1,500,000 to $1,599,999 5 1.1%0 0.0%
$1,600,000 to $1,699,999 6 1.3%1 0.4%
$1,700,000 to $1,799,999 5 1.1%0 0.0%
$1,800,000 to $1,899,999 2 0.4%1 0.4%
$1,900,000 to $1,999,999 4 0.9%0 0.0%
$2,000,000 and Over 5 1.1%0 0.0%
Total 458 100%265 100%
Minimum
Maximum
Median
Average
Sources: Greater Mpls Area Association of Realtors
Maxfield Research & Consulting, LLC
1 Includes townhomes, detached townhomes, twinhomes, condominiums, and
cooperatives
$599,450 $210,000
$725,169 $286,859
$199,900 $99,900
$3,250,000 $1,890,000
TABLE FS-4
RESALES BY PRICE POINT
EDINA MN
January 1 through September 2019
Single-Family Multifamily1
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 75
Current Supply of Homes on the Market
To more closely examine the current market for owned housing in Edina, we inventoried the
number of homes on the market (listed for sale). Tables FS-5 and FS-6 shows homes listed for
sale in Edina. The data was provided by the Greater Minneapolis Area Association of Realtors
and is based on active listings in from January 1 to October 6, 2019. Listings through the re-
gional Multiple Listing Service (MLS) generally account for more than 90% of all residential list-
ings in a given area.
Table FS-5 shows the number of new and previously owned listings by property type (i.e. single-
family and owned multifamily). The following points are key findings from the review of active
single-family and owned multifamily listings in the City.
Price Range No.Pct.No.Pct.No.Pct.No.Pct.
< $99,999 0 0.0%0 0.0%0 0.0%0 0.0%
$100,000 to $199,999 0 0.0%0 0.0%0 0.0%5 38.5%
$200,000 to $299,999 0 0.0%1 0.5%0 0.0%2 15.4%
$300,000 to $399,999 0 0.0%13 6.8%0 0.0%2 15.4%
$400,000 to $499,999 0 0.0%29 15.2%0 0.0%2 15.4%
$500,000 to $599,999 0 0.0%21 11.0%1 25.0%1 7.7%
$600,000 to $699,999 0 0.0%15 7.9%1 25.0%0 0.0%
$700,000 to $799,999 0 0.0%20 10.5%1 25.0%0 0.0%
$800,000 to $899,999 3 6.0%15 7.9%0 0.0%0 0.0%
$900,000 to $999,999 3 6.0%16 8.4%0 0.0%0 0.0%
$1,000,000 to $1,100,000 1 2.0%8 4.2%1 25.0%0 0.0%
$1,100,000 to $1,199,999 2 4.0%9 4.7%0 0.0%0 0.0%
$1,200,000 to $1,299,999 9 18.0%4 2.1%0 0.0%0 0.0%
$1,300,000 to $1,399,999 4 8.0%4 2.1%0 0.0%0 0.0%
$1,400,000 to $1,499,999 9 18.0%6 3.1%0 0.0%0 0.0%
$1,500,000 to $1,599,999 5 10.0%1 0.5%0 0.0%1 7.7%
$1,600,000 to $1,699,999 2 4.0%7 3.7%0 0.0%0 0.0%
$1,700,000 to $1,799,999 2 4.0%1 0.5%0 0.0%0 0.0%
$1,800,000 to $1,899,999 1 2.0%1 0.5%0 0.0%0 0.0%
$1,900,000 to $1,999,999 3 6.0%7 3.7%0 0.0%0 0.0%
$2,000,000 and Over 6 12.0%13 6.8%0 0.0%0 0.0%
50 100%191 100%4 100%13 100%
Minimum
Maximum
Median
Average
Note: NA: Not Available
$114,900
$1,575,000
Edina Total
1: Includes completed new construction, under construction/spec homes, and to be built/floor plan.
$298,500
$380,377
$799,000
$984,017
New Single-Family1 Previously Owned Single Family
$3,995,000
2 Includes townhomes (detached and attached), twinhomes and condominiums
Previously Owned Multifamily2
TABLE FS-5
HOMES CURRENTLY LISTED FOR-SALE
EDINA, MN
JANUARY 1 TO OCTOBER 6, 2019
$3,995,000 $1,000,000
Sources: Greater Mpls Area Association of Realtors & Maxfield Research & Consulting, LLC.
$1,600,209 $725,000
$1,462,450
New Multifamily1,2
$700,000
$275,000$875,000 $500,000
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 76
• As of October 6, 2019, there were 258 homes listed for sale in Edina.
• The median list price in Edina was $1,462,450 for new single-family homes and $799,000 for
previously owned single-family homes. New owned multifamily homes had a median list
price of $700,000 and previously owned multifamily homes had a median list price of
$202,450.
• The average new single and owned multifamily median list prices are $1,462,450 and
$700,000 while the previously owned single and multifamily median list prices are $799,000
and $298,500. Housing prices of $1,462,450, $700,000, $799,000, and $202,450 would re-
quire a household to earn incomes of about $365,613, $175,000, $199,750, and $74,625 re-
spectively in order to afford to make monthly housing payments of about $6,982, $3,342,
$3,815, and $967 respectively (assuming a 10% down payment, 4.0% 30-year fixed mort-
gage, property taxes, insurance, and PMI). A household with more equity (in an existing
home and/or savings) could put more than 10% down and afford a higher priced home.
New Construction and Active Listings by Price Point
Table FS-7 shows the number of new and active listings in 2019 through October 6, 2019 by
housing property while table FS-8 is a more detailed analysis of active and previously owned
single-family listings
New Single Family Previously Owned
Single Family New Multifamily Previously Owned
Multifamily
Average Median List
Price:$1,462,450 $799,000 $700,000 $298,500
Incomes Needed to
Afford Median List
Price:
$365,613 $175,000 $199,750 $74,625
Required Monthly
Payments*:$6,982 $3,342 $3,815 $967
*: Assumes a 10% down payment, 4.0% 30-year fixed mortgage, property taxes, insurance, and PMI.
Source: Maxfield Research & Consulting, LLC.
HOUSEHOLD INCOME NEEDED TO AFFORD NEW/PREVIOUSLY OWNED SINGLE & MULTIFAMILY MEDIAN PROPERTY PRICES
TABLE FS-6
JANUARY 1 TO OCTOBER 6, 2019
EDINA, MN
Housing Type:
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 77
New Construction
• New single-family homes priced between $1,200,000 and $1,299,999 and $1,400,000 and
$1,499,999 comprised the two largest percentages of new home listings. Both categories
constitute 18.0% respectively, of all new home listings for a total of 36% new listings.
• There were four new owned multifamily listings between January 1 and October 6, 2019.
One listing was priced between $500,000 and $599,999; a second was priced between
$600,000 and $699,999; a third was priced between $700,000 and $799,999 and a fourth
was priced between $1,000,000 and $1,100,000. Three of the properties were condos at
Hawthorne Place located at 4901 Hawthorne Court. The condos ranged in price from
$500,000 for a 1,617 square foot two bedroom and three bath unit to $750,000 for a 2,493
square foot three-bedroom and three-bath unit. The fourth property was a four-bedroom
and four-bath detached townhome also a part of the Hawthorne Place development. The
detached townhome is 3,894 square feet, priced at $1,000,000, and located at 4900 Haw-
thorne Court.
Active Listings
• Between January 1 and October 6, 2019, single-family listings priced between $400,000 and
$499,999 comprised the largest percentage of listings (15.2%). This was followed by homes
priced between $500,000 and $599,999 (11.0%) and those priced between $700,000 and
$799,999 (10.5%).
• Owned multifamily home listings between $100,000 and $199,999 (48.1%) and $200,000
and $299,999 (25.9%) comprised 73% of all multifamily listings between January 1 and Oc-
tober 6, 2019.
• Single-family homes accounted for 93.4% of all active listings. Most of the owned multifam-
ily listings were condominiums as only four townhomes/twinhomes were actively market-
ing.
• One-story level home styles comprise 94.0% of new active single-family listings in the City
while two-story homes comprise 6.0% of new active single-family listings. By comparison,
most previously owned single-family homes are two stories (53.7%), followed by one story
homes (32.1%). One-story homes can be especially appealing to older households who de-
sire less home upkeep and want to age in place without mobility concerns.
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 78
Property Type Listings Pct.
New Single-family Homes1 50 19.4%
Previously Owned Single Family Homes 191 74.0%
New Townhomes/Twinhomes 1 1 0.4%
Previously Owned Townhomes/Twinhomes 2 0.8%
New Condominium/Cooperatives 1 3 1.2%
Previously Owned Condominium/Cooperatives 11 4.3%
Total 258 100.0%
ACTIVE LISTINGS BY HOUSING TYPE
TABLE FS-7
Source: Maxfield Research & Consulting, LLC.
JANUARY 1 TO OCTOBER 6, 2019
EDINA, MN
1: Includes completed new construction, under construction/spec homes, and to
be built/floor plan.
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 79
Avg. List Avg. Size Avg. List Price Avg.Avg.Avg. Age
Property Type Listings Pct.Price (Sq. Ft.)Per Sq. Ft.Bedrooms Bathrooms of Home
One story 47 94.0%$1,461,666 3,889 $376 4.0 4.0 2019
1.5-story 0 0.0%NA NA NA NA NA NA
2-story 3 6.0%$1,609,052 $4,649 $346 5.0 5.0 2016
3 Level Split 0 0.0%NA NA NA NA NA NA
4 or More Level Split 0 0.0%NA NA NA NA NA NA
Total/Average 50 100.0%$1,535,359 4,269 $361 4.5 4.5 2018
One story 61 32.1%$728,574 3,176 $229 4.0 3.0 1964
1.5-story 15 7.9%$621,160 2,606 $238 4.0 3.0 1942
2-story 102 53.7%$1,221,964 4,663 $262 5.0 5.0 1989
3 Level Split 1 0.5%$453,900 2,439 $186 4.0 4.0 1960
4 or More Level Split 11 5.8%$573,355 2,926 $196 4.0 3.0 1958
Total/Average 190 100.0%$719,791 3,162 $222 4.2 3.6 1963
NA: Not Applicable
Sources: Greater Mpls Area Association of Realtors & Maxfield Research & Consulting, LLC.
Previously Owned Single-Family Homes
1: Includes completed new construction, under construction/spec homes, and to be built/floor plan.
TABLE FS-8
SINGLE-FAMILY ACTIVE LISTINGS BY HOUSING TYPE
JANUARY 1 TO OCTOBER 6, 2019
New Single-Family Homes
EDINA, MN
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 80
$1,461,666
$1,609,052$376
$346
$340
$345
$350
$355
$360
$365
$370
$375
$380
$1,350,000
$1,400,000
$1,450,000
$1,500,000
$1,550,000
$1,600,000
$1,650,000
One story 2 story Price Per Square FootAvg. List PriceHousing Type
New Single-Family Homes: Average List Price/Price PSF
Edina
Jan 1, 2019 to Oct 6, 2019
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 81
1
19
54
88
70
62
37
24 17 11
21 15 10
2 5 6 5 2 4 5
127
45 41
23
16
4 2 1 1 1 1 1 1
0
20
40
60
80
100
120
140
# of ListingsList Price
Edina Single-Family & Multifamily Listings Jan through Sep 2019
Single-Family
Multifamily
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 82
For-Sale Multifamily Homes
Table FS-9 identifies active listings of for-sale multifamily housing properties in Edina through
October 11, 2019. The table presents data on homes and their addresses, number of units,
type of housing, year built or converted and resale pricing. Key findings from the tables follow.
• An estimated 52% of Edina’s owned multifamily housing stock was constructed in the 1960s
and 1970s. Several of the condominium properties were converted to ownership from ex-
isting apartments. Thirty-six percent of Edina’s owned multifamily housing units were con-
structed in the 1980s. Only 12% of this stock was constructed after the 1980s.
• Older condominiums and townhomes (1960s), priced between $139,900 and $172,900, are
relatively affordable when compared to for sale condominiums and townhouses built from
1970 to the present. Many of these older properties are affordable to first-time home buy-
ers and to households with moderate incomes.
• The value of owned multifamily units built in the 1960s averaged $159,136, $312,550 in the
1970s, $342,833 in the 1980s, $899,500 in the 1990s and $715,500 in the 2000s.
• An analysis of recent sales for condominiums/townhomes in Edina revealed that including
association fees, 68% of the sales in 2018/2019 (330 of 485 resales) were affordable to
households earning 80% of AMI or less (pricing of $216,000 or less).
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 83
General Product Year Number of Units Total Building
Project Name Address Type Built For Sale Units*Design Low High
Fountain Woods I 6650 - 6710 Vernon Ave S 55436 Condominium 1972 4 314 4+ Levels $119,000 $159,000
Fountain Woods II 6730 Vernon Ave S 55436 Condominium 1972 1 215 4+ Levels $158,000 $158,000
The Colony at Edina 6328 Barrie Rd 55435 Condominium 1964 1 259 1 Level $128,000 $128,000
Parklawn East 4351 Parklawn Ave 55435 Condominium 1965 1 59 4+ Levels $139,900 $139,900
Brookside Condominiums 4350 - 4380 Brookside Ct 55436 Condominium 1965 8 229 3 Levels $147,000 $259,900
York of Edina Condomiums 6450 York Ave S 55435 Condominium 1966 1 80 4+ Levels $149,900 $149,900
Southdale Gardens 6301 - 6315 York Ave S 55435 Condominium 1964 1 48 3 Levels $154,900 $164,900
York Plaza 7220 York Ave S 55435 Condominium 1980 3 225 4+ Levels $159,900 $219,900
Windwood Edina 7500 - 7520 Cahill Rd 55439 Condominium 1972 3 225 3 Levels $159,900 $179,900
Parkwood View 5725 Blake Rd S 55436 Condominium 1966 1 43 3 Levels $159,900 $169,000
Parkwood Manor 6005 Eden Prairie Rd 55436 Condominium 1963 1 46 3 Levels $172,900 $172,900
Village Homes of Edinborough 7606 - 7618 York Ave S & 7609 Edinborough Way 55435 Condominium 1986 3 380 3 Levels $190,000 $216,000
Village Homes at Centennial Lakes 7440 - 7540 Edinborough Way 55435 Condominium 1989 4 250 3 Levels $214,900 $349,900
Lewis Ridge Condominiums 7250 Lewis Ridge Pkwy 55439 Condominium 1984 1 47 3 Levels $255,000 $255,000
Le Chataignier 7200 Cahill Rd 55439 Condominium 1983 1 80 3 Levels $265,000 $265,000
Edina West 6075 - 6115 Lincoln Dr 55436 Condominium 1975 1 384 3 Levels $273,500 $273,500
Dewey Hill East 5501 Dewey Hill Rd 55439 Condominium 1980 1 58 3 Levels $275,000 $275,000
Dewey Hill West 5601 Dewey Hill Rd 55439 Condominium 1980 1 58 3 Levels $392,500 $409,900
Killarney Shores 5902 View LN 55436 Twinhome 1977 1 67 Bi-Level $384,900 $384,900
Grandview Square 5225 - 5275 Grandview Square 55436 Condominium 2001 2 70 4+ Levels $449,900 $599,000
Hills of Braemar 7659 Woodview Ct 55439 Townhome 1980 1 23 Side by Side $575,000 $575,000
The Habitat 6101 Habitat Ct S 55436 Twinhome 1980 1 28 Twin Home $639,000 $639,000
The Coventry at Centennial Lakes 406 Coventry LN & 800 Coventry Pl 55435 Townhome 1996 2 96 Side by Side $699,000 $1,100,000
Edina Galleria Residences 3209 Galleria 55435 Condominium 2008 1 82 4+ Levels $749,000 $899,000
Whitehall of Edina 6105 Eden Prairie Rd Condominium 1975 1 21 3 Levels $750,000 $750,000
Source: Greater Mpls Area Assoc of Realtors & Maxfield Research & Consulting LLC.
TABLE FS-9
ACTIVE FOR-SALE MULTIFAMILY HOUSING LISTINGS
CITY OF EDINA
JAN 1 TO OCT 11 2019
Recent Resale Pricing
*: Number of Units are only included for condominiums and not for townhomes or twinhomes (NA: Not Applicable).
Note: Excludes Creekside Condo Units which are Senior (55+).
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 84
Select Photos – For-Sale Multifamily
5220 France Ave S Edina Flats
York Place
Edina Galleria Residences
Village Homes at Centennial Lakes
Hawthorne Place
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 85
Home Resales per Square Foot (“PSF”)
Table FS-10 shows the distribution of home resales by sales price per square foot (“PSF”) from
2013 through September 2019. The sales per square foot metric is the sales price of the home
divided by the finished square footage. Table FS-11 illustrates PSF pricing between existing
homes and new construction in Edina and the Twin Cities Metro Area. The graphs on the fol-
lowing page visually display the sales data.
• The median and average prices per square foot increased in Edina between 2010 and 2019.
The City’s median prices per square foot for single-family and owned multifamily homes
were $165 and $105, respectively, in 2010 before increasing to $209 and $168, respectively,
in 2019.
• Between 2010 and 2019, Edina’s single-family prices averaged $197 per square foot and
owned multifamily prices averaged $156 per square foot. By comparison, the Twin Cities
Metro’s single-family prices averaged $128 per square foot and its multifamily housing
prices averaged $127 per square foot. Single family prices on a PSF basis, between 2010
and the end of September 2019, were 54% higher in Edina than in the Twin Cities Metro.
During the same period, the City’s multifamily prices were 23% higher than in the Twin Cit-
ies Metro.
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 86
• On average, the price of an existing single home in Edina between 2010 and September
2019 was 43% less than the price of new construction. New construction prices during the
same period were 51% higher in Edina than in the Twin Cities Metro.
Year1 Avg.Median Avg. Median Avg.Median Avg.Median
2013 $189 $178 $148 $121 $117 $111 $113 $100
2014 $197 $184 $150 $121 $125 $117 $126 $108
2015 $201 $188 $158 $133 $130 $122 $128 $112
2016 $205 $196 $166 $139 $137 $129 $135 $118
2017 $213 $199 $174 $146 $146 $137 $146 $128
2018 $216 $206 $178 $160 $156 $146 $159 $140
2019 $221 $209 $190 $168 $161 $151 $167 $146
Note: Twin Cities Metro Area = Twin Cities MSA (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, & Washington Counties)
1Prices are from December of Each Year. Prices are through September 2019.
Source: Greater Mpls Area Association of Realtors & Maxfield Research & Consulting, LLC.
Single-Family Multifamily Single-Family Multifamily
TABLE FS-10
AVERAGE & MEDIAN SALES PRICE PER SQUARE FOOT (PSF)
2013 to 20191
EDINA AND TWIN CITIES METRO AREA
Edina Twin Cities Metro Area*
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
2013 2014 2015 2016 2017 2018 2019Avg. PSFAverage Sales Price Per Square Foot
City of Edina Single-Family City of Edina Multifamily
Twin Cities MSA Single-Family Twin Cities MSA Multifamily
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 87
• The average price per square foot of new multifamily homes in Edina between 2014 and
2015 increased 178% from $246 per square foot to $684 per square foot. In addition, the
median price per square foot of new multifamily homes in Edina increased 292.8% from
$180 per square foot to $707 between 2014 and 2015. The dramatic increase in multifamily
housing prices in Edina suggests a looming affordability crisis if current trends continue.
Year 1 Avg.Median Avg. Median Avg.Median Avg.Median
2013 $185 $175 $271 $250 $130 $110 $252 $184
2014 $192 $180 $262 $241 $138 $118 $246 $180
2015 $195 $181 $256 $233 $153 $133 $684 $707
2016 $200 $191 $256 $232 $159 $138 $529 $647
2017 $207 $195 $291 $275 $172 $146 $657 $657
2018 $212 $204 $298 $291 $176 $160 $686 $686
2019 $215 $205 $308 $301 $189 $168 $686 $686
Year 1 Avg.Median Avg. Median Avg.Median Avg.Median
2013 $115 $109 $149 $143 $110 $98 $152 $137
2014 $122 $115 $159 $151 $121 $106 $203 $170
2015 $128 $120 $162 $155 $126 $110 $176 $157
2016 $135 $127 $166 $157 $133 $117 $185 $157
2017 $144 $135 $171 $162 $143 $126 $203 $169
2018 $154 $144 $179 $170 $154 $137 $217 $181
2019 $159 $149 $184 $175 $161 $144 $233 $187
Construction which is from November 2018
Sources: Greater Mpls Area Assoc of Realtors & Maxfield Research & Consulting, LLC.
Existing Home
Single-Family
New Const
Single-Family Single-Family Multifamily Multifamily
Existing Home Existing Home
Note: Twin Cities Metro Area = Twin Cities MSA (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, & Washington
Counties)
Twin Cities Metro Area
Multifamily
TABLE FS-11
MEDIAN SALES PRICE PER SQUARE FOOT (PSF COMPARISON)
EXISTING HOME VS. NEW CONSTRUCTION
EDINA AND TWIN CITIES METRO AREA
2013 to 20191
Edina
New Const New Const
1Prices are from December of Each Year. Prices are through September in 2019.
New Const
Multifamily
Existing Home
Single-Family
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 88
$241
$293 $254
$271 $262 $256 $256
$291 $298 $308
$173 $168 $171 $185 $192 $195
$200 $207 $212 $215
$511
$471
$334
$252 $246
$684
$529
$657 $686 $686
$115 $109 $111 $130 $138 $153 $159 $172 $176 $189
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019PSFEXISTING VS NEW CONSTRUCTION PSF COSTS: EDINA
City of Edina New Single-Family Construction City of Edina Existing Single-Family Construction
City of Edina New Multifamily Construction City of Edina Existing Multifamily Construction
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 89
Actively Marketing Subdivisions
There are three actively marketing single family subdivisions in Edina. They are: West Ridge
Farms in Parkwood Knolls, Olde Vernon and Blake Circle. West Ridge Farms in Parkwood Knolls
is in the Parkwood Knolls neighborhood and homes are being offered by Carl M Hansen Compa-
nies. The Blake Circle subdivision is north of Bredesen Park on the edge of the Countryside
neighborhood near Highway 100. Olde Vernon is also in the Countryside neighborhood.
Edina Neighborhoods
Edina is comprised of 45 distinct neighborhoods as depicted in the table and map on the follow-
ing pages. Neighborhoods range from dense single-family areas in eastern Edina (Morningside
and Country Club) to less dense single-family neighborhoods in western Edina (Rolling Green,
Parkwood Knolls, and Braemar Hills). The dense and walkable single-family neighborhoods of
eastern Edina share similarities with the neighboring Southwest Minneapolis neighborhoods of
Linden Hills and Fulton. In contrast, the less dense single-family neighborhoods of western
Edina (Rolling Green, Parkwood Knolls, and Braemar Hills) share more in common with nearby
Eden Prairie and Minnetonka neighborhoods than those in eastern Edina. Areas with large pro-
portions of multifamily housing in the city include: Southdale, Promenade, Centennial Lakes,
Edinborough, 50th and France, and Grandview.
**East of MN State Hwy 100 & South of MN State Hwy 62.
***West of MN State Hwy 100 & North of MN State Hwy 62.
****East of MN State Hwy 100 & North of MN State Hwy 62.
Note: A small portion of the Todd Park Neighborhood extends
from Northwest Edina into Northeast Edina.
Sources: City of Edina, ESRI
Northwest Edina***
Northeast Edina****
Presidents, Parkwood Knolls, Bredesen Park, Interlachen Park,
Fox Meadow, Countryside, Rolling Green, Highlands, Hilldale,
Todd Park, Grandview, Melody Lake, & Birchcrest.
Morningside, Sunny Slope, Country Club, White Oaks, Golf
Terrace Heights, Arden Park, 50th & France, Concord,
Minnehaha Woods, Pamela Park, Creek Knoll Chowen Park, &
Stachauer Park
*West of MN State Hwy 100 & South of MN State Hwy 62.
TABLE FS-12
EDINA CITY NEIGHBORHOODS
Southwest Edina*
Southeast Edina**
Lake Cornelia, South Cornelia, Lake Edina, Southdale,
Promenade, Parklawn, Pentagon Park, Centennial Lakes, &
Edinborough.
Indian Hills, Indian Trails, Creek Valley, Normandale Park,
Brookview Heights, The Heights, Cahill, Prospect Knolls, Dewey
Hill, & Braemar Hills.
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH & CONSULTING, LLC 90
Edina City Neighborhoods
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 91
Select Neighborhood Photos
Morningside Morningside
Country Club
Minnehaha Woods
Country Club
Minnehaha Woods
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 92
Bredeson Park Bredeson Park
Pamela Park
Rolling Green
Pamela Park
Rolling Green
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 93
Parkwood Knolls Parkwood Knolls
Strachauer Park Strachauer Park
Chowen Park Chowen Park
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 94
Arden Park Arden Park
Todd Park Todd Park
Creek Knoll Creek Knoll
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 95
School Districts
School districts have a direct impact on community home values. Edina is largely included in
the Edina School District (District 273). Other areas of the City however, are included in the fol-
lowing school districts: Hopkins (District 270), Eden Prairie (District 272) and Richfield (District
280). The Hopkins School District reaches into northwestern Edina. The Richfield School Dis-
trict includes a small portion of southeast Edina, primarily near the Southdale Mall. Far south-
western Edina, near Braemar Golf Course, is in the Eden Prairie School District (District 272).
No single or multifamily homes are found in the area included in the Eden Prairie District.
Edina City and School District Boundaries
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 96
Edina and Nearby Community High Schools
• Edina Senior High is ranked the 10th best high school in the state and first among its neigh-
boring peer institutions according to an online study published by US News and World Re-
port. Nationally Edina Senior High is ranked 614th.
• Of the eight neighboring high schools, Edina Senior High has the highest college readiness
score 62.9. The college readiness score is based on state and Advanced Placement (AP)
Testing. The second highest school was Southwest Senior High in Minneapolis at 52.0.
• Edina Senior High has the highest graduation rate among neighboring schools at 96%. The
average graduation rate among the nine schools analyzed was 87.6% and ranged from 81%
at Richfield Senior High to 96% at Edina High School.
• Among the nine schools examined, Edina Senior High had the second highest enrollment at
2,050. Only Eden Prairie Senior High had more students (3,018). However, for the school
year analyzed (2016-2017), Edina Senior High contained grades 10 through 12, while Eden
Prairie Senior High serviced grades 9 through 12. Edina and Hopkins were the only two of
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 97
the nine senior highs that serviced grades 10 through 12. Since the 2018-2019 school year
Edina high school has included grades 9 through 12.
• The student-teacher ratio of 20 students to every teacher at Edina Senior High was the sec-
ond highest of the nine senior highs. Only Jefferson Senior High in Bloomington had a
higher ratio (21 students to every teacher). The average of all nine schools was 19 students
to every teacher.
• One measure of college preparation is the taking of Advanced Placement (AP) courses in
high school. The AP participation rate at Edina Senior High was 70%. Edina’s 70% participa-
tion rate was the second highest rate of the nine schools examined. Only Southwest High
School in Minneapolis had a higher AP participation rate (72%). The average AP participa-
tion rate at the nine schools was slightly below 50% (49.4%) with a range of 24% at Richfield
Senior High to 72% at Southwest Senior High.
• In the most recent Quality of Life survey conducted among Edina households, 10% of re-
spondents identified that the quality of schools was their most liked attribute of living in
Edina. This compares to 40% of convenient location/walkability/accessibility and 13% who
identified safety as their most liked attribute.
FOR-SALE MARKET ANALYSIS
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High School Address National
Rankings
Statewide
Rankings
Minneapolis
Metro
Rankings
Grades
Served*Enrollment Student
Teacher Ratio
Graduation
Rate
College
Readiness**
Advanced
Placement
(AP)
Participation
Rate
Edina Senior High 6754 Valley View Rd
Edina 55439 614 10 10 10-12 2,050 20:1 96%62.9
Jefferson Senior High 4001 W 102nd St
Bloomington 55437 1,238 19 19 9-12 1,679 21:1 91%46.9
Eden Prairie Senior High
17185 Valley View
Rd Eden Prairie
55346
1,977 33 31 9-12 3,018 18:1 87%39.9
Southwest Senior High 3414 W 47th St
Minneapolis 55410 2,466 41 36 9-12 1,794 18:1 88%52.0
Hopkins Senior High 2400 Lindbergh Dr
Minnetonka 55305 4,254 72 57 10-12 1,656 19:1 90%38.7
Washburn Senior High 201 W 49th St
Minneapolis 55419 5,613 98 75 9-12 1,641 18:1 82%23.4
St Louis Park Senior High 6425 W 33rd St
St Louis Park 55426 5,615 99 76 9-12 1,446 18:1 90%46.0
Kennedy Senior High 9701 Nicollet Ave S
Bloomington 55420 8,435 161 96 9-12 1,646 19:1 83%22.1
Richfield Senior High 7001 Harriet Ave S
Richfield 55423 9,638 191 105 9-12 1,124 18:1 81%15.1
*: Edina High School served grades 10-12 in the school year analyzed (2016-2017). Since the 2018-2019 school year Edina High School has served grades 9-12.
32%
24%
6
7
8
9
36%
Table FS-13
Source: US News and World Report and RTI International utilizing data from The Common Core of Data (U.S. Department of Education), state math and reading assessments, The College
Board, and International Baccalaureate (IB).
Note: Analyzed Data is based off 2016-2017 school year.
**: Based on state proficiency and Advanced Placement (AP) tests.
EDINA & NEIGHBORING COMMUNITIES: HIGH SCHOOL RANKINGS
1
2
3
4
5
70%
57%
47%
72%
49%
58%
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 99
Summary of For-Sale Market Conditions
• Beginning in 2012, the housing market was showing signs of recovery as the number of list-
ings and median resale prices began to rise. A steady increase in the median resale price
continued until 2017, followed by a modest decrease between 2017 and 2018 and then in-
creased again between 2018 and year-to-date 2019.
• As of October 6, 2019, 241 single-family homes were listed for sale in Edina. Of those, 191
were previously owned and 50 were new construction. The City also had 17 owned multi-
family homes listed for sale and of those, 13 were previously owned and four were new
construction.
• New single-family homes priced between $1,200,000 and $1,299,999 and $1,400,000 and
$1,499,999 comprised the two largest percentages of new home listings.
• The median resale price of active single-family listings in Edina was $1,462,450 for new con-
struction and $799,000 for previously owned.
• Owned multifamily home listings between $100,000 and $199,999 (48.1%) and $200,000
and $299,999 (25.9%) comprised 73% of all multifamily listings between January 1 and Oc-
tober 6, 2019.
• Single-family homes accounted for 93.4% of all active listings. Most of the owned multifam-
ily listings were condominiums as only four townhomes/twinhomes were actively market-
ing.
• One-story homes comprise 94.0% of new active single-family listings in the City while two-
story homes comprise 6.0% of new active single-family listings. By comparison, most previ-
ously owned single-family homes are two stories (53.7%), followed by one story homes
(32.1%).
• The median and average prices per square foot increased in Edina between 2010 and 2019.
The City’s median prices per square foot for single-family and owned multifamily homes
were $165 and $105 respectively, in 2010 before increasing to $209 and $168, respectively
in 2019. A
• On average, the price of an existing single home in Edina between 2010 and September
2019 was 43% less than the price of new construction. New construction prices during the
same period were 51% higher in Edina than in the Twin Cities Metro.
• Three new subdivisions are currently marketing in Edina: West Ridge Farms in Parkwood
Knolls, Olde Vernon and Blake Circle.
FOR-SALE MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 100
• Most of Edina is within the Edina School District (District 273), but small portions of the City
are within the Hopkins School District (District 270), Richfield School District (District 280)
and the Eden Prairie School District (District 272).
• Edina Senior High is ranked the 10th best high schools in the state and first among its neigh-
boring peer institutions according to an online study published by US News and World Re-
port. Nationally, Edina Senior High was ranked 614th of 17,245 schools that were ranked, in
the upper 5% of the nation.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 101
Introduction
Maxfield Research and Consulting LLC identified and surveyed rental properties throughout
Edina. In addition, interviews were conducted with rental housing management firms and oth-
ers in the community familiar with Edina’s rental housing stock.
For purposes of the analysis, rental properties are classified into three general categories, tradi-
tional general occupancy, senior (age-restricted) and non-traditional (single-family, townhomes
and condominiums that were constructed as owner-occupied, but are currently rented). Senior
properties are included in the Senior Housing Market Analysis section of this report. Traditional
rentals are divided into three groups: market rate (those without income restrictions); afforda-
ble or shallow-subsidy housing (those receiving tax credits or another type of shallow-subsidy
and where there is a quoted rent for the unit and a maximum income that cannot be exceeded
by the tenant); and subsidized or deep-subsidy properties (those with income restrictions at
50% or less of AMI where rental rates are based on 30% of the household’s adjusted gross in-
come.
Overview of Rental Market Conditions
Maxfield Research utilized data from the American Community Survey (ACS) and Marquette Ad-
visors Apartment Trends report for the Twin Cities Metro Area to summarize rental market con-
ditions in Edina, surrounding communities and the Twin Cities Metro Area. The data from Mar-
quette Advisors is shown for the 3rd Quarter of 2018 and 3rd Quarter of 2019; ACS data is as of
2017. The ACS is an ongoing survey conducted by the United States Census Bureau that pro-
vides data every year rather than every ten years as presented by the Decennial Census. ACS
provides estimates of all rental units, regardless of structure size.
The following are key points concerning Edina’s rental conditions.
• The equilibrium vacancy rate for rental housing is considered to be 5.0%. This allows for
normal turnover and an adequate supply of alternatives for prospective renters. As of the
3rd Quarter of 2019, the vacancy rate was 2.5% in the Twin Cities Metro Area and 2.8% in
Edina. Vacancy rates in neighboring cities were; 2.9% in Southwest Minneapolis, 2.3% in
Bloomington, 2.8% in Eden Prairie, 1.9% in Minnetonka and 1.8% in Hopkins.
• Edina’s 3nd quarter vacancy rate was 8.4% for its two-bedroom plus den units while its three
-bedroom plus den units had a vacancy rate of 0%. Studio and one-bedroom units had va-
cancy rates of 2.0% and 1.6% respectively. One-bedroom plus den and two-bedroom units
had vacancy rates of 4.8% and 3.9%, respectively. Three-bedroom units had a 1.3% vacancy
rate while penthouse units had no vacancies. The most recent 4th Quarter 2019 overall va-
cancy rate for Edina had pushed up to 5.9%.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 102
1 BR 2 BR 3 BR w/D Average
Total Studio 1 BR w/ Den 2 BR w/ Den 3 BR /4BR +Increase
Units 3,947 152 1,738 147 1,570 95 225 20 --
No. Vacant 110 3 28 7 61 8 3 0 --
Avg. Rent $1,595 $1,236 $1,397 $1,753 $1,680 $2,595 $2,057 $3,779 6.4%
Vacancy 2.8%2.0%1.6%4.8%3.9%8.4%1.3%0.0%0.1%
Units 3,429 118 1,478 136 1,395 66 216 20 --
No. Vacant 94 4 25 4 54 1 6 0 --
Avg. Rent $1,499 $1,149 $1,296 $1,926 $1,529 $2,401 $1,854 $3,725 3.2%
Vacancy 3.2%3.4%1.7%2.9%3.9%1.5%3.2%0.0%-1.9%
Units 9,829 1,759 5,716 133 2,022 61 138 NA --
No. Vacant 283 49 140 1 88 2 3 NA --
Avg. Rent $1,326 $979 $1,172 $1,837 $1,816 $4,972 $2,916 NA 4.1%
Vacancy 2.9%2.8%2.4%0.8%4.4%3.3%2.2%NA 0.3%
Units 9,544 1,721 5,555 125 1,957 NA 91 NA --
No. Vacant 229 42 111 3 68 NA 3 NA --
Avg. Rent $1,272 $983 $1,114 $1,835 $1,760 NA $2,545 NA 6.6%
Vacancy 2.4%2.4%2.0%2.4%3.5%NA 3.3%NA 0.5%
Units 7,674 479 3,356 339 3,061 73 366 NA --
No. Vacant 174 17 78 5 70 0 4 NA --
Avg. Rent $1,256 $1,041 $1,102 $1,384 $1,383 $1,368 $1,691 NA 7.7%
Vacancy 2.3%3.5%2.3%1.5%2.3%0.0%1.1%NA 0.4%
Units 7,459 439 3,295 329 3,000 73 359 NA --
No. Vacant 140 17 65 6 43 2 7 NA --
Avg. Rent $1,166 $908 $1,042 $1,452 $1,234 $1,363 $1,562 NA 5.9%
Vacancy 5.9%3.9%2.0%1.8%1.4%2.7%1.9%NA -2.0%
Units 4,586 126 1,604 186 2,110 169 373 18 --
No. Vacant 128 2 47 3 52 9 15 0 --
Avg. Rent $1,352 $974 $1,197 $1,396 $1,384 $1,582 $1,800 $2,314 3.4%
Vacancy 2.8%1.6%2.9%1.6%2.5%5.3%4.0%0.0%0.4%
Units 4,586 126 1,604 186 2,110 169 373 18 --
No. Vacant 110 7 37 5 57 0 4 0 --
Avg. Rent $1,307 $890 $1,113 $1,197 $1,382 $1,546 $1,757 $2,413 7.9%
Vacancy 2.4%5.6%2.3%2.7%2.7%4.3%1.1%0.0%0.4%
ContinuedQ3/2018SOUTHWEST MINNEAPOLIS
Q3/2019Q3/2018BLOOMINGTON Q3/2019Q3/2018EDEN PRAIRIE Q3/2019Q3/2018Q3/2019TABLE R-1
AVERAGE RENTS/VACANCY TRENDS
EDINA, SURROUNDING COMMUNITIES, & TWIN CITIES METRO
THIRD QUARTER 2018 & THIRD QUARTER 2019
EDINA
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 103
1 BR 2 BR 3 BR 2/D Average
Total Studio 1 BR w/ Den 2 BR w/ Den 3 BR /4BR +Increase
Units 4,700 123 1,882 188 2,072 107 310 18 --
No. Vacant 90 2 45 5 28 1 9 0 --
Avg. Rent $1,424 $1,215 $1,296 $1,334 $1,475 $1,666 $1,864 $2,292 5.4%
Vacancy 1.9%1.6%2.4%2.7%5.2%0.9%2.9%0.0%-0.8%
Units 4,452 123 1,767 207 1,968 107 262 18 --
No. Vacant 118 4 52 7 45 5 4 1 --
Avg. Rent $1,351 $1,279 $1,223 $1,337 $1,402 $1,641 $1,723 $2,100 4.4%
Vacancy 2.7%3.3%2.9%3.4%2.3%4.7%1.5%5.6%0.4%
Units 3,045 211 1,416 13 1,208 11 186 NA --
No. Vacant 56 3 25 0 22 0 6 NA --
Avg. Rent $1,210 $949 $1,091 $1,380 $1,325 $1,337 $1,651 NA 6.9%
Vacancy 1.8%1.4%1.8%0.0%1.8%0.0%3.2%NA 0.3%
Units 3,045 211 1,416 13 1,208 11 186 NA --
No. Vacant 47 0 21 0 21 0 5 NA --
Avg. Rent $1,132 $862 $1,011 $1,338 $1,244 $1,337 $1,602 NA 6.9%
Vacancy 1.5%0.0%1.5%0.0%1.7%0.0%2.7%NA -0.3%
Units 6,716 356 3,086 300 2,759 47 168 NA --
No. Vacant 170 10 63 4 89 1 3 NA --
Avg. Rent $1,391 $1,440 $1,192 $1,561 $1,537 $2,153 $2,044 NA 9.1%
Vacancy 2.5%2.8%2.0%1.3%3.2%2.1%1.8%NA 0.7%
Units 6,241 315 2,853 281 2,584 47 NA NA --
No. Vacant 172 4 66 13 87 0 NA NA --
Avg. Rent $1,350 $1,349 $1,177 $1,514 $1,460 $2,063 NA NA 6.0%
Vacancy 2.8%1.3%2.3%4.6%3.4%0.0%NA NA 0.8%
Units 149,385 10,551 65,423 3,589 59,835 2,229 7,405 353 --
No. Vacant 3,797 286 1,607 80 1,506 110 196 12 --
Avg. Rent $1,265 $1,028 $1,115 $1,488 $1,363 $2,065 $1,656 $2,889 6.5%
Vacancy 2.5%2.7%2.5%2.2%2.5%4.9%2.6%3.4%0.2%
Units 141,705 8,072 62,872 3,504 58,065 1,660 7,080 452 --
No. Vacant 3,274 175 1,470 88 1,358 40 136 7 --
Avg. Rent $1,188 $980 $1,047 $1,438 $1,272 $2,025 $1,561 $2,481 3.6%
Vacancy 2.3%2.2%2.3%2.5%2.3%2.4%1.9%1.5%-0.2%62834
*: Edina's 2018 & 2019 3 BR w/den & penthouse data is combined/averaged.
NA: Not Available.
Sources: Marquette Advisors; Maxfield Research & Consulting, LLCQ3/2019Q3/2018TABLE R-1 (CONTINUED)
AVERAGE RENTS/VACANCY TRENDS
ST LOUIS PARK
THE EDISON PRIMARY MARKET AREA
Fourth Quarter 2017 and Fourth Quarter 2018
Q/HOPKINS
Q3/2019Q3/2018Q3/2019MINNETONKA
Q3/2019Q3/2018TWIN CITIES METRO AREAQ3/2018
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 104
• The average monthly rent in Edina increased by $96 from the third quarter of 2018 through
the third quarter of 2019, an increase of 6.4%. By comparison, the average monthly rent in
the Twin Cities Metro Area increased by an average rate of 6.5% to $1,265 as of the 3rd
quarter of 2019.
• In Edina, average monthly rental rates range from $1,236 for a studio unit to $4,421 for a
penthouse unit as of 3rd Quarter 2019. Monthly rent for three-bedroom units is lower than
for two-bedroom plus den units reflecting the older age of many rental properties in Edina.
