Study ranks Twin Cities No. 2 for most affordable homes


There's more good news for Minnesota's housing market.

A day after new state numbers showed an increase in home sales, the Business Journal reports the Minneapolis metro area is the second-most affordable home market compared to other large cities across the country.

According to Bankrate Inc's, Minneapolis got a "B" for affordability in 2013, only second to Atlanta's "B+" grade.

The study shows Minneapolis' median income is nearly 24 percent higher than what's needed for a median-priced home, down from 2012, when the median income was more than 32 percent higher than the requirement.

All 25 markets received poorer grades than last year. The Business Journal said while home prices increased an average of nearly 16 percent in the areas studied, incomes grew only 3 percent.

Only eight markets other than Minneapolis have median incomes high enough to afford a median-priced home, according to the study.

San Francisco gets the worst grade with a median income almost 50 percent below what's needed for a median-priced home.

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