Housing Cost
Photo Credit: Chappy Achen
Percent of Cost-Burdened Households
Summary: Nearly one-third of us in Red Wing are cost-burdened, which means we pay 30% or more of our income on housing costs. Fortunately, the trend is improving. Incomes will have to increase to keep up with rent and mortgage prices to continue the trend and make living in Red Wing more affordable.
Details: A housing cost burden is when a household is paying 30% or more of their combined household income on housing costs.
Source: US Census - American Community Survey, 5-Year Estimates (2008-2012, 2013-2017, 2018-2022)
Percent of Cost-Burdened Households: Owner vs Rental
Summary: More than half of renters (57%) in Red Wing are cost-burdened compared to approximately a quarter of home-owners (22.4%).
Details: A housing cost burden is when a household is paying 30% or more of their combined household income on housing costs.
Source: US Census - American Community Survey, 5-Year Estimates (2008-2012, 2013-2017, 2018-2022)
Cost-Burdened Households by Income Level
Summary: The housing cost burden is much higher for households with lower incomes than those with higher incomes.
Details: A housing cost burden is when a household is paying 30% or more of their combined household income on housing costs.
Source: US Census - American Community Survey, 5-Year Estimates (2007-2011, 2012-2016, 2017-2021)
Median Monthly Rent and Mortgage Costs
Summary: Median rent increased by $76 per month between 2017 and 2022 in Red Wing. Median mortgage payments have not changed as much.
Details: Categories show the median monthly rent for tenant-occupied units, and the median monthly housing cost for those with a mortgage. The median amount is defined as the middle of the distribution, with half of the population paying more than that amount, and half the population paying less.
Source: US Census - American Community Survey, 5-Year Estimates (2008-2012, 2013-2017, 2018-2022)
Median Gross Rent by Number of Bedrooms
Summary: Median rent for a two bedroom apartment in Red Wing is more than $1,000 a month. This is more than the median for Goodhue County but less than the state.
Details: Gross rent is the contract rent plus the average monthly cost of utilities (electric, gass, water and sewer) for occupied housing units. The median amount is defined as the middle of the distribution, with half of the population paying more than that amount, and half the population paying less.
Source: US Census - American Community Survey, 5-Year Estimates (2018-2022)