Mpls’ Median Income Is 24% Above U.S. Metro Avg.
The U.S. Census Bureau reported recently that in 2012, the Minneapolis metro area’s median household income increased, its uninsured rate decreased, and its poverty rate dropped slightly from the year before.
According to the agency, the 2012 median household income in the Twin Cities was $66,282, up from $64,712 in 2011, but still down from $70,721 in 2007. The poverty rate dropped from 11 percent to 10.7 percent but was up from 8.4 percent in 2007. The percentage of the area’s population that lacks health insurance coverage dropped to 7.8 percent in 2012, down from 8.9 percent in 2011 and 8.2 percent in 2008—the first year that figure was collected in the survey.
While Minnesota hasn’t completely recovered from the recession, it was still well ahead of the nationwide averages in all three categories. Across all U.S. metro areas, median household income was $53,607 in 2012, barely improved from $53,545 in 2011. Meanwhile, the poverty rate remained about the same from 2011 at 15.5 percent—but it has increased 3.1 percent from 12.4 percent in 2007—and the uninsured rate decreased from 15 percent to 14.7 percent year over year.
The survey also measured local statistics for about 40 different topics, such as educational attainment and housing.
The median value of an “owner-occupied” home in the Twin Cities was $203,700 in 2012, down from $210,300 in 2011 and $247,200 in 2008. Nationwide, the median value was $188,300 in 2012, down from $191,000 in 2011 and $222,200 in 2008.
The median gross rent, including utilities, throughout the Twin Cities in 2012 was $895, compared to $925 in metro areas throughout the United States.
In the Twin Cities, 93.2 percent of the 25-and-older population had completed high school or additional education in 2012, compared with 86.7 among all U.S. metro areas. Nearly 40 percent of the same population also had a bachelor’s degree or higher in 2012, compared with 31.2 percent nationally.
More information about the Twin Cities area and how it compares to the nation’s social, economic, and housing characteristics can be found here.