A study of developers, builders and housing organizations finds several factors that limit production of affordable housing in Minnesota.
"The report found the average rent has jumped 34 percent in the past 10 years, while renter income has gone up only 9 percent. The median price for existing homes went up 61 percent in the same period, putting them out of reach for metro-area lower-income families...Those most involved in housing -- builders, developers and localhousing organizations -- say the costs of land, labor and materialsare the main factors driving up housing prices. And they say theyneed financial help from the government, as well as lessened regulations, to make housing more affordable to lower-incomeMinnesotans."
Thanks to Abhijeet Chavan
FULL STORY: Affordable housing becoming scarcer, auditor's report finds
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