| Housing squeeze affecting third of MN households (KSTP) |
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WASHINGTON (AP) - A new survey from the Census Bureau show that more than one-third of Minnesota's homeowners are financially stressed as housing prices rise faster than income. The survey shows that just under 40 percent of the owner-occupied households in Minnesota spent more than 30 percent of their income on housing. That's an 8 percent increase from 2005 and 70 percent higher than in 2000. Housing costs include mortgage, taxes and utilities and insurance, and housing costs are considered affordable if they don't exceed 30 percent of household income. Minnesota is 23rd among the 50 states in housing costs. California had the highest costs, at nearly 52 percent of income. The national average was just under 37 percent. North Dakota ranked last, at 23 percent. By Allison Triarsi Click here to watch a Twin Cities Habitat for Humanity homeowner interviewed during this KSTP newscast. |