Average rents increased the most for three-bedroom units, up 10.9% over the year, fol-
lowed by 9.9% for two-bedroom units and 9% for one-bedroom plus den units. Since 2010,
the average monthly rent in Edina has increased 47.4%, from $1,082 per month in 2010 to
$1,595 per month in 2019. A portion of this increase reflects new rental product recently
constructed which has higher rents, increasing the overall average.
• The below market equilibrium vacancy rate in Edina reflects a tight rental market and lim-
ited product available, primarily among older rental properties. Six new market rate prop-
erties were surveyed in Edina, all built since 2013. Vacancies at these new properties were
higher than for older properties and Nolan Mains and Aria Edina are in their initial lease-up
periods. Older rental properties do not offer the same level of amenities as newer rental
housing stock, although many properties built prior to 1980 have been remodeled and in-
clude new kitchens, new bathrooms and upgraded common areas amenities. One example
is the Cedars of Edina that was built in 1977 but renovated in 2014. The Cedars of Edina has
amenities that are typical of newer properties including an in-unit washer and dryer, conci-
erge, fitness center, and pool.
• The following chart illustrates historical rental market conditions in Edina. Overall, vacancy
rates have remained below market equilibrium except in 2016.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 105
• The average rent as of 3rd Quarter 2019 was $1,595 in Edina, $1,336 in Southwest Minneap-
olis, $1,256 in Bloomington, $1,424 in Minnetonka, $1,210 in Hopkins, $1,352 in Eden Prai-
rie, and $1,391 in St Louis Park. A comparison of vacancy rates revealed a rate of 2.8% in
Edina, 2.9% in Southwest Minneapolis, 2.3% in Bloomington, 1.9% in Minnetonka, 1.8% in
Hopkins, 2.8% in Eden Prairie, and 2.5% in St Louis Park.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 106
Table R-2 shows the breakdown by gross rent of unit types in Edina. Below are key points from
the chart.
• Of Edina’s one-bedroom units almost 7% (6.9%) are priced at $1,500 or more. In compari-
son, 3.3% of the Remainder of the PMA’s one-bedroom units and 2.6% of the Twin Cities
MSA’s one-bedroom units were priced at $1,500 or more.
• Edina has 12.1% of its two-bedroom units priced at $1,500 or more. This is a larger percent-
age than in the Remainder of the PMA (11.0%) and the Twin Cities MSA (5.4%).
• The City of Edina has a lower proportion of one-bedroom units priced between $750 and
$999 (7.9%) than in the Remainder of the PMA 12.4%, and the Twin Cities MSA (14.1%).
• The breakdown of unit types in Edina is 6.9% no bedroom units (studios), 42.0% one-bed-
room units, 35.2% two-bedroom units, and 15.8% three or more-bedroom units.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 107
MN
#% of
Total #% of
Total #% of
Total
% of
Total
Total:5,950 100%18,806 100%370,234 100%100%
Median Gross Rent $906
No Bedroom 413 6.9%832 4.4%23,594 6.4%5.6%
Less than $300 13 0.2%0 0.0%2,122 0.6%0.6%
$300 to $499 7 0.1%0 0.0%2,045 0.6%0.8%
$500 to $749 74 1.2%92 0.5%7,740 2.1%1.8%
$750 to $999 101 1.7%241 1.3%6,140 1.7%1.2%
$1,000 to $1,499 209 3.5%335 1.8%3,434 0.9%0.7%
$1,500 or more 0 0.0%164 0.9%1,868 0.5%0.4%
No cash rent 9 0.2%0 0.0%245 0.1%0.1%
1 Bedroom 2,500 42.0%6,816 36.2%133,329 36.0%32.6%
Less than $300 100 1.7%225 1.2%11,332 3.1%3.7%
$300 to $499 161 2.7%338 1.8%8,228 2.2%3.9%
$500 to $749 156 2.6%287 1.5%22,383 6.0%7.3%
$750 to $999 468 7.9%2,324 12.4%52,075 14.1%10.0%
$1,000 to $1,499 1,207 20.3%2,941 15.6%28,298 7.6%5.2%
$1,500 or more 408 6.9%625 3.3%9,583 2.6%2.0%
No cash rent 0 0.0%76 0.4%1,430 0.4%0.5%
2 Bedrooms 2,094 35.2%7,563 40.2%137,399 37.1%37.5%
Less than $300 49 0.8%87 0.5%3,570 1.0%1.1%
$300 to $499 0 0.0%217 1.2%3,596 1.0%2.0%
$500 to $749 39 0.7%231 1.2%7,729 2.1%6.2%
$750 to $999 227 3.8%490 2.6%35,719 9.6%10.6%
$1,000 to $1,499 979 16.5%4,295 22.8%63,609 17.2%12.5%
$1,500 or more 722 12.1%2,063 11.0%20,012 5.4%3.7%
No cash rent 78 1.3%180 1.0%3,164 0.9%1.3%
3 or More Bedrooms 943 15.8%3,595 19.1%75,912 20.5%24.3%
Less than $300 4 0.1%65 0.3%1,105 0.3%0.5%
$300 to $499 0 0.0%73 0.4%2,267 0.6%1.1%
$500 to $749 78 1.3%194 1.0%4,618 1.2%2.5%
$750 to $999 31 0.5%214 1.1%4,878 1.3%3.4%
$1,000 to $1,499 76 1.3%686 3.6%25,083 6.8%7.5%
$1,500 or more 682 11.5%2,098 11.2%33,541 9.1%6.8%
No cash rent 72 1.2%265 1.4%4,420 1.2%2.5%
TABLE R-2
EDINA ANALYSIS AREA
2017
Edina Remainder of PMA
BEDROOMS BY GROSS RENT, RENTER-OCCUPIED HOUSING UNITS
Twin Cities MSA*
Sources: 2013-2017 American Community Survey; Maxfield Research and Consulting LLC.
*Includes the following counties; Anoka, Carver, Dakota, Hennepin, Scott, Ramsey, and
Washington.
$1,288 $1,295**$1,034
** All median gross rent census tract data is from 2017 excluding census tract 260.13, which
is from 2016. There is no available 2017 median gross rent data for census tract 260.13.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 108
General Occupancy Rental Properties
The survey of general occupancy rental properties in Edina included 54 market rate, four, shal-
low-subsidy and one, deep-subsidy property in September 2019. These properties represent a
combined total of 4,801 units, including 4,654 market rate units (including units in properties
that are in initial lease-up), 57 shallow-subsidy (typically properties income-restricted to house-
holds with incomes between 50% and 80% of Area Median Household Income (AMI) and 90,
deep-subsidy units (typically properties restricted to households with incomes at or less than
50% of AMI). Market rate units may be affordable to a broad range of households, but do not
have income restrictions. Table R-9 presented later in this section shows that Edina has market
rate units that are affordable to households with incomes ranging from 50% to 120% or more of
AMI. The above totals exclude units in properties that provide housing to individuals that have
supportive services or are hard to house.
There are a variety of rental properties in Edina that have fewer than 24 units including three-
and four-plex buildings, duplexes, twinhomes and single-family homes. These properties are
also included in the average rent and vacancy calculations shown on Tables R-4 to R -6. Table R-
7 shows affordable and subsidized rental properties. R-8 shows a summary of market rate
rental units registered with the City . The total includes all types of rental units including single-
family, condominiums, townhomes, duplexes and large multifamily properties. Single-family,
condominium and townhome units that were originally owner-occupied, but are currently
rented are considered as non-traditional rentals.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 109
The survey of market rate rental properties identified the following total vacancies by age seg-
ment:
Properties built prior to 1980: 83 vacant (3.1%)
Properties built from 1980 through 1999: 12 vacant (2.5%)
Properties built 2000 or later: 89 vacant (6.0%)
In total, the overall vacancy rate among the surveyed market rate rental units was 4.0% includ-
ing properties in initial lease-up. Excluding those properties, the overall vacancy rate drops to
2.8%. The combined overall vacancy rate is well-below the 5% rate considered as market equi-
librium for a stabilized rental market rate which promotes competitive rates, ensures adequate
choice and allows for sufficient unit turnover. The current overall vacancy rate of 2.8% indi-
cates that additional rental units are needed. Vacancy rates by year built are significantly lower
for properties built 2000 or later and prior to 1980 than between 1980 and 1999.
Table R-3 summarizes the number of market rate rental units by year built for Edina general oc-
cupancy properties. Tables R-4 to R-6 summarize available unit types, unit sizes, rent levels and
per square foot rents grouped by year built among the market rate general occupancy rental
properties.
17
1,318 1,364
239 243 250
1,223
0
200
400
600
800
1,000
1,200
1,400
1,600
1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010+Number of UnitsDecade
Edina Market Rate Rental Properties
By Year Built
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 110
Property Name/Location Yr. Built Number of Units
Cedars of Edina - 7340 Gallagher Dr 55435 1977 600
Durham - 7201 York Ave S 55435 1977 (Reno. 2014)264
York Plaza- 7230 York Ave 55435 1975 261
Oaks Braemar 7150 Cahill Rd 55439 1971 115
Edina Park 4480 Parklawn Ave 55435 1971 80
Parklawn Manor - 4000 Parklawn Ave 55435 1971 44
Edina Manor Apartments - 5400 W 70th St 55439 1969 24
Valley View VIllas - 4415 Valley View Rd 55424 1969 12
The Edina Towers - 6400 Barrie Rd 55435 1969 194
Westchester - 5525 Hansen Rd 55436 1968 24
Parklawn Estates - 4141 Parklawn Ave 55435 1968 118
Normandy House Apartments - 4545 Valley View Rd 55424 1968 78
Briair Cliff - 444 Parklawn Ave 55435 1968 22
Astor Place - 6455 York Ave S 55435 1968 44
Parklawn Court - 4456 Parklawn Ct 55435 1968 24
White Oaks Apartments - 3901 49th St W 554424 1968 32
Willow Greens Apartments - 4350 - 4380 Parklawn Ave 55435 1968 22
Edina Villa Apartments - 4200-4415 Parklawn Ave 55435 1967 36
Regency Apartments - 4201 Parklawn Ave 55435 1967 18
Parklawn Apartments - 4251 Parklawn Ave 55435 1967 118
Chalet Apartments - 4415 Parklawn Ct 55435 1967 12
Interlachen Manor - 5220 Interlachen Blvd 55436 1967 17
Edina Highland Villa - 5210 Villa Way 55436 1967 165
4435 Parklawn Court - 55435 1965 40
5416 W 70th St 55439 1965 10
Cahill Court -5432 W 70th St 55439 1965 10
Cottages of Edina - 5180 Lincoln Dr 55436 1965 80
York Villa - 6304 York Ave S 55435 1965 23
6300 York - 55435 1964 22
Oaklawn Estates - 4401 Valley View Rd 55424 1963 14
Interlachen Court - Vernon Ave S 55436 1963 61
Heritage Drive Apartments- 3201 Heritage Drive 55435 1962 24
Hazelton Apartments - 4000 Hazelton Rd 55435 1962 16
4301 Valley View Rd - 4301 Valley View Rd 55424 1962 8
Heritage Court - 3105 - 3117 Heritage Dr 55435 1961 40
Fountain Manor - 4001 Mavelle Dr 55435 1961 5
4000 Mavelle Dr 55435 1961 5
5330 France Ave S - 55410 1949 12
3908 W 54th St 55424 1949 5
TABLE R-3
MARKET RATE GENERAL OCCUPANCY RENTAL PROPERTIES BY YEAR BUILT
CITY OF EDINA
NOVEMBER 2019
Properties Built Prior to 1980
Continued
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 111
Market Rate
• Most of Edina’s larger market rate general occupancy rental properties were built prior to
1980. As shown, the median year built of market rate properties is 1968.
• The newest market rate general occupancy rental properties in Edina are; Nolan Mains
(2019), Aria Edina (2018), The Loden (2017), Onyx Edina (2015) and 71 France Apartments
(2014). Nolan Mains, a new luxury rental property is in the 50th and France commercial dis-
trict and is in initial lease-up. The first phase of the Nolan Mains development opened No-
vember 1, 2019 and 10% of its units (10 units) are affordable. The affordable units are en-
tirely leased.
• A total of 184 vacancies were found among the market rate rental pro perties resulting in a
current vacancy rate of 4.0%. The stabilized vacancy rate, which excludes properties still in
initial lease up, Aria Edina (8 units) and Nolan Mains (52 units), is 2.8% as of November
2019. The stabilized equilibrium vacancy rate for market rate rental properties is consid-
ered 5% to allow for adequate unit turnover and sufficient choice for renters. A vacancy
rate well-below the market equilibrium level indicates some pent-up demand for new rental
Property Name/Location Yr Built Number of Units
Oaks Lincoln Townhomes - 5200 Lincoln Dr 55436 1990 39
Oaks Lincoln Apartments - 5200 Lincoln Dr 55436 1990 204
Vernon Oaks Apartments 5400 Vernon Ave S 55436 1987 136
Ponds of Edina - 7700 Cahill Rd 55439 1985 65
Oak Glen of Edina - 5515 Oak Glen Rd 55439 1981 38*
Nolan Mains - 3945 Market St 55424 2019 90**
Aria Edina - 3200 Southdale Cir 55435 2018 174***
The Loden - 5995 Lincoln Dr - 55436 2017 246
Onyx Edina - 6725 York Ave S - 55435 2015 240
71 France - 7161 France Ave S 55435 2014 241
One Southdale Place - 6800 York Ave S 55435 2013 232
Edina Gateway - 4910 W 77th St 55435 2008 36
York Place - 3121 W 69th St 55435 2008 114
Cornelia Place - 4025 W 65th St 55435 2002 100
Total 4,654
** There are a total of 100 units, of which 90 are market rate and 10 are affordable.
CITY OF EDINA
NOVEMBER 2019
TABLE R-3 (CONTINUED)
Median Year Built: 1968
** There are a total of 184 units, of which 176 are market rate and 8 are affordable.
Sources: Maxfield Research & Consulting, LLC, City of Edina, Apartments.com, HUD
Properties Built Between 1980 and 1999
Properties Built 2000 or Later
*: There are a total of 64 units, of which 38 are market rate and 26 are affordable.
MARKET RATE GENERAL OCCUPANCY RENTAL PROPERTIES BY YEAR BUILT
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 112
housing. The challenge, however, is that not all the demand is for units with rents at the
top end of the market. While some renters may elect to move-up and pay more in rent,
others are not able to do so and would either prefer to pay a lower rent or need to pay less
because of an income threshold to not be cost-burdened. Many of the residents choosing
units at the new rental properties in Edina are empty nesters that have sold homes in Edina
or other nearby communities.
• Properties are grouped by year built. There is overlap among these groupings as some
older properties have been remodeled. Renovated properties include The Cedars of Edina
and Durham, both built in 1977 and renovated in 2014. Remodeling often enables a prop-
erty to “refresh” and to charge higher rents than its original age would indicate. Tables R-4
to R-6 show a summary of these properties by unit type with average rents, average unit
size, rent range and rent per square foot.
• Table R-4 shows a summary for properties built in 2000 or later. One property opened in
2002 and two opened in 2008. However, the majority opened in 2013 or later. The table
shows that the average rent per square foot is $2.07 with a monthly rent of $2,318 and an
average unit size of 1,453 square feet. As shown, 9.3% of the units are one bedroom, 46.3%
of the units are two bedrooms, 37.1% of the units are three bedrooms and 0.3% of the units
are four bedrooms. These proportions are almost the opposite of what has been developed
recently in Downtown Minneapolis and the Uptown District in southwest Minneapolis,
where studio and one-bedroom unit types dominate.
• Rents ranged from $1,185 for a studio apartment to $4,354 per month for a three-bedroom
unit. Data for Nolan Mains’ studio, two-bedroom penthouse, three-bedroom, three-bed-
room penthouse, and four-bedroom penthouse units were unavailable. Average monthly
rents by unit type were:
Studio/Alcove: $1,472
1BR: $1,755
2BR: $2,674
3BR: $3,371
4BR: n/a
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 113
• Table R-5 shows a summary for market rate properties built from 1980 through 1999. The
table shows that the average rent per square foot for these properties is $1.65 with a
monthly rent of $1,566 and an average unit size of 1,051 square feet. As shown, 66.9% of
the units are two-bedrooms, 29.8% are one-bedroom, 1.9% are studios, and 1.9% are three-
bedrooms.
• Rents ranged from $1,096 for a studio apartment to $2,464 per month for a three-bedroom
unit. Average monthly rents by unit type were:
Studio/Alcove: $1,098
1BR: $1,370
2BR: $1,655
3BR: $2,140
Total % of Avg. Avg. Rent/
Unit Type Units Total Low -High Rent Sq. Ft.
Studio/Alcove 137 9.3%$1,185 -$2,149 $1,472 $2.35
1BR 682 46.3%$1,295 -$2,695 $1,755 $2.03
2BR 547 37.1%$1,795 -$4,354 $2,674 $1.91
3BR 103 7.0%$1,834 -$4,051 $3,371 $2.00
4BR 4 0.3%NA -NA NA NA
Total:1,473 100.0%$1,185 -$4,354 $2,318 $2.07
Table includes data for properties where information was available.
Monthly Rents
TABLE-R-4
SURVEYED UNIT TYPE SUMMARY
SELECT GENERAL OCCUPANCY RENTAL PROPERTIES
Built 2000 or later
NOVEMBER 2019
Source: Maxfield Research and Consulting, LLC
Range
NA: Not Available.
Penthouse units (2BR PH, 3BR PH, and 4BR PH were combined with non-penthouse
units 2BR, 3BR, and 4 BR)
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 114
• Table R-6 shows a summary for market rate properties built prior to 1980. Valley View Vil-
las was excluded as management could not be reached. The table shows that the average
rent per square foot for these properties is $1.46 with a monthly rent of $1,325 and an av-
erage unit size of 953 square feet. As shown, 44.4% of the units are two-bedrooms, 44.2%
are one-bedroom, 7.9% are three-bedroom, and 3.5% are studio units.
• Rents range from $740 for a studio apartment to $3,165 per month for a three-bedroom
unit. Average monthly rents by unit type were:
Studio/Alcove: $995
1BR: $1,088
2BR: $1,260
3BR: $1,957
• The broad range in rents for each unit type among the oldest properties reflects a variation
in features and amenities and units that have been substantially remodeled versus those
that have not.
Total % of Avg. Avg. Rent/
Unit Type Units Total Low -High Rent Sq. Ft.
Studio/Alcove 10 1.9%$1,096 -$1,100 $1,098 $2.37
1BR 156 29.8%$1,155 -$1,650 $1,370 $1.52
2BR 350 66.9%$1,381 -$2,357 $1,655 $1.38
3BR 7 1.3%$1,812 -$2,464 $2,140 $1.31
4BR 0 0.0%NA -NA NA NA
Total:523 100.0%$1,096 -$2,464 $1,566 $1.65
The table includes data from properties where there was complete information
Source: Maxfield Research and Consulting, LLC
Range
N/A: Not Applicable
Monthly Rents
TABLE-R-5
SURVEYED UNIT TYPE SUMMARY
SELECT GENERAL OCCUPANCY RENTAL PROPERTIES
Built 1980 to 1999
NOVEMBER 2019
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 115
Shallow-Subsidy
Properties that provide a shallow-subsidy have income restrictions, but households that qualify
to reside in units at these properties usually pay a set monthly rent that is affordable to their
income level. Properties developed as shallow-subsidy typically have rental rates set at 50% up
to 80% of area median household income. At times, a household may qualify at a higher pro-
portion of income (say 60%), but the rent will be set at 50% of AMI. Housing revenue bonds,
TIF financing and Low-Income Housing Tax Credits are example of programs that offer financing
to enable the developer to provide a lower rent level (shallow-subsidy).
• There are six general occupancy rental properties in Edina that offer all or a portion of their
units at rents that are affordable to households with incomes at or below 60% or 50% of the
household area median family household income (HAMFI) for the Twin Cities Metro Area
which was $100,000 as of 2019. At the time of the survey, 11 units were identified as va-
cant. Table R-8 shows information on shallow-subsidy (affordable) and deep-subsidy (subsi-
dized) properties.
• The two newest properties in Edina with shallow subsidy units are Aria Edina and Nolan
Mains. Aria Edina is a market rate/affordable property with 184 units, of which 10 are af-
fordable to households at 60% of AMI. Of the 10 units, eight are studios ranging in size
from 487 to 524 square feet and priced at $1,050 and two are 693 square foot alcove units
priced at $1,125. The first phase of Nolan Mains opened November 1, 2019. When com-
pleted, the property will consist of 100 units, of which 10 are affordable to moderate-in-
come households with rents targeted at between 50% and 60% AMI. Of the 10 affordable
units, eight are one-bedroom and two are two-bedrooms units. Aria Edina and Nolan Mains
Total % of Avg. Avg. Rent/
Unit Type Units Total Low -High Rent Sq. Ft.
Studio/Alcove 90 3.5%$740 -$1,428 $995 $1.85
1BR 1,143 44.2%$700 -$1,706 $1,088 $1.41
2BR 1,150 44.4%$925 -$1,810 $1,260 $1.23
3BR 205 7.9%$1,394 -$3,165 $1,957 $1.33
4BR 0 0.0%NA -NA NA NA
Total:2,588 100.0%$700 -$3,165 $1,325 $1.46
Table includes data from properties for which information was available
Note: Excludes Valley View Villas for which detailed data is not available.
NA: Not Available
TABLE-R-6
UNIT TYPE SUMMARY
SELECT GENERAL OCCUPANCY RENTAL PROPERTIES
Built Prior to 1980
NOVEMBER 2019
Monthly Rents
Range
Source: Maxfield Research and Consulting, LLC
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 116
offer many amenities to residents including outdoor lounge decks with grilling areas, roof-
top terrace, pub room; bocce court, and enclosed heated parking.
Deep-Subsidy
Properties that provide deep-subsidies are restricted to households with incomes of 50% or less
of AMI and the tenant pays no more than 30% of their income for rent; the remaining portion
of the rent is paid to the landlord. Housing programs include project-based Section 8, Section
811 (primarily group living arrangements or housing for those with disabilities). Housing vouch-
ers also fall into this category but are used in the private market. Senior programs (Section 8
and Section 202) are discussed in the senior section.
• Yorkdale Townhomes and Oak Glen are the only two deep-subsidy general occupancy rental
properties in Edina with a combined total of 116 units. Of the 116 units, four are studios, 10
are one-bedroom, 56 are two-bedroom, 46 are three-bedroom and four are four-bedroom.
• Typically, deep-subsidy rental properties should be able to maintain vacancy rates of 3% or
less in most housing markets. A vacancy rate of 0% for these units indicates a need for
more of this housing. Cuts in Federal funding for programs to construct these types of units
has resulted in long waiting lists and virtually none of these units are being developed, ex-
cept when combined with other income-restricted or market rate units. There are currently
no vacancies at either Yorkdale Townhomes or Oak Glen. York Glen has a substantial wait
list of more than two years for its studio units and at least one year or more for its three-
bedroom units. The substantial wait lists demonstrate a significant need for more deep-
subsidy housing.
• There are a combined 159 shallow and deep subsidy rental units in Edina. This is an esti-
mated 3% (3.3%) of all rental units in the City (4,813 units). By comparison, almost 97%
(96.7%) of rental units in the City are market rate.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 117
Year TotalProject Name/ Address Built Units Vacant Mkt/Aff Description/Comments
Nolan Mains 2019 90 52 Studio -1 -----457 -457 -----
3945 Market St 55424 (100 Total Units)1BR -32 $2,219 -$2,695 692 -998 $2.70 -$3.21
(In Initial lease Up)2BR -28 $3,484 -$3,927 1,184 -2,064 $1.90 -$2.94
2BR PH -6 -----1,471 -1,896 -----
3BR -9 -----1,852 -2,153 -----
3BR PH -10 -----1,871 -2,671 -----
4BR PH -4 -----2,387 -2,980 -----
Aria Edina 2018 174 8 Alcove -11 $1,495 -$1,625 693 -693 $2.16 -$2.34
3200 Southdale Cir 55435 (184 Total Units)1BR -67 $1,595 -$2,215 759 -923 $2.10 -$2.40
(In initial lease Up)2BR -84 $2,341 -$4,225 1,170 -1,338 $2.00 -$3.16
3BR -12 $3,545 -$3,920 1,546 -1,590 $2.29 -$2.47
71 France 2014 241 6 Studio -63 $1,410 -$1,435 577 -590 $2.43 -$2.44
7161 France Ave S 55435 1BR -58 $1,395 -$2,005 620 -1,051 $1.91 -$2.25
2BR -58 $1,846 -$2,425 968 -1,285 $1.89 -$1.91
3BR -62 $1,834 -$3,043 1,254 -1,412 $1.46 -$2.16
One Southdale Place 2013 232 12 Studio -18 $1,375 -$1,484 550 -621 $2.39 -$2.50
6800 York Ave S 55435 1BR -134 $1,450 -$1,950 670 -1,115 $1.75 -$2.16
2BR -79 $2,092 -$4,354 1,028 -1,663 $2.04 -$2.62
3 BR -1 $4,051 -$4,051 1,433 -1,433 $2.83 -$2.83
Onyx Edina 2015 240 0 Studio -10 $1,319 -$2,149 609 -658 $2.17 -$3.27
6725 York Ave S 55435 1BR -135 $1,333 -$2,158 676 -1,137 $1.90 -$1.97
2BR -86 $1,842 -$3,180 1,151 -1,660 $1.60 -$1.92
3BR -9 $3,252 -$3,272 1,505 -1,537 $2.13 -$2.16
The Loden 2017 246 7 Studio -24 $1,395 -$1,489 548 -622 $2.39 -$2.55
5995 Lincoln Dr 55436 1BR -140 $1,383 -$1,850 671 -876 $2.06 -$2.11
2BR -82 $1,984 -$2,900 1,046 -1,413 $1.90 -$2.05
Edina Gateway 2008 36 2 1BR -21 $1,420 -$1,830 807 -983 $1.76 -$1.86
4910 W 77th St 55435 2BR -15 $1,946 -$2,299 1,330 -1,596 $1.44 -$1.46
White Oaks Apartments 1968 32 0 1BR -16 $1,024 -$1,024 806 -806 $1.27 -$1.27
3901 49th St W 55424 2BR -16 $1,287 -$1,287 1,200 -1,200 $1.07 -$1.07
Cornelia Place 2002 100 2 Studio -1 $1,482 -$1,482 929 -929 $1.60 -$1.60
4025 W 65th St 55435 1BR -19 $1,416 -$1,826 822 -1,092 $1.67 -$1.72
2BR -80 $1,947 -$3,640 1,191 -2,186 $1.63 -$1.67
York Place 2008 114 0 Studio -9 $1,185 -$1,285 541 -559 $2.19 -$2.30
3121 W 69th St 55435 1BR -76 $1,295 -$1,555 619 -941 $1.65 -$2.09
2BR -29 $1,795 -$1,901 1,165 -1,244 $1.53 -$1.54
First building opened November 1st and
second building opening mid December.
Application fee of $50 per adult and reservation
fee of $1,500 ($350 admin/easy move-out,
$1,150 securiy deposit). Parking is $200 per
month and additional spots are flex/evening
parking at $50/month. Pet fee of $500 and $50
per dog and $30 per cat. Adjacent to 50th and
France Commercial District.
CONTINUED
Mkt Fitness center, pool, spa, clubhouse, business
center, and study lounge. Near Southdale
Center and Galleria Edina.
Mkt
Mkt Fitness center, clubhouse, roof terrace,
balcony, guest apartment, pet washing station,
and car wash. Near Southdale Center and
Galleria Edina.
Fitness center, business center, in unit
washer/dryer. Balcony, vaulted ceilings, guest
apartment, and car wash. Near Southdale
Center and Galleria Edina.
TABLE R-7
MARKET RATE GENERAL OCCUPANCY RENTAL PROPERTIES
CITY OF EDINA
NOVEMBER 2019
Market/BaseUnit Mix Rent Ranges Unit Size Rent per Sq Ft
Pool, clubhouse, pet washing station, car
chargin station, fitness center, and guest
apartment. Near Southdale Center and Galleria
Edina.
Fitness center, pool, spa, heated underground
parking, and bike storage. Near Southdale
Center and Galleria Edina.
Market Rate Rental
Mkt/Aff
Mkt Roof terrace, concierge, in unit washer/dryer,
and garage parking.
Mkt Fitness center, laundry facilities, and balcony.
Near 50th and France.
Mkt
Mkt /Aff Pool, clubhouse, concierge, pet washing
station, car charging station, and roof terrace.
Near Near Southdale Center and Galleria Edina.
Mkt
Mkt Fitness center, pool, putting green, theater
room, roof terrace. Near Southdale Center and
Galleria Edina.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 118
Year Total
Project Name/ Address Built Units Vacant Mkt/Aff Description/Comments
Oaks Lincoln Townhomes 1990 39 1 2BR -79 $1,821 -$1,921 1,153 -1,475 $1.30 -$1.58
5200 Lincoln Dr 55436 3 BR -1 $2,300 -$2,464 1,547 -1,971 $1.25 -$1.49
Oaks Lincoln Apartments 1990 204 6 Studio -8 $1,096 -$1,096 402 -505 $2.17 -$2.73
5200 Lincoln Dr 55436 1BR -79 $1,232 -$1,650 766 -1,240 $1.33 -$1.61
2BR -111 $1,428 -$2,203 1,125 -1,517 $1.27 -$1.45
3 BR -6 $1,812 -$1,982 1,519 -1,519 $1.19 -$1.30
Vernon Oaks Apartments 1987 136 0 Studio -2 $1,100 -$1,100 473 -473 $2.33 -$2.33
5400 Vernon Ave S 55436 1BR -34 $1,155 -$1,185 766 -996 $1.19 -$1.51
2BR -100 $1,475 -$1,640 1,087 -1,275 $1.29 -$1.36
5416 W 70th St 1965 10 0 2BR -10 $1,087 -$1,194 982 -1,078 $1.11 -$1.11
5416 W 70th St 55439
Ponds of Edina 1985 65 4 1BR -43 $1,221 -$1,221 826 -826 $1.48 -$1.48
7700 Cahill Rd 55439 2BR -22 $1,381 -$1,381 1,072 -1,072 $1.29 -$1.29
Cahill Court 1965 10 0 2BR -10 $950 -$950 1,050 -1,050 $0.90 -$0.90
5432 W 70th St 55439
Durham 1977 264 6 1BR -96 $1,587 -$1,706 750 -775 $2.12 -$2.20
7201 York Ave 55435 Renovated 2014 2BR -144 $1,568 -$2,357 1,085 -1,250 $1.45 -$1.89
3 BR -24 $3,053 -$3,165 1,480 -1,520 $2.06 -$2.08
Oaks Braemar 1971 115 0 Studio -5 $900 -$900 462 -462 $1.95 -$1.95
7150 Cahill Rd 554319 1BR -18 $1,070 -$1,070 750 -750 $1.43 -$1.43
2BR -86 $1,165 -$1,165 1150 -1150 $1.01 -$1.01
3BR -6 $1,730 -$1,730 1300 -1300 $1.33 -$1.33
Parklawn Manor 1971 44 2 1BR -14 $1,049 -$1,049 790 -790 $1.33 -$1.33
4000 Parklawn Ave 55435 2BR -27 $1,055 -$1,055 1000 -1000 $1.06 -$1.06
3BR -3 $1,524 -$1,524 1150 -1150 $1.33 -$1.33
Parklawn Estates 1968 118 3 1BR -52 $1,225 -$1,265 730 -850 $1.49 -$1.68
4141 Parklawn Ave 55435 2BR -65 $1,450 -$1,525 940 -970 $1.54 -$1.57
3BR -1 $1,726 -$1,726 1,200 -1,200 $1.44 -$1.44
Mkt Fitness center, clubhouse, game room, and car
wash.
Mkt Fitness center, clubhouse, guest apartment,
pet car, and car wash area.
Mkt Fitness center, heated underground parking,
and clubhouse
Mkt Balcony and covered parking.
Mkt In unit washer/dryer, fitness center, sauna, spa,
and balcony.
Rent Ranges
Market/Base
Unit Mix Unit Size Rent per Sq Ft
Market Rate Rental
CONTINUED
Mkt Business center, car wash facility,
entertainment room, outdoor pool, and
underground parking.
Mkt Balcony and garage Near Centennial Lakes.
Mkt Fitness center, clubhouse, pool, and
underground parking. Near Centennial Lakes.
Mkt Balcony, tuck-under garage; no elevator;
common area laundry.
Mkt Fitness center, pool, sauna, bike storage, media
center, business center, clubhouse, and
lounge.
MARKET RATE GENERAL OCCUPANCY RENTAL PROPERTIES
CITY OF EDINA
NOVEMBER 2019
TABLE R-7 (CONTINUED)
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 119
Year Total
Project Name/ Address Built Units Vacant Mkt/Aff Description/Comments
Edina Villa 1967 36 1 1BR -12 $994 -$994 735 -735 $1.35 -$1.35
4200-4415 Parklawn Ave 55435 2BR -12 $1,324 -$1,324 970 -970 $1.36 -$1.36
3BR -12 $1,394 -$1,394 1,282 -1,282 $1.09 -$1.09
Oak Glen of Edina 1981 38 1 2BR -38 $1,625 -$1,700 1,100 -1,100 $1.48 -$1.55
5515 Oak Glen Rd 55439 (64 Total Units)
Cedars of Edina 1977 600 19 Studio -60 $1,052 -$1,188 480 -560 $2.12 -$2.19
7340 Gallagher Dr 55435 Renovated 2014 1BR -426 $1,349 -$1,455 752 -843 $1.73 -$1.79
2BR -114 $1,601 -$1,635 943 -1,032 $1.58 -$1.70
York Plaza 1975 261 13 1BR -91 $1,495 -$1,510 670 -956 $1.58 -$2.23
7230 York Ave 5545 2BR -135 $1,795 -$1,810 1,300 -1,300 $1.38 -$1.39
3BR -35 $2,095 -$2,095 1,600 -1,600 $1.31 -$1.31
Edina Park 1971 80 4 1BR -2 $1,055 -$1,055 700 -700 $1.51 -$1.51
4480 Parklawn Ave 55435 2BR -48 $1,325 -$1,325 1,017 -1,017 $1.30 -$1.30
3BR -30 $1,660 -$1,660 1,200 -1,300 $1.28 -$1.38
Edina Manor Apartments 1969 24 2 1BR -12 $839 -$839 736 -736 $1.14 -$1.14
5400 W 70th St 55439 2BR -12 $1,015 -$1,015 936 -936 $1.08 -$1.08
Valley View Villas 1969 12 n/a n/a -n/a n/a -n/a n/a -n/a n/a -n/a
4415 Valley View Rd 55425 n/a -n/a n/a -n/a n/a -n/a n/a -n/a
The Edina Towers 1969 194 10 Studio -14 $1,428 -$1,428 465 -465 $3.07 -$3.07
6400 Barrie Rd 55435 1BR -55 $1,301 -$1,312 670 -850 $1.54 -$1.94
2BR -80 $1,391 -$1,702 940 -1,015 $1.48 -$1.68
3BR -45 $2,015 -$2,752 1,360 -1,850 $1.48 -$1.49
Westchester 1968 24 2 1BR -2 $1,244 -$1,244 675 -675 $1.84 -$1.84
5525 Hansen Rd 55436 2BR -22 $1,504 -$1,504 1,350 -1,350 $1.11 -$1.11
Normandy House Apartments 1968 78 0 1BR -39 $939 -$940 837 -837 $1.12 -$1.12
4545 Valley View Rd 55424 2BR -39 $1,089 -$1,089 912 -912 $1.19 -$1.19
Mkt Fitness center, garage parking, and balcony.
Mkt Near MN Hwy 62; mansard roof; off-street
parking;
Mkt Business center, clubhouse, fitness center, and
car wash area. Near Southdale Center and
Galleria Edina.
Mkt Fitness center and balcony.
Mkt Pool and balcony. Near Centennial Lakes.
Mkt /Aff Fitness center, playground and balcony.
Mkt Fitness center, spa, pool, clubhouse, lounge,
business center, concierge, car wash area, and
in unit washer/dryer. Near Southdale Center,
Galleria Edina, and Centennial Lakes.
Mkt Fitness center, sauna, pool, business center,
clubhouse, car washm gameroom, and theater
room. Near Southdale Center and Galleria
Edina.
Mkt Clubhouse, pool, and balcony.
CONTINUED
Market Rate Rental
Mkt Pool, clubhouse, multi use room, and
underground parking.
Rent Ranges Unit Size Rent per Sq Ft
TABLE R-7 (CONTINUED)
Market/Base
Unit Mix
MARKET RATE GENERAL OCCUPANCY RENTAL PROPERTIES
CITY OF EDINA
NOVEMBER 2019
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 120
Year Total
Project Name/ Address Built Units Vacant Mkt/Aff Description/Comments
Briar Cliff 1968 22 0 Studio -4 $785 -$785 700 -700 $1.12 -$1.12
4440 Parklawn Ave 55435 1BR -8 $925 -$994 836 -892 $1.11 -$1.11
2BR -10 $1,274 -$1,313 1,100 -1,145 $1.15 -$1.16
Astor Place 1968 44 4 Studio -2 $1,105 -$1,144 609 -609 $1.81 -$1.88
6455 York Ave S 55435 1BR -30 $1,259 -$1,549 969 -969 $1.30 -$1.60
2BR -12 $1,629 -$1,999 1,261 -1,261 $1.29 -$1.59
Willow Greens Apartments 1968 22 1 Studio -2 $800 -$800 600 -600 $1.33 -$1.33
4350-4380 Parklawn Ave 55435 2BR -16 $1,349 -$1,349 1,120 -1,120 $1.20 -$1.20
3BR -4 $1,974 -$1,974 1,515 -1,515 $1.30 -$1.30
Regency Apartments 1967 18 0 1BR -6 $975 -$975 827 -827 $1.18 -$1.18
4201 Parklawn Ave 55435 2BR -12 $957 -$1,074 914 -1,134 $0.95 -$1.05
Parklawn Apartments 1967 118 1 1BR -10 $994 -$994 788 -788 $1.26 -$1.26
4251 Parklawn Ave 55435 2BR -13 $1,094 -$1,294 1,012 -1,072 $1.08 -$1.21
Chalet Apartments 1967 12 0 1BR -12 $1,050 -$1,050 750 -750 $1.40 -$1.40
4415 Parklawn Ct 55435
Interlachen Manor 1967 17 0 1BR -1 $1,020 -$1,020 780 -780 $1.31 -$1.31
5220 Interlachen Blvd 55436 2BR -16 $1,005 -$1,425 940 -1,335 $1.07 -$1.07
Edina Highland Village 1967 165 3 1BR -90 $1,285 -$1,385 798 -798 $1.61 -$1.74
5250 Villa Way 55436 2BR -62 $1,515 -$1,615 1,112 -1,112 $1.36 -$1.45
3BR -13 $2,430 -$2,430 1,800 -1,800 $1.35 -$1.35
Parklawn Court 1965 24 0 1BR -10 $975 -$975 708 -708 $1.38 -$1.38
4456 Parklawn Ct 55435 2BR -14 $1,224 -$1,294 894 -1,134 $1.14 -$1.37
4435 Parklawn Ct 1965 40 0 1BR -20 $950 -$950 762 -762 $1.25 -$1.25
4435 Parklawn Ct 55435 2BR -20 $1,174 -$1,174 900 -900 $1.30 -$1.30
Mkt Garage parking.
Mkt Fitness center, indoor and outdoor pool, club
rooms, sauna, bike storage, underground
parking, vegetable and flower gardens, and
business center.
Mkt Clubhouse, multi use room, and balcony. Near
Centennial Lakes.
Mkt Near Centennial Lakes.
CONTINUED
Fitness center, pool, spa, bike storage,
clubhouse, business center, lounge, and multi
use room.
Mkt Pool, car wash area, and guest apartment.
Mkt Balcony.
Mkt Near MN Hwy 100 and I-494.
Mkt Covered parking.
Mkt Balcony.
