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HomeMy WebLinkAbout6.a. Housing and Retail Market EXECUTIVE SUMMARY Port Authority Regular Meeting: August 16, 2022 AGENDA ITEM: Housing and Retail Market Update AGENDA SECTION: New Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 6.a. ATTACHMENTS: Greater MSP Market Data, Realtor.com Report APPROVED BY: LJM RECOMMENDATION: Information Item. BACKGROUND In the Spring of 2022, the Port Authority asked staff about the effects of mortgage rate increases on housing affordability and home building. Now after several months of data, there is a good amount of information that paints a forecast of where housing market is headed. By having a better understanding of housing tends, the Port and Council can better evaluate projects and how they align with the city goals of residential growth and housing affordably, in additional to how housing supports downstream issues such as retail growth and workforce availability. The most recent data indicates that housing purchases have declined both locally and nationwide; however, this has not corresponded with a decline in prices. During June, buyers signed 5,544 purchase agreements, 18.4% fewer than the same month last year and the lowest June figure since 2014, according to a monthly report from the Minneapolis Area Realtors. Closings were also down from 2021 but up slightly compared with 2020. The median price of those sales increased nearly 9% to a record $380,000. The increase in rates — and record high home prices — caused the housing affordability index in the Twin Cities during June to fall to its lowest level since at least 2004. Nationally the picture was similar with home sales falling 5.4%, the 5th straight month of sales declines. In both the Twin Cities and nationally, the median sales price continued to increase. The number of homes on the market rose but are still below pre-COVID levels. Prices are forecast to continue to increase due to less supply, but the rate of increase is diminishing. These trends have also affected new home construction. The Census Bureau found that new construction fell by 6.3% in June. Rising material costs coupled with rising mortgage rates have priced out many would be home buyers. Home starts are now running at the slowest pace since September 2021. While single family home construction has slipped and home sales have declined, multifamily development has continued to increase. In June, multifamily construction increased by 10.3% in June. This is largely driven by demand for housing. Even as sales slip and construction slows, additional housing units are greatly needed nationwide. Given the current record housing prices and forecast increases, renting remains a more affordable option. Realtor.com released a July report that showed renting is more affordable than buying a starter home in three quarters of the largest US metros. Higher mortgage rates were the biggest 2 driver of the widening year-over-year gap between first-time buying and renting, adding $416 to typical monthly starter home costs in June. Within the Twin Cities the difference in buying a starter home and renting was 40.9% or roughly $653 a month. Medium rent in the Twin Cities was $1,597. Given the metro area medium price of $380,000, there are very few homes available to first time buyers. The majority of new homes built within Rosemount over the past year exceed the medium purchase price. As home purchases and building slow, new household formation will need to be absorbed by the rental market. This is reflected in the most recent local housing data. In July, developers were issued permits for 987 multifamily units, a 50% increase from a year ago. They pulled permits for 383 single-family homes, a 33% drop from a year ago. Overall the multifamily vacancy rate remains low, which indicates construction for new multifamily projects should remain elevated throughout the year. The change in housing construction and formation of new households will