Home Affordability

The November 18, 2014 Star Tribune wrote an article titled “Twin Cities ranks No.1 for Home Affordability”. Interest.com calculated its new rankings based on several criteria adding a quote from Emily Green, president of the Minneapolis Area Association of Realtors. “We are now kind of in that sweet spot, where we have low interest rates, lots of good houses coming on the market and, believe it or not, credit is starting to loosen up a bit.”
Interest.com states that income growth is one of the key ingredients that drives the market and the Twin Cities median household income is $67,000 in 2014, nearly $15,000 above the national average. If wages continue to increase, “homes in the Twin Cities will be much less affordable in a decade” says Mike Sante of Interest.com.

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