Market Rate Rental
TABLE R-7 (CONTINUED)
MARKET RATE GENERAL OCCUPANCY RENTAL PROPERTIES
Market/Base
Unit Mix Rent Ranges Unit Size Rent per Sq Ft
CITY OF EDINA
NOVEMBER 2019
Mkt
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 121
Year Total
Project Name/ Address Built Units Vacant Mkt/Aff Description/Comments
Cottages of Edina 1965 80 1 1BR -24 $1,015 -$1,015 900 -900 $1.13 -$1.13
5180 Lincoln Dr 55436 2BR -24 $1,215 -$1,215 1,200 -1,200 $1.01 -$1.01
3BR -32 $1,500 -$1,500 2,000 -2,000 $0.75 -$0.75
York Villa 1965 23 0 1BR -9 $990 -$990 800 -800 $1.24 -$1.24
6304 York Ave S 55435 2BR -14 $1,148 -$1,148 1,050 -1,050 $1.09 -$1.09
6300 York 1964 22 1 2BR -22 $1,029 -$1,224 1,065 -1,075 $0.97 -$1.14
6300 York Ave S 55435
Oaklawn Estates 1963 14 1 1BR -14 $1,039 -$1,044 700 -700 $1.48 -$1.49
4401 Valley View Rd 55424
Interlachen Court 1963 61 3 1BR -16 $1,245 -$1,295 737 -737 $1.69 -$1.76
5300 Vernon Ave S 55436 2BR -45 $1,500 -$2,200 910 -1,172 $1.65 -$1.88
Hazelton Apartments 1962 16 0 1BR -2 $1,094 -$1,094 862 -862 $1.27 -$1.27
4000 Hazelton Rd 55435 2BR -14 $1,119 -$1,119 950 -950 $1.18 -$1.18
4301 Valley View Rd 1962 8 0 1BR -1 $950 -$950 650 -650 $1.46 -$1.46
4301 Valley View Rd 55424 2BR -7 $1,200 -$1,250 850 -850 $1.41 -$1.47
Heritage Court 1961 40 2 1BR -20 $994 -$994 775 -775 $1.28 $1.28
3105-3117 Heritage Dr 55435 2BR -20 $1,153 -$1,153 833 -833 $1.38 $1.38
Fountain Manor 1961 5 1 2BR -5 $1,095 -$1,095 900 -900 $1.22 -$1.22
4001 Mavelle Dr 55435
4000 Mavelle Dr 55435 1961 5 1 2BR -1 $1,250 -$1,250 950 -950 $1.32 -$1.32
4000 Mavelle Dr 55435
5330 France Ave S 1949 12 1 Studio -3 $740 -$875 400 -400 $1.85 -$2.19
5330 France Ave S 55410 1BR -7 $850 -$995 650 -650 $1.31 $1.53
2BR -2 $1,165 -$1,250 750 -850 $1.47 $1.55
3908 W 54th St 1949 5 1 2BR -5 $975 -$1,250 750 -750 $1.30 -$1.67
3908 W 54th St 55424
Heritage Drive Apartments 1962 24 0 1BR -12 $725 -$725 715 -715 $1.01 -$1.01
3201 Heritage Drive 55435 2BR -12 $925 -$925 900 -900 $1.03 -$1.03
Total/Average 4,654 112
n/a: Not Applicable
Market Rate Rental
TABLE R-7 (CONTINUED)
MARKET RATE GENERAL OCCUPANCY RENTAL PROPERTIES
CITY OF EDINA
NOVEMBER 2019
Market/Base
Unit Mix Rent Ranges Unit Size Rent per Sq Ft
Covered parking available.Mkt
Mkt
Mkt
Hardwood floors. Near Southdale Center and
Galleria Edina.
Mkt
Near MN Hwy 62; garage parking available; walk-
in closets; common laundry
Mkt
Pool. Near Southdale Center and Galleria
Edina.
Mkt
Underground parking.Mkt
Clubhouse and balcony. Mkt
Lounge and heated underground parking. Near
Southdale Center and Galleria Edina.
Mkt
Clubhouse and fitness center.Mkt
Sources Maxfield Research & Consulting, LLC, Apartments.com, Local News Sources, and City of Edina.
2.4%
Near Southdale Center and Galleria Edina.
Mkt Renovated (new flooring, stainless steel
appliances, and fire place). Near Southdale
Center and Galleria Edina.
Mkt
Surface parking and near Southdale Center. Mkt
Near 50th and France. Hardwood Floors and
bike racks. Pet rent is $20 per month with a
$200 deposit.
Near 50th and France.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 122
Year Total
Project Name/ Address Built Units Vacant Mkt/Aff Description/Comments
Nolan Mains 2019 10 10 1BR -8 693 -719 -----
3945 Market St 55424 (100 Total Units)2BR -2 1184 -1185 -----
(In initial lease Up)
Aria Edina 2018 10 0 Studio 8 $1,050 -$1,050 487 -524 $2.00 -$2.16
3200 Southdale Cir 55435 (184 Total Units)Alcove 2 $1,125 -$1,125 693 -693 $1.62 -$1.62
(In initial lease Up)
Galleria Flats 1961 11 0 2BR -11 $1,250 -$1,600 $980 -$980 $1.28 -$1.63
7008 Sandell Ave 55435
Edina Lodge 1962 6 0 1BR -6 $350 -$350 ----------
6312 & 6314 France Ave S 55410 -----
Interlodge 1964 6 1 1BR -6 $350 -$350 ----------
5141 William Ave 55436
Total/Average 43 11 25.6%
Yorkdale Townhomes 1972 90 0 1BR -10 786 -786 -----SUB Community room, computer lab, garages for 3280 W 76th St 55435 2BR -56 963 -963
3BR -20 1,356 -1,356
4BR -4 1,505 -1,505
Oak Glen of Edina 1981 26 0 1BR -4 850 -850 -----Fitness center, playground and balcony
5515 Oak Glen Rd 55439 (64 Total Units)3BR -22 1,150 -1,150 -----
Total/Average 116 0 0.0%
30% of AMI
30% of AMI
Located on France Ave near Southdale Center.
Of the 11 units, 6 are affordable to households
with incomes less than or equal to 80% of AMI
and 5 are affordable to households with
incomes less than or equal to 60% of AMI.
TABLE R-8
SHALLOW SUBSIDY AND DEEP-SUBSIDY GENERAL OCCUPANCY RENTAL PROPERTIES
CITY OF EDINA
NOVEMBER 2019
Aff
Unit SizeUnit Mix Rent Ranges Rent per Sq Ft
50% and 60% AMI
Market/Base
Mkt/SUB
30% of AGI
Sources: Maxfield Research & Consulting, LLC, City of Edina.
Shallow Subsidy
First building opened November 1st and second
building opening mid December. All eight one
bedroom units are currently available and the
two bedroom units (two total) will be available
January 1. Directly adjacent to the 50th and
France Commercial District.
Pool, clubhouse, concierge, pet washing
station, car charging station, and roof terrace.
Near Southdale and Galleria Shopping Centers.
Mkt/Aff
Mkt/Aff
Aff
Deep Subsidy
Aff Located in the Grandview neighborhood.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING 123
Selected Representative Rental Properties in Edina (Market Rate)
Nolan Mains
The Loden
Normandy House
Ponds of Edina
71 France Oaks Braemar
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING 124
4000 Mavelle Drive
Hazelton
Onyx Edina Heritage Court
One Southdale Place
Le Chataignier
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING 125
Natural Occurring Affordable Housing (i.e. Unsubsidized Affordable)
Although affordable housing is typically associated with income restrictions, there are other
housing units in communities that indirectly provide affordable housing. Housing units that
were not developed or designated with income guidelines (i.e. assisted) yet are more afforda-
ble than other units in a community are considered “naturally-occurring” or “unsubsidized af-
fordable” units. This rental supply is available through the private market, versus assisted hous-
ing programs through various government agencies. Property values on these units are lower
based on a combination of factors, such as: age of structure/housing stock, location, condition,
size, functionally obsolete, school district, etc.
According to the Joint Center for Housing Studies of Harvard University, the privately unsubsi-
dized housing stock supplies three times as many low-cost affordable units than assisted pro-
jects nationwide. Unlike assisted rental developments, most unsubsidized affordable units are
scattered across small properties (one to four-unit structures) or in older multifamily structures.
Many of these older developments are vulnerable to redevelopment and upgrades due to their
age, modest rents and deferred maintenance.
Because many of these properties have rents that are affordable, project-based and private
housing markets cannot be easily separated. Some households may income-qualify for both
market rate and project-based affordable housing, although the gap is widening between mar-
ket rate and affordable properties as rents in the private market continue to rise. Therefore,
the naturally-occurring affordable housing stock is quantified to identify the proportion of units
with rents that may be affordable to low and/or moderate-income renters. The analysis does
not identify the number of units that are rented to households with incomes at those afforda-
bility levels as any tenant that financially qualifies may be able to rent at the property.
Table R-9 illustrates monthly rents by unit type and household size as they relate to affordabil-
ity. Tables R-10 to R-12 present a breakdown of all market rate general-occupancy rental prop-
erties by household size and area median income (AMI) based on year built. Table R-13 sum-
marizes property data from Tables R-10 to R-12 based on unit type and affordability. Note that
data for two-bedroom units at Interlachen Manor and four-bedroom penthouse-units at Nolan
Mains is omitted due to unit mix rent breakdowns being unavailable.
• Among the 4,537 market rate units inventoried by unit mix and monthly rents, an estimated
23% of the units are affordable to householders with incomes at 50% or 60% of AMI. An es-
timated 44% of units are affordable to households with incomes at 80% AMI while 26.6% of
units are affordable to households with incomes at 100% AMI and 6.5% of units are afforda-
ble to households with incomes at 120% of AMI.
• For properties built after 2000, all are affordable to householders with incomes of 80% or
higher AMI. As shown on the graph that follows, 319 units (22.6%) are affordable to house-
holds with incomes at 80% AMI while 821 units (58.3%) are affordable to households with
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING 126
incomes at 100% AMI and 269 units (19.1%) are affordable to households with incomes at
120% AMI.
• For properties built between 1980 and 1999, 167 units are affordable to households with
incomes at 60% of AMI (28.9%), 281 units (48.6%) are affordable to households with in-
comes at 80% AMI while 130 units (22.5%) are affordable to households with incomes at
100% AMI.
• For properties built prior to 1980, 529 (20.8%) units are affordable to households with in-
comes at 50% of AMI, 346 (13.6%) units are affordable to households with incomes at 60%
of AMI, 1,396 (54.8%) units are affordable to households with incomes at 80% of AMI, 255
(10%) units are affordable to households with incomes at 100% of AMI, and 24 (1.0%) units
are affordable to households with incomes at 120% of AMI. A number of these properties
have had some remodeling of units and/or common areas. Some properties have also re-
modeled their building exteriors.
• In total, 6.4% of studio units are affordable to households with incomes at 50% or 60% of
AMI. Of all one-bedroom units inventoried, 13.9% are affordable to households with in-
comes at 50% or 60% of AMI. Of all two-bedroom units, 34.5% are affordable to house-
holds with incomes at 50% or 60% of AMI and of all three-bedroom units, 23% are afforda-
ble to households with incomes at 60% or less of AMI.
• Of all market rate units inventoried, no units are affordable to households with incomes at
30% or less or AMI.
• According to data compiled by the Census Bureau, 55% of renter households in Edina pay
less than 30% of their income for rent. Of households that earn $50,000 or more annually,
87% pay less than 30% of their income for rent while the remainder (13%) pay more than
30%.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 127
Unit Type 1 Min Max Min. Max.Min. Max.Min. Max.Min. Max.Min. Max.Min. Max.
Studio 1 1 $525 -$525 $875 -$875 $1,050 -$1,050 $1,321 -$1,321 $1,750 -$1,750 $2,100 -$2,100
1BR 1 2 $525 -$600 $875 -$1,000 $1,050 -$1,200 $1,321 -$1,510 $1,750 -$2,000 $2,100 -$2,400
2BR 2 4 $600 -$750 $1,000 -$1,250 $1,200 -$1,500 $1,510 -$1,888 $2,000 -$2,500 $2,400 -$3,000
3BR 3 6 $675 -$870 $1,125 -$1,450 $1,450 -$1,740 $1,699 -$2,190 $2,250 -$2,900 $2,700 -$3,480
4BR 4 8 $750 -$870 $1,250 -$1,650 $1,500 -$1,980 $1,888 -$2,493 $2,900 -$2,900 $3,480 -$3,480
Sources: HUD, Novogradac, Maxfield Research and Consulting, LLC
HENNEPIN COUNTY - 2019
TABLE R-9
1 One-bedroom plus den and two-bedroom plus den units are classified as 1BR and 2BR units, respectively. To be classified as a bedroom, a den must
have a window and closet.
MAXIMUM RENT BASED ON HOUSEHOLD SIZE AND AREA MEDIAN INCOME
Note: 4-person Hennepin County AMI is $100,000 (2019). Lowest possible maximum rent utilized if between two rent maximums.
HHD Size
Maximum Rent Based on Household Size (@30% of Income)
30%60%80%100%120%50%
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 128
Total
Unit Type/Project Name Units Min Max 30%50%60%80%100%120%
Studio/Alcove
Nolan Mains 1 ----------------------
Aria Edina 19 $1,495 -$1,625 $59,800 -$65,000 --------3 --
71 France 63 $1,410 -$1,435 $56,400 -$57,400 ------63 ----
One Southdale Place 18 $1,375 -$1,484 $55,000 -$59,360 ------18 ----
Onyx Edina 10 $1,319 -$2,149 $52,760 -$85,960 ------5 5 --
The Loden 24 $1,396 -$1,454 $55,840 -$58,160 --------24 --
Cornelia Place 1 $1,486 -$1,486 $59,440 -$59,440 --------1 --
Total/ Average 136 0 0 0 86 33 0
One-Bedroom 30%50%60%80%100%120%
Nolan Mains 32 $1,585 -$1,585 $63,400 -$63,400 --------20 --
Aria Edina 69 $1,595 -$2,005 $63,800 -$80,200 --------65 4
71 France 58 $1,395 -$1,935 $55,800 -$77,400 ------15 41 2
One Southdale Place 134 $1,450 -$1,950 $58,000 -$78,000 ------3 121 10
Onyx Edina 135 $1,333 -$2,158 $53,320 -$86,320 ------17 117 1
The Loden 140 $1,305 -$1,854 $52,200 -$74,160 ------62 31 47
Edina Gateway 21 $1,420 -$1,830 $56,800 -$73,200 ------12 9 --
Cornelia Place 19 $1,420 -$1,831 $56,800 -$73,240 ------6 13 --
York Place 76 $1,295 $1,555 $51,800 -$62,200 ------67 9 --
Total/Average 684 0 0 0 182 426 64
Two-Bedroom 30%50%60%80%100%120%
Nolan Mains*34 --------------------30
Aria Edina 84 $2,341 -$4,225 $93,640 -$169,000 --------31 53
71 France 58 $1,846 -$2,425 $73,840 -$97,000 --------29 3
One Southdale Place 79 $2,092 -$4,354 $83,680 -$174,160 --------58 21
Onyx Edina 86 $1,842 -$3,180 $73,680 -$127,200 --------80 6
The Loden 82 $1,928 -$3,092 $77,120 -$123,680 --------54 26
Edina Gateway 15 $1,946 -$2,299 $77,840 -$91,960 --------15 --
Cornelia Place 80 $1,213 -$2,186 $48,520 -$87,440 --------77 3
York Place 29 $1,851 -$1,927 $74,040 -$77,080 ------11 18 --
Total/ Average 547 0 0 0 11 362 142
Three Bedroom 30%50%60%80%100%120%
Nolan Mains**19 $5,724 -$5,724 $228,960 -$228,960 ----------19
Aria Edina 12 $3,545 -$3,920 $141,800 -$156,800 ----------12
71 France 62 $1,834 -$3,043 $73,360 -$121,720 ------40 --22
One Southdale Place 1 $4,051 -$4,051 $162,040 -$162,040 ----------1
Onyx Edina 9 $3,252 -$3,272 $130,080 -$130,880 ----------9
Total/ Average 103 0 0 0 40 0 63
Four Bedroom 30%50%60%80%100%120%
Nolan Mains***NA ----------------------
Total/ Average 0 0 0 0 0 0 0
NA: Not Assessed
1 Based on a 30% allocation of income to housing for general-occupancy. Senior housing is excluded from the tables.
Source: Maxfield Research & Consulting, LLC
TABLE R-10
MULTIFAMILY MARKET RATE RENTAL DEVELOPMENTS
NATURALLY OCURRING RENTAL HOUSING
CITY OF EDINA
NOVEMBER 2019
MARKET RATE RENTAL PROPERTIES (CONSTRUCTED 2000 OR LATER)
Rent Range Min. Income Units that are Market Rate Afford. by AMI2
*Includes regular and penthouse two-bedroom units.
Needed to Afford1
**Includes regular and penthouse three-bedroom units.
***All four bedroom units are penthouses. Penthouse data is ommitted as unit mix rent breakdown unavailable.
2 Market rate housing that could be classified as "unsubsidized affordable" units based on the monthly rents and adjusted for
household size.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 129
Total
Unit Type/Project Name Units Min Max 30%50%60%80%100%120%
Studio/Alcove
Oaks Lincoln Apartments 8 $1,071 -$1,071 $42,840 -$42,840 ------8 ----
Vernon Oaks Apartments 2 $1,100 -$1,100 $44,000 -$44,000 ------2 ----
Total/ Average 10 0 0 0 10 0 0
One-Bedroom 30%50%60%80%100%120%
Oaks Lincoln Apartments 79 $1,232 -$1,729 $49,280 -$69,160 ------78 1 --
Vernon Oaks Apartments 34 $1,155 -$1,185 $46,200 -$47,400 ----34 ------
Ponds of Edina 43 $1,221 -$1,381 $48,840 -$55,240 ------43 ----
Durham 96 $1,587 -$1,706 $63,480 -$68,240 --------96 --
Total/Average 252 0 0 34 121 97 0
Two-Bedroom 30%50%60%80%100%120%
Oaks Lincoln Townhomes 14 $1,821 -$1,921 $72,840 -$76,840 ------6 8 --
Oaks Lincoln Apartments 111 $1,559 -$1,699 $62,360 -$67,960 ------111 ----
Vernon Oaks Apartments 100 $1,475 -$1,640 $59,000 -$65,600 ----73 27 ----
Ponds of Edina 22 $1,381 -$1,381 $55,240 -$55,240 ----22 ------
Oak Glen of Edina 38 $1,324 -$1,324 $52,960 -$52,960 ----38 ------
Total/ Average 285 0 0 133 144 8 0
Three Bedroom 30%50%60%80%100%120%
Oaks Lincoln Townhomes 25 $2,304 -$2,468 $92,160 -$98,720 --------25 --
Oaks Lincoln Apartments 6 $1,798 -$1,798 $71,920 -$71,920 ------6 ----
Total/ Average 31 0 0 0 6 25 0
1 Based on a 30% allocation of income to housing for general-occupancy. Senior housing is excluded from the calculation.
Source: Maxfield Research & Consulting, LLC
NOVEMBER 2019
Min. Income
Needed to Afford1
Rent Range Units that are Market Rate Afford. by AMI2
TABLE R-11
MULTIFAMILY MARKET RATE RENTAL DEVELOPMENTS
NATURALLY OCURRING RENTAL HOUSING
CITY OF EDINA
RENTAL PROPERTIES CONSTRUCTED FROM 1980 THROUGH 1999
2 Market rate housing that has rents that could be classified as "unsubsidized affordable" units based on the monthly rents and adjusted for household
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 130
Total
Unit Type/Project Name Units Min Max 30%50%60%80%100%120%
Studio/Alcove
Oaks Braemar 5 $900 -$900 $36,000 -$36,000 ----5 ------
Cedars of Edina 60 $1,052 -$1,188 $42,080 -$47,520 ------60 ----
The Edina Towers 14 $1,431 -$1,431 $57,240 -$57,240 ------14 ----
Briar Cliff 4 $785 -$785 $31,400 -$31,400 --4 --------
Astor Place 2 $1,105 -$1,105 $44,200 -$44,200 ------2 ----
Willow Greens Apartments 2 $800 -$1,144 $32,000 -$45,760 --1 1 ------
5330 France Ave S 3 $740 -$875 $29,600 $35,000 --3 --------
Total/ Average 90 0 8 6 76 0 0
One-Bedroom 30%50%60%80%100%120%
White Oaks Apartments 16 $1,024 -$1,024 $40,960 -$40,960 ----16 ------
Durham 96 $1,587 -$1,706 $63,480 -$68,240 --------96 --
Oaks Braemar 18 $1,070 -$1,070 $42,800 -$42,800 ------18 ----
Parklawn Manor 14 $1,049 -$1,049 $41,960 -$41,960 ----14 ------
Parklawn Estates 52 $1,225 -$1,265 $49,000 -$50,600 ------52 ----
Edina Villa 12 $994 -$994 $39,760 -$39,760 --12 --------
Cedars of Edina 426 $1,349 -$1,455 $53,960 -$58,200 ------426 ----
York Plaza 91 $1,495 -$1,510 $59,800 -$60,400 ------91 ----
Edina Park 2 $1,055 -$1,055 $42,200 -$42,200 ----2 ------
Edina Manor Apartments 12 $839 -$839 $33,560 -$33,560 --12 --------
The Edina Towers 55 $1,303 -$1,418 $52,120 -$56,720 ------55 ----
Westchester 2 $1,244 -$1,244 $49,760 -$49,760 ------2 ----
Normandy House Apartments 39 $939 -$940 $37,560 -$37,600 --39 --------
Briar Cliff 8 $925 -$994 $37,000 -$39,760 --8 --------
Astor Place 30 $1,379 -$1,379 $55,160 -$55,160 ------30 ----
Regency Apartments 6 $975 -$975 $39,000 -$39,000 --6 --------
Parklawn Apartments 10 $994 -$994 $39,760 -$39,760 --10 --------
Chalet Apartments 12 $1,050 -$1,050 $42,000 -$42,000 ----12 ------
Interlachen Manor 1 $1,020 -$1,020 $40,800 -$40,800 ----1 ------
Edina Highland Village 90 $1,285 -$1,385 $51,400 -$55,400 ------90 ----
Parklawn Ct 10 $975 -$975 $39,000 -$39,000 --10 --------
4435 Parklawn Ct 20 $974 -$974 $38,960 -$38,960 --20 --------
Cottages of Edina 24 $1,015 -$1,015 $40,600 -$40,600 ----24 ------
York Villa 9 $990 -$990 $39,600 -$39,600 --9 --------
Oaklawn Estates 14 $1,039 -$1,044 $41,560 -$41,760 ----14 ------
Interlachen Ct 16 $1,327 -$1,327 $53,080 -$53,080 ------16 ----
Hazelton Apartments 2 $1,094 -$1,094 $43,760 -$43,760 ----2 ------
4301 Valley View Rd 1 $700 -$700 $28,000 -$28,000 --1 --------
Heritage Ct 20 $994 -$994 $39,760 -$39,760 --20 --------
5330 France Ave S 7 $740 -$875 $29,600 -$35,000 --7 --------
Heritage Drive Apartments 12 $725 -$725 $29,000 -$29,000 --12 --------
Total/Average 1,127 0 166 85 780 96 0
TABLE R-12
MULTIFAMILY MARKET RATE RENTAL DEVELOPMENTS
NATURALLY OCURRING RENTAL HOUSING
CITY OF EDINA
RENTAL PROPERTIES CONSTRUCTED PRIOR TO 1980
NOVEMBER 2019
Min. Income
Needed to Afford1
Rent Range Units that are Market Rate Afford. by AMI2
Continued
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 131
Total
Unit Type/Project Name Units Min Max 30%50%60%80%100%120%
Two-Bedroom 30%50%60%80%100%120%
White Oaks Apartments 16 $1,287 -$1,287 $51,480 -$51,480 ----16 ------
Cahill Ct 10 $950 -$950 $38,000 -$38,000 --10 --------
Durham 144 $1,568 -$2,357 $62,720 -$94,280 ------27 117 --
Oaks Braemar 86 $1,165 -$1,165 $46,600 -$46,600 --86 --------
Parklawn Manor 27 $1,055 -$1,055 $42,200 -$42,200 --27 --------
Parklawn Estates 55 $1,450 -$1,525 $58,000 -$61,000 ----25 30 ----
Edina Villa 12 $1,324 -$1,324 $52,960 -$52,960 ----12 ------
Cedars of Edina 114 $1,601 -$1,635 $64,040 -$65,400 ------114 ----
York Plaza 135 $1,795 -$1,810 $71,800 -$72,400 ------135 ----
Edina Park 48 $1,325 -$1,325 $53,000 -$53,000 ----48 ------
Edina Manor Apartments 12 $1,015 -$1,015 $40,600 -$40,600 --12 --------
The Edina Towers 80 $1,394 -$1,706 $55,760 -$68,240 ----45 35 ----
Westchester 22 $1,504 -$1,504 $60,160 -$60,160 ------22 ----
Normandy House Apartments 39 $1,089 -$1,089 $43,560 -$43,560 --39 --------
Briar Cliff 10 $1,274 -$1,313 $50,960 -$52,520 ----10 ------
Astor Place 12 $1,849 -$1,849 $73,960 -$73,960 ------12 ----
Willow Greens Apartments 16 $1,349 -$1,349 $53,960 -$53,960 ----16 ------
Regency Apartments 12 $957 -$1,074 $38,280 -$42,960 --12 --------
Parklawn Apartments 13 $1,094 -$1,294 $43,760 -$51,760 --10 3 ------
Interlachen Manor*NA $1,005 -$1,425 $40,200 -$57,000 NA NA NA NA NA NA
Edina Highland Village 62 $1,515 -$1,515 $60,600 -$60,600 ------62 ----
Parklawn Court 14 $1,224 -$1,294 $48,960 $51,760 ----14 ------
4435 Parklawn Ct 20 $1,174 -$1,174 $46,960 $46,960 --20 --------
Cottages of Edina 24 $1,215 -$1,215 $48,600 $48,600 --24 --------
York Villa 14 $1,148 -$1,148 $45,920 $45,920 --14 --------
6300 York 22 $1,029 -$1,224 $41,160 -$48,960 --22 --------
Interlachen Court 42 $1,759 -$2,281 $70,360 $91,240 ------38 4 --
Hazelton Apartments 14 $1,119 -$1,119 $44,760 $44,760 --14 --------
4301 Valley View Rd 7 $966 -$966 $38,640 $38,640 --7 --------
Heritage Ct 20 $1,153 -$1,153 $46,120 $46,120 --20 --------
Fountain Manor 5 $1,095 -$1,095 $43,800 $43,800 --5 --------
4000 Mavelle Dr 5 $1,250 -$1,250 $50,000 $50,000 --5 --------
5330 France Ave S 2 $1,165 -$1,250 $46,600 -$50,000 --2 --------
3908 W 54th St 2 $975 -$1,250 $39,000 $50,000 --2 --------
Heritage Drive Apartments 12 $925 -$925 $37,000 -$37,000 --12 --------
Total/ Average 1,128 0 343 189 475 121 0
Three Bedroom 30%50%60%80%100%120%
Durham 24 $3,053 -$3,165 $122,120 -$126,600 ----------24
Oaks Braemar 6 $1,730 -$1,730 $69,200 -$69,200 ------6 ----
Parklawn Manor 3 $1,524 -$1,524 $60,960 -$60,960 ----3 ------
Parklawn Estates 1 $1,726 -$1,726 $69,040 -$69,040 ----1 ------
Edina Vila 12 $1,394 -$1,394 $55,760 -$55,760 --12 --------
York Plaza 35 $2,095 -$2,095 $83,800 -$83,800 ------35 ----
Edina Park 30 $1,660 -$1,660 $66,400 -$66,400 ----30 ------
The Edina Towers 45 $2,015 -$2,752 $80,600 -$110,080 ------20 25 --
Willow Greens Apartments 4 $1,974 -$1,974 $78,960 $78,960 ------4 ----
Edina Highland Village 13 $2,430 -$2,430 $97,200 -$97,200 --------13 --
Cottages of Edina 32 $1,500 -$1,500 $60,000 -$60,000 ----32 ------
Total/ Average 205 0 12 66 65 38 24
NA: Not Assessed
1 Based on a 30% allocation of income to housing for general-occupancy. Senior housing is excluded from the calculation.
2 Market rate housing that has rents that could be classified as "unsubsidized affordable" units based on the monthly rents and adjusted for
*: Two bedroom data is ommitted as unit mix rent breakdown unavailable.
NATURALLY OCURRING RENTAL HOUSING
Source: Maxfield Research & Consulting, LLC
MULTIFAMILY MARKET RATE RENTAL DEVELOPMENTS
NOVEMBER 2019
Rent Range Min. Income Units that are Market Rate Afford. by AMI2
RENTAL PROPERTIES CONSTRUCTED PRIOR TO 1980
CITY OF EDINA
Needed to Afford1
TABLE R-12 (CONTINUED)
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 132
Unit Type 30%50%60%80%100%120%
STUDIO 0 0 0 86 33 0
1 BR 0 0 0 182 426 64
2 BR 0 0 0 11 362 142
3 BR 0 0 0 40 0 63
4 BR ------------
Subtotal 0 0 0 319 821 269
Pct. Of Total 0.00%0.00%0.00%22.64%58.27%19.09%
Pct. Of Affordability Category
STUDIO ------27.0%4.0%0.0%
1 BR ------57.1%51.9%23.8%
2 BR ------3.4%44.1%52.8%
3 BR ------12.5%0.0%23.4%
4 BR ------------
Source: Maxfield Research & Consulting, LLC
Market Rate Affordability by AMI
PROPERTIES BUILT 2000 OR LATER
TABLE R-13
MULTIFAMILY MARKET RATE RENTAL DEVELOPMENTS
NATURAL OCCURRING SUMMARY
CITY OF EDINA
NOVEMBER 2019
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 133
Unit Type 30%50%60%80%100%120%
STUDIO 0 0 0 10 0 0
1 BR 0 0 34 121 97 0
2 BR 0 0 133 144 8 0
3 BR 0 0 0 6 25 0
4 BR ------------
Subtotal 0 0 167 281 130 0
Pct. Of Total 0.00%0.00%28.89%48.62%22.49%0.00%
Pct. Of Affordability Category
STUDIO ----0.0%3.6%0.0%--
1 BR ----20.4%43.1%74.6%--
2 BR ----79.6%51.2%6.2%--
3 BR ----0.0%2.1%19.2%--
4 BR ------------
Source: Maxfield Research & Consulting, LLC
Market Rate Affordability by AMI
PROPERTIES BUILT 1980 THROUGH 1999
TABLE R-14
MULTIFAMILY MARKET RATE RENTAL DEVELOPMENTS
NATURAL OCCURRING SUMMARY
CITY OF EDINA
NOVEMBER 2019
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 134
Unit Type 30%50%60%80%100%120%
STUDIO 0 8 6 76 0 0
1 BR 0 166 85 780 96 0
2 BR 0 343 189 475 121 0
3 BR 0 12 66 65 38 24
4 BR ------------
Subtotal 0 529 346 1,396 255 24
Pct. Of Total 0.00%20.75%13.57%54.75%10.00%0.94%
Pct. Of Affordability Category
STUDIO --1.5%1.7%5.4%0.0%0.0%
1 BR --31.4%24.6%55.9%37.6%0.0%
2 BR --64.8%54.6%34.0%47.5%0.0%
3 BR --2.3%19.1%4.7%14.9%100.0%
4 BR ------------
Source: Maxfield Research & Consulting, LLC
Market Rate Affordability by AMI
PROPERTIES BUILT PRIOR TO 1980
TABLE R-15
MULTIFAMILY MARKET RATE RENTAL DEVELOPMENTS
NATURAL OCCURRING SUMMARY
CITY OF EDINA
NOVEMBER 2019
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 135
City of Edina Affordable Housing Sites
Source: City of Edina
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 136
Multifamily Affordable Housing Policy
In 2015, Edina passed an affordable housing policy for new multifamily rental developments
over twenty units. The policy specifies that either 10% of a new multifamily rental develop-
ment’s units should be affordable to households earning 50% or less of median household in-
come or 20% of its units should be affordable to households earning 60% or less of median in-
come. The income limits are determined by the Multifamily Tax Subsidy Income limits (MTSP).
Developers have the option of buying out of these affordable housing requirements by paying
$100,000 per affordable unit that was otherwise required to be built by the development. The
City, however, makes the final determination and can decide whether to require new multifam-
ily developments to meet the affordable housing requirements.
Rental Licensing Ordinance
Edina recently passed a rental ordinance, which became effective November 4, 2019. The ordi-
nance helps protect tenants and more closely aligns the City with ordinances of neighboring cit-
ies. It is designed to ensure all rental properties meet local property maintenance and fire
safety codes. The ordinance requires that all landlords or owners obtain a license for their
rental units through the City and pay the applicable fee. The City has shifted from a reactive ap-
proach of conducting inspections only with documented complaints to a more proactive ap-
proach of conducting regular inspections.
As a result of the ordinance’s recent enaction, only a small number of single-family rentals and
no apartment properties have been registered to date. The intention of the rental ordinance is
to inspect single family rentals every other year and all multifamily building common areas as
well as a third of their units annually. Inspecting one-third of all units in the City annually will
ensure that the full inventory is inspected every three years.
In addition to regular inspections, building inspectors also respond to complaints concerning
rental properties and check properties as needed. The focus of the rental inspection program is
to maintain the quality and stability of rental dwelling units to preserve the value of land and
buildings in Edina. Rental housing conditions that adversely affect or are likely to adversely af-
fect the life, safety, general welfare and health of renters can be corrected and prevented by
enforcing minimum maintenance and code standards.
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 137
Housing Choice Vouchers
Metro HRA’s Housing Choice Vouchers program supports families in participating cities in the
Twin Cities Metro secure housing vouchers. The program currently assists 98 households in
Edina. Households assisted through the program pay 30% of their adjusted gross household in-
come for rent and the remainder of the rental amount is paid for with funds allocated to the
Housing Choice Voucher program.
Many cities and counties have, in recent years, experienced a reduction in their allocations to-
ward the Housing Choice Voucher program due to federal budget cutbacks. The result is that
cities and counties have had to reduce the number of households assisted through the voucher
program because of the total budget amount allocated to the voucher program overall for the
jurisdiction. Increasing rents and budget cuts have caused the amount needed for each house-
hold to rise.
The wait list for the Housing Choice Voucher program for the Metro HRA is currently closed and
was last opened in June 2019. There were 17,300 application requests received in June, of
which 2,000 (11.6% of the total applications) were selected. The wait list is expected to be
closed for three or more years until the next opening. The substantial number of families still
requiring rental assistance demonstrates the strong need for more affordable housing in the
Twin Cities Metro Area.
The table below shows the Fair Market Rents as identified by the Department of Housing and
Urban Development (HUD) as the payment standard for Housing Choice Vouchers.
Studio 1 BR 2BR 3BR 4BR 5BR
Fair Market Rents $835 $1,005 $1,265 $1,790 $2,110 $2,425
Studio 1 BR 2BR 3BR 4BR 5BR
Fair Market Rents $763 $940 $1,185 $1,570 $1,845 $2,170
2020 Studio 1 BR 2BR 3BR 4BR 5BR
Fair Market Rents $820 $971 $1,214 $1,722 $2,025 $2,385
** All other cities
Sources: Housing Link; Metro HRA
FAIR MARKET RENTS
HENNEPIN COUNTY, MINNESOTA
FISCAL YEAR 2019
* Exception cities include Chanhassen, Chaska, Edina, Eden Prairie, Excelsior, Golden
Valley, Hopkins, Maple Grove, Minnetonka, Roseville, Shoreview, St. Anthony, White Bear
Lake
Exception Cities*
All Other Cities**
All Other Cities**
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 138
Summary of Rental Market Conditions
As of the 3rd quarter of 2019, the overall vacancy rate for stabilized market rate units in Edina
was 2.8% which is less than the 5% market equilibrium rate that provides for sufficient con-
sumer choice and turnover in a balanced market. The overall vacancy rate for the Twin Cities
Metro Area was slightly less at 2.3%. Rents have increased throughout the Twin Cities Metro
Area for two dominant reasons: 1) because new market rate apartments coming on-line have
pushed the average rent higher and 2) the tight rental market overall has encouraged landlords
to raise rents because of high demand. A portion of older properties have been remodeled
within the “value add” segment, which has also caused their rents to rise.
Affordable rental properties are also experiencing high demand, even more so than the tradi-
tional rental market. Properties that offer rental rates affordable to households with incomes
at 60% or less of AMI continue to be in high demand, often with substantial waiting lists. Prop-
erties that have a Section 8 project-based contract where the resident pays 30% of their income
or less for the monthly rent (qualified at 50% or less of AMI), are also in high demand.
The Housing Choice Voucher program administered by the Metro HRA for Edina currently
serves 98 households residing in the City and offers housing assistance in order to help afford
housing on the private market. Budget cuts to the Voucher program at the Federal level have
challenged many communities in being able to assist as many households as previously and
with rising rents, the total number assisted has been decreasing. If budget cuts continue or
even if they remain stagnant, high demand and rising rents will make it even more difficult to
serve very low-income households in Edina and in the Region.
Edina has a proportion of older market rate rental units that, despite rising rents, are priced at a
level to serve households with incomes at 50% and 60% of AMI. Among the 4,552 market rate
units surveyed, an estimated 30% (23.1%) of units had rents affordable to households in the
above income categories.
Despite these units having affordable rents, they may not be occupied by households with in-
comes that are within the affordable range. It is possible that some or all these units are rented
to households with incomes higher than 50% or 60% of AMI and that the resident elects to pay
a smaller portion of their income toward housing. This is one of the significant challenges in
how to analyze the ability of the NOAH housing stock to adequately serve the needs of those
with low- and moderate incomes.
Vacancy rates are a point-in-time count as to units that are open at the time of the survey.
Overall, there has been a general trend toward more people living alone or in smaller house-
holds. With the significant increase in rents, studio and one-bedroom units have increased in
popularity. As affordability will continue to be an issue, the higher proportions of smaller unit
types will be more prevalent in the market. Three-bedroom units are always in short supply,
RENTAL MARKET ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 139
but we have recently seen more demand for this unit type in both the market rate and afforda-
ble segments of the rental market. Childless households and families with children are inter-
ested in this unit type, but families with children renting, if not seeking affordable housing, are
usually in transition to an ownership single-family home.
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 140
Senior Housing Defined
The term “senior housing” refers to any housing development that is restricted to people age
55 or older. Today, senior housing includes an entire spectrum of housing alternatives, which
occasionally overlap, thus making the differences somewhat ambiguous. However, the level of
support services offered best distinguishes them. Maxfield Research and Consulting LLC classi-
fies senior housing projects into five categories based on the level of support services offered:
Adult/Few Services; where few, if any, support services are provided, and rents tend to be mod-
est;
Independent Living (Congregate/Optional-Services); where support services such as meals and
light housekeeping are available for an additional fee;
Independent Living (Congregate/Service-Intensive); where support services such as meals and
light housekeeping are included in the monthly rents;
Assisted Living; where two or three daily meals as well as basic support services such as trans-
portation, housekeeping and/or linen changes are included in the fees. Personal care services
such as assistance with bathing, grooming and dressing is included in the fees or is available ei-
ther for an additional fee.
Memory Care; where more rigorous and service-intensive personal care is required for people
with dementia and Alzheimer’s disease. Typically, support services and meal plans are similar
to those at assisted living facilities, but the heightened levels of personalized care demand
more staffing and higher rental fees.
These five senior housing products tend to share several characteristics. First, they usually offer
individual living apartments with living areas, bathrooms, and kitchens or kitchenettes. Second,
they generally have an emergency response system with pull-cords or pendants to promote se-
curity. Third, they often have a community room and other common space to encourage social-
ization. Finally, they are age-restricted and offer conveniences desired by seniors, although as-
sisted living projects sometimes serve non-elderly people with special health considerations.
The five senior housing products offered today form a continuum of care (see the graphic on
the following page), from a low level to an intensive one; often the service offerings at one type
overlap with those at another. In general, however, adult/few services projects tend to attract
younger, more independent seniors, while assisted living and memory care projects tend to at-
tract older, frailer seniors. Other specialty facilities are being added to the market for the care
of other types of diseases. Edina-East and West cares for individuals with Parkinson’s disease.
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 141
Senior Housing in Edina
As of November 2019, Maxfield Research identified 24 senior housing properties in Edina and
two skilled nursing facilities. These properties contain 2,299 units and 148 skilled nursing beds.
One property, Avidor Edina (165 units) was in its initial lease-up period at the time of the sur-
vey. Of the total units, excluding Avidor Edina, the survey identified 91 vacancies resulting in an
overall vacancy rate of 4.0% for stabilized senior housing properties. Market equilibrium va-
cancy rates for senior housing are determined by service level as shown below.
Subsidized/Affordable Active Adult 3%
Market Rate Active Adult
Ownership 2%
Rental 5%
Market Rate Independent Living 5%
Market Rate Assisted Living 7%
Market Rate Memory Care 7%
The higher equilibrium vacancy rates for assisted living and memory care reflect the higher
rates of turnover experienced by these types of facilities.
Several properties provide a continuum of care that includes independent living, assisted living
and memory care on the same campus.
The chart on the following page shows the number of units by service level and the correspond-
ing vacancy rate. Additional information regarding each property is included in the Appendix.
The following are key points from the survey of the senior housing supply.
Single-Family
Home
Townhome or
Apartment
Congregate Apartments w/Optional
Services
Fully Independent Lifestyle
Senior Housing Product Type
Source: Maxfield Research and Consulting, LLC
Fully of Highly Dependent on Care
Assisted Living
Memory Care
(Alzheimer's
and Dementia
Units)
Continuum of Housing and Services For Seniors
Age-Restricted Independent Single-Family, Townhomes,
Apartments, Condominiums, Cooperatives
Congregate Service
Intensive - Assisted
Living with Light
Services
Nursing Facilities
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 142
Market Rate Ownership
• Edina has two market rate ownership properties, 7500 York Cooperative and Creekside.
Creekside is a 55 plus condominium complex while 7500 York is a cooperative. Under the
cooperative format, owners purchase the right to reside in a unit at the property. Condo-
miniums and cooperatives almost always have an association where owners have input on
how the property is operated and are responsible for its maintenance and upkeep.
• The two ownership properties have a combined 463 units, most of which are at 7500 York
Cooperative, with 337 units (73%) of the total.
• Today’s contemporary cooperatives offer larger size units and a higher proportion of two-
bedroom units as they often attract slightly younger and more independent households.
They also usually attract a higher proportion of couples and residents that prefer to be
more involved in the ongoing operations of the property. Market rate ownership properties
that have been developed in Edina have been very successful and absorbed rapidly at the
time when they were constructed. Condominium and cooperative units are resold in the
private market as other homes. Residents can deduct mortgage interest and property taxes
from their federal income tax (current deduction for property tax is limited to a maximum
of $10,000).
Market Rate Active Adult Rental
• There is one market rate active adult rental property in Edina, Avidor Edina. As of Novem-
ber 2019, there were 39 vacancies, nearly all of which are one-bedroom units. The property
has 165 units and residency is restricted to households age 55+. The property has a rental
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
100
200
300
400
500
600
Active Adult -
Rental
Sub/Aff Active
Adult
Active Adult -
Owner
Independent
Living (Cong.)