impact several of the city’s other goals, namely retail development and workforce availability. The city has several large industrial projects at various stages of development. These projects could bring several thousand jobs to Rosemount over the next several years. Given the standard wages associated with these jobs, most of Rosemount’s new housing stock would be inaccessible to these workers. These workers will likely need to look for other life cycles housing if they are to be able to live and work locally. The housing dynamics will also affect retail development particularly in new and emerging hubs. Retailers look at traffic counts and total population within a 5-minute drive to determine new sites. New development and the density of total housing units within the catchment area are major determinants of site location. Additionally, certain types of retail are more sensitive to close proximity of housing units. Entities like dentists or medicals services are not as reliant on nearby household traffic. Entities like restaurants and more entertainment focused retail draw more heavily from households within close proximity. This reflects a trend that can be seen in many historical commercial areas, such as Burnsville mall, Apple Valley Cedar/42 corridor, the 494 corridor in Bloomington and the Galleria. These areas are being deconstructed and have seen a decline of large box users, while moving toward mixed-use developments that emphasize housing anchored by a large grocer and supplemented by experiential retail. Mixed use commercial districts have the added benefit of creating a much-needed day time population that access these services throughout the day. The change in market conditions for housing construction presents an opportunity to better fulfill the Council’s strategic goals of “Growing Rosemount.” The goals call for a variety of quality housing styles, sizes and price ranges. Price ranges in particular are well suited to multifamily development as developers can create affordable units and utilizing financial that is usually unavailable to single family home developers. Given the trends in single family home construction, much of the affordable unit demand will need to be met by multifamily. The documents also outline the goal of attracting retail and restaurants that will provide jobs, tax revenue, while providing a unique shopping and dining experience. The creation of mixed-use commercial areas better positions the city to attract these types of experiential retail users. Throughout the metro the most dynamic commercial districts are integrating with housing to facilitate demand and activity. The addition of housing located within a retail district has proven to attract a higher quality of tenant than districts that remain largely commuter dependent segregated from housing units. RECOMMENDATION None, informational update only. County of Dakota, Esri, HERE, Garmin, GeoTechnologies, Inc., NGA, USGS 0 0.15 0.3 mi Site Map Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 August 08, 2022 ©2022 Esri Page 1 of 1 Market Profile Rosemount Lifetime Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 1 mile Population Summary 2010 Total Population 1,894 2020 Total Population 3,344 2020 Group Quarters 3 2022 Total Population 3,937 2022 Group Quarters 3 2027 Total Population 4,191 2022-2027 Annual Rate 1.26% 2022 Total Daytime Population 2,866 Workers 1,017 Residents 1,849 Household Summary 2010 Households 647 2010 Average Household Size 2.92 2020 Total Households 1,001 2020 Average Household Size 3.34 2022 Households 1,178 2022 Average Household Size 3.34 2027 Households 1,249 2027 Average Household Size 3.35 2022-2027 Annual Rate 1.18% 2010 Families 529 2010 Average Family Size 3.23 2022 Families 959 2022 Average Family Size 3.70 2027 Families 1,018 2027 Average Family Size 3.70 2022-2027 Annual Rate 1.20% Housing Unit Summary 2000 Housing Units 179 Owner Occupied Housing Units 82.7% Renter Occupied Housing Units 15.1% Vacant