How affordable is this community?
This chart tracks whether housing prices are keeping pace with local incomes. The gap between what homes cost and what households can afford reveals affordability trends over time.
| $427,168 | Typical home price (Zillow, Feb 2026) |
| 6.10% | 30-year fixed mortgage rate (Freddie Mac, Jan 2026) |
| 1.08% | Effective property tax rate |
| N/A | Average annual homeowner's insurance |
| $146,548 | Median household income (Census, 2026 est.) |
| 30% | Assumed max housing cost share of income |
Who lives here today?
Households may have different structure type preferences depending on characteristics such as household size, income, employment, presence of children, age of individuals, and lifestyle choices. Understanding the housing stock in corresponding terms helps assess how well existing units align with existing households' ideals.
Cost burden measures the share of household income spent on housing. Households paying more than 30% are considered cost burdened, while those paying more than 50% are severely cost burdened. Lower-income households typically face the highest rates of cost burden.
What does the housing stock look like?
The mix of housing types and ownership patterns shapes a community's character. This chart breaks down housing units by structure type and whether they're owner-occupied or rented.
How much new housing supply is needed?
To keep up with growth and fill current housing shortages, St. Michael, MN needs 8,933 new units over the next 6 years.
| 5,951 |
Units needed to keep up with expected growth
Projected total household growth from 2026 to 2031.
|
| 10.6% |
Projected household growth rate
Expected increase in total households from 56,395 in 2026 to 62,346 in 2031
|
| 2,982 |
Units to address shortages in existing housing stock
Production needs to address vacancy rates and other factors.
|
| 370 |
Replacement housing
Effective annual loss rate is 1.1 per 1,000 units
|
| 512 |
Ownership vacancy adjustment
Owner-occupied vacancy is 0.6%, below the minimum stable target of 1.5%
|
| 2,100 |
Rental vacancy adjustment
Rental vacancy is 3.7%, below the minimum stable target of 7.4%
|
| 8,933 |
Total 6-year housing production need (2026-2031)
|
| 1,489 |
Annual production pace
Average units needed per year to meet 6-year need
|
| 15.6% |
Total housing unit growth
Percent increase in housing stock over 6 years
|
| 2.6% |
Annual housing unit growth
Average percent increase in housing stock per year
|