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Rents rising in Twin Cities with rental market tightest in a decade

New housing data also shows about one in five homeowners owe more on their mortgages than their homes are worth.
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New housing data also shows about one in five homeowners owe more on their mortgages than their homes are worth.

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Related

Owner-occupied homes give way to rentals in Twin Cities

A shift away from neighborhoods full of homeowners has become a phenomenon in Minneapolis and St. Paul as investors turn single-family homes into rentals to take advantage of a tight rental market. Housing experts say the resulting drop-off in single-family homeownership can destabilize neighborhoods.

Homebuilders bullish as cost of renting rises, home prices stay low

Rents in Minneapolis have increased nearly 10 percent in a year, with home prices down nearly seven percent in that same time. Experts say that combination - plus an improving job market - sets the table for a surge of home purchases. Nationwide, housing starts are at their highest level in more than three years.

Duluth is Minnesota's least affordable rental market

A majority of Duluth renters - 56 percent - spend more than thirty percent of their income on housing. While rents are inching upward, renters' incomes are shrinking. Meanwhile, home foreclosures have thrown more people into the rental market.

Cost of insuring a home in Minnesota has doubled in a decade

Wind and hail storms have shaken and pelted many a Minnesota home in the last ten years. But they've also contributed to a doubling of the average annual insurance premium paid by homeowners. One agent says modern building materials have not helped because they're actually more vulnerable to hail damage.