Housing Units 2.2% 2010 Housing Units 671 Owner Occupied Housing Units 88.2% Renter Occupied Housing Units 8.2% Vacant Housing Units 3.6% 2020 Housing Units 1,022 Vacant Housing Units 2.1% 2022 Housing Units 1,214 Owner Occupied Housing Units 91.7% Renter Occupied Housing Units 5.3% Vacant Housing Units 3.0% 2027 Housing Units 1,290 Owner Occupied Housing Units 92.0% Renter Occupied Housing Units 4.8% Vacant Housing Units 3.2% Median Household Income 2022 $126,468 2027 $145,114 Median Home Value 2022 $383,680 2027 $405,096 Per Capita Income 2022 $47,245 2027 $55,347 Median Age 2010 32.9 2022 37.1 2027 36.6 Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 1 of 7 Market Profile Rosemount Lifetime Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 1 mile 2022 Households by Income Household Income Base 1,178 <$15,000 1.4% $15,000 - $24,999 2.1% $25,000 - $34,999 2.3% $35,000 - $49,999 5.1% $50,000 - $74,999 11.1% $75,000 - $99,999 9.3% $100,000 - $149,999 29.0% $150,000 - $199,999 20.5% $200,000+19.1% Average Household Income $156,586 2027 Households by Income Household Income Base 1,249 <$15,000 1.0% $15,000 - $24,999 1.4% $25,000 - $34,999 1.5% $35,000 - $49,999 3.2% $50,000 - $74,999 8.7% $75,000 - $99,999 10.1% $100,000 - $149,999 25.9% $150,000 - $199,999 22.7% $200,000+25.5% Average Household Income $183,387 2022 Owner Occupied Housing Units by Value Total 1,113 <$50,000 0.1% $50,000 - $99,999 0.3% $100,000 - $149,999 0.1% $150,000 - $199,999 1.8% $200,000 - $249,999 3.7% $250,000 - $299,999 8.0% $300,000 - $399,999 43.2% $400,000 - $499,999 23.0% $500,000 - $749,999 16.0% $750,000 - $999,999 2.5% $1,000,000 - $1,499,999 1.5% $1,500,000 - $1,999,999 0.0% $2,000,000 +0.0% Average Home Value $428,812 2027 Owner Occupied Housing Units by Value Total 1,187 <$50,000 0.0% $50,000 - $99,999 0.0% $100,000 - $149,999 0.0% $150,000 - $199,999 0.2% $200,000 - $249,999 0.9% $250,000 - $299,999 4.0% $300,000 - $399,999 43.4% $400,000 - $499,999 30.6% $500,000 - $749,999 18.5% $750,000 - $999,999 1.9% $1,000,000 - $1,499,999 0.7% $1,500,000 - $1,999,999 0.0% $2,000,000 +0.0% Average Home Value $442,704 Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, pensions, SSI and welfare payments, child support, and alimony. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 2 of 7 Market Profile Rosemount Lifetime Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 1 mile 2010 Population by Age Total 1,894 0 - 4 11.0% 5 - 9 10.0% 10 - 14 7.2% 15 - 24 9.1% 25 - 34 17.5% 35 - 44 18.6% 45 - 54 12.2% 55 - 64 8.2% 65 - 74 4.6% 75 - 84 1.4% 85 +0.2% 18 +67.7% 2022 Population by Age Total 3,936 0 - 4 7.4% 5 - 9 8.3% 10 - 14 8.7% 15 - 24 11.2% 25 - 34 11.2% 35 - 44 16.8% 45 - 54 13.6% 55 - 64 10.9% 65 - 74 7.5% 75 - 84 3.5% 85 +0.9% 18 +71.1% 2027 Population by Age Total 4,189 0 - 4 7.5% 5 - 9 8.3% 10 - 14 8.1% 15 - 24 10.8% 25 - 34 13.0% 35 - 44 15.1% 45 - 54 13.9% 55 - 64 10.2% 65 - 74 8.0% 75 - 84 4.2% 85 +1.1% 18 +71.8% 2010 Population by Sex Males 937 Females 957 2022 Population by Sex Males 1,922 Females 2,015 2027 Population by Sex Males 2,040 Females 2,151 Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 3 of 7 Market Profile Rosemount Lifetime Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 1 mile 2010 Population by Race/Ethnicity Total 1,894 White Alone 84.5% Black Alone 2.1% American Indian Alone 0.2% Asian Alone 9.7% Pacific Islander Alone 0.1% Some Other Race Alone 0.6% Two or More Races 2.9% Hispanic Origin 2.2% Diversity Index 30.7 2020 Population by Race/Ethnicity Total 3,344 White Alone 79.4% Black Alone 3.8% American Indian Alone 0.1% Asian Alone 8.1% Pacific Islander Alone 0.1% Some Other Race Alone 1.2% Two or More Races 7.3% Hispanic Origin 3.7% Diversity Index 40.2 2022 Population by Race/Ethnicity Total 3,936 White Alone 79.2% Black Alone 3.9% American Indian Alone 0.1% Asian Alone 8.0% Pacific Islander Alone 0.1% Some Other Race Alone 1.3% Two or More Races 7.5% Hispanic Origin 3.8% Diversity Index 40.6 2027 Population by