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<br />Since 2000 median household incomes have not kept pace with the rise in <br />housing costs and prices. The average sale price of existing homes rose 42% <br />from 2000 to 2005, while median income rose 23%. The average cost to build a <br />new single-family home rose 31 %, while the cost of a new twin home rose 22%. <br /> <br />Median Household Income and Average Home Prices (2000 TO 2005) <br /> <br />$180.000 <br /> <br />$40,000 . <br /> <br /> <br />$160.000 . <br /> <br />$140,000 . <br /> <br />$120,000 . <br /> <br />en <br />'" $100.000 <br />:3 <br />..J <br />o $80.000. <br />o <br /> <br />$60,000 <br /> <br />$20,000 <br /> <br />$0. <br /> <br />2000 <br /> <br />2001 <br /> <br />2002 <br /> <br />2003 <br /> <br />2004 <br /> <br />2005 <br /> <br />YEAR <br /> <br />c::::::I Median Household Income <br />~Average Cost - New Single-Family <br />-Linear (Median Household Income) <br />-Linear (Average Sale Price - Existing) <br /> <br />r:::=::JAverage Sale Price - Existing <br />_Average Cost - New Twin <br />-Linear (Average Cost - New Twin) <br />- - Linear (Average Cost - New Single-Family) <br /> <br />Source: Fargo-Moorhead Association of Realtors MLS, Home Builders Association of <br />Fargo-Moorhead, The Danter Company, Inc., ESRI, Inc. <br /> <br />Although rents have not appreciably increased,6 prices remain high for those in <br />jobs paying less than $31,070 due to the strong demand for apartments. The <br />January 2006, vacancy rate for conventional market-rate apartments was 6.4%, <br />verging on an overbuilt market. For private tax credit complexes that typically <br />have lower rents, the vacancy rate was 3.4%, which is pushing a tight market.7 <br /> <br />6 Eriksmoen Apartment Rent Survey. April 2006 <br />7 Vacancy rates and price analysis from The Danter Company's Overall Assessment of Workforce Housing for the <br />Fargo-Moorhead ND-MN Area, 2006 <br /> <br />6 <br /> <br />Unda S, Donnelly. A.Le.I'. <br /> <br />Augnst 2(1(16 <br />