Housing costs overwhelm many Minnesotans

For people in many everyday jobs, owning — or even renting — housing is out of reach.

Jim Buchta and Molly Young of the Star Tribune report that despite steady declines in housing prices and mortgage interest rates, many Minnesotans — even those with jobs — still face formidable challenges when it comes to paying for a home.

On Tuesday, the Minnesota Housing Partnership (MHP) reported that low wages and too few jobs have left nearly a third of all homeowners and nearly half of all renters in the state paying more than 30 percent of their gross income on housing.

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