Minnesota Has Most Unaffordable Rent in the Midwest
According to a new survey from the National Low Income Housing Coalition, 55 percent of renters in the state can’t afford the market rate on renting a 2 bedroom apartment.
For those of you who don’t rent the average rate for a 2 bedroom apartment in the State of Minnesota is $836 a month. Now for many people if it is just them, would be able to have a roommate, but if you are the sole breadwinner your rent could eat up quite a bit of your monthly budget.
Of course the rent in the Twin Cities is slightly higher than average, but having lived and rented in both Minneapolis and Duluth, I feel like the rent in the Twin Ports is extremely high and obviously you are given a much smaller choice of options on what and where to rent.
Yes renting is convenient and for the most part worry free, but it is important to try and stay within your means. Experts say your rent or mortgage should not be more than 30% of your income.