Assisted Living Memory Care Specialty Care Vacancy RateUnitsSenior Housing Summary by Service Level, 2019
No. Units Vacancy Rate
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 143
format and offers activities, scheduled transportation and housekeeping and may have ac-
cess to other services for additional charge if those are available in other components of the
property. Otherwise, residents are expected to be able to live independently. Over time,
some residents may require additional services. They may either move to a more intensive
property or may remain at their current residence and contract with an outside provider to
have services brought directly to their unit.
Subsidized Active Adult
• Subsidized (deep-subsidy) active adult senior housing offers affordable rents to qualified
low income seniors and handicapped/disabled persons. Typically, residents may earn no
more than 50% of the area median income adjusted for household size and residents pay
30% of their adjusted gross income for rent. The remaining portion of the rent is typically
paid by the Department of Housing and Urban Development. These programs are usually
Section 8 or Section 202. If public housing is available, residents may qualify with an income
that does not exceed 80% of the area median income. For households meeting the age and
income qualifications, subsidized senior housing is usually the most affordable rental option
available. Affordable or shallow-subsidy projects are typically funded through the Low-In-
come Housing Tax Credit Program (LIHTC) and residents pay a specific monthly rent that is
set at a level whereby households may have an adjusted gross income that is between 50%
to 60% of the county’s area median income. Most properties under these programs offer
no services and are considered active adult housing.
• There are no shallow-subsidy, age-restricted rental properties in Edina. Many communities
in the Twin Cities Metro Area have recently had age-restricted (62+) rental properties devel-
oped, targeting low- and moderate-income seniors. Examples include The Cavanaugh in
Crystal, The Grainwood in Prior Lake, The Legends at Silver Lake Village (St. Anthony), The
Legends of Apple Valley (Apple Valley), The Legends of Champlin (Champlin), The Legends of
Minnetonka and others. These properties have absorbed rapidly and continue to maintain
high occupancies and often, wait lists. The success of these properties demonstrates the
significant need for units to meet the demand from moderate income independent seniors.
Barriers to shallow-subsidy development include reduced priority for LIHTC funding for
households age 55+ and a lack of other financial resources and tools to cover the develop-
ment cost gap. The market equilibrium rate for shallow-subsidy (affordable) properties is
about 3%.
• Edina has three deep-subsidy properties that serve households age 62 years or older, South
Haven, Yorktown Continental and Summit Point/Woodhaven. South Haven has 100 units,
Yorktown Continental has 264 units and Summit Point has 29. All properties have only one-
bedroom units and all buildings were occupied at the time of the survey. The market equi-
librium rate for deep-subsidy properties is usually 3%. South Haven’s waiting list is closed
and they are not accepting any applications. Units range in size from 535 to 600 square feet
and residents pay 30% of their adjusted gross annual income toward rent. The remaining
portion of the rent is paid through a direct subsidy to the property owner. South Haven was
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 144
funded under the Section 202 program and Yorktown Continental and Summit
Point/Woodhaven were funded under the HUD Section 8 (project-based) program.
• The federal government has all but eliminated the development of new project-based Sec-
tion 8 units except in designated census tracts of major metropolitan areas where substan-
tial need has been identified. A NOFA (notice of funding availability) was issued in 2018 un-
der the HUD Section 202 program and again in April 2019. Prior to 2018, no funding had
been issued since 2010 by the Department of Housing and Urban Development for this type
of housing (low-income senior).
• Many subsidized senior properties maintain waiting lists and some waiting lists are very
long (many months or potentially up to a year). Federal programs for the development of
deep-subsidy rentals have been substantially reduced in recent years and it is very difficult
to obtain funding to develop additional units.
Continuing Care Retirement Community
• There are no continuing care retirement communities in Edina. A portion of Edina residents
however, have relocated to Friendship Village in Bloomington, which is one of three CCRCs
in the Twin Cities Metro (Bloomington, Plymouth and Golden Valley). Friendship Village re-
cently expanded their campus, adding another 100 independent living apartments and a
new replacement service-based facility that includes assisted living, memory care and
skilled nursing beds.
Independent Living (Congregate)
• Six properties in Edina offer independent (congregate) living with a total of 461 units. All six
properties also offer other service levels, thereby providing a continuum of care. These in-
clude The Waters of Edina (59 units), Brookdale Edina (150 units), Heritage of Edina (59
units), Vernon Terrace (127 units) and Yorkshire of Edina (66 units). At the time of the sur-
vey, there were 34 units vacant for an overall rate of 7.4% with vacancies primarily concen-
trated among two properties. The market for independent living with optional services has
increased in popularity over the past few years. Many seniors however, are looking for
larger units and contemporary in-unit and common area features. Vacancies are concen-
trated in the oldest properties.
• Market rate rents for independent living (congregate units) range from a low of $1,189 per
month for a studio unit at Heritage of Edina to a high of $6,180 per month for a two-bed-
room plus den unit at The Waters of Edina. Unit sizes range from 290 square feet for a stu-
dio unit at Heritage of Edina to 1,698 square feet for a three-bedroom unit at Brookdale
Edina. Examples of amenities included in most independent living properties are commu-
nity/club room, fitness center, outdoor sundeck/terrace, enclosed heated parking (usually
at additional charge), optional meals and/or limited meal program, housekeeping, continen-
tal breakfast, outdoor garden areas, transportation and activities.
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 145
Assisted Living
• There are ten properties that offer assisted living services in Edina with a total of 522 units.
Of the ten properties, seven also offer at least one other service level. As of November
2019, there were 35 vacancies among the assisted living properties for an overall vacancy
rate of 6.7%. The market equilibrium vacancy rate for assisted living is 7.0%. As such, the
current overall vacancy rate is just below market equilibrium. Some properties however,
may have wait lists for specific unit types. For example, Sunrise Senior Living has an almost
two-year wait list for one-bedroom units, of which the number is very limited. Again, trends
in the market indicate that many seniors prefer a larger size unit with a separate bedroom.
• Market rate monthly rents for basic services excluding personal care begin at $1,330 for a
studio unit at Heritage of Edina and extend to $5,500 for a two-bedroom unit at Sunrise of
Edina. Additional costs for personal care are based on the needs of the individual resident
which are identified based on an initial personal care assessment usually conducted by a
registered nurse prior to admittance to the facility. Common features of assisted living
properties include full kitchens or kitchenettes, private bathrooms, two or three meals per
day, linen services, personal laundry and weekly housekeeping. A full complement of activi-
ties is provided as is transportation to shopping and outings. Some facilities will provide
transportation to doctor’s appointments, but most facilities require the resident to arrange
transportation to individual physician appointments.
Memory Care
• There are fourteen properties in Edina that offer memory care with a total of 299 units. As
of November 2019, 22 units were vacant for an overall vacancy rate of 7.4%. The vacancy
rate of 7.4% is just above the market equilibrium rate of 7.0%.
• Market rate rents at memory care facilities in Edina for a base level of services begin at
$3,750 for a studio unit at Sunrise of Edina and extend to $14,250 per month for a private
room at any of the English Rose Suites house locations in Edina. Additional personal cares
beyond the base level of services are at additional charge depending on the level of services
that are required by the resident. Typically, base fees include three meals per day, daily
housekeeping, weekly linen change, personal laundry, passive programming, showers twice
per week, medication administration and other services such as personal escorts to meals
and activities. Most memory care facilities are secured to prevent residents from wander-
ing. There is usually an outdoor walking courtyard with landscaping and resting places;
some have gardens and/or gardening plots that may be attended to by residents.
Specialty Care
• Edina has one facility, Edina – East and West, that focuses on Parkinson’s Care. The facility
is a twin home with six, one-bedroom units that house six residents. There were no vacan-
cies at the time of the survey.
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 146
Active Adult MR Ownership
Total % of Avg. Avg. Avg. Fee/
Unit Type Units Total Size Low -High Mo. Fee Sq. Ft.
1BR 195 42%861 $41,391 -$302,000 $142,967 $165.98
1BR+D 18 4%1,314 $305,125 -$351,490 $328,308 $249.95
2BR 206 44%1,226 $61,648 -$345,000 $168,454 $137.38
2BR+D 26 6%2,067 $445,500 -$672,000 $558,750 $270.38
3BR 18 4%1,455 $89,915 -$89,915 $89,915 $61.80
Total:463 100%1,132 $41,391 -$672,000 $145,928 $128.91
Vacancy Rate:0.0%
Active Adult Market Rate Rental
Total % of Avg. Avg. Avg. Rent/
Unit Type Units Total Size Low -High Rent Sq. Ft.
1BR 77 47%636 $2,175 -$2,852 $2,514 $3.95
1BR+D 18 11%802 $2,514 -$2,514 $2,514 $3.13
2BR 70 42%1,134 $3,501 -$4,984 $4,243 $3.74
Total:165 100%865 $2,175 -$4,984 $3,248 $3.75
Vacancy Rate:23.6%
Active Adult Affordable Rental
Total % of Avg. Avg. Avg. Rent/
Unit Type Units Total Size Low -High Rent Sq. Ft.
1BR 391 99%553 $875 -$1,175 N/A*N/A*
2BR 2 1%650 $1,350 -$1,350 $1,350 $2.08
Total:393 100%602 $875 -$1,350 N/A*N/A*
Vacancy Rate:0.0%
Independent Living (Cong)
Total % of Avg. Avg. Avg. Rent/
Unit Type Units Total Size Low -High Rent Sq. Ft.
Studio 23 5%467 $1,189 -$2,675 $1,765 $3.78
1BR 218 47%665 $1,882 -$4,530 $3,164 $4.76
1BR+D 39 8%908 $2,034 -$4,530 $2,463 $2.71
2BR 160 35%1,043 $2,029 -$5,970 $3,910 $3.75
2BR+D 20 4%1,312 $2,461 -$5,770 $3,503 $2.67
3BR 1 0%1,628 $5,250 -$5,250 $5,250 $3.22
Total:461 100%1,004 $1,189 -$5,970 $3,342 $3.96
Vacancy Rate:0.8%
Range
Monthly Rents
Range
Monthly Rents
Range
TABLE S-1
UNIT TYPE SUMMARY
SENIOR HOUSING PROPERTIES
December 2019
Purchase Price Range
EDINA, MN
Base Monthly Rents
Range
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 147
Assisted Living
Total % of Avg Avg Avg. Rent/
Unit Type Units Total Size Low -High Rent Sq. Ft.
Pvt Suite*12 2%190 $12,167 -$12,167 $12,167 $64.04
Studio 196 39%362 $3,100 -$3,895 $3,964 $10.96
1BR 220 44%690 $3,300 -$5,745 $4,281 $6.20
1BR+D 20 4%932 $3,900 -$5,205 $4,526 $4.85
2BR 51 10%1,066 $4,550 -$6,150 $4,375 $4.10
2BR+D 11 2%1,611 $5,505 -$6,180 $5,881 $3.65
Total:*498 100%629 $3,100 -$6,180 $4,211 $6.69
Vacancy Rate:6.9%
Memory Care
Total % of Avg. Avg. Avg. Rent/
Unit Type Units Total Size Low -High Rent Sq. Ft.
Studio 207 66%376 $2,459 -$6,718 $4,863 $12.93
1BR 46 15%544 $4,580 -$6,988 $5,668 $10.42
Comp. Ste 16 5%348 $3,250 -$5,340 $5,692 $16.36
Pvt. Ste 44 14%222 $3,935 -$4,950 $4,294 $19.34
Total:313 100%389 $2,459 -$6,988 $5,783 $14.87
Vacancy Rate:8.0%
Specialty Care
Total % of Avg. Avg. Avg. Rent/
Unit Type Units Total Size Low -High Rent Sq. Ft.
Pvt. Ste 6 100%168 $9,000 -$10,500 $9,750 $58.04
Total:6 100%168 $9,000 -$10,500 $9,750 $58.04
Vacancy Rate:0.0%
Source: Maxfield Research and Consulting, LLC
Average Cooperative: $56,806 Avg. SF = 892
Average Condo: $384,291 Avg. SF = 1,489
TABLE S-1 (continued)
UNIT TYPE SUMMARY
SENIOR HOUSING PROPERTIES
EDINA, MN
December 2019
Note: Quoted pricing reflects market rents; private AL suites are excluded because of all-inclusive
pricing
Range
Range
Base Monthly Rents
Range
Base Monthly Rents
Base Monthly Rents
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING 148
Photos of Selected Senior Communities in Edina
Creekside Edina
Brookdale Edina
7500 Cooperative Avidor
Vernon Terrace of Edina Yorkshire of Edina
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING 149
Aurora Edina
Braeburn
Summary of Senior Housing Analysis
• Edina has a variety of age-restricted properties (55+ and 62+) that offer ownership and
rental options, independent living and service-enriched senior housing, covering nearly the
entire senior housing spectrum. There are however, no active adult shallow-subsidy prop-
erties (those with rents affordable to 55+ households with incomes between 50% and 60%
of AMI. Communities such as Crystal, Apple Valley, Prior Lake, Woodbury and others have
had construction of affordable active adult housing, which has been very well-received.
• In total, Edina offers the following service levels and number of units:
Active Adult Ownership 463 units
Active Adult Rental 165 units
Affordable Senior 393 units
Shallow Subsidy 0 units
Deep-Subsidy 393 units
Continuing Care Retirement Community 0 units
Independent Living (Congregate) 461 units
Assisted Living 510 units
Memory Care 313 units
Parkinson’s 6 units
Total 2,311 units
• In addition to market rate properties, Edina offers extremely low-income seniors and those
with disabilities some income-restricted housing options. There are three, deep-subsidy
properties that offer independent living to seniors who would not qualify for market rate
senior housing.
SENIOR HOUSING ANALYSIS
MAXFIELD RESEARCH AND CONSULTING 150
• Vacancy rates for senior housing properties in Edina are below market equilibrium rates
among most service levels. Several facilities are fully-occupied. Some facilities have wait
lists for specific floor plans and/or in some service levels. This indicates there is additional
demand for senior housing in Edina. Calculations of senior housing need are provided in the
Demand Analysis section of the report.
• Costs for housing and care services continue to rise in the Twin Cities Metro Area and Edina
is no exception. Senior housing prices for service-based facilities rise by 3% to 5% each
year. Many properties require residents to pay privately at entry to the facility for at least
two years and properties often have a facility “cap” of 15% to 20% of residents that can use
public assistance at a given time. This means that some seniors are not able to afford mar-
ket rate senior housing and/or if they have spent down their assets, may have to wait to
move over to an Elderly Waiver.
• Edina has proven to be an attractive location for senior housing and most properties have
absorbed well and maintain high occupancies. As residents age, turnover at service-based
properties usually increases. In addition, properties with wait lists may have to go through
their lists several times in order to find a prospect that is willing to relocate right away. The
newest senior housing properties in Edina are Yorkshire Gardens, Aurora on France and Avi-
dor. Avidor is the newest property and is still in its initial lease-up period.
• One of the primary sources of income to support senior housing costs is the proceeds from
the sale of a home. Homeownership rates in the US and especially in Minnesota have been
high in the low to mid 70% for decades. Most recently shifts in lifestyles and buyer prefer-
ences have shifted slightly toward rental housing. Some economists are concerned that
with a decrease in homeownership rates, a decline in the number of defined pension plans
and greater fluctuations in the stock market, that a growing number of seniors in the future
may be financially unprepared to pay for housing with services.
• There is no way to definitively identify the number of people age 65+ that are residing in
traditional apartments versus senior housing. Analysis by Maxfield Research has revealed
that the total inventory of senior housing is capturing an estimated 18% to 20% of the sen-
ior population. That being said, the remaining 80% of seniors are residing in other types of
housing that are not age-restricted. Although market penetration of senior housing contin-
ues to increase overall, there are seniors that do not and will never live in senior housing.
Our demand capture rates account for that.
• Estimating the proportion of seniors that may rent their housing and not reside in senior
housing, we can look to the number of senior households (65+) from Table D-9, Tenure by
Age of Householder, which shows an estimated 6,517 households age 65+ renting their
housing. Subtracting the number of senior housing units in Edina that are rented from this
total, reveals that 69% of seniors renting reside at a property that is not age-restricted
PENDING RESIDENTIAL DEVELOPMENTS
MAXFIELD RESEARCH AND CONSULTING, LLC 151
Pending Residential Developments
There are several pending residential developments currently in the planning process in Edina.
There are other developments under consideration, which have not yet been formally submit-
ted to the City. This section discusses the developments that have already submitted plans to
the City, some of which have received preliminary and/or final approvals. Table PR-1 is a sum-
mary of rental developments.
For-Sale
Currently, there are no pending for sale developments in Edina.
Market Rate Rental (See Table PR-1)
The Promenade Residences, at 3650 Hazelton, Road is a proposed 186-unit market rate devel-
opment that would be built on the site of the existing Guitar Center. The proposed site is
within optimal walking distance of Galleria Edina, Lunds & Byerlys and Target. Most recently,
the project received approval for the appropriate zoning and planning resolutions.
Proposed location of The Promenade Residences
Mixed Income Rental
The Millennium at Southdale is an approved 375-unit rental development being led by DLC
Residential. Of the 375 units, 357 (95.2%) will be market rate and 18 (4.8%) will be affordable.
The development is planned to open in two phases. Phase One will contain 227 units while
Phase Two is planned to have 148 units.
The Lorient is a 45-unit, primarily market, rental development currently under construction in
Edina’s Morningside neighborhood. The Lorient is situated in a walkable community off France
Avenue across the street from the Southwest Minneapolis neighborhood of Linden Hills. Vari-
ous restaurants, coffee shops, exercise studios, and the Linden Hills Co-op are all within walking
PENDING RESIDENTIAL DEVELOPMENTS
MAXFIELD RESEARCH AND CONSULTING, LLC 152
distance. The Lorient is being led by Orion Investments and three of its 45 units are targeted to
individuals with disabilities.
The Lorient: currently under construction
7001 France Ave is a proposed 225-unit development south of the Galleria Edina that would be
on the current US Bank site. Sixty percent (60%) of the units (135) will have market rents and
40% of the units (90) will be affordable. Ryan Companies is the developer.
Affordable Rental
Amundson Flats is a potential future affordable rental development of 62 units that would be
in Edina’s Grandview Neighborhood. At present, Amundson Flats has received preliminary ap-
provals from the City. Income qualifications for the property would restrict rents to residents
by 60% AMI. MWF Properties is the developer.
4100 76th St W is a proposed affordable development of 70 units being led by Aeon. The prop-
erty would be within walking distance of Centennial Lakes and its shops. The City has approved
a density increase for the property.
PENDING RESIDENTIAL DEVELOPMENTS
MAXFIELD RESEARCH AND CONSULTING, LLC 153
Edina Pending Rental and For Sale Developments
PENDING RESIDENTIAL DEVELOPMENTS
MAXFIELD RESEARCH AND CONSULTING, LLC 154
Project Name Total
Location City Units Developer/Applicant Unit Type Status/Notes
Millennium at Southdale Phase One & Two Edina 375 DLC Residential MR/Aff Phase one is under Construction. Of the 375 units 18 will be affordable (4.8%).
3250 W 66th St 55435
Promenade Residences Edina 186 Lund Real Estate MR Zoning and Planning Resolutions Approved
3650 Hazelton Rd 55435
The Lorient Edina 46 Orion Investments MR/Aff Under construction. Of the 45 units, 6.7% (3 units) will be for those with disabilities.
4500 France Ave 55410
7001 France Ave Edina 225 Ryan Companies MR/Aff Proposed. Would have 225 units, of which 135 would be market rate and 90 would be affordable.
7001 France Ave 55435
4100 76th St W Edina 70 Aeon AFF Zoning Density Increase Approved.
4100 76th St W
Amundson Flats Edina 62 MWF Properties AFF Received Preliminary Approvals. For those at or below 60% of AMI.7075 Amundson Ave 55439
Affordable:243
Under Construction Subtotal:21
Approved Subtotal:132
Planned/Proposed Subtotal:90
Market Rate:720
Under Construction Subtotal:399
Approved Subtotal:186
Planned/Proposed Subtotal:135
Pending Total:963S
Sources: City of Edina; Maxfield Research & Consulting, LLC; Finance and Commerce
TABLE PR-1
PENDING MARKET RATE & AFFORDABLE GENERAL OCCUPANCY RENTAL DEVELOPMENTS
CITY OF EDINA
JANUARY 2020
HOUSING WITH SUPPORT SERVICES AND HARD TO HOUSE POPULATIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 155
Housing with Special Services
At times, some households may have service needs that call for specialized living situations.
These may include those with physical and or mental limitations, specific health situations, the
homeless, unaccompanied youth, those with mental health issues, victims of domestic violence,
those with chemical or substance abuse, brain trauma, autism, or other situations that may re-
quire special residential features or special services.
Edina Disabilities Overview
Disability by Type
Disabilities encompass a wide range of conditions and are prevalent among the overall popula-
tion. Table HS-1 examines the breakdown of disabilities by type in Edina and the Twin Cities
Metro Area. Categories used by the US Census Bureau in its 2018 American Community Survey
include; hearing difficulty, vision difficulty, cognitive difficulty, ambulatory difficulty, self-care
TABLE HS-1
DISABILITY BY TYPE
EDINA AND TWIN CITIES METRO AREA
2019
Type of Disability Total Number with Disability Percent with Disability
Hearing Difficulty 1,462 2.9%
Vision Difficulty 656 1.3%
Cognitive Difficulty 1,490 2.9%
Ambulatory Difficulty 2,159 4.2%
Self-Care Difficulty 879 1.7%
Independent Living Difficulty 1,776 3.5%
Edina Total Population*Total Number with a Disability Percent with a disability
53,124 4,882 9.2%
Type of Disability Total Number with Disability Percent with Disability
Hearing Difficulty 90,902 3.0%
Vision Difficulty 45,749 1,5%
Cognitive Difficulty 124,684 4,1%
Ambulatory Difficulty 132,594 4,4%
Self-Care Difficulty 58,413 1,9%
Independent Living Difficulty 106,355 3.5%
Twin Cities Total Population*Total Number with a Disability Percent with a Disability
3,128,957 306,259 9.8%
*: Does not include institutionalized populations.
Edina
Twin Cities Metro Area
Sources: U.S. Census Bureau - American Community Survey; Maxfield Research and Consulting, LLC.
Note: Twin Cities Metro Area includes the following counties; Anoka, Carver, Dakota, Hennepin,
Ramsey, Scott, and Washington.
HOUSING WITH SUPPORT SERVICES AND HARD TO HOUSE POPULATIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 156
difficulty, and independent living difficult. The chart is adjusted by Maxfield Research from 2017
to 2019. Keep points from the chart are below:
• Approximately one in ten individuals (9.2%) living in Edina suffer from a disability. This
is slightly lower than the percentage of individuals suffering from a disability in the Twin
Cities Metro Area (9.8%).
• The disability condition with the highest percentage of individuals in both Edina and the
Twin Cities is ambulatory difficulty.
• The disability conditions with the two lowest percentages in both Edina and the Twin
Cities are vision difficulty and self-care difficulty.
• Individuals with multiple disabilities are counted in several categories. Therefore, the
total number of individuals in Edina with disabilities (4,882) and in the Twin Cities Metro
(306,259) is lower than the total of all subcategories.
Disability by Age
Table HS-2 is a look at the breakdown by age of disabled individuals in Edina and the Twin Cities
Metro Area. Below are key insights:
• Edina’s percentage of individuals under 18 with disabilities (2.1%) and 18 to 64 with dis-
abilities (4.2%) are both lower than the percentage of all individuals with disabilities
(9.2%).
• Of those 65 and up, Edina’s percentage of individuals with disabilities (29.9%) is lower
than in the Twin Cities Metro Area (30.3%).
• The percentage of individuals under 18 with disabilities in the Twin Cities Metro Area
(3.6%) is 1.5% more than those under 18 with disabilities in Edina (2.1%).
• The percentage of individuals 18 to 64 with disabilities in the Twin Cities Metro Area
(8.0%) is almost two times as much as individuals 18 to 64 with disabilities in Edina
(4.2%).
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Edina Disabilities Summary
• Approximately one in ten individuals (9.2%) living in Edina suffer from a disability. This
is slightly lower than the percentage of individuals suffering from a disability in the Twin
Cities Metro Area (9.8%).
• The disability condition with the highest percentage of individuals in both Edina and the
Twin Cities is ambulatory difficulty.
• The disability conditions with the two lowest percentages in both Edina and the Twin
Cities are vision difficulty and self-care difficulty.
• Edina’s percentage of individuals under 18 with disabilities (2.1%) and 18 to 64 with dis-
abilities (4.2%) are both lower than the percentage of all individuals with disabilities
(9.2%).
• Of those 65 and up, Edina’s percentage of individuals with disabilities (29.9%) is lower
than in the Twin Cities Metro Area (30.3%).
Overview of Homelessness in Hennepin County
The most comprehensive studies of the homeless population in Minnesota have been con-
ducted once every three years (since 1991) by the Wilder Research Center, a division of the Am-
herst H. Wilder Foundation (Wilder Foundation). The most recent study was in October 2018;
statistics from the previous studies in October 2009, 2012 and 2018 are also used for compari-
son.
Age Total Number of People Number of People with a Disability Percent with Disability
Under 18 12,609 271 2.1%
18 to 64 29,202 1,235 4.2%
65+11,313 3,377 29.9%
All Ages 53,124 4,883 9.2%
Type of Disability Total Number of People Number of People with a Disability Percent with Disability
Under 18 743,490 26,815 3.6%
18 to 64 1,983,969 158,158 8.0%
65+401,498 121,555 30.3%
All Ages 3,128,957 306,528 9.8%
*: Does not include institutionalized populations.
Edina*
Twin Cities Metro Area*
Sources: U.S. Census Bureau - American Community Survey; Maxfield Research and Consulting, LLC.
TABLE HS-2
DISABILITY
EDINA AND TWIN CITIES METRO AREA
2019
Note: Twin Cities Metro Area includes the following counties; Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington.
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The surveys are conducted on a single day and represent a snapshot of the population of peo-
ple in Minnesota experiencing homelessness. Therefore, these estimates should be considered
conservative and that the actual number of homeless on any given day is likely to be higher due
to homeless that are “couch surfing” or “doubling up.”
The Wilder Foundation, in addition to supplying information on Minnesota homelessness
statewide, also tracks homelessness by region. Data for the city of Edina is not available. How-
ever, data for Hennepin County, of which Edina is a part of, is presented on the following pages.
Hennepin County, which includes the state’s largest city, Minneapolis, as well as suburban com-
munities such as Edina, Plymouth, Eden Prairie, Medina and Brooklyn Park, has one of the larg-
est homeless populations in the state. As of 2018, 4,072 people were identified as homeless.
This is nearly 40% (39.8%) of the estimated homeless population in Minnesota.
Number of Homeless by Housing Situation
• As shown in Table SN-3, in 2018, over half of the homeless were in emergency shelters
(2,242 or 55.1%). Transitional housing accounted for 21.0% of the housing for the homeless
while domestic violence shelters and rapid rehousing accounted for 3.8% and 0.7% respec-
tively. Approximately one fifth (19.4%) were unsheltered.
• Of those in temporary shelters, 2,687 or 66% were adults 18 and up, 32.5% were children
with parents, and 1.5% were children without parents.
Homelessness by Age
• Table SN-4 shows that the age cohort with the highest number of homeless is those 30 to
39 in Hennepin County (23.4%) and the Twin Cities Metro Area (23.1%).
Housing Situation
Emergency shelter 2,242
Domestic violence shelters 153
Transitional housing 856
Rapid Rehousing 30
Unsheltered 791
TOTAL 4,072
Transitional Housing includes Rapid Rehousing.
*Homeless people age 18 and older, excluding children with parents and unaccompanied youth.
Sources: Wilder Research, "2018 Minnesota Homeless Study"; Maxfield Research & Consulting, LLC.
2,687
1,395
68
495
701
28
19
27
61
832
85
342
63
1,324
15
0
2 0
TABLE HS-3
NUMBER OF HOMELESS
HENNEPIN COUNTY, MN
2018
HENNEPIN COUNTY
Total number of children
with parents in temporary
housing programs,
informal housing or
Total number of
unaccompanied minors < 18
in temporary housing
programs, informal housing
Total number of people
in temporary housing
programs, informal
housing or unsheltered
Total number of adults*
age 18+ in temporary
housing programs,
informal housing or
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• The age cohorts with the second and third highest number of homeless are those 40 to 49
and 50 to 54 in both Hennepin County (19.5% and 14.0% respectively) and the Twin Cities
Metro Area (19.0% and 12.1% respectively).
• The age cohort with the lowest number of homeless in both Hennepin County and the Twin
Cities Metro Area is those 80 and up (0.1% in Hennepin County and under 0.1% in the Twin
Cities Metro Area).
• The second and third lowest categories in both geographies are those 70 to 79 (0.9% in
Hennepin County and 1.0% in the Twin Cities Metro Area) and those 22 to 24 (4.9% in
Hennepin County and 5.3% in the Twin Cities Metro Area).
Income and Employment of the Homeless
• In Hennepin County, an estimated 26.1% of homeless had a monthly income under $200,
versus 25.6% in the Twin Cities Metro Area. An estimated 43.8% were estimated to make
between $200 and $800 per month, versus 42.9% in the metro. The homeless with incomes
Age Number Pct.Number Pct.
18 to 21 161 6.2%386 9.0%
22 to 24 127 4.9%228 5.3%
25 to 29 270 10.4%460 10.8%
30 to 39 606 23.4%989 23.1%
40 to 49 505 19.5%813 19.0%
50 to 54 362 14.0%517 12.1%
55 to 59 276 10.7%426 10.0%
60 to 69 259 10.0%410 9.6%
70 to 79 23 0.9%43 1.0%
80+2 0.1%2 0.0%
2,591 100.0%4,274 100.0%
Median age
*: Twin Cities Metro Area includes the following counties; Anoka, Carver, Dakota,
Hennepin, Scott, Ramsey, and Washington.
Sources: Wilder Research, October 2019. "Minnesota Homeless Study, 2018."
TABLE HS-4
HOMELESS AGE DISTRIBUTION
2018
HENNEPIN COUNTY & TWIN CITIES METRO AREA*
Note: Includes people living in temporary housing programs or informal housing
and identified unsheltered people, excluding youth less than 18 years of age and
children staying with parents
Hennepin County Twin Cities Metro Area*
42 40
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of $800 or more per month accounted for 30.0% in Hennepin County versus 31.5% for the
metro area.
• The median income of the homeless in Hennepin County was $535 per month versus $600
Statewide. At $535 per month and allocating 30% for housing results in an affordable hous-
ing cost of $161 per month, requiring deep-subsidy housing or a housing voucher, both in
very short supply.
• Hennepin County had a mean income of $673 which was 5.9% less than the Twin Cities
Metro Area’s mean income of $715.
• As shown on Table SN-6, the top three barriers to employment for the homeless in Henne-
pin County in order are: physical health, mental/chemical health and transportation. In con-
trast, the top three barriers to employment for the homeless in the Twin Cities Metro Area
are in order: physical health, transportation and mental/chemical health.
• The 4th and 5th barriers to employment in Hennepin County and the Twin Cities Metro Area
are availability of affordable housing and lack of resources needed to work or look for work,
respectively.
Monthly Income Number Pct.Number Pct.
Under $200 613 26.1%985 25.6%
$200 to $400 457 19.5%635 16.5%
$400 to $600 177 7.5%338 8.8%
$600 to $800 395 16.8%677 17.6%
$800 to $1,000 226 9.6%362 9.4%
$1,000+479 20.4%848 22.1%
TOTAL 2,347 100.0%3,845 100.0%
Mean Income
Median Income
TABLE HS-5
MONTHLY INCOME OF THE HOMELESS SURVEYED
HENNEPIN COUNTY & TWIN CITIES METRO AREA*
2018
$673
Sources: Wilder Research, October 2019. "Homeless adults and children, 2018."
$535
$715
$600
Hennepin County Twin Cities Metro Area*
*: Twin Cities Metro Area includes the following counties; Anoka, Carver, Dakota,
Hennepin, Scott, Ramsey, and Washington.
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Summary of Homelessness in Hennepin County
• In 2018, over half of the homeless were in emergency shelters (2,242 or 55.1%). Transitional
housing accounted for 21.0% of the housing for the homeless while domestic violence shel-
ters and rapid rehousing accounted for 3.8% and 0.7% respectively. Approximately one fifth
(19.4%) were unsheltered.
• The age cohort with the highest number of homeless in both Hennepin County and the
Seven County Metro area is between 30 to 39 (23.4% and 23.1% respectively). The age co-
hort with the lowest number of homeless in both Hennepin County and the Seven County
Metro Area is those 80 and up (0.1% and under 0.1% in the seven County Metro Area).
• In Hennepin County, an estimated 26.1% of homeless had a monthly income under $200,
versus 25.6% in the Seven County Metro Area. An estimated 43.8% were estimated to
make between $200 and $800 per month, versus 42.9% in the metro. The homeless with
incomes of $800 or more per month accounted for 30.0% in Hennepin County versus 31.5%
for the metro area.
• Hennepin County has a lower proportion of employed homeless than the metro area (24.3%
vs 28.7%, respectively).
• The two highest categories of hours worked by the homeless in both Hennepin County and
the Seven County Metro Area were between 35-40 hours (45.1% in Hennepin County and
Barriers to
Employment Barrier Type Pct.Barrier Type Pct.
1 Physical Health 31.1%Physical Health 30.6%
2 Mental/Chemical Health 20.9%Transportation 22.7%
3 Transportation 20.6%Mental/Chemical Health 21.2%
4 Housing 18.7%Housing 17.9%
5 Lack of Resources needed
to work or look for work
12.9%Lack of Resources needed
to work or look for work
13.3%
*
Sources: Wilder Research, October 2019. "Homeless adults and children, 2018."
TABLE HS-6
BARRIERS TO EMPLOYMENT FOR HOMELESS
HENNEPIN COUNTY & TWIN CITIES METRO AREA*
2018
Hennepin County Twin Cities Metro Area*
:Twin Cities Metro Area includes the following counties; Anoka, Carver, Dakota, Hennepin, Scott,
Ramsey, and Washington.
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42.0% in the Seven County Metro) and 25 to 34 hours (21.4% in Hennepin County and
22.4% in the Seven County Metro).
• The top three barriers to employment for the homeless in Hennepin County are: physical
health, mental/chemical health and transportation. In the Seven County Metro Area the
biggest barriers to employment are physical health, transportation, and mental/chemical
health.
Edina and Nearby Communities: Emergency and Supportive Housing by Type
Emergency Shelters
No emergency shelters are present in Edina or the nearby communities of Bloomington, Eden
Prairie, Hopkins, Richfield or Southwest Minneapolis (West of Interstate 35-W and South of 36th
Street West. The closest emergency shelters to the study are; St Joseph’s Home for Children,
Hope Street Shelter, Simpson Emergency Shelter, St Stephen’s Emergency Shelter, The Bridge
for Youth Minneapolis, and Our Savior’s Shelter, all in South Minneapolis or directly south of
the Downtown.
Emergency Shelters in Hennepin County
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Transitional Housing
While emergency shelters provide short-term housing for people and families in immediate
need of housing, transitional housing programs provide people and families more time and sup-
portive help to deal with aspects of their life that make successfully obtaining and maintaining
permanent housing difficult. A family or individual may move from a short stay (90 days or less)
in an emergency shelter to an extended stay in a transitional housing program (usually up to
two years). Transitional housing programs play an instrumental part in the effort to reduce the
risk of homelessness for many people and families. There are currently no transitional housing
facilities in Edina. However, in nearby South Minneapolis is Zoom House. Zoom House (22
units), at 3244 Blaisdell Avenue South, primarily houses single women with children and fami-
lies.
Transitional Housing Facilities in Edina’s Neighboring Communities
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Permanent Supportive Housing
While the goal of both emergency shelters and transitional housing programs is for their resi-
dents to eventually obtain permanent housing, for some people, this is not a reality. Because
of various reasons, most notably a mental illness or chemical addiction, or both, some people
are unable to maintain independent housing in the private market. Many people also have a
criminal record, most commonly a felony or unlawful detainer that prevents them from being
able to find permanent housing because most landlords are unwilling to take the risk.
Currently, there are three permanent housing facilities in Edina and surrounding communities
that offer supportive services – 66 West, Nicollet Square, and Perspectives. The permanent
supportive housing facilities/programs are listed in Table HS-7. Following the table are sum-
maries of the facilities/programs.
Facility Year Built Capacity Clientele
66 West 2017 39 units
3330 W 66th St
Edina, MN 55424
Nicollet Square 2011 42 Units
3700 Nicollet Ave 55409
Minneapolis, MN
Perspectives 1958 53 Units
3381 Gorham Ave
St Louis Park, MN 55426
Total Units 134 Units
NA: Not Available
*2008 Pricing
NA
3rd Year - $305*
4th Year - $410*
Homeless young adults
at or below 30% AMI.
30% of household Income
Source: Maxfield Research & Consulting LLC, Urban Works, Local News Sources, Property Websites, Local News
Sources, Area Cities, Cooperation for Supportive Housing, Kingfield Neighborhood Association.
Homeless young adults
or out of foster care at
or below 30% AMI.
TABLE HS-7
PERMANENT SUPPORTIVE HOUSING
EDINA, MINNESOTA & NEARBY COMMUNITIES
OCTOBER 2019
Monthly Rent
1st and 2nd Year - $210*
For homeless mothers
suffering from
addiction/mental
health disorders and
their children.
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Permanent Supportive Housing in Edina and Neighboring Communities
66 West
Edina’s 66 West Apartments, which opened for occupancy in 2017, is the only permanent sup-
portive housing in the City. The 39-unit apartment building is near Southdale Center and tar-
gets homeless youth whose incomes are at or below 30% of AMI.
66 West Apartments
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The location of 66 West, in the heart of the Southdale Commercial Area, is an asset to resi-
dents. Advantages include convenient access to job opportunities, retail, and groceries: all
within walking distance. Nearby destinations include; Southdale Center, Fairview Southdale
Hospital, Galleria Edina and Cub Foods.
Nicollet Square
Nicollet Square is a mixed-use development that incorporates ground floor retail and residen-
tial units on floors two and three. The 42-unit development opened in 2011 in the Kingfield
neighborhood in Southwest Minneapolis, due west of I-35 W. Like 66 West Apartments, the
property is targeted to homeless young adults.
Perspectives
Perspectives is a 53-unit supportive housing property that targets homeless women battling ad-
diction and mental illnesses as well as their children. The housing units are off Highway 7 be-
tween Highway 100 and Highway 169.
Summary of Permanent and Supportive Housing
Few permanent supporting housing developments exist in Edina except for 66 West. In addi-
tion, only two developments, Nicollet Square and Perspectives, can be found in the surrounding
communities of Bloomington, Eden Prairie, Hopkins, Minnetonka, Richfield, St Louis Park and
Southwest Minneapolis. Most permanent supportive housing developments are near Down-
town Minneapolis and Downtown St Paul.
The lack of supportive housing developments outside of the Minneapolis and St Paul Core has
the potential to create future obstacles for those requiring permanent supportive housing. One
group requiring supportive housing that will be disproportionally affected are workers with jobs
in suburban communities. These individuals will need to rely upon public transportation which
may not service their destination or take a great deal of time. Employees are needed in retail
and other service sector jobs in the suburbs. Communities such as 66 West, near Southdale
Center, Galleria Edina, and Fairview Southdale Hospital are well positioned to provide conven-
ient access to a wide variety of job opportunities for their residents. Regardless of whether resi-
dents own transportation they are either a short bus ride away or walk to employment.
Treatment Facilities and Halfway Houses
Since chemical addiction is often a significant factor resulting in a person’s homelessness, treat-
ment facilities and halfway houses are often the first steps in a homeless person’s journey to
self-sufficiency. This section discusses the treatment facilities and halfway houses located in
Edina.
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We identified six treatment programs and halfway houses with 13 locations in adjacent com-
munities. They are listed in Table HS-8 on the following page. The programs are also discussed.
Facility Year Built Capacity Daily/Mo Fee Clientele
Wayside House, Inc.1961 20 Total Units 2BR-$1,043/Mo
1341 & 1349 Jersey Ave S 18-2BR 3BR-$1,320/Mo
St Louis Park, MN 55416 2-3BR
Progress Valley - Women's Program II 1968 32 Units
1100 80th St E
Bloomington, MN 55420
Progress Valley - Men's Program III 1965 24 Units
308 E 78th St
Richfield, MN 55423
Pride Institute 1982 42 Units
14400 Martin Dr
Eden Prairie, MN 55344
Westside Sober Living - Res. Treatment Ctrs NA 36 Beds
5 Location in the West Metro
Westside Sober Living Houses NA 9 Beds
2 Locations in the West Metro Location 1: 5 beds
Location 2: 4 beds
Hati House Inc.1966 12 Units
1558 80th St E
Bloomington, MN 55425
ReEntry House 1957 16 Units CADI; Medicaid5812 Lyndale Ave S
Minneapolis, MN 55419
Total Units*191
Funded through
insurance.
Medicare or out-
of-state medicaid
is not accepted.
NA: Not Available
Mental Illness/substance
abuse treatment.
Sources: Maxfield Research & Consulting LLC; Service Providers; State of MN.
Funded through
insurance.
Substance abuse/mental
health treatment center for
men.
Sober living homes serving
men in the beginning stages of
recovery.
NA
NA
Residential treatment center
for men.
TABLE HS-8
TREATMENT FACILITIES & HALFWAY HOUSES
NEARBY COMMUNITIES
OCTOBER 2019
Substance abuse/mental
health treatment center
focused on the needs of the
gay, lesbian, bisexual, and
transgender communities.
Mental health/substance
abuse treatment for women.
Requirements include
qualifying for section 8
housing, three months of
sobriety, and chemical
dependency treatment.
Funded through
insurance or
through State of
Minnesota
Chemical
Dependency
Consolidated
Fund
Substance abuse treatment
for men.
Substance abuse treatment
for women.
