Article by: JIM BUCHTA , Star Tribune

Gains in income offset higher interest rates and price increases for Twin Cities home buyers.

Rising mortgage rates and higher prices are jacking up the cost of homeownership, but those increases are affecting local buyers far less than in other parts of the country.

The Twin Cities metro area had the second-highest rate of affordability in the nation this year, according to an annual survey by Interest.com. The group found that the median household income in the Twin Cities exceeded the income needed to buy a median-priced home in the area by 24 percent.

“It really says that you’ve got a pretty healthy housing market in Minneapolis,” said Mike Sante, managing editor of Interest.com. “And that means you’ll have money left over to do other things, whether furnishing your house or taking a vacation, and most importantly, saving for the future.”

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Twin Cities area ranks No. 2 in housing affordability

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