Shifting Standards

Is this claim about Minneapolis renters correct? Is paying 30% of monthly income toward housing a distressed situation?

Lenders often extend the debt-to-income ratios to 30% for all types of loans.

50% of Twin Cities renters spent more than 30% of their income on rent and utilities in 2022—an all time high. 27% spent more than half of their income on rent and utilities.

Unaffordable rents are driving families out of their homes and tearing apart our city. https://t.co/qVUIP077j6 pic.twitter.com/Azs26oZjr9
— Robin4mpls (@robin4mpls) January 26, 2024

This claim is false. It is the result of shifting standards for political posturing.

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Published by Victoria Wilson