Funded through
insurance or
through State of
Minnesota
Chemical
Dependency
Consolidated
Fund
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Treatment Facilities & Halfway Houses in Edina’s Neighboring Communities
Note: Westside Sober Living - Residential Treatment Centers (5 locations) and Westside Sober Living Homes (2 lo-
cations) are not included on the map.
Wayside House, Inc.
Wayside House, Inc is a 20-unit facility with a mix of two-and-three-bedroom apartments.
Apartments range in price from $1,043 to $1,320 and its clientele consist of women seeking
mental health/substance abuse treatment. Applicant requirements include, qualifying for Sec-
tion 8 housing, three months of sobriety, and chemical dependency treatment.
Progress Valley
Two Progress Valley locations are within the analyzed area; a substance abuse treatment center
for men in Richfield and a substance abuse treatment center for women in Bloomington. The
men’s Richfield location has 24 units while the women’s Bloomington location has 32 units.
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Pride Institute
Pride Institute opened in the 1980s and is a substance abuse/mental health treatment center
focused on the needs of the gay, lesbian, bisexual, and transgender communities. The 42-unit
community emphasizes an inclusive environment and offers outpatient treatment in addition to
inpatient services.
Westside Sober Living
Westside Sober Living is comprised of five residential treatment centers and two sober living
houses in the Twin Cities West Metro. The residential treatment centers have a combined total
of 36 beds and the sober living homes total 9 beds. All facilities target men battling addiction.
Hati House Inc.
The Hati House, built in 1966, is in Bloomington and contains 12 units. The treatment center
focuses on men battling substance abuse and mental health issues.
ReEntry House
ReEntry House is a 16-unit facility located in Southwest Minneapolis near the junction of
Lyndale Avenue and I-35 W/MN Hwy 62. The facility treats individuals with mental illnesses
and fighting substance abuse.
Summary of Treatment Facilities and Halfway Houses
Most of the treatment facilities and halfway houses in Edina’s neighboring communities focus
on treating adult male substance abuse. However, facilities serving women such as, Wayside
Inc. are also present. In addition, the analyzed area is also home to Pride Institute, a treatment
center focusing on the needs of the lesbian, gay, bisexual, and transgender communities. De-
spite the presence of treatment and halfway houses in nearby communities none are present
within Edina, indicating a potential need in the City.
Other Care Facilities
Edina has one home licensed as an Intermediate Care Facility that provides housing and ser-
vices to individuals with developmental disabilities, a total of six beds. Residents can live on-
site independently or may receive services as needed. The facility works with each resident
based on their income and financial assistance is available.
There is one licensed resident hospice care home in Edina licensed for up to six beds. Most
hospice care is provided at a resident’s home or in a separate nursing facility. There are how-
ever, a few smaller residential homes that also offer this type of on-site residential care.
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Summary of Emergency and Supportive Housing by Type in Edina and Neighbor-
ing Communities
An inventory and review of specialized supportive housing facilities was completed for Edina
and the neighboring communities of Eden Prairie, Bloomington, Hopkins, Minnetonka, Rich-
field, St Louis Park and Southwest Minneapolis. The review emphasized the following:
• Edina has one larger apartment building that provides permanent supportive housing to
homeless youth and youth at risk of becoming homeless.
• Additional smaller homes are in Edina that provide housing to the following populations:
• Seniors needing supportive living services (i.e. board and care homes)
• Individuals with developmental disabilities
• Individuals requiring hospice care (limited)
• The City has no emergency shelters or treatment/halfway houses. A variety of these types
of housing with services facilities are present in nearby communities such as South Minne-
apolis, Richfield and Bloomington.
• The City has demonstrated a commitment to address youth homelessness. The only social
service provider present in the City is 66 West that is targeted to homeless youth. No other
shelters or supportive housing is present in the City.
• Single males comprise the primary clientele for many of the supportive housing and treat-
ment centers in the surrounding communities. Particularly significant is men battling sub-
stance abuse. Other groups however, are also being served, including women with Way-
side, INC. and the LGBTQ community through the Pride Institute.
• In Edina and neighboring communities, there are 139 units of permanent supportive hous-
ing and 191 units/beds in treatment facilities and halfway houses.
We believe there is additional demand for small to -mid-size facilities targeted to various popu-
lations to combine housing with services in a smaller, more intimate environment with greater
emphasis on individual service and care. Facilities such as these usually maintain high occupan-
cies and demand often exceeds the supply.
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Introduction
Affordable housing is a term that has various definitions according to different people and is a
product of supply and demand. According to the U.S. Department of Housing and Urban Devel-
opment (HUD), the definition of housing affordability is for a household to pay no more than
30% of its annual income on housing (including utilities). Households paying more than 30% of
their income for housing (either rent or mortgage) are considered cost-burdened and may have
difficulty affording necessities such as food, clothing, transportation and medical care. HUD
also defines various levels of cost-burden. For example, a household that pays 35% or more of
their income for housing is considered “moderately” cost-burdened while a household paying
50% or more of their income on housing is considered “severely” cost-burdened.
The assessment of cost burden as households paying more than 30% of their income for hous-
ing costs is a benchmark that has long been accepted in academic circles. It can be traced back
to a legislative amendment passed in 1969 and developed by Senator Edward Brooke. The
benchmark was originally developed as a response to rent increases and complaints about ser-
vices in public housing. Although there have recently been substantial discussions regarding
the efficacy of using percent of income the sole determinant of housing affordability, this pro-
portion continues to be widely used.
Generally, housing that is income-restricted to households earning at or less than 80% of Area
Median Income (AMI) is considered affordable. Many individual properties, however, have in-
come restrictions set between 30% to 80% of AMI. The rent level is set based on an affordabil-
ity level of up to 40% of AMI, but with a maximum income that may not be exceeded. Housing
programs funded under the Low-Income Housing Tax Credit Program (LIHTC) are properties
that have this type of rent structure. According to the Urban Land Institute, a national land
planning policy and advocacy organization, workforce housing is defined as either rental or
ownership with pricing that is affordable to households earning between 60% and 120% of AMI.
Although some households with incomes at 60% of AMI may qualify for LIHTC properties, most
of these households do not. In addition, public housing income requirements often all house-
holds with incomes at or less than 80% of AMI to reside there. For this reason, we classify
“workforce housing” as 81% to 120% of AMI. Figure 1 below summarizes income ranges by def-
inition.
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Rent and Income Limits
Table HA-1 shows the maximum allowable incomes by household size to qualify for affordable
housing and maximum gross rents that can be charged by bedroom size in Edina (based on fig-
ures applicable for Hennepin County). Income limits by household size are revised and pub-
lished annually by the Department of Housing and Urban Development (HUD) and published
separately by Minnesota Housing (MN Housing) based on the various housing programs they
administer and the date the project was placed into service. Fair market rent is the amount
that a housing unit could reasonably obtain given current market conditions, its location and
other conditions if it were offered for rent. Fair Market Rent is used as a basis for determining
payment standards for the Housing Choice Voucher (HCV) program and the maximum monthly
subsidy for families at financially assisted housing.
Definition
Extemely Low Income 0%-30%
Very Low Income 31%-50%
Low Income 51%-80%
Moderate Income / Workforce Housing 81%-120%
FIGURE 1
AREA MEDIAN INCOME (AMI) DEFINITIONS
Note: Minneapolis-St Paul-Bloomington, MN-WI
MSA 2019 AMI = $100,000
Source: MN Housing
AMI Range
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MAXFIELD RESEARCH AND CONSULTING, LLC 173
Table HA-2 shows the maximum rents by household size and AMI based on income limits illus-
trated in Table HA-1. The rents on Table HA-2 are based on HUD’s allocation that monthly rents
should not exceed 30% of income. In addition, the table reflects the maximum household size
based on HUD guidelines of number of people per unit. For each additional bedroom, the maxi-
mum household size increases by approximately two people. The Fair Market Rents shown on
Table HA-2 are the final 2019 Fair Market Rents for Hennepin County as identified by HUD. Be-
tween 2018 and 2019, Fair Market Rents increased from an average of $1,205 in 2018 to an av-
erage of $1,278 in 2019. The largest increase was for studio units (7.3%) and the smallest was
for two-bedroom units (5.7%). The average overall increase was 6.1%.
1 pph 2 pph 3 pph 4 pph 5 pph 6 pph 7 pph 8 pph
30% of AMI $21,000 $24,000 $27,000 $30,000 $32,400 $34,800 $37,200 $39,600
50% of AMI $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
60% of AMI $42,000 $48,000 $54,000 $60,000 $64,800 $69,600 $74,400 $79,200
80% of AMI $56,000 $64,000 $72,000 $80,000 $86,400 $92,800 $99,200 $105,600
100% of AMI $70,000 $80,000 $90,000 $100,000 $108,000 $116,000 $124,000 $132,000
120% of AMI $84,000 $96,000 $108,000 $120,000 $129,600 $139,200 $148,800 $158,400
EFF 1BR 2BR 3BR 4BR 5BR
30% of AMI $525 $600 $675 $750 $810 $870
50% of AMI $875 $1,000 $1,125 $1,250 $1,350 $1,450
60% of AMI $1,050 $1,200 $1,350 $1,500 $1,620 $1,740
80% of AMI $1,400 $1,600 $1,800 $2,000 $2,160 $2,320
100% of AMI $1,750 $2,000 $2,250 $2,500 $2,700 $2,900
120% of AMI $2,100 $2,400 $2,700 $3,000 $3,240 $3,480
EFF 1BR 2BR 3BR 4BR
Fair Market Rent $763 $915 $1,151 $1,636 $1,923
Sources: MHFA, HUD, Novogradac, Maxfield Research and Consulting LLC.
Fair Market Rent
TABLE HA-1
MHFA/HUD MAX INCOME AND RENT LIMITS
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MSA* - 2019
Income Limits by Household Size
Maximum Gross Rent
*: Includes the following counties in MN; Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Scott, Sherbune,
Ramsey, Washington, and Wright and the following counties in Wisconsin; Pierce and St Croix
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING 174
Unit Type 1 Min Max Min. Max.Min. Max.Min. Max.Min. Max.Min. Max.Min. Max.
Studio 1 1 $525 -$525 $875 -$875 $1,050 -$1,050 $1,400 -$1,400 $1,750 -$1,750 $2,100 -$2,100
1BR 1 2 $525 -$600 $875 -$1,000 $1,050 -$1,200 $1,400 -$1,600 $1,750 -$2,000 $2,100 -$2,400
2BR 2 4 $600 -$750 $1,000 -$1,250 $1,200 -$1,500 $1,600 -$2,000 $2,000 -$2,500 $2,400 -$3,000
3BR 3 6 $675 -$870 $1,125 -$1,450 $1,350 -$1,740 $1,800 -$2,320 $2,250 -$2,900 $2,700 -$3,480
4BR 4 8 $750 -$990 $1,250 -$1,650 $1,500 -$1,980 $2,000 -$2,640 $2,500 -$3,300 $3,000 -$3,960
Sources: HUD, Novogradac, Maxfield Research and Consulting, LLC
*: Includes the following counties in MN; Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Scott, Sherbune, Ramsey, Washington, and Wright and the following counties
in Wisconsin; Pierce and St Croix
TABLE HA-2
1 One-bedroom plus den and two-bedroom plus den units are classified as 1BR and 2BR units, respectively. To be classified as a bedroom, a den must have a window and
closet.
MAXIMUM RENT BASED ON HOUSEHOLD SIZE AND AREA MEDIAN INCOME
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MSA - 2019*
Note: 4-person Minneapolis-St Paul-Bloomington, MN-WI MSA AMI is $100,000 (2019)
HHD Size
Maximum Rent Based on Household Size (@30% of Income)
30%60%80%100%120%50%
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 175
Housing Cost Burden
Table HA-3 shows the number and percent of owner and renter households in Edina and the
selected nearby cities of Eden Prairie, Edina, Hopkins, Richfield and St. Louis Park that pay 30%
or more of their gross income for housing. Also shown are figures for Hennepin County, the
Twin Cities Metro Area and Minnesota. The information is compiled from the American Com-
munity Survey 2018 estimates, the most recent available. This information is different than the
2010 Census which separated households that paid 35% or more in housing costs. As such, the
information presented in the tables may be overstated in terms of households that may be
“cost burdened.” The Federal standard for affordability is 30% of income for housing costs.
Without a separate break-out for households that pay 35% or more, a number of households
may be choosing to pay slightly more than 30% of their gross income to obtain their desired
housing. Moderately cost-burdened is defined as households paying between 35% and 49.9%
of their income for housing; severely cost-burdened is defined as households paying 50% or
more of their income for housing.
Higher-income households that are cost-burdened may have the option of moving to lower
priced housing, but lower-income households often do not. The figures in the table focus on
owner households with incomes of $50,000 or less and renter households with incomes of
$35,000 or less.
Key findings from Table HA-3 follow.
• In Edina, 21.7% of owner households and 42.3% of renter households are considered cost
burdened. Edina has a higher proportion of cost burdened owner households than the PMA
Remainder (17.4%) and the Twin Cities Metro Area (19.8%).
• Edina has a higher proportion of cost burdened renter households (42.3%) than the PMA
(36.7%) but a lower proportion than the Twin Cities Metro Area (43.2%).
• Among owner households earning less than $50,000, 16.7% were cost burdened in Edina.
In comparison, almost 53% (52.7%) of owner households were cost burdened in the Twin
Cities Metro Area and only 12.5% were cost burdened in the PMA Remainder.
• An estimated 30.3% of Edina renter households with incomes less than $35,000 were cost
burdened. The number of renter households earning less than $35,000 that were cost bur-
dened was higher in the Twin Cities Metro Area (74.2%) and the PMA Remainder (78.7%).
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 176
Community No.Pct.No.Pct.No.Pct.
Owner Households
All Owner Households 16,983 48,795 853,235
Cost Burden 30% or greater 3,685 21.7%8,490 17.4%168,941 19.8%
Cost Burden 50% or greater 1,766 10.4%3,269 6.7%60,580 7.1%
Owner Households w/ incomes <$50,000 3,654 8,359 184,126
Cost Burden 30% or greater 610 16.7%1,045 12.5%97,034 52.7%
Cost Burden 50% or greater 373 10.2%585 7.0%49,530 26.9%
Renter Households
All Renter Households 6,517 19,505 396,141
Cost Burden 30% or greater 2,754 42.3%7,158 36.7%171,133 43.2%
Cost Burden 50% or greater 1,291 19.8%3,491 17.9%81,605 20.6%
Renter Households w/ incomes <$35,000 1,922 5,384 172,619
Cost Burden 30% or greater 582 30.3%4,237 78.7%128,083 74.2%
Cost Burden 50% or greater 381 19.8%2,950 54.8%79,232 45.9%
Median Contract Rent1
Sources: American Community Survey 2018 estimates; Maxfield Research and Consulting LLC
EDINA, PMA REMAINDER & TWIN CITIES METRO AREA
2019
EDINA PMA REMAINDER TWIN CITIES METRO AREA
$1,047
TABLE HA-3
HOUSING COST BURDEN
*Twin Cities Metro includes; Anoka County, Carver County, Dakota County, Hennepin County, Ramsey County, Scott County, &
Washington County.
Note: Calculations exclude households not computed and use 2019 Tenure by Housegold Income totals adjusted with 2017
percentages.
$1,292 $1,161
1 Median Contract Rent 2018 (2014-2018). Data for the PMA Remainder is from 2017 as 2018 data is not available.
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 177
The table below shows a breakdown between the number of owner and renter households by
age of householder that are estimated to be paying 30% or more of their income for housing
costs. As shown, the highest proportion of cost burdened households are those age 65+ for
owner households and those that are under age 25 for renter households. We note that many
senior households over age 75 that are renting their housing may be spending down assets for
assisted living services and to avoid nursing home placement. Also, if a senior household has no
mortgage, but a home valued at a high level, they may be paying real estate property taxes that
place a strain on their current income level.
HOUSING AFFORDABILITY
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Housing Programs
Come Home 2 Edina
The Come Home 2 Edina loan program is a loan of up to $60,000 that can be taken out to help
with the cost of a home purchase. Stipulations for the loan include; a loan that is at most 25%
of the purchase price, the loan recipient needs to spend a minimum of 25% of their income to-
wards the purchase, a maximum allowable purchase price of $425,000, and the down payment
needs to be at least $1,000. All of Edina, excluding the southwestern portion of the City, is eligi-
ble for the program. Neighborhoods excluded from the program include Indian Hills, Indian
Trails, Braemar Hills, Creek Valley, the western portion of The Heights, the western portion of
Prospect Knolls and the western portion of Dewey Hill.
Percent of % of All
Number Age Grp.Renter HHs
Under 25 88 44%1%
25 to 34 302 19%5%
35 to 64 823 31%13%
65+1,319 62%20%
Total 2,532 --39%
Percent of % of All
Number Age Grp.Owner HHs
Under 25 8 100%>1%
25 to 34 190 19%1%
35 to 64 1,838 18%11%
65+1,997 34%12%
Total 4,033 --24%
Source: US Census Bureau
Owner/Renter Households By Age
Cost Burdened (<30% of Income)
2019
Renter Households
Owner Households
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 179
Come Home 2 Edina Mortgage Program Eligible Areas Map
Source: City of Edina
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 180
Housing Choice Vouchers
In addition to properties that provide rental assistance to tenants on-site through a project-
based subsidy, “tenant-based” subsidies such as Housing Choice Vouchers, can help lower in-
come households afford market-rate rental housing. The tenant-based subsidy is funded by the
Department of Housing and Urban Development (HUD) and in Edina is managed by Metro HRA.
Under the Housing Choice Voucher program (in the past, also referred to as Section 8) qualified
households are issued a voucher that the household can take to an apartment that has rent lev-
els within the payment standards set by the Department of Housing and Urban Development in
concert with the local administrative agency. The household then pays approximately 30% of
their adjusted gross income for rent and utilities, and the Federal government pays the remain-
der of the rent to the landlord. The maximum income limit to be eligible for a Housing Choice
Voucher is 50% AMI based on household size, as shown in Table HA-1.
Housing Costs as Percentage of Household Income
Housing costs are generally considered affordable at 30% of a household’s adjusted gross in-
come. Table HA-4 on the following page illustrates key housing metrics based on housing costs
and household incomes in Hennepin County for various submarkets. The table estimates the
percent of submarket households that can afford rental and for-sale housing based on a 30%
allocation of income to housing. Housing costs are based on the average for each submarket.
Availability of data may not be always consistent between secondary published resources, but
this is factored into the calculations.
The housing affordability calculations assume the following:
For-Sale Housing
10% down payment with good credit score
Closing costs rolled into mortgage
30-year mortgage at 4.25% interest rate
Private mortgage insurance (equity of less than 20%)
Homeowners insurance for single-family homes and association dues for townhomes
Owner household income per 2017 ACS
Rental Housing
Background check on tenant to ensure credit history
Background screening for criminal backgrounds and unlawful detainers
30% allocation of income
Renter household income per 2017 ACS
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 181
Because of the down payment requirements and generally strict underwriting criteria for a
mortgage, not all households will meet the income qualifications outlined above. The for-sale
affordability analysis excludes equity that a homeowner may bring with them when purchasing
a new residence.
• The estimated 2019 median income for all households in Edina was $107,757. Median in-
comes, however, vary by tenure (owner and renter). According to 2019 estimates, the me-
dian income of Edina homeowners was $129,679 compared to $59,886 for renters.
• According to the estimated 2019 income distribution for Edina, 57.2% of all households and
60.4% of owner households could afford to purchase an entry-level home in Edina
($400,000). The percentage of households able to afford a home valued at $800,000 is
30.2% of all households and 32.9% of owner households. The percentage of those able to
afford executive homes of $1,200,000 is 13.2% of all households and 12.3% of owner house-
holds.
• An estimated 57.4% of existing renter households can afford to rent a market rate one-bed-
room unit in Edina ($1,186/month). The percentage of renter income-qualified households
decreases to 49.4% that can afford an existing two-bedroom unit ($1,473/month) and
31.4% that can afford an existing three-bedroom unit ($2,266/month). After adjusting for
new construction rental housing (properties built in 2019 and 2018), the percentage of
renter households that are income-qualified decreases. An estimated 42.9% of renters
would be able to afford a new market rate one-bedroom unit ($1,745 per month) while
20.5% could afford a new two-bedroom unit ($2,993 per month) and only 8.7% could afford
a new three-bedroom unit ($4,728).
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 182
For-Sale (Assumes 10% down payment and good credit)
Entry-Level Move-Up Executive Entry-Level Move-Up Executive
Price of House $400,000 $800,000 $1,200,000 $400,000 $600,000 $750,000
Pct. Down Payment 10.0%10.0%10.0%10.0%10.0%10.0%
Total Down Payment Amt.$40,000 $80,000 $120,000 $40,000 $60,000 $75,000
Estimated Closing Costs (rolled into mortgage)$12,000 $24,000 $36,000 $12,000 $18,000 $22,500
Cost of Loan $372,000 $744,000 $1,116,000 $372,000 $558,000 $697,500
Interest Rate 4.250%4.250%4.250%4.250%4.250%4.250%
Number of Pmts.449 449 449 449 449 449
Monthly Payment (P & I)-$1,656 -$3,312 -$4,968 -$1,656 -$2,484 -$3,105
(plus) Prop. Tax -$333 -$667 -$1,000 -$333 -$500 -$625
(plus) HO Insurance/Assoc. Fee for TH -$133 -$267 -$400 -$100 -$100 -$100
(plus) PMI/MIP (less than 20%)-$161 -$322 -$484 -$161 -$242 -$302
Subtotal monthly costs -$2,284 -$4,568 -$6,852 -$2,251 -$3,326 -$4,132
Housing Costs as % of Income 30%30%30%30%30%30%
Minimum Income Required $91,359 $182,717 $274,076 $90,025 $133,038 $165,298
Pct. of ALL Edina HHDS who can afford1 57.2%30.2%13.2%57.8%42.9%34.1%
No. of Edina HHDS who can afford1 13,283 7,017 2,965 13,421 9,951 7,912
Pct. of Edina owner HHDs who can afford2 60.4%32.9%12.3%60.9%46.6%37.0%
No. of Edina owner HHDs who can afford2 10,135 5,523 2,071 10,218 7,817 6,214
No. of Edina owner HHDS who cannot afford2 6,643 11,255 14,707 6,560 8,961 10,564
Rental (Market Rate)
1BR 2BR 3BR 1BR 2BR 3BR
Monthly Rent $1,186 $1,473 $2,266 $1,745 $2,993 $4,728
Annual Rent $14,232 $17,676 $27,192 $20,940 $35,916 $56,736
Housing Costs as % of Income 30%30%30%30%30%30%
Minimum Income Required $47,440 $58,920 $90,640 $69,800 $119,720 $189,120
Pct. of ALL Edina HHDS who can afford3 77.9%72.1%57.5%67.0%47.1%28.8%
No. of Edina HHDS who can afford3 17,491 16,748 13,358 15,549 10,934 6,688
Pct. of Edina renter HHDs who can afford4 57.4%49.4%31.4%42.9%20.5%8.7%
No. of Edina renter HHDs who can afford4 3,693 3,180 2,019 2,761 1,322 563
No. of Edina renter HHDS who cannot afford4 2,746 3,259 4,420 3,678 5,117 5,877
1Move Up New Construction Home Prices Closer to $1,500,000
22018 City of Edina Permits via Met Council
3 Based on 2017 household income for ALL households adjusted for 2019.
4 Based on 2017 ACS household income by tenure (i.e. owner and renter incomes) adjusted for 2019.
*Properties Built Prior to 2018
**Properties Built in 2018 and 2019
Source: Maxfield Research & Consulting, LLC
Existing Rental*New Rental**
TABLE HA-4
EDINA HOUSING AFFORDABILITY - BASED ON HOUSEHOLD INCOME
Single-Family Townhome/Twinhome/Condo
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 183
Metropolitan Council Affordable Housing Criteria and Benchmarks
The Metropolitan Council has established criteria and allocations for the Region’s affordable
housing needs and goals. Cities do not need to create enough units to meet their share of the
need, but they must plan for the possibility of these units by guiding sufficient land at higher
residential densities. The Metropolitan Council is also hoping to disperse low income house-
holds across communities in order to prevent further segregation of classes and races. For ex-
ample, in the city of Edina much of the current affordable housing stock is concentrated in the
eastern portion of the city near Southdale Center.
Each community’s share of the need is based on the following:
• Overall forecasted growth;
• Its existing affordable housing stock; and
• The ratio of low-wage jobs to low-wage earning residents.
From 2021 to 2030, the Region’s need for affordable housing is calculated at 37,900 units. Of
that total, Edina’s need is calculated at 1,220 units. This need is divided among the following
income categories: units at or less than 30% of AMI (508), between 31% and 50% of AMI (325)
and between 51% and 80% of AMI (387).
Edina’s existing income-restricted rental stock provides a total of 560 units at or less than 50%
of AMI and another 31 units between 50% and 80% of AMI. Because of the income require-
ments for most deep-subsidy units, it is difficult to separate units at less than 30% and those
between 31% and 50% of AMI.
Within the NOAH category, Edina’s rental stock provides 529 units affordable to households
with incomes between 31% and 50% of AMI, 513 units between 50% and 60% of AMI and 1,647
units between 60% and 80% AMI.
As shown on Table HA-5, Edina’s allocation is double that of St. Louis Park, less than Eden Prai-
rie’s and above that of other larger Hennepin County cities including Minnetonka, Bloomington,
Golden Valley, Plymouth and Maple Grove. We note that St. Louis Park has a longer history of
development of affordable housing than Edina. Therefore, it is logical that St. Louis Park’s allo-
cation would be much lower than Edina’s.
HOUSING AFFORDABILITY
MAXFIELD RESEARCH AND CONSULTING, LLC 184
2020 % of Median Median
City Households <30% AMI 31%-50% AMI 51%-80%AMI Total Households HH Income Net Worth Deep-Subsidy Shallow Subsidy
Edina 23,500 508 325 387 1,220 5.2%$107,749 $687,275 582 0
St. Louis Park 23,600 309 178 106 593 2.5%$77,853 $124,590 401 53
Minnetonka 24,200 508 412 144 1,064 4.4%$97,979 $454,453 232 694
Eden Prairie 27,400 802 386 220 1,408 5.1%$116,107 $554,413 309 97
Bloomington 38,600 445 246 151 842 2.2%$75,813 $216,261 827 222
Golden Valley 9,300 53 34 24 111 1.2%$98,263 $451,005 415 45
Plymouth 31,800 369 219 91 679 2.1%$105,132 $462,483 163 221
Eagan 27,400 232 100 140 472 1.7%$89,097 $261,551 0 262
Maple Grove 26,600 694 310 184 1,188 4.5%$108,696 $452,164 100 329
Sources: Metropolitan Council; Maxfield Research and Consulting LLC
Affordable Allocation Affordable Units
METROPOLITAN COUNCIL AFFORDABLE HOUSING ALLOCATION
2021 TO 2030
TABLE HA-5
HOUSING DEMAND ANALYSIS
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Introduction
Previous sections of this study analyzed the existing housing supply and the growth and demo-
graphic characteristics of the population and household base in Edina. This section of the re-
port presents our estimates of housing demand in Edina from 2020 to 2030 and from 2030 to
2040.
Demographic Profile and Housing Demand
The demographic profile of a community affects housing demand and the types of housing that
are needed. The housing life-cycle stages are:
1. Entry-level householders
• Often prefer to rent basic, inexpensive apartments
• Usually singles or couples in their early 20’s without children
• Will often “double-up” with roommates in apartment setting
2. First-time homebuyers and move-up renters
• Often prefer to purchase modestly priced single-family homes or rent
more upscale apartments
• Usually married or cohabiting couples, in their mid-20's or 30's, some
with children, but most are without children
3. Move-up homebuyers
• Typically prefer to purchase newer, larger, and therefore more expen-
sive single-family homes
• Typically, families with children where householders are in their late
30's to 40's
4. Empty-nesters (persons whose children have grown and left home) and
never-nesters (persons who never have children)
• Prefer owning but will consider renting their housing
• Some will move to alternative lower-maintenance housing products
• Generally, couples in their 50's or 60's
5. Younger independent seniors
• Prefer owning but will consider renting their housing
• Will often move (at least part of the year) to retirement havens in the
Sunbelt and desire to reduce their responsibilities for upkeep and
maintenance
• Generally, in their late 60's or 70's
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 186
6. Older seniors
• May need to move out of their single-family home due to physical
and/or health constraints or a desire to reduce their responsibilities
for upkeep and maintenance
• Generally single females (widows) in their mid-70's or older
Demand for housing can come from several sources including household growth, changes in
housing preferences and replacement need. Household growth necessitates building new
housing unless there is enough desirable vacant housing available to absorb the increase in
households. Demand is also affected by shifting demographic factors such as the aging of the
population, which dictates the type of housing preferred. New housing to meet replacement
need is required, even in the absence of household growth, when existing units no longer meet
the needs of the population and when renovation is not feasible because the structure is physi-
cally or functionally obsolete.
Rural areas tend to have higher proportions of younger households that own their housing than
in the larger growth centers or metropolitan areas such as the Twin Cities Metro Area. In addi-
tion, senior households tend to move to alternative housing at an older age. These conditions
are a result of housing market dynamics, which typically provide more affordable single-family
housing for young households and a scarcity of senior housing alternatives for older house-
holds.
The graphic on the following page provides greater detail of various housing types supported
within each housing life cycle. Information on square footage, average bedrooms/bathrooms,
and lot size is provided on the subsequent graphic.
Housing Demand Overview
The previous sections of this assessment focused on demographic and economic factors driving
demand for housing in Edina. In this section, we utilize findings from the economic and demo-
graphic analyses to calculate demand for new general occupancy housing units in Edina. The
ability to accommodate new construction in Edina will be constrained by the following factors:
availability of land for new residential development, a predisposition toward increased density
because of the scarcity of available land and the cost of land for new development. These fac-
tors cause new construction single-family and owned multifamily (townhomes and condomini-
ums) to be priced at the executive level, pricing at $750,000 and above for new condominiums
and townhomes (primarily detached villas or twinhomes) and $900,000 and above for new sin-
gle-family homes.
Housing markets are driven by a range of supply and demand factors that vary by location and
submarket. The following points outline several of the key variables driving housing demand.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 187
Age Student Rental 1st-time Move-up 2nd Empty Nester/Senior
Cohort Housing Housing Home Buyer Home Buyer Home Buyer Downsizer Housing
18-24 18 - 24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85+
Source: Maxfield Research & Consulting, LLC
DEMOGRAPHICS & HOUSING DEMAND
18-34
65-79
25-39
30-49
40-64
55-74
55+ & 65+
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 188
Demographics
Demographics are major influences that drive housing demand. Household formations are criti-
cal (natural growth, immigration, etc.) as are household types, size, age of householders, in-
comes, etc. Edina is aging, but as empty-nesters and seniors leave their single-family homes,
they are often replaced by younger households, a portion of which will have families. The pro-
portion of households with children however, continues to decrease overall in the Twin Cities
Metro Area, except for the far outlying suburban communities outside of the core seven coun-
ties. In some areas, there has recently been an uptick in the number of children as this housing
turnover occurs.
Housing Types Target Market/Demographic Unit/Home Characteristics Lot Sizes/Units Per Acre1
Entry-level single-family First-time buyers: Families,
couples w/no children, some
singles
1,200 to 2,200 sq. ft.
2-4 BR | 2 BA
65'/+ wide lot
2.5-3.0 DU/Acre
Move-up single-family Step-up buyers: Families,
couples w/no children
1,800 sq. ft. +
3-4 BR | 2-3 BA
65'/+ wide lot
2.5-3.0 DU/Acre
Executive Single family Step-up buyers: Families,
couples w/no children
2,500 sq. ft. +
3-4 BR | 2-3 BA
85'/+ wide lot
2.5-3.0 DU/Acre
Small-lot single-family First-time & move-down buyers:
Families, couples w/no children,
empty nesters, retirees
1,200 to 2,500 sq. ft.
3-4 BR | 2-3 BA
40' to 60' wide lot
5.0-8.0 DU/Acre
Entry-Level townhomes First-time buyers: Singles,
couples w/no children
1,100 to 1,600 sq. ft.
2-3 BR | 1.5BA+
30'-38'/+ wide lot
6.0-12.0 DU/Acre
Move-up townhomes First-time & step-up buyers:
Singles, couples, some families,
empty-nesters
1,200 to 2,000 sq. ft.
2-3 BR | 2 BA+
40'-50'/ wide lot
6.0-8.0 DU/Acre
Executive townhomes/twinhomes Step-up buyers: Empty-nesters,
retirees
1,600+ sq. ft.
3 BR+ | 2 BA+
40'-55'/ wide lot
4.0-6.0 DU/Acre
Detached Townhome Step-up buyers: Empty nesters,
retirees, some families
1,800+ sq. ft.
3 BR+ | 2 BA+
50'-55'/ wide lot
4.0-6.0 DU/Acre
Apartment-style rental housing Singles, couples, single-parents,
some families, seniors
500 to 1,250 sq. ft.
1-3 BR | 1-2 BA
Low-rise: 18.0-24.0 DU/Acre
Mid-rise: 25.0+ DU/Acre
Hi-rise: 75.0+ DU/Acre
Townhome-style rental housing Single-parents, families
w/children, empty nesters
900 to 1,700 sq. ft.
2-4 BR | 1-2 BA
8.0-12.0 DU/Acre
BothSenior housing Retirees, Seniors 400 to 1,500 sq. ft.
Suites - 2BR | 1-2 BA
Varies considerably based on
senior product type
1 Dwelling units(DU) per acre expressed in net acreage (minus right-of-way)
Source: Maxfield Research & Consulting, LLC
TYPICAL HOUSING TYPE CHARACTERISTICS
Condominiums First-time & step-up buyers:
Singles, couples, empty-nesters,
retirees
800 to 2,000 sq. ft.
1-2 BR | 1-2BA
Low-rise: 18.0-24.0 DU/Acre
Mid-rise: 25.0+ DU/Acre
Hi-rise: 75.0+ DU/Acre
Student rental housing College students, mostly
undergraduates
450 to 1,400 sq. ft.
1-4 BR | 1-2 BA
Low-rise: 18.0-24.0 DU/Acre
Mid-rise: 25.0+ DU/Acre
Hi-rise: 50.0+ DU/AcreFor-Sale HousingRental Housing
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 189
Economy & Job Growth
The economy and housing market are intertwined; the health of the housing market affects the
broader economy and vice versa. Housing market growth depends on job growth (or the pro-
spect of); jobs generate income growth which results in the formation of more households and
can stimulate household turnover. Historically low unemployment rates have driven both exist-
ing home purchases and new-home purchases. Lack of job growth leads to slow or diminishing
household growth, which in-turn relates to reduced housing demand. Additionally, low income
growth results in fewer move-up buyers which results in diminished housing turnover across all
income brackets. Edina continues to be a leader in employment and the substantial amount of
employment that exists in Edina and the immediately surrounding communities continues to
support residential demand in the City.
Consumer Choice/Preferences
A variety of factors contribute to consumer choice and preferences. Many times, a change in
family status is the primary factor for a change in housing type (i.e. growing families, empty-
nest families, etc.). However, housing demand is also generated from the turnover of existing
households who decide to move for a range of reasons. Some households may want to move-
up, downsize, change their tenure status (i.e. owner to renter or vice versa), or simply move to
a new location. Recently, there has been a modest increase in the proportion of households
that elect to rent their housing, either younger households or older households. However, in-
creasing demand in the owned housing sector, the high price of new construction and a prefer-
ence for households to live closer into the core, has resulted in a low supply of existing homes
on the market and prices for those homes being bid up or having multiple bid offers. Homes
priced to the market are selling at times that are generally 20 days or less in desirable areas.
Supply (Existing Housing Stock)
The stock of existing housing plays a crucial component in the demand for new housing. There
are a variety of unique household types and styles, not all of which are desirable to today’s con-
sumers. The age of the housing stock is an important component for housing demand, as com-
munities with aging housing stocks have higher demand for remodeling services, replacement
new construction, or new home construction as the current inventory may not provide the sup-
ply that consumers seek. Inner-ring suburbs such as Edina have an older housing that results in
higher demand for remodeling services and infill redevelopment.
Pent-up demand may also exist if supply is unavailable as households may postpone a move un-
til new housing becomes available.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 190
Housing Finance
Household income is the fundamental measure that dictates what a householder can afford to
pay for housing costs. According to the U.S. Department of Housing and Urban Development
(HUD), the definition of affordability is for a household to pay no more than 30% of its annual
income on housing (including utilities). Families who pay more than 30% of their income for
housing (either rent or mortgage) are considered cost burdened and may have difficulty afford-
ing necessities such as food, clothing, transportation and medical care.
After the Great Recession lenders “tightened the belts” on mortgage lending and it was difficult
for many buyers to obtain financing. The ability of buyers to obtain mortgage financing has
lightened as lenders have eased restrictions that had been in place since the recession. Alt-
hough mortgage interest rates have recently increased, rates are still very low compared to pre-
vious decades. Credit requirements for buyers remain stricter than prior to the Recession.
Mobility
Demand is generally fluid between communities in the Twin Cities Metro Area and is impacted
by development activity in neighboring communities in addition to throughout the core seven
county metro area in general.
Estimated Demand for For-Sale Housing
Table HD-1 presents our demand calculations for general occupancy for-sale housing in Edina
between 2020 to 2025 while tables HD-2 and HD-3 present demand calculations between 2025
and 2030 and 2030 and 2040, respectively.
The 65 and older cohort is typically not a target market for new single-family homes as many of
these households will remain in their single-family homes or may relocate to owned multifamily
or a senior housing option. F or the purpose of this analysis, we include all households under
age 65 and 50% of households over age 65. Using household income by age of householder
data, Edina is expected to add 94 new households from 2020 to 2025, 126 households from
2025 to 2030 and 992 households from 2030 to 2040. We estimate that 68% would choose to
own their housing (a decrease based on trends), which produces demand for 888 new general
occupancy for-sale housing units from 2020 to 2025.
Additional demand is also forecast from existing Edina households through turnover. There are
an estimated 16,928 owner-occupied households are in Edina in 2020. Based on mobility data
from the Census Bureau, an estimated 5% of owner households will turn over in a ten-year
period, resulting in 846 existing households projected to turn over. Finally, we estimate 15% of
the existing owner households would seek new for-sale housing, resulting in demand for 127
for-sale units to 2025.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 191
Next, we estimate that 30% of the total demand for new for-sale units in Edina will come from
people currently living outside of the City. A portion of this market will be former residents of
the area, such as “snow-birds” heading south for the winters. Adding demand from outside
Edina to the existing demand potential, results in a total estimated demand for 269 for-sale
housing units to 2025.
Based on land availability, building trends, and demographic shifts (increasing older adult popu-
lation), we estimate that 30% of the for-sale owners will prefer traditional single-family product
types while the remaining 30% will prefer a maintenance-free multi-family product (i.e. twin
homes, townhomes, or condominiums).
The identified platted lots that are under construction or approved are subtracted from the
total. After subtracting the current lot supply (seven SF lots in Blake Woods and 0 MF units),
demand remains for 47 single-family lots and 215 multifamily lots/units to 2025. Demand is
projected to 62 single-family lots and 146 multifamily lots/units by 2030 and increase to 92
single-family lots and 831 multifamily lots/units by 2040.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 192
Projected HH growth in Edina 2020 to 2025¹
(times) % propensity to own2 x
(equals) Projected demand from new HH growth =
Number of owner households in Edina (2020)3
(times) Estimated percent of owner turnover 4 x
(equals) Total existing households projected to turnover =
(times) Estimated percent desiring new housing x
(equals) Demand from existing households
(equals) Total demand from HH growth and existing HHs 2020 to 2025 =
(times) Demand from outside Edina (30%)
(equals) Total demand potential for ownership housing, 2020 to 2025
(times) Percent desiring for-sale single-family vs. multifamily5 x 20%80%
(equals) Total demand potential for new single-family & multifamily for-sale housing =54 215
(minus) Units under construction or approved platted lots (undeveloped and developed lots)6 -7 0
(equals) Excess demand for new general occupancy for-sale housing =47 215
2 Pct. of owner households (2018 ACS, and Maxfield Research and Consulting LLC)
3 Estimate based on ESRI, US Census Bureau and Maxfield Research and Consulting LLC
4 Based on average annual turnover from 2018 American Community Survey for households moving over a 5-year period.
5 Based on preference for housing type and land availability
* Multi-family demand includes demand for townhomes, twinhomes, detached townhomes and condominium units.
Sources: City of Edina; U.S. Census Bureau; Maxfield Research and Consulting LLC
1 Estimated household growth based on projections for under 65 and 50% of age 65+ households
15%
127
188
30%
269
Single
Family
Multi-
Family*
6 Approved platted lot data does not account for the scattered lot supply which includes individual lots and lots in older non-
marketing subdivisions.
846
TABLE HD 1
FOR-SALE HOUSING DEMAND
EDINA
2020 to 2025
Demand from Projected Household Growth
94
65%
61
Demand from Existing Owner Households
16,928
5%
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 193
Projected HH growth in Edina 2025 to 2030¹
(times) % propensity to own2 x
(equals) Projected demand from new HH growth =
Number of owner households in Edina (2025)3
(times) Estimated percent of owner turnover4 x
(equals) Total existing households projected to turnover =
(times) Estimated percent desiring new housing x
(equals) Demand from existing households
(equals) Total demand from HH growth and existing HHs 2025 to 2030 =
(times) Demand from outside Edina (30%)
(equals) Total demand potential for ownership housing, 2025 to 2030
(times) Percent desiring for-sale single-family vs. multifamily5 x 20%80%
(equals) Total demand potential for new single-family & multifamily for-sale housing =62 246
(minus) Units under construction or approved platted lots (undeveloped and developed lots)6 -0 0
(equals) Excess demand for new general occupancy for-sale housing =62 246
2 Pct. of owner households (2018 ACS, and Maxfield Research and Consulting LLC)
3 Estimate based on ESRI, US Census Bureau and Maxfield Research and Consulting LLC
4 Based on average annual turnover from 2018 American Community Survey for households moving over a 5-year period.
5 Based on preference for housing type and land availability
* Multi-family demand includes demand for townhomes, twinhomes, detached townhomes, and condominium units.
