The Housing Affordability Index, data that is compiled by the National Association of Realtors as well as Realtor.com, helps to track the affordability of homes throughout the year. It is based on two things:
It considers affordability for all income percentiles, not just the median income, and
It looks at affordability of active inventory or homes currently available for sale instead of homes that have already sold.
This link should allow you to click on it to see theHousing Affordability Index in Minnesota which is fairing well to the rest of the nation in terms of affordability. This is good considering rental prices are showing no signs of slowing. What would help even more is the addition of turn-key properties to the inventory that is currently on the market. As of today there is about a 4.3 month supply of homes in the ST. Cloud Metro (even lower for properties between 125k and 175k) which is considered a Seller's market. But again, even though it is a Seller's market, affordability remains low in comparison to the rest of the nation which coincides with my previous blog regarding a ceiling to overall prices and why now is a good time to both buy and sell.
If you are looking for more detailed information or statistics about housing or just have general questions, feel free to contact me and/or like my Facebook page and send me a message.
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Author:Patrick Torgrimson Phone: 320-260-8008 Dated: February 27th 2017 Views: 386 About Patrick: My objective is simple; to do for you what I would wish someone in the same position to do for me wh...
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