If you feel like your housing costs are taking up too much of your paycheck, you are not alone. According to data released yesterday by the Minnesota Housing Partnership, housing costs continue to take up a large portion of household income and are creating economic hardship for many Minnesota families. In Hennepin County, half of all renters and a third of all homeowners were spending more than 30% of their income on housing costs. For low-income families, the numbers are even more profound, with 86.2% of renters and 89.8% of the homeowners exceeding the 30% affordability threshold. To see how your county is faring, check out MHP's County Profiles 2010.
Some summary findings from the County Profiles data:
- From 2001–2009, 4 in 5 Minnesota counties experienced increases in home sale prices for non-foreclosures, after adjusting for inflation.
- Home sale prices rose by 40% or more in Becker, Beltrami, Clearwater, Lake of the Woods and Swift Counties from 2001 to 2009. Hennepin and Ramsey County prices increased by about 9%, while home sale prices in other metro area counties changed little in this time period. Prices fell most dramatically in Red Lake, Yellow Medicine, and Isanti counties.
- 5 in 6 Minnesota counties experienced an increase in rental costs from 2001 to 2010, after adjusting for inflation. Rental cost increases were more pronounced outside of the Twin Cities area.
About the County Profiles:
MHP’s County Profiles pull together housing data specific to each of Minnesota’s 87 counties—including changes in home prices, rental costs, foreclosures, homelessness, and unemployment. The housing profiles also examine housing affordability for five occupations. These profiles paint a picture of chronic housing need: in a great many areas, certain occupations typically cannot afford the costs of either renting or owning a home.
Housing costs are hurting Minnesotans, but to get a full picture of the pain you have to consider transportation costs in the mix. The Twin Cities region has some of the most dramatic sprawl in the nation, and its residents have identified transportation as the one problem (by far). The majority of residents from almost all Twin Cities counties, excluding only the relatively urban Ramsey, Hennepin and Anoka, spend more than 45 percent of their income on housing and transportation. That's unsustainable: http://bit.ly/cWA8aS
ReplyDeleteThanks for your comment. I agree that transportation costs are a factor in the Twin Cities.
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