- Extension identified three potential types of housing:
- Single-family, multi-family and apartment complex
- Potential values of the housing types:
- New single-family housing would be priced around $225,000.
- Multi-family, townhome-style living would be priced around $150,000 per unit.
- Apartments would likely cost $110,000 to $160,000 per unit to build, depending on size (square footage).
- Extension estimated that single-family households would have incomes of $70,000, multi-family households $40,000, and apartment units $28,000 to $40,000.
About this study
The City of Rushford, Minnesota is in the process of establishing goals and priorities for its economic development. As part of this process, the Economic Development Authority (EDA) is evaluating the potential economic return of various development strategies. As several strategies focus on expanding housing options in the community, the EDA wanted to understand the potential economic value of new housing in the city. In response, Extension conducted an economic impact analysis. This report presents a summary of the results.
Reviewed in 2020