Minnesota
Ranked #23 of 51 for housing affordability
Median Home Price
🏠$329K
3.86x income
Median Rent
🔑$1,264
29.0% rent-burdened
Median Income
💰$85K
Population: 5,717,184
Homeownership
🏡72.0%
7,940 experiencing homelessness
Housing Shortage
📉75,000
units needed
Building Permits (2024)
🔨20,913
Price-to-Income
📊3.86x
Severe Rent Burden
⚠️13.5%
paying >50% of income
Rent Burden Breakdown
vs. National Average
House Price Index (2000–2025)
FHFA All-Transactions HPI · Base = 100 (1980s)
HUD Fair Market Rents (FY2026)
Maximum rent HUD considers fair for Section 8 voucher holders
FMR ($1478) is above the state median rent ($1264) — vouchers cover typical rents.
Metros in Minnesota
| Metro | Score | Home Price | Rent | Income | Rent Burden |
|---|---|---|---|---|---|
| Minneapolis-St. Paul | 55 | $370K | $1,427 | $95K | 29.0% |
| Duluth | 87 | $233K | $993 | $70K | 23.3% |
| St. Cloud | 81 | $288K | $1,038 | $74K | 26.8% |
| Mankato | 80 | $280K | $1,014 | $69K | 27.3% |
Market Trends
Homeownership Rate
72.0%
Rent-to-Income Ratio
18.0%
of gross income spent on rent
Total Households
2,344,432
Owner-Occupied
1,687,695
Renter-Occupied
656,737
Homelessness
Latest Count (2024)
9,201
1-Year Change
+9.6%
10-Year Trend (2015–2024)
+21.9%
7,546 → 9,201
Housing Policies
Construction Activity
Total Permits (2024)
20,913
1.5% of national total
Single-Family
13,420
64% of state permits
Multi-Family
7,493
36% of state permits
Mortgage Access
National HMDA data — mortgage denial rates by race/ethnicity
Denial Rates by Race
Top Denial Reasons
Housing Shortage
State Shortage
75,000
units needed
National Shortage
7,300,000
1.0% of national total
Affordable Units per 100 ELI Renters
35
nationally (NLIHC)
National Shortage by Unit Type
45%
Single-Family
18%
Small Multi (2-4)
22%
Medium Multi (5-49)
15%
Large Multi (50+)
Rent Burden Detail
Minnesota burden rates with national demographic breakdown
Cost-Burdened Renters
29.0%
paying >30% of income
Severely Burdened
13.5%
paying >50% of income
Households >30% Burden
146,803
Households >35% Burden
39,536