Race/Ethnicity Total 4,191 White Alone 77.6% Black Alone 4.1% American Indian Alone 0.1% Asian Alone 8.3% Pacific Islander Alone 0.0% Some Other Race Alone 1.4% Two or More Races 8.4% Hispanic Origin 3.8% Diversity Index 42.7 2010 Population by Relationship and Household Type Total 1,894 In Households 99.9% In Family Households 92.0% Householder 27.5% Spouse 23.9% Child 37.1% Other relative 1.8% Nonrelative 1.6% In Nonfamily Households 7.9% In Group Quarters 0.1% Institutionalized Population 0.0% Noninstitutionalized Population 0.1% Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different race/ ethnic groups. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 4 of 7 Market Profile Rosemount Lifetime Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 1 mile 2022 Population 25+ by Educational Attainment Total 2,539 Less than 9th Grade 0.7% 9th - 12th Grade, No Diploma 1.1% High School Graduate 12.1% GED/Alternative Credential 2.8% Some College, No Degree 14.8% Associate Degree 10.8% Bachelor's Degree 40.3% Graduate/Professional Degree 17.5% 2022 Population 15+ by Marital Status Total 2,977 Never Married 23.1% Married 68.8% Widowed 1.9% Divorced 6.1% 2022 Civilian Population 16+ in Labor Force Civilian Population 16+2,148 Population 16+ Employed 98.3% Population 16+ Unemployment rate 1.7% Population 16-24 Employed 9.9% Population 16-24 Unemployment rate 4.6% Population 25-54 Employed 71.3% Population 25-54 Unemployment rate 1.2% Population 55-64 Employed 13.1% Population 55-64 Unemployment rate 2.8% Population 65+ Employed 5.7% Population 65+ Unemployment rate 0.0% 2022 Employed Population 16+ by Industry Total 2,111 Agriculture/Mining 0.5% Construction 3.9% Manufacturing 8.7% Wholesale Trade 4.9% Retail Trade 7.6% Transportation/Utilities 7.6% Information 3.6% Finance/Insurance/Real Estate 12.8% Services 42.0% Public Administration 8.3% 2022 Employed Population 16+ by Occupation Total 2,112 White Collar 79.2% Management/Business/Financial 26.2% Professional 33.3% Sales 9.1% Administrative Support 10.6% Services 8.1% Blue Collar 12.8% Farming/Forestry/Fishing 0.0% Construction/Extraction 1.3% Installation/Maintenance/Repair 2.3% Production 3.1% Transportation/Material Moving 6.1% Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 5 of 7 Market Profile Rosemount Lifetime Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 1 mile 2010 Households by Type Total 647 Households with 1 Person 13.1% Households with 2+ People 86.9% Family Households 81.8% Husband-wife Families 71.3% With Related Children 42.0% Other Family (No Spouse Present)10.7% Other Family with Male Householder 3.4% With Related Children 2.5% Other Family with Female Householder 7.3% With Related Children 5.9% Nonfamily Households 5.1% All Households with Children 50.7% Multigenerational Households 3.4% Unmarried Partner Households 5.6% Male-female 5.1% Same-sex 0.5% 2010 Households by Size Total 647 1 Person Household 13.1% 2 Person Household 31.1% 3 Person Household 19.0% 4 Person Household 24.4% 5 Person Household 8.0% 6 Person Household 3.1% 7 + Person Household 1.2% 2010 Households by Tenure and Mortgage Status Total 647 Owner Occupied 91.5% Owned with a Mortgage/Loan 83.0% Owned Free and Clear 8.5% Renter Occupied 8.5% 2022 Affordability, Mortgage and Wealth Housing Affordability Index 146 Percent of Income for Mortgage 16.0% Wealth Index 172 2010 Housing Units By Urban/ Rural Status Total Housing Units 671 Housing Units Inside Urbanized Area 92.0% Housing Units Inside Urbanized Cluster 0.0% Rural Housing Units 8.0% 2010 Population By Urban/ Rural Status Total Population 1,894 Population Inside Urbanized Area 92.1% Population Inside Urbanized Cluster 0.0% Rural Population 7.9% Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent- child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 6 of 7 Market Profile Rosemount Lifetime Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Rings: 1 mile radii Longitude: -93.08390 1 mile Top 3 Tapestry Segments 1.Boomburbs (1C) 2.Savvy Suburbanites (1D) 3. 