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Media release
Rental housing becomes more affordable in the 1990s

Extent: web page
Description: Press release announcing new report which examines housing trends in Minnesota
Date: September 3, 2003
Subject(s): Demography; Housing
Contributor: Barbara J. Ronningen
Publisher: Minnesota Planning (Agency)
Contact: Susan Brower, 651-201-2472; State Demographer

The number of renters paying more than 30 percent of their income for rent declined from 42.2 percent in 1990 to 35 percent in 2000. In a decade with strong population growth, the number of renters in housing considered unaffordable declined by more than 23,000. This trend affected renters throughout Minnesota.

The proportion of homeowners who paid more than 30 percent of their income for housing costs rose slightly from 15.4 percent in 1990 to 16.6 percent in 2000. However, only 13.1 percent of owners with household income less than $50,000 had housing costs that exceeded their ability to pay.

The median value of housing in Minnesota increased from $73,700 in 1990 to $122,400 in 2000, or an increase of 25.8 percent after adjusting for inflation. Asian homeowners had the highest median value of housing, while American Indian homeowners had the lowest median value.

Housing values increased more rapidly than household income in the 1990s. The result was greater home equity for owners, but housing that was less affordable for new buyers. Nonetheless, housing in Minnesota was more affordable than in 29 other states.

Non-white and Hispanic owners and renters paid more of their income for housing than did white, non-Hispanic owners and renters. Housing occupied by non-white and Hispanic owners and renters was also more likely to be crowded (more than one person per room).

Mobile homes offer an affordable housing alternative. The median value of mobile homes in Minnesota is approximately one-fifth of all owner-occupied housing. American Indians and Hispanics are more likely to live in a mobile home than other population groups.

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