1 Estimated household growth based on projections for under 65+ and 50% of 65+ households
216
30%
308
Single
Family
Multi-
Family*
6 Approved platted lot data does not account for the scattered lot supply which includes individual lots and lots in older non-
marketing subdivisions.
Source: Maxfield Research and Consulting LLC
TABLE HD 2
FOR-SALE HOUSING DEMAND
EDINA
2025 to 2030
Demand from Projected Household Growth
126
65%
82
Demand from Existing Owner Households
17,829
5%
891
15%
134
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 194
Projected HH growth in Edina 2030 to 2040¹
(times) % propensity to own2 x
(equals) Projected demand from new HH growth =
Number of owner households in Edina (2030)3
(times) Estimated percent of owner turnover4 x
(equals) Total existing households projected to turnover =
(times) Estimated percent desiring new housing x
(equals) Demand from existing households
(equals) Total demand from HH growth and existing HHs 2030 to 2040 =
(times) Demand from outside Edina (20%)
(equals) Total demand potential for ownership housing, 2030 to 2040
(times) Percent desiring for-sale single-family vs. multifamily5 x 10%90%
(equals) Total demand potential for new single-family & multifamily for-sale housing =92 831
(minus) Units under construction or approved platted lots (undeveloped and developed lots)6 -0 0
(equals) Excess demand for new general occupancy for-sale housing =92 831
2 Pct. of owner households (2018 ACS, and Maxfield Research and Consulting LLC)
3 Estimate based on ESRI, US Census Bureau and Maxfield Research and Consulting LLC
4 Based on average annual turnover from 2018 American Community Survey for households moving over a 5-year period.
5 Based on preference for housing type and land availability
* Multi-family demand includes demand for townhomes, twinhomes, detached townhomes, and condominium units.
1 Estimated household growth under age 65 and 50% of age 65+
6 Approved platted lot data does not account for the scattered lot supply which includes individual lots and lots in older non-
marketing subdivisions.
Source: Maxfield Research and Consulting LLC
10%
94
739
20%
923
Single
Family
Multi-
Family*
938
TABLE HD 3
FOR-SALE HOUSING DEMAND
EDINA
2030 to 2040
Demand from Projected Household Growth
992
65%
645
Demand from Existing Owner Households
18,768
5%
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 195
Estimated Demand for General-Occupancy Rental Housing
Table HD-4 presents our calculation of general-occupancy rental housing demand in Edina be-
tween 2020 and 2025 while Tables HD-5 and HD-6 present demand calculations between 2025
and 2030 and 2030 and 2040, respectively. The analysis identifies potential demand for rental
housing that is generated from new households and turnover households. A portion of the de-
mand will be drawn from existing households in Edina that want to upgrade their housing situa-
tions.
Although the 65 and older cohort is not typically a primary target market for new general occu-
pancy rental housing, the rising cost of owned housing and senior options has encouraged more
seniors to move into the general occupancy market before considering age-restricted options.
As such, we include all age groups in the demand calculation. At a propensity to rent of 30% of
the total, demand from household growth equals 375 units between 2020 and 2025.
Demand will also occur from existing renter households through turnover. As of 2020, there
are an estimated 6,517 renter households in Edina. Based on mobility data from the Census
Bureau, an estimated 80% of renter households will turn over in a ten-year period, resulting in
5,214 existing households projected to turn over. Finally, we estimate 20% of the existing
renter households will seek new rental housing, resulting in demand for 1,043 rental units to
2025.
Next, we estimate that 30% of the total demand for new rental units in Edina will come from
people currently living outside of the Market Area. Adding demand from outside Edina to the
existing demand potential, results in a total estimated demand for 1,418 rental housing units to
2025.
Based on a review of rental household incomes and sizes and monthly rents at existing projects,
we estimate that approximately 15% of the total demand will be for subsidized housing (50% or
less AMI), 30% will be for affordable housing (51% to 80% AMI) and 55% will be for market rate
housing (80% AMI or above and non-income restricted).
Next, we subtract housing developments under construction or pending, since these projects
will satisfy some of the calculated demand for general occupancy rental housing. There are five
pending developments that will offer affordable rental units. They include: the Lorient (3 units),
Millennium at Southdale Phase One & Two (18 units), 4100 76th Street West (70 units), 7001
France Avenue (90 units) and Amundson Flats (62 units). There are four pending market rate
developments, which include Millennium at Southdale (357 units), Promenade Residences (186
units), The Lorient (43 units), and 7001 France Avenue (135 units).
Additional rental units being developed in nearby cities such as Minnetonka, Bloomington, Rich-
field and St. Louis Park may capture a portion of the demand allocated to Edina. Overall, addi-
tional rental units coming on-line in the market within Edina’s Primary Market Area is likely to
create additional temporary softness in the market, raising vacancy rates in the short-term.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 196
After subtracting units under construction or pending results in demand for 284 subsidized
units, 397 affordable units and 430 market rate units between 2020 and 2025. Demand is
projected to increase to 258 subsidized units, 517 affordable units and 947 market rate units
between 2025 and 2030 and to 327 subsidized units, 655 affordable units and 1,200 market
rate units between 2030 and 2040.
Projected HH growth in Edina 2020 to 2025¹
(times) Estimated % to be renting their housing2 x
(equals) Projected demand from new HH growth =
Number of renter HHs in Edina (2020)3
(times) Estimated percent of renter turnover 4 x
(equals) Total existing households projected to turnover =
(times) Estimated percent desiring new rental housing x
(equals) Demand from existing households
(equals) Total demand from HH growth and existing HHs 2020 to 2025 =
(times) Demand from outside Edina
(equals) Total demand potential for rental housing, 2020 to 2025
Deep Shallow Market
Subsidy Subsidy Rate
(times) Percent of rental demand by product type5 x 15%30%55%
(equals) Total demand potential for general-occupancy rental housing units =304 608 1,114
(minus) Units under construction or pending6 -20 211 684
(equals) Excess demand for new general occupancy rental housing =284 397 430
Source: Maxfield Research and Consulting LLC
20%
1,043
1,418
30%
2,025
3 Estimate based on 2018 ACS renter households adjusted for current estimates
2 Pct. of renter households under age 65 adjusted to 2020.
4 Based on on turnover from 2018 American Community Survey for renter households moving over 5-year period.
5 Based on the combination of current rental product and household incomes of area renters (non-senior households)
6 Pending/proposed/under construction at 95% occupancy.
1 Estimated household growth based on projections. Some totals do not add exactly due to rounding.
5,214
TABLE HD-4
RENTAL HOUSING DEMAND
EDINA
2020 to 2025
Demand from Projected Household Growth
1,250
30%
375
Demand from Existing Renter Households
6,517
80%
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 197
Projected HH growth in Edina 2025 to 2030
(times) Estimated % to be renting their housing2 x
(equals) Projected demand from new HH growth =
Number of renter HHs in Edina (2025)3
(times) Estimated percent of renter turnover4 x
(equals) Total existing households projected to turnover =
(times) Estimated percent desiring new rental housing x
(equals) Demand from existing households
(equals) Total demand from HH growth and existing HHs 2025 to 2030 =
(times) Demand from outside Edina
(equals) Total demand potential for rental housing, 2025 to 2030
Deep Shallow Market
Subsidy Subsidy Rate
(times) Percent of rental demand by product type5 x 15%30%55%
(equals) Total demand potential for general-occupancy rental housing units =258 517 947
(minus) Units under construction or pending6 -0 0 0
(equals) Excess demand for new general occupancy rental housing =258 517 947
5,537
15%
831
2 Pct. of renter households adjusted for 2025;
TABLE HD-5
RENTAL HOUSING DEMAND
EDINA
2025 to 2030
Demand from Projected Household Growth
6 Pending/proposed/under construction at 95% occupancy.
Source: Maxfield Research and Consulting LLC
1,250
30%
375
Demand from Existing Renter Households
1 Estimated household growth based on projections as adjusted by Maxfield Research and Consulting LLC
1,206
30%
1,722
6,921
3 Estimate based on 2018 ACS renter households adjusted for current estimates
4 Based on on turnover from 2018 American Community Survey for renter households moving over 5-year period.
5 Based on the combination of current rental product and household incomes of area renters (non-senior households)
80%
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 198
Projected HH growth in Edina 2030 to 2040
(times) Estimated % to be renting their housing2 x
(equals) Projected demand from new HH growth =
Number of renter HHs in Edina (2030)3
(times) Estimated percent of renter turnover4 x
(equals) Total existing households projected to turnover =
(times) Estimated percent desiring new rental housing x
(equals) Demand from existing households
(equals) Total demand from HH growth and existing HHs 2030 to 2040 =
(times) Demand from outside Edina
(equals) Total demand potential for rental housing, 2030 to 2040
Deep Shallow Market
Subsidy Subsidy Rate
(times) Percent of rental demand by product type5 x 15%30%55%
(equals) Total demand potential for general-occupancy rental housing units =327 655 1,200
(minus) Units under construction or pending6 -0 0 0
(equals) Excess demand for new general occupancy rental housing =327 655 1,200
Source: Maxfield Research and Consulting LLC
1 Estimated household growth based on projections as adjusted by Maxfield Research and Consulting LLC
2 Pct. of renter households adjusted for forecasts
3 Estimate based on 2018 ACS renter households adjusted for current estimates
4 Based on on turnover from 2018 American Community Survey for renter households moving over 5-year period.
5 Based on the combination of current rental product and household incomes of area renters (non-senior households)
6 Pending/proposed/under construction at 95% occupancy.
35%
420
Demand from Existing Renter Households
7,606
80%
6,085
20%
1,217
1,637
25%
2,183
1,200
TABLE HD-6
RENTAL HOUSING DEMAND
EDINA
2030 to 2040
Demand from Projected Household Growth
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 199
Demand for Active Adult (55+) Housing
Table HD-7 presents our demand calculations for market rate active adult/few services housing
in Edina for 2020 and 2025 while Tables HD-8 and HD-9 present demand calculations for 2025
and 2030 and 2030 and 2040, respectively.
In order to determine demand for active adult housing, the potential market is reduced to
those households that are both age and income qualified. The age-qualified market is defined
as older adults age 55 and older, although most of these properties will primarily attract house-
holds age 65 and older.
We calculate that the minimum income needed to afford monthly rents is $50,000 or more plus
homeowner households with incomes between $40,000 and $50,000 who would be able to
supplement their incomes with the proceeds from a home sale. We estimate the number of
age/income-qualified senior households in Edina in 2020 to be 10,832 households.
Adjusting to include appropriate long-term capture rates for each age cohort (1.0% of house-
holds age 55 to 64, 6.5% of households age 65 to 74, and 13.5% of households age 75 and over)
results in a market rate demand potential for 717 active adult (55+) units in 2020.
The demand is apportioned between ownership and rental housing. Based on the age distribu-
tion, homeownership rates and current product available in Edina, we estimate that 60% of
Edina’s demand will be for adult ownership housing (430 units) and 40% will be for rental hous-
ing (287 units).
Some additional demand will come from outside Edina. We estimate that 30% of the demand
will be generated by seniors currently residing outside Edina. This demand will consist primarily
of parents of adult children living in Edina, individuals who live just outside Edina and have an
orientation to the area, as well as former residents who desire to return. Together, the de-
mand from Edina seniors and demand from seniors who would relocate to Edina results in a de-
mand for 614 ownership and 409 market rate active adult units in 2020.
Next, we subtract existing competitive market rate units (minus a vacancy factor of 5% to allow
for sufficient consumer choice and turnover) from the owner and rental demand. Subtracting
the existing competitive market rate units results in total demand potential for 126 adult
owner-occupied units and 252 active adult rental units.
Adjusting for inflation, we have estimated that households with incomes of $55,000 or more
and homeowners with incomes of $45,000 to $54,999 would income qualify for market rate in-
dependent senior housing in 2030. These figures increase to households with incomes of
$60,000 or more and homeowners with incomes of $50,000 to $60,000 in 2040. Considering
the growth in the older adult base and the income distribution of the older adult population in
2025, the methodology estimates demand for 219 adult owner-occupied units and 314 active
adult rental units in Edina . The demand is cumulative, meaning any additional units developed
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 200
over the period would reduce the demand in 2025. Demand in 2030 is identified at 220 active
adult owned units and 315 active adult rental units and increases to 228 owned and 320 rental
units by 2040.
55-64 65-74 75+55-64 65-74 75+
# of Households w/ Incomes of $50,000 or More 4,007 3,072 2,711 3,817 3,722 3,562
(plus) # of Households w/ Incomes of $40,000 to $49,9991 +150 252 524 103 239 552
(times ) Homeownership Rate x 82%82%67%82%82%67%
(equals) Potential Market =123 207 351 =84 196 370
(equals)Total Potential Market Base =4,130 3,279 3,423 =3,901 3,918 3,932
(times) Potential Capture Rate x 1.0%6.5%13.5%x 1.0%6.5%13.5%
(equals) Demand Potential =41 213 462 =39 255 531
Total Market Rate Demand Potential =717 =824
Ownership Rental Ownership Rental
(times) % for ownership/rental formats x 60%x 40%x 60%x 40%
(equals) Demand potential =430 287 =495 =330
(plus) Demand from Outside Market Area (30%)+184 +123 +212 +141
(equals) Total Demand Potential =614 =409 =707 =471
(minus) Existing Competitive and Pending Units2 -488 -157 -488 -157
(equals) Excess Demand for Market Rate Active Adult Units =126 =252 =219 =314
1 2025 income-qualified figures ($50K or more + homeowners w/ inc. of $40K - $50K)
Source: Maxfield Research and Consulting Inc.
Age of Householder Age of Householder
2 Competitive existing and pending units include adult rental/ownership at 95% occupancy (market equilibrium).
TABLE HD-7
MARKET RATE ACTIVE ADULT/FEW SERVICES HOUSING DEMAND
EDINA
2020 and 2025
2020 2025
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 201
55-64 65-74 75+55-64 65-74 75+
# of Households w/ Incomes of $50,000 or More 3,817 3,722 3,562 3,634 3,718 3,608
(plus) # of Households w/ Incomes of $40,000 to $49,9991 +103 239 552 112 241 536
(times ) Homeownership Rate x 82%82%67%80%80%65%
(equals) Potential Market =84 196 370 =90 193 348
(equals)Total Potential Market Base =3,901 3,918 3,932 =3,724 3,911 3,956
(times) Potential Capture Rate x 1.0%6.5%13.5%x 1.0%6.5%13.5%
(equals) Demand Potential =39 255 531 =37 254 534
Total Market Rate Demand Potential =824 =826
Ownership Rental Ownership Rental
(times) % for ownership/rental formats x 60%x 40%x 60%x 40%
(equals) Demand potential =495 330 =495 =330
(plus) Demand from Outside Market Area (30%)+212 +141 +212 +142
(equals) Total Demand Potential =707 =471 =708 =472
(minus) Existing Competitive and Pending Units2 -488 -157 -488 -157
(equals) Long-term Demand =219 =314 =220 =315
1 2030 income-qualified figures adjusted for inflation ($55K or more + homeowners w/ inc. of $45K - $55K)
Source: Maxfield Research and Consulting Inc.
Age of Householder Age of Householder
2 Competitive existing and pending units include adult rental/ownership at 95% occupancy (market equilibrium).
TABLE HD-8
MARKET RATE ACTIVE ADULT/FEW SERVICES HOUSING DEMAND
EDINA
2025 & 2030
2025 2030
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 202
Demand for Subsidized/Affordable Active Adult Housing
Table HD-10 presents our demand calculations for subsidized/affordable active adult (55+ or
62+) housing in Edina in 2020 and 2025 while Tables HD-11 and HD-12 present demand calcula-
tions for 2025 and 2030 and 2030 and 2040, respectively.
In order to arrive at the potential age and income qualified base for low income and affordable
housing, we include all older adult (55+) households with incomes less than $48,000. We ex-
clude 55+ homeowner households with incomes between $21,000 and $47,999, as these
households are most likely to have additional equity that could be converted to monthly in-
come following the sales of their single-family homes.
Households in need-based situations (either requiring services or financial assistance) more
readily move to housing alternatives than those in non-need-based situations. Therefore, the
capture rate among each age group is higher than for market rate housing. Capture rates are
55-64 65-74 75+55-64 65-74 75+
# of Households w/ Incomes of $55,000 or More 3,634 3,718 3,608 3,444 3,391 3,603
(plus) # of Households w/ Incomes of $45,000 to $54,9991 +112 241 536 116 224 511
(times ) Homeownership Rate x 80%80%65%78%78%62%
(equals) Potential Market =90 193 348 =90 175 317
(equals)Total Potential Market Base =3,724 3,911 3,956 =3,534 3,566 3,920
(times) Potential Capture Rate x 1.0%6.5%13.5%x 1.0%6.5%14.5%
(equals) Demand Potential =37 254 534 =35 232 568
Total Market Rate Demand Potential =826 =835
Ownership Rental Ownership Rental
(times) % for ownership/rental format x 60%x 40%x 60%x 40%
(equals) Demand potential =495 330 =501 =334
(plus) Demand from Outside Market Area (30%)+212 +142 +215 +143
(equals) Total Demand Potential =708 =472 =716 =477
(minus) Existing Competitive and Pending Units2 -488 -157 -488 -157
(equals) Long-term Demand =220 =315 =228 =320
1 2040 income-qualified figures adjusted for inflation ($60K or more + homeowners w/ inc. of $50K - $60K)
Source: Maxfield Research and Consulting Inc.
Age of Householder Age of Householder
2 Competitive existing and pending units include adult rental/ownership at 95% occupancy (market equilibrium).
TABLE HD-9
MARKET RATE ACTIVE ADULT/FEW SERVICES HOUSING DEMAND
EDINA
2030 & 2040
20402030
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 203
employed at 5.0% for households age 55 to 64, 15.0% for households age 65 to 74 and 20.0%
for households age 75 and older.
Seniors in need-based situations are less selective when securing housing than those in non-
need-based situations. Typically, demand is high for these developments because households
seeking assisted housing are more likely to search in a broader geographic area.
Using the methodology described above results in a demand potential for 978 subsidized or af-
fordable senior units. After adjusting for household incomes, demand results for 304 subsi-
dized units and 294 affordable units.
Next we subtract existing competitive units from the overall demand. There are 381 existing
subsidized independent units in the Market Area - minus a vacancy factor of 3% to allow for suf-
ficient consumer choice and turnover). After subtracting these units, demand remains for 304
subsidized and 294 affordable age-restricted units in 2020.
Adjusting for inflation, we estimate that households with incomes up to $51,700 would be can-
didates for financially-assisted independent housing in 2025. We reduce the potential market
by homeowner households earning between $24,700 and $51,699 that would exceed income-
restrictions once equity from their home sales is converted to monthly income. In 2030, house-
holds with incomes up to $55,700 would be candidates for financially-assisted independent
housing. The potential market is reduced by homeowners earning between $28,700 and
$55,699. By 2040 income qualified households are those earning less than $64,650. The market
is reduced by homeowners earning between $38,000 and $64,649.
Following the same methodology, we project demand in Edina for 165 subsidized units and 234
affordable units in 2025. This increases to 289 subsidized units and 287 affordable units in 2030
and 396 subsidized units and 518 affordable units in 2040.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 204
55-64 65-74 75+55-64 65-74 75+
# of Households w/ Incomes $48,000 or Less1 672 1,036 2,416 469 981 2,468
(minus) Owner HHs w/Incomes of $21,000 to $47,999 -222 346 882 -273 627 1,378
(times ) Homeownership Rate x 82%82%67%x 82%82%67%
(equals) Total Potential Market Base =490 752 1,825 =245 467 1,545
(times) Potential Capture Rate x 5.0%15.0%30.0%x 5.0%15.0%30.0%
(equals) Demand Potential =24 113 548 =12 70 463
(equals) Potential Demand from Residents =685 546
+294 +234
=978 =780
Deep-Shallow Deep-Shallow
Subsidy Subsidy Subsidy Subsidy
(times) % by Product Type x 70%x 30%x 70%x 30%
(equals) Demand Potential by Product Type =685 =294 =546 =234
(minus) Existing and Pending Active Adult Units2 -381 -0 -381 -0
(equals) Excess Demand for Aff/Sub Units =304 =294 =165 =234
Source: Maxfield Research and Consulting LLC
Note: Individuals 18 and over with a qualified disability are eligible to reside in most units under the HUD Section 8 program.
² Existing units are deducted at market equilibrium, or 97% occupancy.
Age of Householder Age of Householder
(plus) Demand from outside Edina (30%)
(equals) Total Demand Potential
¹ 2025 calculations define income-qualified households as all households with incomes less than $51,700. Homeowner households with
incomes between $24,700 and $51,699 are excluded from the market potential for financially-assisted housing.
TABLE HD-10
DEEP-SUBSIDY/SHALLOW SUBSIDY ACTIVE ADULT HOUSING DEMAND
EDINA
2020 and 2025
20252020
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 205
55-64 65-74 75+55-64 65-74 75+
# of Households w/ Incomes $51,700 or Less1 469 981 2,468 512 1,107 2,857
(minus) Owner HHs w/Incomes of $24,700 to $51,699 -273 627 1,378 286 650 1,485
(times ) Homeownership Rate x 82%82%67%x 80%80%65%
(equals) Total Potential Market Base =245 467 1,545 =283 587 1,892
(times) Potential Capture Rate x 5.0%15.0%30.0%x 5.0%15.0%30.0%
(equals) Demand Potential =12 70 463 =14 88 568
(equals) Potential Demand from Residents =546 670
+234 +287
=780 =957
Deep-Shallow Deep-Shallow
Subsidy Subsidy Subsidy Subsidy
(times) % by Product Type x 70%x 30%x 70%x 30%
(equals) Demand Potential by Product Type =546 =234 =670 =287
(minus) Existing and Pending Active Adult Units2 -381 -0 -381 -0
(equals) Excess Demand for Aff/Sub Units =165 =234 =289 =287
TABLE HD-11
DEEP-SUBSIDY/SHALLOW SUBSIDY ACTIVE ADULT HOUSING DEMAND
EDINA
2025 and 2030
20302025
Age of Householder Age of Householder
(plus) Demand from outside Edina (30%)
(equals) Total Demand Potential
Source: Maxfield Research and Consulting LLC
¹ 2030 calculations define income-qualified households as all households with incomes less than $55,700. Homeowner households with
incomes between $28,700 and $55,699 are excluded from the market potential for financially-assisted housing.
² Existing units are deducted at market equilibrium, or 97% occupancy. Fairview units were adjusted to include 90% as occupied by seniors.
Note: Individuals 18 and over with a qualified disability are eligible to reside in most units that are under a HUD Section 8 program.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 206
Demand for Independent (Congregate) Housing
Table HD-13 presents our demand calculations for independent living (congregate) housing in
Edina in 2020 and 2025 while Tables HD-14 and HD-15 present demand calculations for 2025
and 2030 and 2030 and 2040, respectively.
The potential age- and income-qualified base for independent living senior housing includes all
senior (65+) households with incomes of $50,000 as well as homeowner households with in-
comes between $40,000 and $49,999 who would qualify with the proceeds from the sales of
their homes. The proportion of income-qualified homeowners is based on the estimated 2019
homeownership rates of Edina seniors, which are then adjusted over time based on long-term
homeownership trends. The number of age, income, and asset-qualified households in Edina is
estimated to be 6,341 households in 2020.
Demand for independent living (congregate) housing is need-driven, which reduces the quali-
fied market to only the portion of seniors who need some assistance. Adjusting to include ap-
propriate capture rates for each age cohort (1.5% of households age 65 to 74 and 14.5% of
households age 75 and older) results in a local demand potential for 493 independent living
units in 2020.
55-64 65-74 75+55-64 65-74 75+
# of Households w/ Incomes $55,700 or Less1 512 1,107 2,857 597 1,237 3,535
(minus) Owner HHs with incomes between $28,700 and $55,699 -286 650 1,485 291 603 1,519
(times ) Homeownership Rate x 80%80%65%x 78%78%63%
(equals) Total Potential Market Base =283 587 1,892 =370 767 2,578
(times) Potential Capture Rate x 5.0%15.0%30.0%x 5.0%15.0%30.0%
(equals) Demand Potential =14 88 568 =19 115 773
(equals) Potential Demand from Residents =670 907
+287 +389
=957 =1,296
Deep-Shallow Deep-Shallow
Subsidy Subsidy Subsidy Subsidy
(times) % by Product Type x 70%x 30%x 60%x 40%
(equals) Demand Potential by Product Type =670 =287 =777 =518
(minus) Existing and Pending Active Adult Units2 -381 -0 -381 -0
(equals) Excess Demand for Aff/Sub Units =289 =287 =396 =518
¹ 2040 calculations define income-qualified households as all households with incomes less than $64,650. Homeowner households with
incomes between $38,000 and $64,649 are excluded from the market potential for financially-assisted housing.
² Existing units are deducted at market equilibrium, or 97% occupancy.
Note: Individuals 18 and over with a qualified disability are eligible to reside in most units that are under a HUD Section 8 program.
Source: Maxfield Research and Consulting LLC
Age of Householder Age of Householder
(plus) Demand from outside Edina (30%)
(equals) Total Demand Potential
TABLE HD-12
DEEP-SUBSIDY/SHALLOW SUBSIDY ACTIVE ADULT HOUSING DEMAND
EDINA
2030 and 2040
2030 2040
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 207
We estimate that seniors currently residing outside of Edina will generate 30% of the demand.
Together, the demand from Edina seniors and demand from seniors who are willing to locate to
Edina totals 705 independent living units in 2020. Next, we subtract existing independent living
units in Edina. Therefore, demand is reduced to 267 units in 2020.
Adjusting for inflation, we estimate that households with incomes of $50,000 or more and sen-
ior homeowners with incomes between $40,000 and $49,999 would qualify for independent
living housing in 2025. This increases to households with incomes of $55,000 or more and sen-
ior homeowners with incomes between $45,000 and $54,999 in 2030 and to households with
incomes of $60,000 or more and senior homeowners with incomes between $50,000 and
$59,999 in 2040. Following the same methodology, demand is increases to 460 units in 2025
553 units in 2030 and 483 units in 2040.
# of Households w/ Incomes of $50,000 or More¹
# of Households w/ Incomes of $40,000 to $49,999¹++
(times) Homeownership Rate x x
(equals) Total Potential Market Base ==
(times) Potential Capture Rate²x x
(equals) Potential Demand =+=+
Potential Demand from Edina Residents ==
(plus) Demand from Outside Edina (30%)++
(equals) Total Demand Potential ==
(minus) Existing and Pending Independent (Congregate) Units³--
(equals) Total Independent (Congregate) Demand Potential ==
Source: Maxfield Research and Consulting LLC
TABLE HD-13
MARKET RATE INDEPENDENT (CONGREGATE) RENTAL HOUSING DEMAND
EDINA
2020 and 2025
2020 2025
Age of Householder Age of Householder
65-74 75+65-74 75+
3,072 2,711 3,722 3,562
252 523 239 551
82%67%82%67%
3,279 3,062 3,918 3,931
1.5%14.5%1.5%14.5%
49 444 59 570
493 629
211 269
705 898
438 438
267 460
¹2025 calculations define income-qualified households as all households with incomes greater than $50,000 and
homeowner households with incomes between $40,000 and $49,999.
2 The potential capture rate is derived from data from the Summary Health Statistics for the U.S. Population: National
Health Interview Survey, 2008 by the U.S. Department of Health and Human Services. The capture rate used is the
percentage of seniors needing assistance with IADLs, but not ADLs (seniors needing assistance with ADLs typcially need
assistance with multiple IADLs and are primary candidates for service-intensive assisted living).
³ Competitive units include independent (congregate) units at 95% occupancy (market equilibrium).
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 208
# of Households w/ Incomes of $50,000 or More¹
# of Households w/ Incomes of $40,000 to $49,999¹++
(times) Homeownership Rate x x
(equals) Total Potential Market Base ==
(times) Potential Capture Rate²x x
(equals) Potential Demand =+=+
Potential Demand from Edina Residents ==
(plus) Demand from Outside Edina (30%)++
(equals) Total Demand Potential ==
(minus) Existing and Pending Independent (Congregate) Units³--
(equals) Total Independent (Congregate) Demand Potential ==
Source: Maxfield Research and Consulting LLC
12030 calculations define income-qualified households as all households with incomes greater than $55,000 and
homeowner households with incomes between $45,000 and $54,999.
2 The potential capture rate is derived from data from the Summary Health Statistics for the U.S. Population: National
Health Interview Survey, 2008 by the U.S. Department of Health and Human Services. The capture rate used is the
percentage of seniors needing assistance with IADLs, but not ADLs (seniors needing assistance with ADLs typcially need
assistance with multiple IADLs and are primary candidates for service-intensive assisted living).
³ Competitive units include Independent (congregate) units at 95% occupancy (market equilibrium).
438 438
460 553
629 694
269 297
898 991
1.5%14.5%1.5%14.5%
59 570 59 635
82%67%82%67%
3,918 3,931 3,925 4,377
3,722 3,562 3,599 3,846
239 551 397 792
Age of Householder Age of Householder
65-74 75+65-74 75+
TABLE HD-14
MARKET RATE INDEPENDENT (CONGREGATE) RENTAL HOUSING DEMAND
EDINA
2025 and 2030
2025 2030
# of Households w/ Incomes of $55,000 or More¹
# of Households w/ Incomes of $45,000 to $54,999¹++
(times) Homeownership Rate x x
(equals) Total Potential Market Base ==
(times) Potential Capture Rate²x x
(equals) Potential Demand =+=+
Potential Demand from Edina Residents ==
(plus) Demand from Outside Edina (30%)++
(equals) Total Demand Potential ==
(minus) Existing and Pending Independent (Congregate) Units³--
(equals) Total Independent (Congregate) Demand Potential ==
Source: Maxfield Research and Consulting LLC
³ Competitive units include Independent (congregate) units at 95% occupancy (market equilibrium).
2 The potential capture rate is derived from data from the Summary Health Statistics for the U.S. Population: National
Health Interview Survey, 2008 by the U.S. Department of Health and Human Services. The capture rate used is the
percentage of seniors needing assistance with IADLs, but not ADLs (seniors needing assistance with ADLs typcially need
assistance with multiple IADLs and are primary candidates for service-intensive assisted living).
694 644
297 276
991 921
438 438
553 483
12040 calculations define income-qualified households as all households with incomes greater than $60,000 and
homeowner households with incomes between $50,000 and $59,999.
1.5%14.5%1.5%14.5%
59 635 56 589
82%67%80%70%
3,925 4,377 3,707 4,061
3,599 3,846 3,390 3,603
397 792 396 653
Age of Householder Age of Householder
65-74 75+65-74 75+
TABLE HD-15
MARKET RATE INDEPENDENT (CONGREGATE) RENTAL HOUSING DEMAND
EDINA
2030 and 2040
2030 2040
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 209
Demand for Assisted Living Housing
Table HD-16 presents our demand calculations for assisted living senior housing in Edina in
2020 and 2025 while tables HD-17 and HD-18 present demand for 2025 and 2030 and 2030 and
2040, respectively. This analysis focuses on the potential private pay/market rate demand for
assisted living units.
The availability of more intensive support services such as meals, housekeeping and personal
care at assisted living facilities usually attracts older, frailer seniors. According to the 2009
Overview of Assisted Living (which is a collaborative research project by the American
Association of Homes and Services for the Aging, the American Seniors Housing Association,
National Center for Assisted Living, and National Investment Center for the Seniors Housing and
Care Industry), the average age of residents in freestanding assisted living facilities was 87 years
in 2008. Hence, the age-qualified market for assisted living is defined as seniors ages 75 and
over, as we estimate that of the half of demand from seniors under age 87, almost all would be
from seniors over age 75. In 2020, there are an estimated 7,088 seniors age 75 and older in
Edina.
Demand for assisted living housing is need-driven, which reduces the qualified market to only
the portion of seniors who need assistance. According to a study completed by the U.S. Census
Bureau (1999 panels of the Survey of Income and Program Participation (SIPP) files), 30% of
seniors needed assistance with everyday activities (from 25.5% of 75-to-79-year-olds, to 33.6%
of 80-to-84-year-olds and 51.6% of 85+ year olds). Applying these percentages to the senior
population yields a potential assisted living market of 2,711 seniors in Edina.
Due to the supportive nature of assisted living housing, most daily essentials are included in
monthly rental fees, which allow seniors to spend a higher proportion of their incomes on
housing with basic services. Therefore, the second step in determining the potential demand
for assisted living housing in Edina is to identify the income-qualified market based on a senior’s
ability to pay the monthly rent. We consider seniors in households with incomes of $40,000 or
greater to be income-qualified for assisted living senior housing in Edina. Households with
incomes of $40,000 could afford monthly assisted living fees of $3,000 by allocating 90% of
their income toward the fees.
According to the 2009 Overview of Assisted Living, the average arrival income of assisted living
residents in 2008 was $27,260, while the average annual assisted living fee was $37,281
($3,107/month). This data highlights that seniors are spending down assets to live in assisted
living and avoid institutional care. Thus, in addition to households with incomes of $40,000 or
greater, there is a substantial base of senior households with lower incomes who income-qual-
ify based on assets – their homes, in particular.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 210
Sixty-seven percent of the age 75+ households in Edina were homeowners in 2019 and the me-
dian resale price of homes through the end of September 2019 in Edina was $465,000. Seniors
selling their homes for the median resale price would generate an estimated $437,100 in pro-
ceeds after selling costs. With an average monthly fee of $3,800, these proceeds would last
nearly ten years in an assisted living facility, which is higher than the average length of stay in
assisted living (27 months according to the 2009 Overview of Assisted Living). For each age
group in Table HD-16, we estimate the income-qualified percentage to be all seniors in house-
holds with incomes above $40,000 (who could afford monthly rents of $3,800+ per month) plus
40% of the estimated seniors in homeowner households with incomes below $40,000 (who will
spend down assets, including home-equity, in order to live in assisted living housing). This re-
sults in a total potential market of 1,979 units in 2020.
Because most assisted living residents are single (88% according to the 2009 Overview of
Assisted Living), our demand methodology multiplies the total potential market by the
percentage of seniors age 75+ in Edina living alone. Based on Census data, an estimated 58% of
age 75+ households in Edina lived alone. Applying this percentage results in a total base of
1,149 age/income-qualified singles. The 2009 Overview of Assisted Living found that 12% of
residents in assisted living were couples. Adding in couples would result in a total of 1,306
age/income-qualified seniors needing assistance in Edina including both couples and singles.
We estimate that roughly 72% of the qualified market needing significant assistance with
Activities of Daily Living (“ADLs”) would either remain in their homes or less service-intensive
senior housing with the assistance of a family member or home health care, or would need
greater care provided in a skilled care facility. The remaining 28% could be served by assisted
living housing. Applying this potential market penetration rate of 28% results in demand for
366 assisted living units in 2020.
We estimate that a portion of demand for assisted living units (30%) will come from outside of
Edina. Applying this figure results in total potential demand for 522 market rate assisted living
units in Edina.
There are 395 assisted living units in Edina. After adjusting for households that would utilize
Elderly Waivers and accounting for the remaining competitive units (minus a 93% occupancy
rate) from the total demand potential, demand is calculated for 127 assisted living units in the
Edina in 2020. Demand increases to 224 assisted living units in 2025 and 298 assisted living
units in 2030.
Additional demand could come from seniors that will need to receive supplemental income in
order to afford assisted living or memory care housing. While some of these seniors will re-
ceive income from the sales of their homes, others will need to rely on other sources of public
aid. The Elderly Waiver program has provided public funding for seniors who wish to receive
“alternative” care that allows them to stay in the community as opposed to receiving similar
care at a nursing home.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 211
Most assisted living developments require residents to have lived in their facility for a certain
amount of time before they can use a waiver, and most limit the number of waivers accepted
within the community to no more than 15% to 20%. Some small facilities may accept higher
amounts of residents on waivers and some new facilities will not accept waivers from first-time
residents.
Percent Percent
Needing Needing
Age group People Assistance¹People Assistance¹
75 - 79 2,255 25.5%3,013 25.5%
80 - 84 1,987 33.6%2,344 33.6%
85+2,846 51.6%3,125 51.6%
Total 7,088 8,482
Percent Income-Qualified2
Total potential market
(times) Percent living alone x
(equals) Age/income-qualified singles needing assistance =
(plus) Proportion of demand from couples (12%)³+
(equals) Total age/income-qualified market needing assistance =
(times) Potential penetration rate4 x
(equals) Potential demand from Edina residents =
(plus) Proportion from outside Edina (30%)+
(equals) Total potential assisted living demand =
(minus) Existing market rate assisted living units5 -
(equals) Total excess market rate assisted living demand =
Source: Maxfield Research and Consulting LLC
TABLE HD-16
MARKET RATE ASSISTED LIVING DEMAND
EDINA
2020 and 2025
2020 2025
1,469 1,612
Number Number
Needing Needing
Assistance1 Assistance1
575 768
668 787
2,711 3,168
73%74%
1,979 2,344
58%58%
1,149 1,361
157 186
1,306 1,547
28%28%
366 433
157 186
522 619
395 395
127 224
2 Includes households with incomes of $40,000 or more (who could afford monthly rents of $3,000+ per month) plus 40%
of estimated owner households with incomes below $40,000 (who will spend down assets, including home-equity, in order
to live in assisted living housing).
3 The 2009 Overview of Assisted Living (a collaborative project of AAHSA, ASHA, ALFA, NCAL & NIC) found that 12% of
assisted living residents are couples.
5 Existing and pending units at 93% occupancy and 15% for Elderly Waivers
1 The percentage of seniors unable to perform or having difficulting with ADLs, based on the publication Health, United
States, 1999 Health and Aging Chartbook, conducted by the Centers for Disease Control and Prevention and the National
Center for Health Statistics.
4 We estimate that 72% of the qualified market needing assistance with ADLs could either remain in their homes or reside
at less advanced senior housing with the assistance of a family member or home health care, or would need greater care
provided in a skilled care facility.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 212
Percent Percent
Needing Needing
Age group People Assistance¹People Assistance¹
75 - 79 3,013 25.5%3,358 25.5%
80 - 84 2,344 33.6%2,779 33.6%
85+3,125 51.6%3,416 51.6%
Total 8,482 9,554
Percent Income-Qualified2
Total potential market
(times) Percent living alone x
(equals) Age/income-qualified singles needing assistance =
(plus) Proportion of demand from couples (12%)³+
(equals) Total age/income-qualified market needing assistance =
(times) Potential penetration rate4 x
(equals) Potential demand from Edina residents =
(plus) Proportion from outside Edina (35%)+
(equals) Total potential assisted living demand =
(minus) Existing market rate assisted living units5 -
(equals) Total excess market rate assisted living demand =
Source: Maxfield Research and Consulting LLC
TABLE HD-17
MARKET RATE ASSISTED LIVING DEMAND
EDINA
2025 and 2030
2025 2030
1,612 1,763
Number Number
Needing Needing
Assistance1 Assistance1
768 856
787 934
3,168 3,553
74%74%
2,344 2,629
58%58%
1,360 1,525
185 208
1,545 1,733
28%28%
433 485
185 208
618 693
395 395
223 298
2 Includes households with incomes of $45,000 or more (who could afford monthly rents of $3,000+ per month) plus 40% of
estimated owner households with incomes below $45,000 (who will spend down assets, including home-equity, in order to live
in assisted living housing).
3 The 2009 Overview of Assisted Living (a collaborative project of AAHSA, ASHA, ALFA, NCAL & NIC) found that 12% of assisted
living residents are couples.
4 We estimate that 72% of the qualified market needing assistance with ADLs could either remain in their homes or reside at
less advanced senior housing with the assistance of a family member or home health care, or would need greater care provided
in a skilled care facility.
5 Existing and pending units at 93% occupancy and 15% for Elderly Waivers.
1 The percentage of seniors unable to perform or having difficulting with ADLs, based on the publication Health, United States,
1999 Health and Aging Chartbook, conducted by the Centers for Disease Control and Prevention and the National Center for
Health Statistics.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 213
Percent Percent
Needing Needing
Age group People Assistance¹People Assistance¹
75 - 79 3,358 25.5%4,053 25.5%
80 - 84 2,779 33.6%3,695 33.6%
85+3,416 51.6%4,053 51.6%
Total 9,554 11,801
Percent Income-Qualified2
Total potential market
(times) Percent living alone x
(equals) Age/income-qualified singles needing assistance =
(plus) Proportion of demand from couples (12%)³+
(equals) Total age/income-qualified market needing assistance =
(times) Potential penetration rate4 x
(equals) Potential demand from Edina residents =
(plus) Proportion from outside Edina (30%)+
(equals) Total potential assisted living demand =
(minus) Existing market rate assisted living units5 -
(equals) Total excess market rate assisted living demand =
Source: Maxfield Research and Consulting LLC
TABLE HD-18
MARKET RATE ASSISTED LIVING DEMAND
EDINA
2030 and 2040
2030 2040
1,763 2,091
Number Number
Needing Needing
Assistance1 Assistance1
856 1,033
934 1,242
3,553 4,366
74%70%
2,629 3,056
58%58%
1,525 1,773
208 242
1,733 2,014
28%28%
485 564
208 242
693 806
5 Existing and pending units at 93% occupancy and 15% for Elderly Waivers.
395 395
298 411
1 The percentage of seniors unable to perform or having difficulting with ADLs, based on the publication Health, United States, 1999
Health and Aging Chartbook, conducted by the Centers for Disease Control and Prevention and the National Center for Health
Statistics.
