Report Shows It’s Less Affordable To Rent In Minnesota
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MINNEAPOLIS (WCCO) — If you’ve been waiting to pull the trigger on buying a home, now may be the time to do it. A new report ranks Minnesota as the least affordable state in the Midwest for renters.
The report, called “Minnesota Out of Reach,” found more than half of renters in Minnesota don’t earn enough to afford a two bedroom apartment. It lists the average cost of a unit like that at $836 per month.
The least-affordable counties for rent, according to the report, are Hennepin and Ramsey Counties. It requires a minimum wage employee to work 98 hours a week to pay their rent.
The most affordable counties in the state are Aitkin in central Minnesota and Wabasha in southeastern Minnesota.