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<br />Income Factors <br /> <br />Based on income projections provided by ESRI, Incorporated,9 from 2005 to 2010 <br />the median household income in the MSA is projected to grow from $47,044 to <br />$57,212~a 22% increase. This growth reflects inflationary trends. For example, <br />a $19,500 income in 2005 would in 2010 be $23,790. For the metro area, median <br />income rises from $45,295 to $55,150. <br /> <br />ESRI projects that 54% of the household growth in the MSA from 2005 to 2010 <br />will occur among households with incomes of $75,000 and higher. This reflects <br />inflationary trends as all incomes rise, as noted above, with the projected 22% <br />increase in median household income. <br /> <br />Using income ranges established by HUDIO for the MSA, by 2010 households <br />earning 50-100% of median household income (based on a 4-person households <br />adjusted for household size) are projected to increase from 20,911 to 22,559, an <br />increase of 1 ,648, or 18.9%, of the projected household growth. <br /> <br />Projections of changes in median household income from 2005 to 20 I 0 are made <br />for each of the five submarkets. In 2005, estimates of median household incomes <br />range from $39,678 in Fargo North to $57,273 in Fargo South. From 2005 to <br />2010, the lowest percentage increase is projected for Fargo South (18.6%) while <br />Fargo North is projected to experience the greatest percentage increase of21.7%. <br />This reflects a changing composition of its households. By 2010, Fargo South <br />will still have the highest household median income of $67,966 and Fargo North <br />will still have the lowest at $48,296. Moorhead and West Fargo are projected to <br />fall in the middle at $52,760 (21.5% increase) and $52,811 (21.1% increase), <br />respectively by 2010. Dilworth projections for 2010 continue to be the next lowest <br />median household income ($50,244) and rate of increase (19.2%). <br /> <br />9 ESRI household income projections are not adjusted for household size. The median represents the mid-point of <br />ALL households regardless of the number of persons in the household. <br />10 In 2006, for. I-person household, 50% of. HUD-defined median income is $22,750; for a 2-person household it <br />is $26,000; for a 3-person household it is $29,250 and for a 4-person household it is $32,500. 100% of median <br />income for a I-person household it is $45,500; for a 2-person household it is $52,000 and for a 4-person household <br />it is $65,000. <br /> <br />9 <br /> <br />Linda S, Donnelly. ;\J.c.P. <br /> <br />i\ ugllsl 2006 <br />