State of Minnesota Housing

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State of MinnesotaHousing

• Presented by
• Christopher Galler
• Chief Operating Officer
• Minnesota Association of REALTORS

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• Major Market Forces
• Demographics
• Migration
• Interest Rates
• Lending Standards
• Inventory

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MN births and deaths
Baby Boom
Gen Y
Baby Bust
Depression
Flu epidemic
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Home-ownership rates by age
2005 American Community Survey data age of
householder
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2005 Data from American Community Survey,
household population only other years from
decennial Census.
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Emerging Market Homeowners
Source U.S. Census Bureau, Decennial Census
American Community Survey
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More Homeowners in 2005
Source U.S. Census Bureau, Decennial Census
American Community Survey
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Homeownership Rates
Source U.S. Census Bureau, Decennial Census
American Community Survey
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Median Household Income
2005 American Community Survey data 13 County
Metro Area
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Twin Cities Home Buying Power
Source House prices based on 2005 median
household income data in the Mpls.-StPaul
13-county MSA from US Census Bureau, American
Community Survey and assuming a Minnesota Housing
40-year-loan _at_ 5.625, 3 down And a 30 percent
PITI-to-income ratio.
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Homeownership increases with income
Source U.S. Census Bureau, American Community
Survey, 2005
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Minnesota home-ownership rates by educational
attainment
2005 American Community Survey data
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Dakota County
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Minnesota Net Migration by Decade
Source Minnesota State Demographic Center
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IRS data show a shift to out-migration in
Minnesota after 2000
Internal Revenue Service data based on matched
income tax returns. Includes domestic and abroad
filers.
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Homeownership Rates National Total, Midwest
Region Minnesota
Source U.S. Dept. of HUD, Office of Policy
Development Research 1stQtr2008 US Census,
Homeownership Rates by State 1984-2007
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Mortgage Characteristics of the Housing Stock
1997-2006
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Ratio of home credit extended to owner estimate
of value Homeowners with mortgage debt only
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• Major Market Forces
• Demographics
• Migration
• Interest Rates
• Lending Standards
• Inventory

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Thank You

• Questions or concerns
• Christopher Galler
• 952-912-2663
• cgaller_at_mnrealtor.com