Housing shortage in Twin Cities worst in country, census data shows – WCCO
MINNEAPOLIS (WCCO) – Ask anyone in the market: Buying a new house in the Twin Cities right now is not easy.
In 1998, Rodolfo Trujillo emigrated from Mexico with $ 200 and a dream. He got his real estate license, and the adventure began.
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“When I started it was the start of the first boom, then we went to crash in 2008,” Trujillo said.
But these days, his western subway-based business is exploding, selling house after house at an uncomfortable rate.
“We’re busy and it’s great, but we’re too busy so now I have to do a tour, I have to show one house at a time because if I don’t, it will be sold within 24 to 48 hours, ”he said.
There just aren’t enough homes for all buyers, says Minnesota Housing Commissioner Jennifer Ho, with new census data showing the Twin Cities have the nation’s worst housing shortage.
“We’re really feeling it right now, and I think what’s happening now too is that more working families, middle-income families are feeling it,” Ho said.
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She says the prices are so high that it’s difficult or impossible for first-time buyers, and the rental market is also on the rise.
“It hurts our communities, it hurts individual families, it hurts neighborhoods, it hurts businesses,” Ho said.
As for long-term solutions, the commissioner says federal, state and local governments will have to make room for all levels of housing.
“There’s no reason to think that we won’t be able to get out of here, you know, seven to ten years, but it’s going to require these investments year after year,” she said.
In the short term, Trujillo hopes that in six to eight months everyone can start taking a much-needed break.
“A similar number of listings with a similar number of buyers, it’s the perfect market for everyone, and that’s my hope,” Trujillo said.
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He predicts that more homeowners will sell after the pandemic, which should open more inventory.