Home sales prices in Minneapolis have posted record increases over the last four years. Aided by a combination of low mortgage interest rates and a rising demand for homeownership within the city limits, the Minneapolis housing market has produced impressive increases in sales prices. The purpose of this research is to analyze the Minneapolis housing market on a neighborhood-by-neighborhood basis in order to gather a more substantive view of housing affordability. Data on single-family home sales collected from the city during the years 2002 to 2004 are analyzed and juxtaposed to recently released neighborhood demographic census information. The study findings indicate that there is an increasing affordability problem. Also, an option that creates a pool of permanently affordable homes is necessary in order to keep homeownership viable for low to moderate-income earners.
Conducted on behalf of the City of Lakes Community Land Trust. Supported by the Neighborhood Planning for Community Revitalization (NPCR) program at the Center for Urban and Regional Affairs, University of Minnesota.
CLCLT [City of Lakes Community Land Trust] Homebuyer Initiated Program Concept Development.
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