Jan 21, 2025 - News
Typical mortgage payments reach $2K
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The median Twin Cities metro mortgage payment has nearly doubled in the last five years.
Why it matters: Elevated rates have had a big impact on housing costs and Twin Cities home affordability has been near 20-year lows the last two years, according to Minneapolis Area Realtors data.
What's next: Mortgage rates, which are now above 7%, will stabilize near 6% later this year, which will help improve housing costs some, National Association of Realtors' Nadia Evangelou says.
- Unfortunately for buyers, Twin Cities home prices are expected to rise 4-5% this year.