Minneapolis, MN
See Twin Cities Suburb Where $630K Income Deemed ‘Affordable’
HENNEPIN COUNTY, MN — It’s likely not news to you that single-family house prices in the Twin Cities are expensive, and finding one you can afford is like winning the lottery. People with household incomes less than $100,000 will find it especially challenging.
What might be news to you is that in some metro suburbs, especially the ones around Lake Minnetonka, an income well north of half a million is needed to afford a house.
But Greenwood, a small community that borders Excelsior and sits on the lower portion of Lake Minnetonka, takes the proverbial cake.
You need an annual salary of at least $630,000 to afford a house in Greenwood, according to the Star Tribune’s latest housing market analysis.
“Affordable” was calculated by the Star Tribune “assuming a 6.6 percent interest rate on a 30-year mortgage, that the buyer would pay 10 percent of the total cost in a downpayment, that the buyer would not spend more than 30 percent of their income on housing, a property tax rate of 1.2 percent and a home-insurance rate of 0.05 percent.”
The total population of Greenwood is 726, according to the latest data from the U.S. Census. The median household income there is $197,000, which means current residents would likely get outbid on their own homes if they had to buy them now.
See which communities you can afford to live in on the Star Tribune’s “hot housing index” tool.
Minneapolis police are investigating a hit-and-run that left a man seriously injured Tuesday afternoon.
The crash happened near Oliver Avenue North and Lowry Avenue North just before 2 p.m., according to the Minneapolis Police Department.
Investigators say an SUV struck another vehicle, which then collided with a motorcyclist. The driver of the SUV then fled the scene.
The motorcyclist was taken to the hospital with potentially life-threatening injuries. Police say the driver of the other vehicle was not injured.
No arrests have been made as of Tuesday night.
A recent FOX 9 investigation found that Medicaid fraudsters owe millions but pay back little with several other defendants discharged from probation after making either minimal or no payments towards their court-imposed debts.
A homicide investigation is underway after a person was found shot to death inside a car parked along the Mississippi River, the Minneapolis Park Police Department said.
Around 6:40 a.m. Sunday, officers from Minneapolis Park police and the city’s police department responded to a report of a body in a car at Mill Ruins Park. They found an adult with a fatal gunshot wound at the scene, as well as a firearm.
The Minneapolis Police Department’s Homicide Unit is investigating.
Police said the Hennepin County medical examiner will determine the manner and cause of death, as well as the person’s identity.
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