These charts compare income levels with housing costs for full time-workers in a variety of occupations. All of the charts illustrate a gap between what many people earn and what they can afford to pay for their homes.
2008 Income Gap for 7 Professions - MN
2008 Income Gap for 7 Professions - Duluth
2008 Income Gap for 7 Professions - Rochester
2008 Income Gap for 7 Professions - St. Cloud
2008 Income Gap for 7 Professions - Twin Cities Metro
Notes
"Income needed to own a median priced home" = The income needed to afford owning a median priced home while spending no more than 28% of income.
"Income needed to rent a median priced apartment" = The income needed to rent a median priced apartment while paying no more than 30% of income.
"Income needed to rent a 2 BR apartment" = The income needed to rent a two-bedroom apartment at HUD's “fair market rent” rate while paying no more than 30% of income.
Technical information on these charts can be found here.
Sources for State: MHP tabulation of Minnesota Department of Employment and Economic Development Occupational Employment Statistics Data Tool; American Community Survey, Minnesota Revenue Department Sales Ratio Study, Federal Housing Finance Board Monthly Interest Rate Survey (MIRS), (2002-2007) data.
Sources for Metro Areas: MHP tabulation of Minnesota Department of Employment and Economic Development Occupational Employment Statistics Data Tool; American Community Survey, HUD Fair Market Rents, Minnesota Revenue Department Sales Ratio Study, Federal Housing Finance Board Monthly Interest Rate Survey (MIRS), (2002-2007) data.
