The median home price in the Twin Cities was about four times that of the median household income in 2023, according to a new Harvard study.
Why it matters: While the metro area is still a relatively affordable place to live compared to other big cities, the trend line over the past 15 years has not been good.
What they found: Home affordability improved last year as wages grew faster than local home prices.
Plus, rapidly rising costs for hazard insurance and property taxes have made it more costly for those who already own their homes.
The big picture: In 2023, the national median sales price for existing single-family homes was 4.9 times the median household income, Harvard researchers from the Joint Center for Housing Studies found.
The Twin Cities ratio of 4:1 pales in comparison to places like San Francisco (9:1), Denver (6:1) and Boston (6:1).