2 Includes households with incomes of $45,000 or more (who could afford monthly rents of $3,000+ per month) plus 40% of
estimated owner households with incomes below $45,000 (who will spend down assets, including home-equity, in order to live in
assisted living housing); $50,000 in 2040.
3 The 2009 Overview of Assisted Living (a collaborative project of AAHSA, ASHA, ALFA, NCAL & NIC) found that 12% of assisted living
residents are couples.
4 We estimate that 72% of the qualified market needing assistance with ADLs could either remain in their homes or reside at less
advanced senior housing with the assistance of a family member or home health care, or would need greater care provided in a
skilled care facility.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 214
Demand for Memory Care Housing
Table HD-19 presents our demand calculations for market rate memory care senior housing in
Edina in 2020 and 2025 while Tables HD-20 and HD-21 present demand for 2025 and 2030 and
2030 and 2040, respectively.
Demand is calculated by starting with the estimated Edina senior (age 65+) population in 2020
and multiplying by the incidence rate of Alzheimer’s/dementia among this population’s age co-
horts. According to the Alzheimer’s Association (Alzheimer’s Disease Facts and Figures, 2019),
3% of seniors ages 65 to 74, 17% of seniors ages 75 to 84, and 32% of seniors ages 85+ are in-
flicted with Alzheimer’s Disease. This yields a potential market of 1,828 seniors in Edina in
2020.
Because of the staff-intensive nature of dementia care, typical monthly fees for this type of
housing are at least $4,000 and range upwards of $5,000 to $6,000 when including service
packages. Based on our review of senior household incomes in Edina, homeownership rates
and home sale data, we estimate that 69% of seniors in Edina would have incomes and/or as-
sets to sufficiently cover the costs of memory care housing. This figure considers married cou-
ple households where one spouse may have memory care needs and allows for a sufficient in-
come for the other spouse to live independently. Multiplying the number of seniors with Alz-
heimer’s/dementia 1,828 seniors) by the income-qualified percentage results in a total of 1,262
age/income-qualified seniors in Edina in 2020.
According to data from the National Institute of Aging, about 20% of all individuals with
memory care impairments comprise the market for memory care housing units. This figure
considers that seniors in the early stages of dementia will be able to live independently with the
care of a spouse or other family member, while those in the later stages of dementia will re-
quire intensive medical care that would only be available in skilled care facilities. Applying this
figure to the estimated population with memory impairments yields a potential market of 252
seniors in Edina.
We estimate that 30% of the overall demand for memory care housing would come from out-
side of Edina. Together, demand totals 360 memory care units in 2020.
We reduce the demand potential by accounting for the existing memory care product in Edina.
There are 246 units; however, we reduce the competitive units to include memory care units at
a 7% vacancy rate and a portion of units occupied by residents utilizing Elderly Waiver. Sub-
tracting these competitive units results in demand for 114 units as of 2020.
Potential demand for market rate memory care units in Edina is expected to increase to 176
units by 2025, 203 units by 2030 and 272 units by 2040.
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 215
65 to 74 Population 6,551 7,589
(times) Dementia Incidence Rate¹x 3%x 3%
(equals) Estimated Age 65 to 74 Pop. with Dementia =197 =228
75 to 84 Population 4,242 5,357
(times) Dementia Incidence Rate¹x 17%x 17%
(equals) Estimated Age 75 to 84 Pop. with Dementia =721 =911
85+ Population 2,846 3,125
(times) Dementia Incidence Rate¹x 32%x 32%
(equals) Estimated Age 85+ Pop. with Dementia =911 =1,000
(equals) Total Senior Population with Dementia =1,828 =2,138
(times) Percent Income/Asset-Qualified²x 69%x 69%
(equals) Total Income-Qualified Market Base =1,262 =1,475
(times) Percent Needing Specialized Memory Care Assistance x 20%x 20%
(equals) Total Need for Dementia Care =252 =295
(plus) Demand from Outside Edina (30%)+108 +126
Total Demand for Memory Care Units =360 422
(minus) Existing and Pending Memory Care Units3 -246 -246
(equals) Excess Demand Potential =114 =176
Source: Maxfield Research and Consulting LLC
¹ Alzheimer's Association: Alzheimer's Disease Facts & Figures (2019)
² Includes seniors with income at $60,000 or above ($60,000 in 2025) plus 25% of homeowners with incomes below this
threshold (who will spend down assets, including home-equity, in order to live in memory care housing.
3 Existing memory care units at 7% vacancy rate and 15% for Elderly Waiver
TABLE HD-19
MARKET RATE MEMORY CARE DEMAND
EDINA
2020 and 2025
2020 2025
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 216
65 to 74 Population 7,589 8,164
(times) Dementia Incidence Rate¹x 3%x 3%
(equals) Estimated Age 65 to 74 Pop. with Dementia =228 =245
75 to 84 Population 5,357 6,137
(times) Dementia Incidence Rate¹x 17%x 17%
(equals) Estimated Age 75 to 84 Pop. with Dementia =911 =1,043
85+ Population 3,125 3,416
(times) Dementia Incidence Rate¹x 32%x 32%
(equals) Estimated Age 85+ Pop. with Dementia =1,000 =1,093
(equals) Total Senior Population with Dementia =2,138 =2,381
(times) Percent Income/Asset-Qualified²x 69%x 66%
(equals) Total Income-Qualified Market Base =1,475 =1,572
(times) Percent Needing Specialized Memory Care Assistance x 20%x 20%
(equals) Total Need for Dementia Care =295 =314
(plus) Demand from Outside Edina (30%)+126 +135
Total Demand for Memory Care Units =422 449
(minus) Existing and Pending Memory Care Units3 -246 -246
(equals) Excess Demand Potential =176 =203
Source: Maxfield Research and Consulting LLC
¹ Alzheimer's Association: Alzheimer's Disease Facts & Figures (2019)
² Includes seniors with income at $60,000 or above ($65,000 in 2030) plus 25% of homeowners with incomes below this
threshold (who will spend down assets, including home-equity, in order to live in memory care housing.
3 Existing memory care units at 7% vacancy rate and 15% for Elderly Waivers
TABLE HD-20
MARKET RATE MEMORY CARE DEMAND
EDINA
2025 and 2030
2025 2030
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 217
Need for Skilled Nursing Units
Skilled nursing beds are highly regulated by the State of Minnesota. There has been a morato-
rium on new nursing home beds since the late 1980s. The State allows for acquisition and
transfer of existing beds in high demand areas. In some new senior housing facilities, new
skilled nursing beds have been developed because the operator/developer has been able to
transfer the licenses from another location to the new facility. A small number of nursing beds
(i.e. 20 or less) in a continuum of care facility typically maintain higher occupancy rates than
traditional freestanding nursing homes. Also, senior housing facilities continue to increase their
ability to care for higher acuity residents. Many residents are able to move into senior housing
and remain their for the rest of their lives. If residents need transitional or respite care through
skilled nursing, the beds can also be used for that.
65 to 74 Population 8,164 8,702
(times) Dementia Incidence Rate¹x 3%x 3%
(equals) Estimated Age 65 to 74 Pop. with Dementia =245 =261
75 to 84 Population 6,137 7,748
(times) Dementia Incidence Rate¹x 17%x 17%
(equals) Estimated Age 75 to 84 Pop. with Dementia =1,043 =1,317
85+ Population 3,416 4,053
(times) Dementia Incidence Rate¹x 32%x 32%
(equals) Estimated Age 85+ Pop. with Dementia =1,093 =1,297
(equals) Total Senior Population with Dementia =2,381 =2,875
(times) Percent Income/Asset-Qualified²x 66%x 63%
(equals) Total Income-Qualified Market Base =1,572 =1,811
(times) Percent Needing Specialized Memory Care Assistance x 20%x 20%
(equals) Total Need for Dementia Care =314 =362
(plus) Demand from Outside Edina (30%)+135 +155
Total Demand for Memory Care Units =449 518
(minus) Existing and Pending Memory Care Units3 -246 -246
(equals) Excess Demand Potential =203 =272
Source: Maxfield Research and Consulting LLC
¹ Alzheimer's Association: Alzheimer's Disease Facts & Figures (2019)
² Includes seniors with income at $65,000 or above ($70,000 in 2040) plus 25% of homeowners with incomes below this
threshold (who will spend down assets, including home-equity, in order to live in memory care housing.
3 Existing memory care units at 7% vacancy rate and 15% for Elderly Waivers
TABLE HD-21
MARKET RATE MEMORY CARE DEMAND
EDINA
2030 and 2040
2030 2040
HOUSING DEMAND ANALYSIS
MAXFIELD RESEARCH AND CONSULTING, LLC 218
Although we anticipate that demand for skilled nursing care will rise with the substantial in-
crease in the aging of Baby Boomers, there are no plans at this time to increase the number of
nursing home beds in Minnesota. It is likely that new methods of care delivery, some of which
are already being tested, will continue to take the place of traditional nursing homes.
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 219
Introduction/Overall Housing Recommendations
This section summarizes demand for specific housing products in Edina and recommends devel-
opment concepts to meet the housing needs forecast for the City. All recommendations are
based on findings of the Comprehensive Housing Needs Assessment. The following tables and
charts illustrate calculated demand by product type. Housing demand is highly contingent on
projected household growth, market demand and land availability. The ability of Edina to ac-
commodate new household growth will rely heavily on infill and redevelopment.
Type of Use 2020-2025 2025-2030 2030-2040
Rental - Market Rate 430 947 1,200
Rental - Shallow-Subsidy 397 517 655
Rental - Deep-Subsidy 284 258 327
For-Sale - Single-family 47 62 92
For-Sale - Multifamily 215 246 831
Total General Occupancy Units Supportable 1,373 2,030 3,105
2020 2025 2030 2040
Market Rate
Adult Few Services (Active Adult)378 533 535 548
Ownership 126 219 220 228
Rental 252 314 315 320
Independent Living (Congregate)267 460 553 483
Assisted Living 127 224 298 411
Memory Care 114 176 203 272
Total Market Rate Senior Units Supportable 886 1,393 1,589 1,714
Shallow-Subsidy/Deep-Subsidy
Active Adult - Shallow-Subsidy 304 165 289 396
Active Adult - Deep-Subsidy 294 234 287 518
Total Shallow/Deep-Subsidy Sr Units Supportable 598 399 576 914
Source: Maxfield Research & Consulting, LLC
TABLE CR-1
SUMMARY OF HOUSING DEMAND
EDINA, MN
JANUARY 2020
Age-Restricted (Senior)
General-Occupancy
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 220
Based on the analysis and demand calculations, Table CR-2 provides a summary of suggested
housing products with number of units that may be developed in Edina from 2020 to 2040. The
proposed concepts are intended to act as a development guide to most effectively meet the
housing needs of existing and future households in the City. For some housing product types, it
is unlikely that Edina can fully meet the demand for new residential units primarily for low-den-
sity housing, as products in these categories are likely to be upper bracket. Redevelopment op-
tions at higher densities could target household segments not able to afford low-density prod-
ucts. The amount of housing recommended does not equal demand in Table CR-1.
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 221
Purchase Price/
Monthly Rent Range¹
Market Rate For-Sale Housing
Move-Up Single-Family $650,000-$700,000 40 -50
Owned Multifamily (TwinHms/Villas)$525,000-$550,000 60 -80
60 -80
Affordable For-Sale
Entry-level single-family $425,000-$450,000 50 -60
Owned Multifamily (THs/Rowhomes)$400,000 100 -120
100 -120
Market Rate Rental Housing
Market Rate - Rental $1,450+/1BR, $2,200+/2BR 500 -600
Total 500 -600
Affordable Rental Housing
Affordable Moderate Income3 220 -260
Subsidized 30% of Income4 160 -180
Total 160 -180
Total-General Occupancy 820 -980
Purchase Price/
Monthly Rent Range¹
Senior Coop./Ownership Active Adult $200,000+/1BR - $400,000+/2BR 200 -240
Active Adult Market Rate Rental5 $1,400+/1BR - $1,900+/2BR 200 -250
Active Adult Affordable Rental5 Moderate Income3 160 -180
Active Adult Subsidized Rental5 30% of Income4 150 -200
Independent Living/Congregate $2,800+/1BR - $4,500+/2BR 300 -350
Assisted Living $3,500+/EFF - $4,500+/1BR 180 -200
Memory Care $4,200+/EFF - $5,000+/1BR 120 -140
Total Senior Units 1,310 -1,560
Total - All Units 2,130 -2,540
2030-2040 recommended development should be revisited based on number of units developed from 2020-2030.
2030-2040
No. of
Units
2030-2040
No. of
Units
30
40 40
30 30
Units
General Occupancy Housing
No. of
120
2020-2025
10
20
No. of
Units
2025-2030
10
20
180
10 10
30
490
300
120
50
250
Senior Housing (i.e. Age Restricted)
2020-2025 2025-2030
Units
No. of No. of
Units
2030-2040
1,030 960
540
2020-2025 2025-2030
510
80
100
100
60
80
150
60
80
60
30
TABLE CR-2
Source: Maxfield Research & Consulting, LLC
RECOMMENDED HOUSING DEVELOPMENT
CITY OF EDINA
2020 to 2040
¹ Pricing in 2020 dollars. Pricing can be adjusted to account for inflation.
2 Replacement need, infill, and redevelopment.
3 Affordablity subject to income guidelines per Minnesota Housing Finance Agency (MHFA). See Table HA-1 for Hennepin
County Income limits.
4 Subsized housing will require a high level of financial assistance
5 Alternative development concept is to combine active adult affordable and market rate active adult into mixed-income senior
i
Note - Recommended development does not equal total demand. Edina may not be able to accommodate all recommended
housing types based on land availability and development constraints.
40
30
80
100
180
150
50
200
450
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 222
Housing Recommendations/Gaps
For-Sale Housing
Single-Family Housing
Table HD-1 identifies demand for 47 single-family housing units in Edina to 2025 and another 62
single-family homes by 2030. As a first-tier suburb, Edina is fully-developed and has a very lim-
ited supply of vacant land available for future housing development. Redevelopment of some
sites and combining existing parcels could provide additional opportunities for new single-fam-
ily construction as has occurred in the recent past. If more sites were available for this type of
development, especially at a lower land cost, we acknowledge that single-family housing de-
mand would be very strong for new detached housing subdivisions. Due to land constraints
however, new single-family housing will likely be confined to infill, underutilized, teardowns, or
redevelopment areas.
Housing values in Edina are higher than in neighboring communities as demonstrated in the for-
sale section of the report. With a median resale single-family home value of $465,000, many
potential buyers, including many first-time homebuyers are priced out of the Edina single-fam-
ily market. Other housing products are available, including older townhomes and condomini-
ums, but these units may not be as attractive to families. From 2010 through 2018, 882 homes
were torn down and rebuilt. The average value of homes torn down was in the mid-$400,000s
and the average value of the new homes was $1.2 million. Although the City benefits from an
increased tax capacity due from these rebuilt homes, it has also lost many homes that were af-
fordable to middle-income households, especially those that may want to relocate to Edina and
would bring additional equity from a first purchase.
To a degree, tear-downs are response to homes that may be viewed as functionally or physi-
cally obsolete in the marketplace and other features and amenities of the community support a
value for the land that exceeds the value of the current home. Tear-downs are not unique to
Edina and other high-income areas in Minneapolis and western Hennepin County have been ex-
periencing similar situations. Although blight replacement is usually highly desired, with a price
point of the existing home in the mid-$400,000s, it is unlikely that replacements have been due
to traditional “blight.”
A portion of current or prospective Edina homeowners who desire new construction, may be
unable to find housing in the City that meets their needs. Some of those will move to a differ-
ent community. Others that can afford it may choose to remove the existing home and con-
struct a new home. One comment from the City’s community survey identified Edina as acces-
sible and conveniently located. Removing the existing home is one way for buyers to obtain the
housing they want without having to commute long distances or forego other amenities that
Edina has to offer.
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 223
There is a demand/need for more modest homes across the Twin Cities and in Edina. Tear-
downs have decreased recently, but demand for new housing continues, particularly housing
targeted to entry-level buyers (i.e. low to mid-$300,000s). The Come Home2 Edina program ad-
dresses this need in part. Large lots however, remain the standard which continues to drive-up
the cost of existing and new housing.
While younger buyers may still want all the features and amenities within the home, they are
less likely to want to spend time taking care of a large yard. This makes products such as town-
homes an attractive option.
Without assistance, current development costs result in new home construction in the upper
end of the move-up and into the executive price levels. Demand for these products is primarily
being served through tear-downs and additions and improvements to existing homes.
Although pricing for new construction may not necessarily be higher for the actual home, cost
of land and other components may drive the cost of housing in Edina higher than would be the
case in neighboring communities.
For example, new construction move-up housing in suburban edge communities usually starts
in the low to mid-$400,000. In Edina, the cost is typically above $600,000. New construction
executive homes in the suburban edge communities are usually priced starting at $600,000 and
above. This category in Edina is likely to be $900,000 or higher with many homes priced at
more than $1 million.
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 224
There are six single-family lots available in Edina, Blake Woods subdivision. Lots are valued at
$350,000 and most lots have a total square footage of This is about equal to the average per
square foot price for Hennepin and Ramsey Counties. The chart on the previous page shows
the median sales price and PSF for new single-family housing across the Metro Area by county;
as depicted in the chart, Hennepin County has the highest new construction costs in the Metro
Area at $560,000 ($190 PSF). Higher costs in fully-developed communities in the Metro Area
are primarily driven by lack of land supply and high site acquisition costs.
Small Lot Single-Family. On its own, small lot single-family development has not been readily
accepted in the larger market, especially in suburban locations. Buyer concerns regarding ap-
preciation and resale and reduced absorption even at affordable prices have deterred builders
from constructing sizeable developments. With housing costs increasing however, more build-
ers are reducing lot sizes down from 75’ widths to 65’ widths for move-up homes and increas-
ing the amount of lot coverage. In Minneapolis, St. Paul and some first-tier suburbs, lot sizes
are much smaller and buyers are willing to accept a smaller lot and smaller, but fully appointed
homes. Since most of this development has been a result of tear-downs however, the cost to
develop new has not created affordable ownership homes.
We believe there would be a strong market for new small, lot single-family homes in Edina at a
price point priced in the mid-$400,000s. These homes should be designed to fit in with the ex-
isting character of the neighborhoods in which they would be located.
For-Sale Multifamily Housing
With the overall aging of the population, more households are looking for greater convenience
and less space in their housing and are selecting twinhomes, detached townhomes, and condo-
miniums. Typically, the target market for owned multifamily housing is empty-nesters and re-
tirees seeking to downsize from their single-family homes. In addition, professionals, particu-
larly singles and couples without children also seek these products if they prefer not to have the
maintenance responsibilities of a single-family home. In many housing markets, younger
households also find purchasing owned attached housing more affordable than purchasing new
single-family homes. Although Edina has a base of more affordable townhomes and condomin-
iums, new construction for these types of units is priced at an average of $376 per square foot,
higher than for new single-family homes, at $346 per square foot. As Table FS-2 showed, multi-
family resales make-up an estimated 33% of the for-sale housing market in Edina. The newest
developments of this type in Edina are Edina Flats and Hawthorne Place, offering condomini-
ums and detached villas.
Based on changing demographics and the need for alternative housing types, demand was cal-
culated for 381 new owned multifamily for-sale units in Edina to 2030. Because of the limited
land supply and high cost to bring these units to the market, it is unlikely that Edina will be able
to satisfy the identified demand. Alternative concepts that at differing price points would ap-
peal to a broader array of buyers.
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 225
Increasing density may be one way to try to moderate the price points for these types of units,
although it is generally accepted that, regardless of increasing density, other resources will be
needed to make new construction units more affordable. Demand for most of these products
is for single-level living, targeted primarily to the empty-nester and independent senior market.
General Occupancy Rental Housing
The inventory of multifamily rental housing found that vacancy rates for affordable and subsi-
dized housing were the lowest, along with older, more affordable market rate rentals. While
new construction rental has absorbed well in the market, the increased number of new units,
especially in the Southdale area, is likely to lead to increased vacancy rates in the short-term as
it takes the market longer to absorb these luxury units.
Due to the age and positioning of the existing rental supply (most pre-1980 construction), a sig-
nificant portion of units are priced affordable to households at or less than 80% of AMI, which
indirectly satisfies demand from some households that income-qualify for financially assisted
housing. The growing renter base however, is seeking newer rental properties with additional
and updated amenities that are not often offered in older developments. Several of the older
properties in Edina have remodeled units, updating with new kitchens, new baths, and some
upgrades to common area amenities. Rent levels increase as a result and these properties con-
tinue to maintain high occupancies. Once rents increase however, it reduces the number of
rental units affordable to households with incomes at or less than 60% AMI. As in most com-
munities, demand is particularly strong for affordable and subsidized units.
• Market Rate Rental – Demand calculations identified demand for 200 additional units in
Edina between 2020 and 2025, accounting for units already in the pipeline. Additional de-
mand for market rate rental is not likely to be felt until later in the five-year period to ena-
ble existing new properties to fully absorb into the market.
• Affordable General Occupancy Multifamily Housing– There are no income-restricted prop-
erties that are 100% affordable in Edina. This is dissimilar from neighboring communities,
many of which have a few of these properties. Most of the new affordable units developed
in Edina have been in market rate properties that have elected to provide a portion of their
units as income-restricted due to the City’s policies.
The existing NOAH inventory accounts for a total of 3,000 rental units with rents affordable
to households with incomes at or less than 80% of AMI. Although the NOAH inventory pro-
vides for a level of affordability in the rental housing stock, a portion of renters are choos-
ing to pay less than 30% of their income for rent and are residing in housing where they
could pay more. Development of new affordable housing is needed to satisfy the demand
that is not being met through the existing inventory.
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 226
Development of new affordable properties is most likely to occur through the Low-Income
Housing Tax Credit Program (LIHTC) as in the past. This program has become extremely
competitive in the Twin Cities and many developers must submit two to three times to se-
cure funding. Some communities are considering other concepts and funding tools to de-
velop affordable housing, including fewer luxury features, general obligation bonds, land
write downs, land trusts, and property tax reductions. TIF funding has been used exten-
sively to increase affordability for new rental construction.
Demand for affordable housing is identified at 391 units with rents affordable at 51% to
80% of AMI between 2020 and 2025. Affordable housing would attract households that
cannot afford new construction market rate housing units, but do not income-qualify for
deep subsidy housing (less than 50% of AMI). Affordable properties attract a broad group
of people depending on the unit types offered. One-bedroom units target singles and cou-
ples, whereas two and three-bedroom units target families. Some seniors would also be
attracted to an affordable concept. Additional affordable units are in the pipeline, but ad-
ditional units are needed to meet demand. Units with rents affordable at between 50% to
80% AMI targeting the greatest level of need.
• Affordable General Occupancy Rental Townhomes– Rental townhomes affordable to mod-
erate-income households would be in high demand in Edina. Affordable rental townhomes
have been very popular in many Metro Area communities. These projects would have in-
come-restrictions and would target households with incomes between 50% and 80% of
area median income; some however, could be workforce units with affordability up to
120% AMI. We recommend a development offering two- and three-bedroom units with up
to 24 total units. Units should feature central air conditioning, full appliance package, in-
unit washer/dryer, an attached one/two car garage. Such developments are popular with
families that cannot afford housing options in the for-sale market or market rate rentals.
Because of the lower density of affordable rental townhomes, this housing type would be
very expensive to build.
Senior Housing
As illustrated in Table CR-1, demand exists for all types of senior housing product types in Edina.
To 2030, demand exists for 1,589 senior housing units across the product and service-level
spectrum. Development of additional senior housing is recommended to provide housing op-
portunities for the projected growing group of seniors that may need or want to transition from
other housing products. The development of additional senior housing serves a two-fold pur-
pose in meeting the housing needs in Edina: older adult and senior residents can relocate to
new age-restricted housing in Edina and existing homes and rental units that were occupied by
seniors become available to other households. Therefore, the development of additional senior
housing does not mean the housing needs of younger households are neglected; it simply
means that a greater percentage of housing need is satisfied by housing unit turnover. We note
however, that the rising cost of senior housing may result in some decrease in demand from
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 227
households that feel they cannot afford this type of housing or are concerned with spending
down all of their assets to reside in senior housing.
• Active Adult Rental – Demand is projected for 252 market rate active adult rental units in
Edina as of 2020. Avidor is the only market rate active adult property in Edina with 165
units and is still in initial lease-up. Avidor has a higher proportion of one-bedroom than
two-bedroom units, which is atypical for these types of properties. Most active adult rental
properties have a higher proportion of two-bedroom units to appeal to couples. Depending
on the positioning of the product, a portion of seniors that currently reside in general occu-
pancy housing may consider age-restricted rental product.
Development of this product could be in a separate stand-alone facility or in a mixed-in-
come project. A mixed-income building could include a portion of units that would be af-
fordable to seniors with incomes at or less than 60% of AMI.
• Active Adult Senior Cooperative – There are two existing active senior age-restricted for-sale
developments in Edina – one condominium and one cooperative. These two properties
have a combined total of 463 units. Demand is projected for 126 units of active adult own-
ership housing as of 2020, increasing to 220 units by 2030. The cooperative model, in par-
ticular, has appealed to a larger base of potential residents in that it has characteristics of
both rental and ownership housing. Cooperative developments allow prospective residents
an ownership option and homestead tax benefits without a substantial upfront investment
as would be true in a condominium development or life care option. Maxfield Research &
Consulting, LLC has found the cooperative model to be well-accepted in suburban commu-
nities in the Twin Cities Metro Area and across the Midwest. These developments are high-
density and can be accommodated on multifamily zoned property.
• Affordable Few Services Rental – Edina demand for affordable senior housing is estimated at
304 units as of 2020, decreasing to 289 units by 2030. We believe this product would be
well-received by seniors in and near the Edina area, but it can be difficult to develop given
financing challenges and development costs. Affordable senior housing would most likely
be developed through the LIHTC program administered by MN Housing. MN Housing has
assisted affordable senior housing projects under the tax credit program and recently ex-
panded expand financing for this product type but is likely to restrict future funding despite
the substantial rising demand over the next ten years. Affordable senior housing products
can also be incorporated into a mixed-income building, but this may support a develop-
ment’s financial feasibility unless some type of financial assistance is provided. Accommo-
dation for at least a portion of the units to very low-income seniors (incomes less than 50%
AMI) should also be considered.
RECOMMENDATIONS AND CONCLUSIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 228
• Independent Living/Congregate – Edina has five properties that offer independent living.
These properties have a combined 461 units and are in high demand. Additional demand is
calculated for 267 units as of 2020, rising to 533 units by 2030, if no additional units were to
be added to the market. New properties are seeing increased demand for larger size units
across the board and a higher proportion of two-bedroom units as more couples are making
a move to this product type in anticipation of aging in place. Historically more service-in-
tensive, many of the continuum of care properties have reduced the level of services in-
cluded and offer more services as optional. As such, this product is usually combined with
assisted living and memory care to support the optional service component for the inde-
pendent living. Properties of this type usually have rents beginning at $2,000 to $2,500 for
one-bedroom units. Many properties allow residents to receive additional services in their
units as they age.
• Assisted Living and Memory Care Senior Housing – Based on the analysis, demand was iden-
tified for 127 assisted living units as of 2020, although current vacancies identify that the
market is at equilibrium as of the survey, with an overall vacancy rate of 6.9%. Most of the
vacancies however, are concentrated in older product and most service-enriched housing in
Edina is either fully-occupied or near full occupancy. Increases in the demand for assisted
living and memory care are anticipated over the next 10 to 15 years as the baby boom gen-
eration ages.
CHALLENGES AND OPPORTUNITIES
MAXFIELD RESEARCH AND CONSULTING, LLC 229
Challenges and Opportunities
Table CR-2 identifies and recommends housing types/concepts to assist in satisfying housing
needs in Edina over the next ten years. Additionally, the following are identified as challenges
and opportunities for developing the recommended housing types (in no particular order - al-
phabetically).
• Age of Housing Stock. As illustrated in the Housing Characteristics Section of the report (Ta-
ble HC-3), the median year built for a home in Edina is 1967 and 59% of the for-sale housing
stock was built prior to 1980. As a first-tier suburban community, housing remodels are on-
going and tear-downs demonstrate some replacement of the housing stock. Additional pro-
grams to facilitate upgrading of the housing stock could assist in maintaining and making
older units more attractive.
• Affordability. As illustrated in Table HA-4, based on current home prices, 60% of Edina
owner households and 57% of all households could afford to purchase an entry-level home
($400,000) given today’s pricing. Also, 67% of all households and 43% of all renter house-
holds could afford the average market rent of a new construction one-bedroom unit in
Edina. The percentage drops however, for a new construction two-bedroom unit to only
21% of renter households and drops further to only 9% of renter households for a three-
bedroom unit. Because of the higher rent structures at the new market rental buildings be-
ing constructed in Edina, the minimum incomes needed to afford a luxury rental are more
than double that of the existing rental housing stock in Edina. This demonstrates the need 1,6961,4324,4194,2964,0002,8619261,2498370
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
<1940s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010+UnitsDecade of Construction
Housing Units Built by Decade
City of Edina
CHALLENGES AND OPPORTUNITIES
MAXFIELD RESEARCH AND CONSULTING, LLC 230
for housing that would target renter households with moderate incomes. New rental hous-
ing is targeting “lifestyle renters” or those with higher incomes who have enough money to
buy a house but choose to rent for the convenience and lifestyle. Some of these renters
may be cost burdened, but they elect to do so for the location, amenities, and proximity to
transit.
• Aging Population. As illustrated in Table D-2, there is significant growth in the Edina senior
population. In addition, Table D-6 shows the Edina homeownership rate among seniors 65+
remains high, at 82% up through age 74. The high homeownership rate among seniors indi-
cates that seniors are preferring to either remain in their homes or elect other lower
maintenance products rather than shift over to rental options. The rising population of
older adults will continue to fuel demand for alternative maintenance-free housing prod-
ucts. In addition, demand for home health care services and home remodeling programs to
assist seniors with retrofitting their existing homes is also anticipated to increase.
• Housing Programs. Compared to other municipalities in the Twin Cities Metro Area, Edina
has a somewhat limited number of housing programs that promote or preserve the existing
housing stock in the community and provide homeownership opportunities for low and
moderate-income households. Some communities fund housing programs through an HRA
levy that collects funds based on the market values of property in the community. Money
generated from the HRA levy can be allocated to a several housing issues as long they fall
within the boundaries established by state law. Typically levy funds are used to supplement
existing housing programs, establish new programs/projects, or allocated to administra-
tional needs. Other communities fund housing programs through CDBG funds, economic
development authorities, private or public foundations, the general fund or though depart-
ment budgets. (i.e. community development, economic development, etc.)
82%82%
67%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
55-64 65-74 75+Homeownership RateAge Cohort
Older Adult Homeownership Rates -2019
Edina
CHALLENGES AND OPPORTUNITIES
MAXFIELD RESEARCH AND CONSULTING, LLC 231
• Job Growth/Employment/Inflow. Historically, low unemployment rates have driven both
existing home purchases and new-home purchases. Lack of job growth leads to slow or di-
minishing household growth, which in-turn relates to reduced housing demand. Like most
areas across the Twin Cities and Minnesota, the unemployment rate peaked in 2009 during
the Great Recession at 9.1%. However, since that time, the unemployment rate has de-
creased annually and is less than 3% in the Metro Area as of 2019. Although the low unem-
ployment rate is positive, continued declines in the unemployment rate or a protracted low
unemployment rate may create challenges in filling jobs with qualified workers.
Edina is home to several major employers that are job generators in the Twin Cities. Nearly
98% of the jobs in Edina are filled by non-residents of the community. Edina continues to
capture workers that view the community as a desirable place to live and to be close to
their work.
• Land Assembly/Land Bank. Land costs and land assembly are some of the most challeng-
ing components for new housing development. Land Banking is a program of acquiring land
with the purpose of developing at a later date. After a holding period, the land can be sold
to a developer (often at a price lower than market) with the purpose of developing afforda-
ble housing or other housing product types. The City could consider acquisition if the right
opportunity presented itself.
• Homeownership. Several social and financial trends may cause decreases in homeowner-
ship rates, including maximum limits for property tax and capital gains deductions and alter-
nate incentives to invest in other financial vehicles such as 401K plans and IRAs. However, it
remains generally accepted that the purchase of a home and paying off a mortgage has
been one of the best long-term vehicles to increasing household wealth. This may change
over time depending on long-term economic growth.
• Land Constraints/Infill/Teardown’s. Edina has a very limited supply of residential lots suit-
able for single- or two-family housing developments; as such, the availability of land and the
need to increase density is critical in satisfying future housing demand. The most recent
single-family lots available have an estimated market value of $350,000. The very low sup-
ply of lots indicates the City is not likely to be able to satisfy the housing demand outlined in
Table CR-1 unless substantial in-fill and tear-downs prevail. Although increased density can
reduce land costs, the type of product needed to substantially reduce land costs does not
always match market demand.
Although Edina is likely to continue to have some tear-downs, the substantial price point
that results from that type of redevelopment is likely to deter buyers. The higher the price
points, the more limited the market that can qualify to buy. This type of development also
does not create additional housing, but does replace housing than may be viewed as func-
tionally or physically obsolete.
CHALLENGES AND OPPORTUNITIES
MAXFIELD RESEARCH AND CONSULTING, LLC 232
• Mortgage Rates. Mortgage rates play a crucial part in housing affordability. Lower mort-
gage rates result in a lower monthly mortgage payment and buyers receiving more home
for their dollar. Rising interest rates often require homebuyers to raise their down payment
in order to maintain the same housing costs. Mortgage rates have remained at historic lows
over the past several years coming out of the Great Recession. The Federal Reserve has
raised the short-term interest rate only twice since the recession and recently reduced it
again three times in the past year. Continued low inflation and concern about the domestic
and global economies are likely to keep interest rates low. This could increase the demand
for owned housing, but with housing prices rising faster than inflation even at lower interest
rates, has not generated significant demand for new owned housing.
• The following chart illustrates historical mortgage rate averages as compiled by Freddie
Mac. The Freddie Mac Market Survey (PMMS) has been tracking mortgage rates since 1972
and is the most relied upon benchmark for evaluating mortgage interest market conditions.
The Freddie Mac survey is based on 30-year mortgages with a loan-to-value of 80%.
• Millennials. The Millennials (generally defined as persons born in the 1980 and 1990s) are
now, as a group, larger than the Baby Boom generation and have begun impacting real es-
tate development. The 80 million Millennials began influencing real estate as they formed
new households. Many Millennials’ however, have and are continuing to delay home own-
ership due to high student loan debt and social changes (i.e. delayed marriage, delayed
childbearing, delayed careers, etc.). The median age of the first-time home buyer is now 32
(an older Millennial), an increase from age 30 about a decade ago. Increasing apartment
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017Mortgage RateHistoric 30-year Mortgage Rates 1972 through 2018
Mortgage Rate
CHALLENGES AND OPPORTUNITIES
MAXFIELD RESEARCH AND CONSULTING, LLC 233
rents in the Twin Cities have also affected the ability of Millennials to save for a down pay-
ment and qualify for a mortgage. Studies conducted by the Pew Research Center, a highly
respected national think tank and non-profit organization has identified that Millennials
generally have the same desires as did their parents regarding having a family, owning a
home and when asked specifics, often identify living in a single-family home in a suburban
location. With a scarcity of housing in the Twin Cities and rapidly rising home values, entry-
level homes are being snapped up by younger buyers. Higher priced homes are increasingly
out of reach for many younger households.
Although Millennial’s have favored more urban locations and are typically renters today,
survey’s show they are not that different in their preferences from other generations.
Many Millennials’ indicate they still desire to live in the suburbs, but they desire communi-
ties with amenities such as parks, walking trails, shopping, proximity to jobs, transit and en-
tertainment.
Although Edina’s housing stock is expensive, it has many other amenities that are likely to
appeal to Millennials. Entry-level housing on smaller lots with less upkeep and contempo-
rary architecture is likely to appeal to households with smaller families or singles and cou-
ples that want to live in Edina.
• Naturally Occurring Affordable Housing/Preservation. As illustrated in the Rental Market
Analysis section, 51% of the market rate rental housing stock in Edina is affordable to
households with incomes at or less than 80% of area median income. According to the Har-
vard University’s Joint Center for Housing Studies (JCHS), unsubsidized rentals account for
more than 75% of the affordable housing stock in the United States. It is estimated that
over one-third of the naturally occurring affordable housing stock is composed of smaller
multifamily buildings from 5 to 49 units. In the Twin Cities Metro Area, it is estimated that
60% of the rental stock is unsubsidized rentals affordable to households at or below 50%
AMI.
Because the unsubsidized housing market is unregulated and is fluid, there is the chance
some affordable market rate units may be lost or if remodeled, rents could then exceed the
affordability level for moderate income households. New construction costs for apartments
in Edina are likely to reach $250,000 per unit; whereas an older Class B or Class C rental
building may be acquired for $100,000 or less per unit. Therefore, it is typically more eco-
nomical to rehabilitate an existing property than build a new one. Because of the high cost
of new construction, we recommend the City monitor and encourage the preservation of
the unsubsidized rental market as an effort to maintain a sufficient supply of affordable
housing.
• Shadow Rental Inventory. Shadow rentals are generally considered nontraditional rentals
that were previously owner-occupied single-family homes, townhomes or condominiums.
The shadow market was fueled in the early part of the previous decade by homeowners
who lost their home to foreclosure after the recession who opt to not rent in a traditional
CHALLENGES AND OPPORTUNITIES
MAXFIELD RESEARCH AND CONSULTING, LLC 234
rental complex. Many of these units, absent some type of legal or other requirement, have
not returned to the owner-occupied market. In fact, there are some proposals to develop
new construction single-family rentals for those that want the space of a single-family
home, but not the upkeep.
The City of Edina recently implemented a new rental licensing program effective November
2019. Because this program is in its infancy, there are very few properties that have been
registered to date. As more properties enter the licensing system, Edina will be better able
to monitor the safety and condition of all rental units, supporting what is generally an aging
rental stock.
One concern however, may be that with increased inspections, this will cause landlords to
raise rents, making rental housing in the community increasingly unaffordable. Rents have
been increasing without a license program. Once converted to rental, the economic dynam-
ics of a property change. It is often very difficult to convert these units back to the owner-
occupied market. Too many rental homes in one area may create a shift in the overall ori-
entation of the neighborhood.
The rental licensing program will enable Edina to monitor the number of non-traditional
rental units in the community over time to mitigate problems with individual properties and
improve the overall rental housing stock.
HOUSING PROGRAMS
MAXFIELD RESEARCH AND CONSULTING, LLC 235
Introduction
The following are housing programs offered through third-party agencies or through the City of
Edina to address housing needs of Edina residents, preserve and improve the existing housing
stock, provide for affordable housing, provide for new housing products, provide for the safety
and security of residents residing in rental housing and ownership housing and other strategies
and initiatives to support ongoing stability and enhancement of the City’s housing stock.
Housing Programs/Activities-Edina and Third-Party Providers:
• Housing Choice Voucher (Section 8) Program. Metro HRA administers the Section 8
Housing Choice Voucher program for several cities in Hennepin County including Eden
Prairie, Edina, Golden Valley, Maple Grove, Minnetonka and Richfield. Currently, 98
Edina households are using vouchers issued by Metro HRA. The wait list through Metro
HRA is not anticipated to re-open again however, for at least another three years as it
was just recently opened to accept new applications. Metro HRA provides housing for
more than 7,200 families in the core Twin Cities Metro Area. Budgets for the Housing
Choice Voucher program continue to decrease as housing costs continue to rise. As a
result, fewer households can be served with Vouchers and the time to obtain a Voucher
has increased substantially. With rising rents, landlords are opting out of accepting
housing vouchers making it more difficult for the tenant to find an apartment that will
meet the requirements.
• HUD Funded Programs. Each year, the Department of Housing and Urban Development
issues a series of Notice of Funding Availability (NOFA) for various grant and funding op-
portunities for housing and housing related programs. Programs target specific popula-
tions such as elderly, disabled, low- and moderate-income households, populations with
special needs and special housing initiatives such as redevelopment, housing preserva-
tion and rehabilitation and other programs. Some programs, which were previously of-
fered each year, such as Section 202 for the elderly, are now restricted to only qualified
low-income census tracts and NOFA announcements for these programs are offered
sporadically instead of regularly. Recently, HUD has been offering more diverse oppor-
tunities to include a broader array of initiatives such as Continuum of Care (homeless),
Jobs Plus Initiative, Self-Help Homeownership Opportunity, Housing Counseling Grant
Program, Choice Neighborhoods Planning Grant Programs and other combined housing
and support service programs to assist in the creation and support of affordable housing
to meet the needs of households seeking affordable housing.
• Low-Income Housing Tax Credits. This is a federal program that is administered by the
State of Minnesota through its finance agency, MN Housing. MN Housing provides tax
credit funding to its development partners (for-profit and non-profit) to create new af-
fordable housing units and/or to preserve existing affordable housing through rehabili-
tation. Competition for limited financial resources has increased in recent years. Point
HOUSING PROGRAMS
MAXFIELD RESEARCH AND CONSULTING, LLC 236
scoring ranks each project against a set of criteria which is weighted more heavily to-
ward urban locations, walkability and public transit. Some developers have had to sub-
mit two to three times before receiving funding. This has reduced the amount of afford-
able housing that can be developed resulting in increased demand. Most tax credit de-
velopments provide rental rates affordable to households with incomes between 50%
and 60% of Area Median Income. These properties also accept Housing Choice Vouch-
ers, providing some opportunities for lower-income households to reside in these units.
• General Obligation Bonds have been used to a limited degree by municipalities and
counties to support the development of affordable housing. Typically, the government
guarantees the bonds issued. This can create affordable housing, usually affordable to
households with incomes between 60% and 80% of AMI but is not prevalent in the mar-
ket.
