Housing Indicators

Housing is a major expense for most American households.  The US Department of Housing and Urban Development classifies households that spend more than 30 percent of their monthly household income on housing as "cost-burdened" households.  When households spend more than 30 percent of their monthly income on housing, they are likely to find it challenging to have sufficient income to meet other basic needs (food, clothing, medical care, education, retirement savings, etc.).
 
Owning a home is often the largest investment made by a family and a high level of homeownership is believed to contribute to building stable communities and engaged citizens.  Recent years have seen dramatic swings in the housing sector, from many homeowners being “under water” (owing more than the house is worth) in the aftermath of the great recession to a very “hot” housing market in 2021 that was characterized by a quick rise in housing prices – a trend that has slowed down in the last two years.

The St. Croix River Valley counties have a high percentage of owner-occupied homes and a low proportion of cost-burdened households relative to their respective states.