For 2011, the foreclosure crisis has left many homeowners owing more than their home is worth, while rents continue to rise. About half of all Minnesota renters and more than a quarter of owners paid more than they could afford for their homes in 2009, according to HUD affordability guidelines.
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See selected Top 10 lists for Minnesota counties.
Rents range across the state, but are on the rise
- Statewide, a 2-bedroom rental apartment at the fair market rent requires an annual salary of $32,840 to be affordable. However, in individual counties the salary required ranges from $23,840 in a number of lower priced counties to a high of $36,960 in the Twin Cities metro area.
- From 2000 to 2011, 80 of 87 Minnesota counties saw increases in rental costs, after adjusting for inflation. Statewide rents increased 3% in this time period.
- Renter incomes, based on the most recent data available, have fallen. From 1999 to 2009, the median income for renter households fell 17% statewide.
Home prices* are in flux; foreclosures continue
- The median home sale price in Minnesota for 2009-10 was about $166,000. The median sale price ranged from a low of $40,500 in Traverse County in western Minnesota to $247,500 in Carver County in the metro area. To afford a $166,000 home, a worker would need to earn at least $48,200 annually.
- From 2005-6 to 2009-10, 74 counties experienced home sales price decreases, and 13 experienced increases after adjusting for inflation.
- However, from 2000-1 to 2009-10, only 26 counties experienced home sales price decreases. 60 experienced increases, and one was unchanged, after adjusting for inflation.
- From 2005-2010 there were over 113,000 foreclosures statewide. No county has been exempt.
*Home sale price data exclude foreclosures and short sales
Workers unable to afford housing
- Retail salespeople and food preparation workers, people who help keep the economy afloat, cannot afford a modest 2 bedroom apartment in any Minnesota county, even when working full time at the median income for their occupation.
- In 40% of Minnesota counties, a full-time licensed practical nurse earning the median wage would be unable to afford to purchase a median-priced home. Full-time retail salespeople and food prep workers paid at the median for their jobs are unable to afford a median priced home in all but 7 and 10 of Minnesota’s 87 counties, respectively.
- An estimated 13,100 Minnesotans are homeless on any given night. From 2006 to 2009, the number of homeless people identified increased by 25%.