Metro housing costs rise over 5%

Housing costs in the Twin Cities metro increased 5.3% between July 2023 and July 2024, according to new data released from the Bureau of Labor Statistics.

The data shows that rent increased 4.7% over the 12 month period, while the owners’ equivalent of rent rose 5.8%.

Also contributing to the 5.3% increase is housing fuel and utilities costs, which jumped 7.8%. Utility (piped) gas services rose the highest among the utilities, with an 8.3% jump over the 12 months.

According to the data from the BLS, overall inflation for the area was 3.5% between July 2023 and July 2024.

The Twin Cities metro seems to be on the higher side for housing costs increases in the Midwest. According to other data from the BLS, housing costs increased 4.2% over the 12 month period, with rent and owners’ equivalent to rent rising 6.0% and 5.9%, respectively. Housing fuel and utilities rose a smaller 3.3%

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