We like to keep up with what’s going on in the Twin Cities, and on the National level, in the ever-changing housing market, and we suggest that you do, too!
For an overall idea of the latest local activity, take a look at the graphics below. These are live, up-to-the-moment illustrations of activity in our area. For a look at national trends, scroll down this page.
Twin Cities Live Housing Market Infograph:
Southwest Minneapolis Live Housing Market Infograph:
Edina Live Housing Market Infograph:
Middle-income Households Gain $2.1 Trillion in Housing Wealth in a Decade
“Owning a home continues to be a proven method for building long-term wealth,” said Lawrence Yun, NAR chief economist.
Key Highlights
- Homeownership brings tremendous wealth gains. Total housing wealth rose $8.2 trillion from 2010 through 2020, with 6.3 million more new homeowner households. A homeowner who purchased a typical single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth.
- From 2010 through 2020, the metro areas with the greatest increase in middle-income homeowners were Phoenix, Austin, Nashville, Dallas, Houston, Atlanta, Orlando, Portland (Oregon), Seattle and Tampa.
- The aggregate value of housing wealth rose across all income groups, but those in the high-income group gained 71% of the increase in housing wealth.
WASHINGTON (March 9, 2022) – Homeownership is widely recognized as the leading source of net worth among families. Housing wealth itself is primarily achieved by price appreciation gains, and the nation has seen home prices accelerate at a record pace during the course of the last decade.
A new study from the National Association of Realtors® – Housing Wealth Gains for the Rising Middle-Class Markets – examines the distribution of housing wealth between 2010 and 2020 across income groups and in 917 metropolitan or micropolitan areas.