2022 Consumer Spending Apparel & Services: Total $$4,074,505 Average Spent $3,458.83 Spending Potential Index 144 Education: Total $$3,513,298 Average Spent $2,982.43 Spending Potential Index 152 Entertainment/Recreation: Total $$6,246,570 Average Spent $5,302.69 Spending Potential Index 144 Food at Home: Total $$9,965,306 Average Spent $8,459.51 Spending Potential Index 137 Food Away from Home: Total $$7,325,678 Average Spent $6,218.74 Spending Potential Index 144 Health Care: Total $$11,575,918 Average Spent $9,826.76 Spending Potential Index 139 HH Furnishings & Equipment: Total $$4,520,913 Average Spent $3,837.79 Spending Potential Index 150 Personal Care Products & Services: Total $ $1,742,493 Average Spent $1,479.20 Spending Potential Index 145 Shelter: Total $$39,238,010 Average Spent $33,309.01 Spending Potential Index 145 Support Payments/Cash Contributions/Gifts in Kind: Total $$5,020,991 Average Spent $4,262.30 Spending Potential Index 157 Travel: Total $$5,319,153 Average Spent $4,515.41 Spending Potential Index 157 Vehicle Maintenance & Repairs: Total $$2,078,622 Average Spent $1,764.53 Spending Potential Index 140 Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100. Source: Consumer Spending data are derived from the 2018 and 2019 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 7 of 7 County of Dakota, Esri, HERE, Garmin, GeoTechnologies, Inc., NGA, USGS 0 0.55 1.1 mi Site Map Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 August 08, 2022 ©2022 Esri Page 1 of 1 Market Profile Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 5 minutes Population Summary 2010 Total Population 8,818 2020 Total Population 11,650 2020 Group Quarters 104 2022 Total Population 12,591 2022 Group Quarters 105 2027 Total Population 13,183 2022-2027 Annual Rate 0.92% 2022 Total Daytime Population 11,285 Workers 5,260 Residents 6,025 Household Summary 2010 Households 3,224 2010 Average Household Size 2.73 2020 Total Households 4,069 2020 Average Household Size 2.84 2022 Households 4,325 2022 Average Household Size 2.89 2027 Households 4,524 2027 Average Household Size 2.89 2022-2027 Annual Rate 0.90% 2010 Families 2,340 2010 Average Family Size 3.21 2022 Families 3,135 2022 Average Family Size 3.40 2027 Families 3,282 2027 Average Family Size 3.39 2022-2027 Annual Rate 0.92% Housing Unit Summary 2000 Housing Units 1,626 Owner Occupied Housing Units 80.1% Renter Occupied Housing Units 17.0% Vacant Housing Units 2.8% 2010 Housing Units 3,341 Owner Occupied Housing Units 80.2% Renter Occupied Housing Units 16.3% Vacant Housing Units 3.5% 2020 Housing Units 4,164 Vacant Housing Units 2.3% 2022 Housing Units 4,524 Owner Occupied Housing Units 80.8% Renter Occupied Housing Units 14.8% Vacant Housing Units 4.4% 2027 Housing Units 4,738 Owner Occupied Housing Units 80.9% Renter Occupied Housing Units 14.6% Vacant Housing Units 4.5% Median Household Income 2022 $108,010 2027 $117,892 Median Home Value 2022 $340,235 2027 $367,595 Per Capita Income 2022 $44,137 2027 $51,288 Median Age 2010 33.1 2022 35.8 2027 35.4 Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 1 of 7 Market Profile Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 5 minutes 2022 Households by Income Household Income Base 4,325 <$15,000 3.6% $15,000 - $24,999 4.3% $25,000 - $34,999 2.9% $35,000 - $49,999 7.8% $50,000 - $74,999 13.4% $75,000 - $99,999 11.7% $100,000 - $149,999 26.3% $150,000 - $199,999 18.5% $200,000+11.6% Average Household Income $129,195 2027 Households by Income Household Income Base 4,524 <$15,000 2.6% $15,000 - $24,999 3.0% $25,000 - $34,999 2.3% $35,000 - $49,999 6.1% $50,000 - $74,999 11.4% $75,000 - $99,999 12.8% $100,000 - $149,999 25.2% $150,000 - $199,999 20.9% $200,000+15.8% Average Household Income $150,220 2022 Owner Occupied Housing Units by Value Total 3,656 <$50,000 4.7% $50,000 - $99,999 0.3% $100,000 - $149,999 0.3% $150,000 - $199,999 5.5% $200,000 - $249,999 10.3% $250,000 - $299,999 12.6% $300,000 - $399,999 40.8% $400,000 - $499,999 17.0% $500,000 - $749,999 6.8% $750,000 - $999,999 1.0% $1,000,000 - $1,499,999 0.8% $1,500,000 - $1,999,999 0.0% $2,000,000 +0.0% Average Home Value $350,383 2027 Owner Occupied Housing Units by Value Total 3,831 <$50,000 3.2% $50,000 - $99,999 0.3% $100,000 - $149,999 0.0% $150,000 - $199,999 0.8% $200,000 - $249,999 4.3% $250,000 - $299,999 9.7% $300,000 - $399,999 46.9% $400,000 - $499,999 25.0% $500,000 - $749,999 8.4% $750,000 - $999,999 0.8% $1,000,000 - $1,499,999 0.5% $1,500,000 - $1,999,999 0.0% $2,000,000 +0.0% Average Home Value $382,770 Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, pensions, SSI and welfare payments, child support, and alimony. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 2 of 7 Market Profile Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 5 minutes 2010 Population by Age Total 8,819 0 - 4 9.5% 5 - 9 9.1% 10 - 14 8.0% 15 - 24 10.4% 25 - 34 16.8% 35 - 44 17.8% 45 - 54 12.3% 55 - 64 8.1% 65 - 74 4.7% 75 - 84 2.6% 85 +0.8% 18 +69.1% 2022 Population by Age Total 12,588 0 - 4 7.8% 5 - 9 8.6% 10 - 14 8.9% 15 - 24 11.4% 25 - 34 12.1% 35 - 44 17.2% 45 - 54 13.5% 55 - 64 9.5% 65 - 74 6.5% 75 - 84 3.3% 85 +1.2% 18 +70.3% 2027 Population by Age Total 13,183 0 - 4 7.8% 5 - 9 8.5% 10 - 14 8.4% 15 - 24 11.3% 25 - 34 13.4% 35 - 44 15.6% 45 - 54 13.7% 55 - 64 9.4% 65 - 74 6.9% 75 - 84 3.7% 85 +1.3% 18 +70.8% 2010 Population by Sex Males 4,351 Females 4,467 2022 Population by Sex Males 6,160 Females 6,432 2027 Population by Sex Males 6,441 Females 6,742 Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 3 of 7 Market Profile Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 5 minutes 2010 Population by Race/Ethnicity Total 8,818 White Alone 85.3% Black Alone 3.5% American Indian Alone 0.6% Asian Alone 6.1% Pacific Islander Alone 0.0% Some Other Race Alone 1.6% Two or More Races 2.8% Hispanic Origin 3.9% Diversity Index 32.1 2020 Population by Race/Ethnicity Total 11,650 White Alone 78.6% Black Alone 5.1% American Indian Alone 0.3% Asian Alone 5.9% Pacific Islander Alone 0.0% Some Other Race Alone 3.0% Two or More Races 7.0% Hispanic Origin 6.1% Diversity Index 44.3 2022 Population by Race/Ethnicity Total 12,591 White Alone 78.2% Black Alone 5.2% American Indian Alone 0.3% Asian Alone 5.9% Pacific Islander Alone 0.0% Some Other Race Alone 3.0% Two or More Races 7.2% Hispanic Origin 6.0% Diversity Index 44.7 2027 Population by Race/Ethnicity Total 13,183 White Alone 76.6% Black Alone 5.5% American Indian Alone 0.3% Asian Alone 6.2% Pacific Islander Alone 0.0% Some Other Race Alone 3.3% Two or More Races 8.0% Hispanic Origin 6.1% Diversity Index 46.8 2010 Population by Relationship and Household Type Total 8,818 In Households 100.0% In Family Households 87.2% Householder 26.4% Spouse 21.2% Child 35.3% Other relative 2.4% Nonrelative 2.0% In Nonfamily Households 12.8% In Group Quarters 0.0% Institutionalized Population 0.0% Noninstitutionalized Population 0.0% Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different race/ ethnic groups. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 4 of 7 Market Profile Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 5 minutes 2022 Population 25+ by Educational Attainment Total 7,981 Less than 9th Grade 0.9% 9th - 12th Grade, No Diploma 2.3% High School Graduate 14.2% GED/Alternative Credential 2.2% Some College, No Degree 17.5% Associate Degree 13.9% Bachelor's Degree 33.9% Graduate/Professional Degree 15.1% 2022 Population 15+ by Marital Status Total 9,412 Never Married 24.6% Married 62.8% Widowed 3.0% Divorced 9.6% 2022 Civilian Population 16+ in Labor Force Civilian Population 16+6,787 Population 16+ Employed 98.0% Population 16+ Unemployment rate 2.0% Population 16-24 Employed 11.0% Population 16-24 Unemployment rate 7.9% Population 25-54 Employed 74.6% Population 25-54 Unemployment rate 1.2% Population 55-64 Employed 10.9% Population 55-64 Unemployment rate 1.2% Population 65+ Employed 3.4% Population 65+ Unemployment rate 0.0% 2022 Employed Population 16+ by Industry Total 6,654 Agriculture/Mining 0.5% Construction 4.1% Manufacturing 8.9% Wholesale Trade 4.4% Retail Trade 8.1% Transportation/Utilities 9.8% Information 2.9% Finance/Insurance/Real Estate 11.7% Services 42.5% Public Administration 7.1% 2022 Employed Population 16+ by Occupation Total 6,655 White Collar 70.1% Management/Business/Financial 22.0% Professional 27.6% Sales 7.6% Administrative Support 12.8% Services 10.8% Blue Collar 19.2% Farming/Forestry/Fishing 0.1% Construction/Extraction 2.5% Installation/Maintenance/Repair 2.7% Production 4.2% Transportation/Material Moving 9.6% Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 5 of 7 Market Profile Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 5 minutes 2010 Households by Type Total 3,224 Households with 1 Person 21.0% Households with 2+ People 79.0% Family Households 72.6% Husband-wife Families 58.3% With Related Children 33.1% Other Family (No Spouse Present)14.3% Other Family with Male Householder 4.4% With Related Children 3.2% Other Family with Female Householder 10.0% With Related Children 8.0% Nonfamily Households 6.5% All Households with Children 44.7% Multigenerational Households 2.8% Unmarried Partner Households 6.8% Male-female 6.4% Same-sex 0.3% 2010 Households by Size Total 3,225 1 Person Household 21.0% 2 Person Household 31.0% 3 Person Household 17.4% 4 Person Household 19.8% 5 Person Household 7.0% 6 Person Household 2.6% 7 + Person Household 1.2% 2010 Households by Tenure and Mortgage Status Total 3,224 Owner Occupied 83.2% Owned with a Mortgage/Loan 70.9% Owned Free and Clear 12.2% Renter Occupied 16.8% 2022 Affordability, Mortgage and Wealth Housing Affordability Index 141 Percent of Income for Mortgage 16.6% Wealth Index 120 2010 Housing Units By Urban/ Rural Status Total Housing Units 3,341 Housing Units Inside Urbanized Area 98.3% Housing Units Inside Urbanized Cluster 0.0% Rural Housing Units 1.7% 2010 Population By Urban/ Rural Status Total Population 8,818 Population Inside Urbanized Area 98.2% Population Inside Urbanized Cluster 0.0% Rural Population 1.8% Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent- child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 6 of 7 Market Profile Rosemount Life Time Facility Site Prepared by Esri Rosemount, Minnesota Latitude: 44.74016 Drive Time: 5 minute radii Longitude: -93.08390 5 minutes Top 3 Tapestry Segments 1.Boomburbs (1C) 2.Parks and Rec (5C) 3.Savvy Suburbanites (1D) 2022 Consumer Spending Apparel & Services: Total $$12,625,334 Average Spent $2,919.15 Spending Potential Index 121 Education: Total $$10,397,528 Average Spent $2,404.05 Spending Potential Index 123 Entertainment/Recreation: Total $$19,055,169 Average Spent $4,405.82 Spending Potential Index 120 Food at Home: Total $$31,320,315 Average Spent $7,241.69 Spending Potential Index 117 Food Away from Home: Total $$22,751,887 Average Spent $5,260.55 Spending Potential Index 122 Health Care: Total $$35,703,825 Average Spent $8,255.22 Spending Potential Index 116 HH Furnishings & Equipment: Total $$13,736,642 Average Spent $3,176.10 Spending Potential Index 124 Personal Care Products & Services: Total $ $5,364,616 Average Spent $1,240.37 Spending Potential Index 122 Shelter: Total $$120,234,670 Average Spent $27,799.92 Spending Potential Index 121 Support Payments/Cash Contributions/Gifts in Kind: Total $$15,025,862 Average Spent $3,474.19 Spending Potential Index 128 Travel: Total $$15,741,366 Average Spent $3,639.62 Spending Potential Index 127 Vehicle Maintenance & Repairs: Total $$6,509,759 Average Spent $1,505.15 Spending Potential Index 120 Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100. Source: Consumer Spending data are derived from the 2018 and 2019 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: Esri forecasts for 2022 and 2027. U.S. Census Bureau 2000 and 2010 decennial Census data converted by Esri into 2020 geography. August 08, 2022 ©2022 Esri Page 7 of 7