Jim Mork Challenged us with "lets come up with a figure that IS affordable
and then request proposals for building homes at that price or below."
According the US Census 2000, the median income for Hennepin County is
$51,711 for a family(1). Assuming 30% of their income can be used for
housing lets explore housing options for each segment. Here is some raw
data:
For people at 80% of the median, it is harder to find homes to purchase atIt looks like some measurements are getting mixed here to me. The median income number used is for Hennepin County, but the home prices are for Minneapolis. I think we are interested in housing in Minneapolis, mostly. I would guess, but do not know, that the median income in Minneapolis proper is a lot lower than the $51,711 for Hennepin County.
$135K, but they are available. The MLS has 110 homes below that price in
Mpls now. St. Paul has 137. Those homes might not be perfect, or in the
greatest neighborhoods, but most of us don't live like kings/queens. There are MANY rentals available for $1,034/month.
It would seem there's a lot of wealth in suburban Hennepin County which will pull that median number up -- people like Bill McGuire who lives in Eden Prairie (2002 compensation $53 million) and William Cooper, TCF Financial head with a $15 million, 25,000 square foot home on Lake Minnetonka.
Chris Johnson Fulton
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