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85 individuals, families waiting for affordable housing in Rochester | News [Video]

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USA Economy and Markets

ROCHESTER, Minn. – First Homes says the foundation’s waiting list has doubled since 2023 and hopes financial support from the city will address Rochester’s affordable housing crisis.

As the city of Rochester continues to grow, First Homes says the market is struggling to keep up with the rising demand.

“Homes that maybe sold for 150 to 200 thousand dollars five or 10 years ago are now 300, 350 thousand dollars,” said Woodford.

The city’s Community Development unveiled its initial plans of spending the Economic Vitality Fund of $50 million for years to come. The fund is part of the Rochester local sales tax voters approved in the 2023 election.

Part of this plan is to support First Homes with $1 million. This would allow the nonprofit to continue buying houses and rehabilitating homes.

Woodford says it essential for lower income people and families to own homes to start building generational …

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