Twin Cities ranked 'most affordable' among largest metros for homebuyers
Article by: KRISTEN LEIGH PAINTER , Star Tribune
Minneapolis-St. Paul does not have the cheapest housing stock in the nation, but its higher wages make it the most affordable region for homeownership among the 25 largest U.S. metro areas, according to a new report.
Interest.com calculated its new rankings based on several criteria. The study found that the median household income in the Twin Cities is a little more than $67,000 — nearly $15,000 above the national average — and the median-priced home is nearly $213,000.
The margin isn’t as great as last year, but the median income in the Twin Cities exceeds the wage requirements for purchasing a home by 23 percent. These figures, when combined with median property taxes and homeowners insurance rates — both of which fall in the middle of the pack — helped lift Minneapolis-St. Paul from the No. 2 spot in 2013 to No. 1 this year.