• Metropolitan Council Livable Communities. The Twin Cities Metropolitan Council pro-
vides grant funding for developments that link jobs, housing, services and transit. The
Local Housing Incentive Account (LIHA) provides grants to communities to help them
achieve their negotiated affordable housing goals. Grant funds cover gap financing
costs such as infrastructure, land acquisition, demolition, site preparation, alterations
and additions, interior and exterior finishing, roofing and other direct construction costs.
The Tax Base Revitalization Program provides $5 million annually to investigate and
clean up brownfield, contaminated land, groundwater and/or buildings for new devel-
opment. Investment goals include cleaning up contaminated land, producing affordable
housing, expand each community’s range of housing choices, encourage use of existing
parks and walking trails, efficiently use existing infrastructure. The Met Council also of-
fers Transit-Oriented Development grants that link housing, jobs and services to
• Minnesota Homeownership Center. A non-profit organization that provides infor-
mation and connects prospective buyers with a diverse array of resources dedicated to
assisting individuals and households with purchasing a home or renovating or rehabbing
a home. Down payment assistance, affordable loan products, special programs for ren-
ovation, foreclosure prevention and foreclosure counseling, refinancing and reverse
mortgages are some of the programs offered through the Center. The Center connects
clients with local legal, financial and economic resources to smooth the path to home-
ownership and/or to decide whether homeownership is “right” for them.
• Minnesota Homeless Fund. Minneapolis-St. Paul Foundation set up the Minnesota
Homeless Fund to provide a nimble source of funding to assist organizations and com-
munities to provide for crisis response, emergency shelter and low-barrier affordable
housing across the State to assist those in extreme need of housing.
• MN Housing – Homeless Programs. MN Housing works with private developers and
communities to support housing developments that address the needs of the homeless
in our cities. Funding for supportive housing, rental assistance, operating subsidies,
HOUSING PROGRAMS
MAXFIELD RESEARCH AND CONSULTING, LLC 237
Family Homeless Prevention and Assistance Program (FHPAP) provides funding to 20
grantees that cover all 87 counties in Minnesota. Hennepin County is one of the grant
administrators of funding through the FHPAP program with services targeting Rapid Re-
housing and homeless prevention. Additional dedicated funding is available for devel-
opments that incorporate a portion of their housing units for long-term homeless.
• MN Housing – Homeowner Programs. MN Housing offers a diverse array of homebuyer
education, funding and resources to assist low- and moderate-income prospective buy-
ers to achieve homeownership. The partner with local agencies and organizations that
have long histories of assisting economically disadvantaged households with purchasing
and owning a home.
• Rental Housing Licensing and Inspection Program. Edina only recently implemented a
rental housing licensing and inspection program. The rental housing licensing and in-
spection program consists of inspecting all registered rental dwelling units, including:
single-family homes, townhouses, condominiums, duplexes, multifamily buildings, hous-
ing with services dwellings and accessory dwelling units. The goal is to inspect a mini-
mum of one-third of all licensed rental units each year so that all rented units will have
been inspected at least once every three years. The focus of the rental inspection pro-
gram is to maintain the quality and stability of rental units, thereby preserving land and
building values in the community. Rental housing conditions that adversely affect the
life, safety, and general welfare of renters should be attended to for the well-being of all
residents and the improvement of housing conditions in the community.
• Come Home2 Edina. The City offers a low interest second home mortgage intended to
assist families and individuals looking for affordable homeownership in Edina. The maxi-
mum loan amount is 25% of the purchase price and not to exceed $60,000. Borrower
must spend at least 25% of their gross income on the first mortgage (PITI, etc.) and the
program uses the interest rate of the first mortgage. The purchase price of the property
cannot exceed $425,000 and the borrower shall not pay less than $1,000 towards down
payment, closing costs and/or prepaid expenses. The program has been in place for 20
years. The program is funded through the Edina Housing Foundation. The only area ex-
cluded from consideration is the far southwest corner of Edina.
• Redevelopment Activities. The City has, in the past, provided some assistance to vari-
ous housing developments through the use of TIF or other funding to support redevel-
opment. Redevelopment activity has been focused on the Southdale area, the
Grandview area and 50th and France commercial district. Each of these areas has experi-
enced increased density and redevelopment with owned and rental housing properties.
HOUSING PROGRAMS
MAXFIELD RESEARCH AND CONSULTING, LLC 238
• Tax Increment Financing. Tax Increment Financing has been utilized in many communi-
ties throughout the Metro Area and in Greater Minnesota to support the development
of new housing, primarily rental housing to reduce rental rates to bring them in line with
levels supportable in the market. The use of TIF to address housing needs for very low-
income households has not been used extensively and typically does not provide suffi-
cient gap funding to create this type of housing.
• Housing Improvement Area (HIA) Program. The HIA program is a financial tool for im-
provements in condominiums and townhomes. This program was established by State
law and can be a tool through the municipality to assist condominium and townhome
developments that may have significant improvements to make to common elements
that they would otherwise be unable to finance. St. Louis Park, Bloomington, Minneap-
olis and Hopkins have all funded various HIA owned multifamily projects through this
program. We do not believe that Edina has ever funded this type of loan for any owned
multifamily property in the city to date.
• Inclusionary Zoning. The City of Edina requires that multifamily properties seeking re-
zoning or comprehensive plan amendments incorporate affordable housing units at 10%
affordable at 50% AMI or 20% affordable at 60% AMI. Most new developments have
opted for 10% affordable at 50% AMI or have opted out of including affordable housing
units by paying a per unit fee of $100,000 for the required affordable units. Today’s cost
of constructing new luxury housing units is upwards of $200,000 per unit or higher.
Therefore, requiring a per unit fee of $100,000 is less than the cost to develop new af-
fordable housing units. A total of 98 new affordable units have been developed or ap-
proved in the City between 2015 and 2018. The plan has been expanded to include de-
velopments on city owned land and projects seeking city financial assistance. The af-
fordability requirement has also been extended from 15 years to 20 years. This is an ef-
fort to increase the number of affordable housing units developed and to provide for
more affordable housing over the long-term.
APPENDIX
MAXFIELD RESEARCH AND CONSULTING, LLC 239
APPENDIX
SENIOR HOUSING PROPERTIES
MAXFIELD RESEARCH AND CONSULTING, LLC 240
Year No. of No.
Project Name/City Built Units Vacant No.Type Min -Max Services/Amenities/Comments
Market Active Adult Rental
Avidor Edina 2019 165 39 89 -1BR 537 -1,125 $2,175 -$2,852 $2.54 -$4.05
5220 Eden Ave (Initial lease-up)76 -2BR 1,013 -1,834 $3,501 -$4,984 $2.72 -$3.46
Market Active Adult Ownership
Creekside 2007 126 0 11 -1BR 992 -1,111 $275,000 -$275,000 $248 -$277
7100 Metro Blvd 18 -1BR+D 1,275 -1,352 $305,125 -$351,490 $239 -$260
71 -2BR 1,305 -1,475 $274,810 -$428,250 $211 -$290
26 -2BR+D 1,720 -2,413 $445,500 -$672,000 $259 -$278
Cooperative/Ownership Active Adult
7500 York Cooperative 1977 337 0 184 -1BR 775 -925 $41,391 -$52,156 $53 -$56
7500 York Ave S 135 -2BR 1,020 -1,260 $61,648 -$70,487 $56 -$60
18 -3BR 1,455 -1,455 $89,915 -$89,915 $62 -$62
None
Deep Subsidy Active Adult
South Haven 1991 100 0 100 -1BR 535 -535 -----
3400 Parklawn
Yorktown Continental 1972 264 0 262 -1BR 525 -525 -----
7151 York Ave S
2 -2BR 650 -650 -----
Summit Point/Woodhaven 1986 29 0 29 -1BR 600 -600 -----
5010 Summit Ave
Total Deep-Subsidy 393 0
30% of AGI
$2.20
$1.67
Shallow-Subsidy Active Adult
Rent Ranges Sale Price
$1,350 (Mkt Rent)$2.08
Heat, water, sewer and trash removal included in rent; Restricted
to 62+; on-site common laundry; community rm w/serving kitchen;
computer lab;
Building was rehabbed in 2014/2015. Has a community room,
dining room, and library. Utilities included.
Fitness center, pool, spa, gameroom, theater room, clubhouse,
business center, concierge, guest apartments, pet washing station,
car charging station & rooftop terrace.
$1,175 (Mkt Rent)
Condomiminum with in unit washer/dryer, fitness center, lounge
and party room, theater, golf simulator, library, art/yoga studio,
woodshop and underground garage. There is a 25 lb pet limit.
Library, fitness center, hobby room, game room, and workshop.
Mini bus Monday through Friday. Convenience Store. Depending on
the unit floor plan, wait times may range from 6 mos to 15 years.
30% of AGI
$875 (Mkt Rent)
30% of AGI
TABLE A-1
SENIOR HOUSING PROPERTIES
EDINA
November/December 2019
Monthly Rent/Rent/Sales Price/PSFMarket/Base
30% of AGI HUD subsidized property.
SENIOR HOUSING PROPERTIES
MAXFIELD RESEARCH AND CONSULTING, LLC 241
Year No. of No.
Project Name/City Built Units Vacant No.Type Min -Max Services/Amenities/Comments
Independent Living/Congregate
The Waters of Edina 2013 59 1 34 -1BR 557 -921 $3,400 -$4,530 $4.92 -$6.10
6300 Colonial Way 6 -1BR+D 921 -1,250 $3,400 -$4,530 $3.62 $3.69
15 -2BR 1,063 -1,465 $5,150 -$5,970 $4.08 $4.84
4 -2BR+D 1,453 -1,469 $5,770 -$5,770 $3.93 -$3.97
Brookdale Edina 1990 150 20 7 -Studio 724 -724 $2,675 -$2,675 $3.69 -$3.69
3330 Edinborough Way 45 -1BR 625 -625 $4,255 -$4,255 $6.81 -$6.81
97 -2BR 983 -983 $4,195 -$4,195 $4.27 -$4.27
1 -3BR 1,628 -1,628 $5,250 -$5,250 $3.22 -$3.22
Heritage of Edina 1965 59 8 16 -Studio 290 -420 $1,189 -$1,544 $3.68 -$4.10
3434 Heritage Drive 43 -1BR 450 -705 $1,882 -$2,260 $3.21 -$4.18
Vernon Terrace 1988 127 0 39 -1BR 654 -654 $1,771 -$1,921 $2.71 -$2.94
5250 Vernon Ave 30 -1BR+D 845 -845 $2,034 -$2,034 $2.41 -$2.41
42 -2BR 900 -1,310 $2,029 -$3,226 $2.25 -$2.46
16 -2BR+D 1,050 -1,499 $2,461 -$3,412 $2.28 -$2.34
Yorkshire of Edina 2015 66 5 57 -1BR 589 -862 $3,350 -$3,750 $4.35 -$5.69
7141 York Ave S 3 -1BR+D 1,189 -1,189 $3,750 -$3,750 $3.15 -$3.15
6 -2BR 1,015 -1,015 $4,150 -$4,150 $4.09 -$4.09
Total Independent Living (Congregate)461 34
Assisted Living
Aurora on France 2016 88 2 5 -Studio 497 -543 $3,490 -$3,595 $6.62 -$7.02
6500 France Ave S 43 -1BR 665 -1,237 $3,955 -$4,720 $3.82 -$5.95
8 -1BR+D 801 -976 $4,265 -$4,470 $4.58 -$5.32
25 -2BR 1,155 -1,752 $4,605 -$5,615 $3.20 -$3.99
7 2BR+D 1,517 -1,875 $5,505 -$6,150 $3.28 -$3.63
The Waters of Edina 2013 30 1 15 -1BR 557 -921 $3,300 -$3,300 $3.58 -$5.92
6300 Colonial Way 3 -1BR+D 921 -1,250 $4,640 -$4,940 $3.95 -$5.04
8 -2BR 1,063 -1,465 $5,150 -$5,970 $4.08 -$4.84
4 -2BR+D 1,453 -1,469 $5,770 -$6,180 $3.97 -$4.21
Heritage of Edina 1965 84 10 73 -Studio 290 -420 $4,651 -$5,182 $12.34 -$16.04
3434 Heritage Dr 11 -1BR 450 -805 $5,204 -$5,745 $7.14 -$11.56
Sunrise of Edina 1999 69 0 47 -Studio 252 -353 $3,330 -$3,330 $9.43 -$13.21
7128 France Ave S 4 -Studio 371 -417 $3,750 -$3,750 $8.99 -$10.11
18 -1BR 410 -558 $4,890 -$4,890 $8.76 -$11.93
Rent Ranges Sale Price
(continued)
The Waters of Edina is 55+ and has a fitness center, spa, in unit
washer/dryer, clubhouse, & kitchen wih three meals per day.
Aditionally, dogs up to 30 lbs are allowed.
Daily meals (3), wkly laundry and hskpg. Common areas include
sunroom, Service packages are available depending on care level
needed; Only small dogs are allowed. Wait list of 2 years on 1BR
Facility includes, independent living, assisted living, transitional care,
memory care, and care suites. The facility contains a salon, theater,
outdoor patio, community room, underground parking ($72 per
month), and meals. Connected to Fairview Southdale Hospital and
55+.
Fitness center, pool, business center, in unit washer/dryer, salon,
lounge, fitness center, library, and solarium.
The Waters of Edina is 55+ and has a fitness center, spa, in unit
washer/dryer, clubhouse, & kitchen. Aditionally, dogs up to 30 lbs
are allowed.
Fitness center, walking paths, underground garage ($85), business
center, guest suite, library, courtyard and garden, therapy room,
barber shop, pool, community room. Facility is 65+.
Flexible meal options, housekeeping, barber shop, wellness checks,
utilities included, and underground parking ($60/mo).
Flexible meal options, housekeeping, barber shop, wellness checks,
utilities included and underground parking ($60/mo).
There are 66 assisted living, and 30 memory care units. In unit
washer/dryer, fitness room, kitchen, chapel, salon, lounge,
bistro/pub room with 1-3 meals per day and underground parking
($75/mo). Facility is 55+ and pet limit is 25 lbs.
TABLE A-1
SENIOR HOUSING PROPERTIES
EDINA
November/December 2019
Market/Base Monthly Rent/Rent/Sales Price/PSF
SENIOR HOUSING PROPERTIES
MAXFIELD RESEARCH AND CONSULTING, LLC 242
Year No. of No.
Project Name/City Built Units Vacant No.Type Min -Max Services/Amenities/Comments
Assisted Living (continued)
Brookdale Edina 1990 54 10 7 -Studio 450 -450 $3,415 -$3,415 $7.59 -$7.59
3330 Edinborough Way 47 -1BR 560 -560 $4,255 -$4,255 $7.60 -$7.60
York Gardens 2011 47 4 10 -Studio 409 -409 $3,470 -$3,780 $8.48 -$9.24
3451 Parklawn Ave S 21 -1BR 559 -625 $4,610 -$4,955 $7.93 -$8.25
4 -1BR+D 786 -870 $5,055 -$5,205 $5.98 -$6.43
12 -2BR 875 -1,115 $5,205 -$6,140 $5.51 -$5.95
Ashwood -Geneva Suites 1973 6 1 6 -Pvt. Suite 160 -220 $12,167 -$12,167 $55.30 -$76.04
6200 Parkwood Road
Braeburn -Geneva Suites 1969 6 1 6 -Pvt. Suite 160 -220 $12,167 -$12,167 $55.30 -$76.04
6222 Braeburn Cir
Walker Care Suites 1991 60 1 50 -Studio 298 -477 $3,100 -$3,650 $7.65 -$10.40
7400 York Ave S 8 -1BR 511 -518 $4,010 -$4,010 $7.74 -$7.85
2 -1BR+D 700 -700 $4,115 -$4,115 $5.88 -$5.88
Yorkshire of Edina 2015 66 5 57 -1BR 589 -862 $3,750 -$4,150 $4.81 -$6.37
7141 York Ave S 3 -1BR+D 1,189 -1,189 $4,150 -$4,150 $3.49 -$3.49
6 -2BR 1,015 -1,015 $4,550 -$4,550 $4.48 -$4.48
Total Assisted Living 510 35
Memory Care
Aurora on France 2016 35 3 25 -Studio 357 -464 $4,275 -$4,495 $9.69 -$11.97
6500 France Ave S 10 -Comp Ste 311 -341 $3,935 -$3,935 $11.54 -$12.65
York Gardens 2011 15 0 15 -Studio 409 -409 $3,910 -$4,140 $9.56 -$10.12
3451 Parklawn Ave S
Monthly Rent/Rent/Sales Price/PSF
Rent Ranges Sale Price
TABLE A-1
SENIOR HOUSING PROPERTIES
Additional care package in addition to housing/basic services mo
fee; common lvg area for meals and activities; 24/7 care available;
med mgmt; guest suite; weekly hskp; outside memory garden.
York Gardens provides assisted living/memory care connected via
hallway to 7500 York Cooperative. Rest.-style dining; 24/7 care if
needed; all personal cares available; salon/spa; theater rm; card
clubs; art classes; htd UG pkg; all utilities included; fitness ctr
w/wellness classes
Daily meals and near Centennial Lakes. Also have care suites
available at cost of $330/day. AL care packages available. 45 care
suites/27 assisted living
EDINA
November/December 2019
(continued)
Market/Base
Home with six bedrooms for each of the residents. Home is 4,000
sqft and in the Parkwood Knolls neighborhood. Cost is $400 per
day, all inclusive and guaranteed for life
Staff on duty 24/7; specialized memory care programming; emerg
call; daily hkspg; personal laundry; salon; daily meal service; pvt
gathering spaces; personal care. The facility contains theater
room, outdoor patio, community room, enclosed heated parking.
Connected to Fairview Southdale Hospital.
Near Braemar Golf Course. Cost is $400 per day, all-inclusive and
guaranteed for life.
Brookdale Edina is a 65+ community with a fitness center, walking
paths, indoor garage, business center, guest suite, library, courtyard
and garden, therapy room, barber shop, pool, & community room.
There are 66 assisted living, and 30 memory care units. In unit
washer/dryer, fitness room, kitchen, chapel, salon, lounge,
bistro/pub room with 1-3 meals per day, and underground parking
($75/mo). Facility is 55+ and pet limit is 25 lbs.
SENIOR HOUSING PROPERTIES
MAXFIELD RESEARCH AND CONSULTING, LLC 243
Year No. of No.
Project Name/City Built Units Vacant No.Type Min -Max Services/Amenities/Comments
Memory Care (continued)
Sunrise of Edina 1999 23 0 14 -Pvt Ste 252 -300 $4,710 -$4,710 $15.70 -$15.70
7128 France Ave S 6 -Comp Ste 353 -417 $5,340 -$5,340 $12.81 -$12.81
3 -1BR 550 -550 $6,150 -$6,150 $11.18 -$11.18
Brookdale Edina 1990 35 4 22 -Studio 400 -400 $5,095 -$5,095 $12.74 -$12.74
3330 Edinborough Way 13 -1BR 626 -626 $6,615 -$6,615 $10.57 -$10.57
English Rose Suites - Loch Wood 1970 6 0 6 -Pvt. Ste 185 -225 $3,250 -$4,950 $17.57 -$22.00
6201 Loch Moor Dr
English Rose Suites - Interlachen 1946 6 0 6 Pvt. Ste 165 -215 $3,250 -$4,950 $19.70 -$23.02
609 Blake Rd S
English Rose Suites - Indian Hills 1982 6 0 6 Pvt. Ste 175 -210 $3,250 -$4,950 $18.57 -$23.57
6400 Timber Ridge
English Rose Suites - Gleason Kn 1966 6 0 6 -Pvt. Ste 180 -212 $3,250 -$4,950 $18.06 -$23.35
6200 Loch Moor Dr
English Rose Suites - Braemar Hi 1972 6 0 6 -Pvt. Ste 185 -215 $3,250 -$4,950 $17.57 -$23.02
6941 Valley View Rd
Rent Ranges Sale Price
SENIOR HOUSING PROPERTIES
EDINA
November/December 2019
(continued)
Market/Base Monthly Rent/Rent/Sales Price/PSF
TABLE A-1
Partnerships with local providers such as the Mayo Clinic and
Health Partners. Various therapy treatments, daily exercise, group
activites, and one to three care ratio. There are two vacancies
among the five Edina locations.
Partnerships with local providers such as the Mayo Clinic and
Health Partners. Various therapy treatments, daily exercise, group
activites, and one to three care ratio. There are two vacancies
among the five Edina locations.
Daily meals, personal laundry, housekeeping, monthly wellness
visits; daily activities; sunroom, lounge areas, main floor
café/bistro; pvt. dining; dining rm. Atrium activity area
Partnerships with local providers such as the Mayo Clinic and
Health Partners. Various therapy treatments, daily exercise, group
activites, and one to three care ratio. There are two vacancies
among the five Edina locations.
Partnerships with local providers such as the Mayo Clinic and
Health Partners. Various therapy treatments, daily exercise, group
activites, and one to three care ratio. There are two vacancies
among the five Edina locations.
Fitness center, walking paths, indoor garage, business center, guest
suite, library, courtyard and garden, therapy room, barber shop,
pool, & community room.
Partnerships with local providers such as the Mayo Clinic and
Health Partners. Various therapy treatments, daily exercise, group
activites, and one to three care ratio. There are two vacancies
among the five Edina locations.
SENIOR HOUSING PROPERTIES
MAXFIELD RESEARCH AND CONSULTING, LLC 244
Year No. of No.
Project Name/City Built Units Vacant No.Type Min -Max Services/Amenities/Comments
Memory Care (continued)
The Waters of Edina 2013 42 0 36 -Studio 410 -563 $4,170 -$4,300 $7.64 -$10.17
6300 Colonial Way 6 -1BR 472 -761 $4,580 -$4,580 $6.02 -$9.70
Yorkshire of Edina 2015 30 0 27 -Studio 384 -393 $4,800 -$4,900 $12.47 -$12.50
7141 York Ave S 3 -1BR 589 -589 $5,200 -$5,200 $8.83 -$8.83
Walker Care Suites 1991 12 0 12 -Studio 298 -378 $1,920 -$1,920 $5.08 -$6.44
7400 York Ave S
Vernon Terrace (The Willows)2011 16 0 14 -Studio 295 -513 $2,459 -$4,621 $8.34 -$9.01
5250 Vernon Ave 2 -1 BR 654 -654 $4,833 -$4,833 $7.39 -$7.39
Heritage of Edina 1965 75 18 56 -Studio 290 -375 $6,274 -$6,718 $17.91 -$21.63
3434 Heritage Dr 19 -1BR 585 -695 $6,804 -$6,988 $10.05 -$11.63
-
Total Memory Care 313 25
Specialty Care
Edina - East & West 2004 6 0 6 -Pvt. Rm 168 -168 $9,000 -$10,500 $53.57 -$62.50
6804 Dovre Dr
Skilled Nursing
Aurora on France 2016 63 4 50 -Pvt. Rm 180 -200 $186 -$484 $1.03 -$2.42
6500 France Ave S 13 -Dbl. Rm 180 -200 $186 -$484 $1.03 -$2.42
Edenbrook Edina 1971 85 0 18 -Pvt. Rm 180 -200 $186 -$484 $1.03 -$2.42
6200 Xerxes Ave S 67 -Dbl. Rm 180 -200 $186 -$484 $1.03 -$2.42
Total Skilled Nursing 148 4
Total Senior Units (excl. SNF)2,311 133
N/A: Not Applicable.
* Per day rates reflect 30-day monthly rate.
Rent Ranges Sale Price
November/December 2019
(continued)
Market/Base Monthly Rent/Rent/Sales Price/PSF
TABLE A-1
SENIOR HOUSING PROPERTIES
EDINA
The Waters of Edina is 55+ and has a fitness center, spa, in unit
washer/dryer, clubhouse, & kitchen. Aditionally, dogs up to 30 lbs
are allowed.
Fitness center, pool, business center, in unit wahser/dryer, salon,
lounge, fitness center, library, and solarium.
Transitional Care Unit; also provide respite care; offer bariatric
care hospice, oxygen therapy; infection care. Pvt/dbl rooms; Pvt
room additional $36/day
There are 66 assisted living, and 30 memory care units. In unit
washer/dryer, fitness room, kitchen, chapel, salon, lounge,
bistro/pub room with 1-3 meals per day, and underground parking
($75/mo). Facility is 55+ and pet limit is 25 lbs.
Twin home with six bedrooms; 24/7 care provided; residence
equipped with adaptive devices for Parkinson's patients; three
meals per day plus snacks; transportation to appointments;
activities; hskp/laundry; foot care; personal care, med-set-up and
mgmt.
Source: Maxfield Research and Consulting LLC
Daily meals and housekeeping; outdoor terrace and garden
courtyard; front desk concierge; van transportation; Additional
care package cost is $4,750 ro $8,100.
Flexible meal options, housekeeping, barber shop, wellness checks,
utilities included, and underground parking ($60/mo).
Admission 24 hours per day. Nursing and respite care.
$3,150 - $6,150
Additional Care Level Packages
DEFINITIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 245
Definitions
Absorption Period – The amount of time necessary for newly constructed or renovated proper-
ties to achieve the stabilized level of occupancy. The absorption period begins when the first
certificate of occupancy is issued and ends when the last unit to reach the stabilized level of oc-
cupancy has signed a lease.
Absorption Rate – The average number of units rented each month during the absorption pe-
riod.
Active adult (or independent living few/no services available) – Active Adult properties are
similar to a general-occupancy apartment building, in that they offer virtually no services but
have age-restrictions (typically 55 or 62 or older). Organized activities and occasionally a trans-
portation program are usually all that are available at these properties. Because of the lack of
services, active adult properties typically do not command the rent premiums of more service-
enriched senior housing.
Adjusted Gross Income “AGI” – Income from taxable sources (including wages, interest, capital
gains, income from retirement accounts, etc.) adjusted to account for specific deductions (i.e.
contributions to retirement accounts, unreimbursed business and medical expenses, alimony,
etc.).
Affordable housing (shallow-subsidy) – Housing that is income-restricted to households earn-
ing at or below 80% AMI, though individual properties can have income-restrictions set at 30%,
50%, 60% or 80% AMI. Rent is not based on income but instead is a contract amount that is af-
fordable to households in the specific income restriction segment. Housing programs such as
Section 42 and Low-Income Housing Tax Credit (LIHTC) and various municipal bonding programs
often fall into this category. Housing is affordable to moderate, low and very low-income resi-
dents, according to definitions published by the Department of Housing and Urban Develop-
ment. The lowest income level (30%) is often reserved for units targeted to long-term or
chronic homeless.
Amenity – Tangible or intangible benefits offered to a tenant in the form of common area
amenities or in-unit amenities. Typical in-unit amenities include dishwashers, washer/dryers,
walk-in showers and closets and upgraded kitchen finishes. Typical common area amenities in-
clude detached or attached garage parking, community room, fitness center and an outdoor pa-
tio or grill/picnic area.
Area Median Income “AMI” – AMI is the midpoint in the income distribution within a specific
geographic area. By definition, 50% of households earn less than the median income and 50%
earn more. The U.S. Department of Housing and Urban Development (HUD) calculates AMI an-
nually and adjustments are made for family size.
DEFINITIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 246
Assisted Living – Assisted Living properties come in a variety of forms, but the target market for
most is generally the same: very frail seniors, typically age 80 or older (but can be much
younger, depending on their particular health situations), who are in need of extensive support
services and personal care assistance. Absent an assisted living option, these seniors would
otherwise need to move to a nursing facility. At a minimum, assisted living properties include
two meals per day and weekly housekeeping in the monthly fee, with the availability of a third
meal and personal care (either included in the monthly fee or for an additional cost). Assisted
living properties also have either staff on duty 24 hours per day or at least 24-hour emergency
response.
Building Permit – Building permits track housing starts and the number of housing units author-
ized to be built by the local governing authority. Most jurisdictions require building permits for
new construction, major renovations, as well as other building improvements. Building permits
ensure that all the work meets applicable building and safety rules and is typically required to
be completed by a licensed professional. Once the building is complete and meets the inspec-
tor’s satisfaction, the jurisdiction will issue a “CO” or “Certificate of Occupancy.” Building per-
mits are a key barometer for the health of the housing market and are often a leading indicator
in the rest of the economy as it has a major impact on consumer spending.
Capture Rate – The percentage of age, size, and income-qualified renter households in a given
area or “Market Area” that the property must capture to fill the units. The capture rate is cal-
culated by dividing the total number of units at the property by the total number of age, size
and income-qualified renter households in the designated area.
Comparable Property – A property that is representative of the rental housing choices of the
designated area or “Market Area” that is similar in construction, size, amenities, location and/or
age.
Concession – Discount or incentives given to a prospective tenant to induce signature of a
lease. Concessions typically are in the form of reduced rent or free rent for a specific lease
term, or free amenities, which are normally charged separately, such as parking.
Congregate (or independent living with services available) – Congregate properties offer sup-
port services such as meals and/or housekeeping, either on an optional basis or a limited
amount included in the rents. These properties typically dedicate a larger share of the overall
building area to common areas, in part, because the units are smaller than in adult housing and
in part to encourage socialization among residents. Congregate properties attract a slightly
older target market than adult housing, typically seniors age 75 or older. Rents are also above
those of the active adult buildings, even excluding the services.
Contract Rent – The actual monthly rent payable by the tenant, including any rent subsidy paid
on behalf of the tenant, to the owner, inclusive of all terms of the lease.
DEFINITIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 247
Demand – The total number of households that would potentially move into a proposed new or
renovated housing project. These households must be of appropriate age, income, tenure and
size for a specific proposed development. Components vary and can include, but are not lim-
ited to: turnover, people living in substandard conditions, rent over-burdened households, in-
come-qualified households and age of householder. Demand is project specific.
Density – Number of units in a given area. Density is typically measured in dwelling units (DU)
per acre – the larger the number of units permitted per acre the higher the density; the fewer
units permitted results in lower density. Density is often presented in a gross and net format:
• Gross Density – The number of dwelling units per acre based on the gross site acreage.
Gross Density = Total residential units/total development area
• Net Density - The number of dwelling units per acre located on the site, but excludes
public right-of-ways (ROW) such as streets, alleys, easements, open spaces, etc.
Net Density = Total residential units/total residential land area (excluding ROWs)
Detached housing – a freestanding dwelling unit, most often single-family homes, situated on
its own lot.
Effective Rents – Contract rent less applicable concessions.
Elderly or Senior Housing – Housing where all the units in the property are restricted for occu-
pancy by persons age 62 years or better, or at least 80% of the units in each building are re-
stricted for occupancy by households where at least one household member is 55 years of age
or better and the housing is designed with amenities, facilities and services to meet the needs
of senior citizens.
Extremely low-income – person or household with incomes below 30% of Area Median In-
come, adjusted for respective household size.
Fair Market Rent – Estimates established by HUD of the Gross Rents needed to obtain modest
rental units in acceptable conditions in a specific geographic area. The amount of rental income
a given property would command if it were open for leasing at any given moment and/or the
amount derived based on market conditions that is needed to pay gross monthly rent at mod-
est rental housing in a given area. This figure is used as a basis for determining the payment
standard amount used to calculate the maximum monthly subsidy for families on at financially
assisted housing.
Fair Market Rent – Hennepin County 2016
EFF 1BR 2BR 3BR 4BR
Fair Market Rent $656 $813 $1,027 $1,444 $1,693
Fair Market Rent
DEFINITIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 248
Floor Area Ratio (FAR) Ratio of the floor area of a building to area of the lot on which the
building is located.
Foreclosure – A legal process in which a lender or financial institute attempts to recover the
balance of a loan from a borrower who has stopped making payments to the lender by using
the sale of the house as collateral for the loan.
Gross Rent – The monthly housing cost to a tenant which equals the Contract Rent provided for
in the lease, plus the estimated cost of all utilities paid by tenants. Maximum Gross Rents for
Hennepin County in 2016 are as follows:
Gross Rent
Hennepin County – 2016
Household – All persons who occupy a housing unit, including occupants of a single-family, one
person living alone, two or more families living together, or any other group of related or unre-
lated persons who share living arrangements.
Household Trends – Changes in the number of households for any particular areas over a meas-
urable period of time, which is a function of hew households formations, changes in average
household size, and met migration.
Housing Choice Voucher Program – The federal government's major program for assisting very
low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing
in the private market. A family that is issued a housing voucher is responsible for finding a suit-
able housing unit of the family's choice where the owner agrees to rent under the program.
Housing choice vouchers are administered locally by public housing agencies. They receive fed-
eral funds from the U.S. Department of Housing and Urban Development (HUD) to administer
the voucher program. A housing subsidy is paid to the landlord directly by the public housing
agency on behalf of the participating family. The family then pays the difference between the
actual rent charged by the landlord and the amount subsidized by the program.
EFF 1BR 2BR 3BR 4BR
30% of median $450 $514 $579 $643 $695
50% of median $751 $857 $965 $1,072 $1,158
60% of median $901 $1,029 $1,158 $1,287 $1,390
80% of median $1,202 $1,372 $1,544 $1,716 $1,854
100% of median $1,502 $1,715 $1,930 $2,145 $2,317
120% of median $1,803 $2,058 $2,316 $2,574 $2,781
Maximum Gross Rent
DEFINITIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 249
Housing unit – House, apartment, mobile home, or group of rooms used as a separate living
quarters by a single household.
HUD Project-Based Section 8 – A federal government program that provides rental housing for
very low-income families, the elderly, and the disabled in privately owned and managed rental
units. The owner reserves some or all the units in a building in return for a Federal government
guarantee to make up the difference between the tenant's contribution and the rent. A tenant
who leaves a subsidized project will lose access to the project-based subsidy.
HUD Section 202 Program – Federal program that provides direct capital assistance and operat-
ing or rental assistance to finance housing designed for occupancy by elder household who
have incomes not exceeding 50% of Area Median Income. Section 202 programs are currently
reserved for sites that are in qualified low-income census tracts.
HUD Section 811 Program – Federal program that provides direct capital assistance and operat-
ing or rental assistance to finance housing designed for occupancy of persons with disabilities
who have incomes not exceeding 50% Area Median Income.
HUD Section 236 Program – Federal program that provides interest reduction payments for
loans which finance housing targeted to households with income not exceeding 80% Area Me-
dian Income who pay rent equal to the greater or market rate or 30% of their adjusted income.
Income limits – Maximum households income by a designed geographic area, adjusted for
household size and expressed as a percentage of the Area Median Income, for the purpose of
establishing an upper limit for eligibility for a specific housing program.
Inflow/Outflow – The Inflow/Outflow Analysis generates results showing the count and charac-
teristics of worker flows in to, out of, and within the defined geographic area.
Low-Income – Person or household with gross household incomes below 80% of Area Median
Income, adjusted for household size.
1 pph 2 phh 3 phh 4 phh 5 phh 6 phh 7 phh 8 phh
30% of median $18,030 $20,580 $23,160 $25,740 $27,810 $29,850 $31,920 $33,990
50% of median $30,050 $34,300 $38,600 $42,900 $46,350 $49,750 $53,200 $56,650
60% of median $36,060 $41,160 $46,320 $51,480 $55,620 $59,700 $63,840 $67,980
80% of median $48,080 $54,880 $61,760 $68,640 $74,160 $79,600 $85,120 $90,640
100% of median $60,100 $68,600 $77,200 $85,800 $92,700 $99,500 $106,400 $113,300
120% of median $72,120 $82,320 $92,640 $102,960 $111,240 $119,400 $127,680 $135,960
Income Limits by Household Size
DEFINITIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 250
Low-Income Housing Tax Credit – A program aimed to generate equity for investment in af-
fordable rental housing authorized pursuant to Section 42 of the Internal Revenue Code. The
program requires that a certain percentage of units built be restricted for occupancy to house-
holds earning 60% or less of Area Median Income, and rents on these units be restricted ac-
cordingly.
Market analysis – The study of real estate market conditions for a specific type of property, ge-
ographic area or proposed (re)development.
Market rent – The rent that an apartment, without rent or income restrictions or rent subsi-
dies, would command in a given area or “Market Area” considering its location, features and
amenities.
Market study – A comprehensive study of a specific proposal including a review of the housing
market in a defined market or geography. Project specific market studies are often used by de-
velopers, property managers or government entities to determine the appropriateness of a pro-
posed development, whereas market specific market studies are used to determine what house
needs, if any, existing within a specific geography.
Market rate rental housing – Housing that does not have any income-restrictions. Some prop-
erties will have income guidelines, which are minimum annual incomes required in order to re-
side at the property.
Memory Care – Memory Care properties, designed specifically for persons suffering from Alz-
heimer’s disease or other dementias, is one of the newest trends in senior housing. Properties
consist mostly of suite-style or studio units or occasionally one-bedroom apartment-style units,
and large amounts of communal areas for activities and programming. In addition, staff typi-
cally undergoes specialized training in the care of this population. Because of the greater
amount of individualized personal care required by residents, staffing ratios are much higher
than traditional assisted living and thus, the costs of care are also higher. Unlike conventional
assisted living, however, which deals almost exclusively with widows or widowers, a higher pro-
portion of persons afflicted with Alzheimer’s disease are in two-person households. That
means the decision to move a spouse into a memory care facility involves the caregiver’s con-
cern of incurring the costs of health care at a special facility while continuing to maintain their
home.
Migration – The movement of households and/or people into or out of an area.
Mixed-income property – An apartment property contained either both income-restricted and
unrestricted units or units restricted at two or more income limits.
Mobility – The ease at which people move from one location to another.
DEFINITIONS
MAXFIELD RESEARCH AND CONSULTING, LLC 251
Moderate Income – Person or household with gross household income between 80% and 120%
of the Area Median Income, adjusted for household size.
Multifamily – Properties and structures that contain more than two housing units.
Naturally Occurring Affordable Housing – Although affordable housing is typically associated
with an income-restricted property, there are other housing units in communities that indi-
rectly provide affordable housing. Housing units that were not developed or designated with
income guidelines (i.e. assisted) yet are more affordable than other units in a community are
considered “naturally-occurring” or “unsubsidized affordable” units. This rental supply is avail-
able through the private market, versus assisted housing programs through various governmen-
tal agencies. Property values on these units are lower based on a combination of factors, such
as: age of structure/housing stock, location, condition, size, functionally obsolete, school dis-
trict, etc.
Net Income – Income earned after payroll withholdings such as state and federal income taxes,
social security, as well as retirement savings and health insurance.
Net Worth – The difference between assets and liabilities, or the total value of assets after the
debt is subtracted.
Pent-up demand – A market in which there is a scarcity of supply and as such, vacancy rates are
very low or non-existent.
Population – All people living in a geographic area.
Population Density – The population of an area divided by the number of square miles of land
area.
Population Trends – Changes in population levels for a specific geographic area over a specific
period– a function of the level of births, deaths, and in/out migration.
Project-Based rent assistance – Rental assistance from any source that is allocated to the prop-
erty or a specific number of units in the property and is available to each income eligible tenant
of the property or an assisted unit.
Redevelopment – The redesign, rehabilitation or expansion of existing properties.
Rent burden – gross rent divided by adjusted monthly household income.
Restricted rent – The rent charged under the restriction of a specific housing program or sub-
sidy.
DEFINITIONS
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Saturation – The point at which there is no longer demand to support additional market rate,
affordable/subsidized, rental, for-sale, or senior housing units. Saturation usually refers to a
particular segment of a specific market.
Senior Housing – The term “senior housing” refers to any housing development that is re-
stricted to people age 55 or older. Today, senior housing includes an entire spectrum of hous-
ing alternatives. Maxfield Research Inc. classifies senior housing into four categories based on
the level of support services. The four categories are: Active Adult, Independent Living, As-
sisted Living and Memory Care.
Short Sale – A sale of real estate in which the net proceeds from selling the property do not
cover the sellers’ mortgage obligations. The difference is forgiven by the lender, or other ar-
rangements are made with the lender to settle the remainder of the debt.
Single-family home – A dwelling unit, either attached or detached, designed for use by one
household and with direct street access. It does not share heating facilities or other essential
electrical, mechanical or building facilities with another dwelling.
Stabilized level of occupancy – The underwritten or actual number of occupied units that a
property is expected to maintain after the initial lease-up period.
Subsidized housing (Deep-subsidy) – Housing that is income-restricted to households earning
at or below 50% AMI. Rent is based on income, with the household contributing 30% of their
adjusted gross income toward rent. Some programs may set a specific rent where households
may qualify based on 30% or less of AMI. This is also designated as “deep subsidy” housing.
This housing targets households with extremely low incomes, according to HUD definitions.
Subsidy – Monthly income received by a tenant or by an owner on behalf of a tenant to pay the
difference between the apartment’s contract/market rate rent and the amount paid by the ten-
ant toward rent.
Substandard conditions – Housing conditions that are conventionally considered unacceptable
and can be defined in terms of lacking plumbing facilities, one or more major mechanical or
electrical system malfunctions, or overcrowded conditions.
Target population – The market segment or segments of the given population a development
would appeal or cater to.
Tenant – One who rents real property from another individual or rental company.
Tenant-paid utilities – The cost of utilities, excluding cable, telephone, or internet necessary for
the habitation of a dwelling unit, which are paid by said tenant.
Tenure – The distinction between owner-occupied and renter-occupied housing units.
DEFINITIONS
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Turnover – A measure of movement of residents into and out of a geographic location.
Turnover period – An estimate of the number of housing units in a geographic location as a per-
centage of the total house units that will likely change occupants in any one year.
Unrestricted units – Units that are not subject to any income or rent restrictions.
Vacancy period – The amount of time an apartment remains vacant and is available on the
market for rent.
Workforce housing – Housing that is income-restricted to households earning between 80%
and 120% AMI. Also referred to as moderate-income housing.
Zoning – Classification and regulation of land use by local governments according to use catego-
ries (zones); often also includes density designations and limitations