Between 2018 and 2023, just under 1 million homeowners annually reported homes valued at $300,000 or less (inflation adjusted to 2023 dollars). This includes an estimated approximately 993,000 owner-occupied homes in 2023. 

Existing housing is typically the most affordable and preserving it is more cost-effective than building new. Segments of existing affordable housing are at risk of being lost to price increases or deterioration. The number of homes valued at $300,000 or less (in 2023 dollars) represent housing that is typically affordable for households that make $105,000. Affordability is based on monthly mortgage, property taxes and insurance totaling no more than 30% of adjusted income. This means that a household would need at least a $105,000 income to afford a $300,000 home at current interest rate. For context, HUD reports that the statewide median family income in Minnesota was $111,700 in 2023 and a household with that income could afford a $300,000 home.

This metric captures the estimated number of homeowners who report the value of their home is $300,0000 or less (inflation-adjusted to 2023 dollars). The data is from 5-year iPUMS sample of the American Community Survey (ACS).