Twin Cities Metro

Affordability

Twin Cities area residents face extremely high housing costs compared to incomes for both owners and renters. In 2012, 12% of all area households, or one in seven, paid more than half of their income for housing. At this level of housing cost burden, families face difficult choices between paying for housing and other necessities such as transportation, food, and prescription medicines.

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About 88,000 renter households and 71,000 owner households now pay more than half of their income for housing in the Metro area. The burden falls especially heavily on lower-income area residents. Two-thirds of households earning less than $50,000 per year pay more than they can comfortably afford for housing, according to HUD guidelines, compared to 11% of households with incomes above $50,000.

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Median Household Income, 2012: $66,282

Median Renter Household Income, 2012: $35,012 

 

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Technical information on these charts can be found here.

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Homelessness

Homelessness has grown dramatically in the Twin Cities area. In 2012, over 6,700 people and were counted as homeless on a given night, compared to 5,400 in 2006 and many fewer in the 1990s.

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Technical information on these charts can be found here.

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Foreclosures

 

In the Twin Cities metro area, the foreclosure crisis has resulted in almost 110,000 foreclosures in the 11-county metro (95,000 in the 7-county metro) from 2005 through 2012, leaving in its wake severe distress for families and sometimes entire neighborhoods.

 

fc tc11countyTechnical information on these charts can be found here.

Homeownership

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Note: A balanced supply of homes for sale occurrs when the inventory of homes on the market is equal to the number of homes sold in a 5 or 6 month period.

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Technical information on these charts can be found here.

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Rental Housing

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Technical information on these charts can be found here.

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