Third Avenue SE Changes
Third Avenue SE between 12th Street and Highway 63 South, will receive a bituminous overlay and lane striping that create a center left turn lane. This portion of third avenue is a County Road; the work will be completed by county staff in late summer/early fall. The change in traffic lanes will help reduce accidents and provide for better traffic flow.
New Home Ownership
A house in SE Rochester that was in disrepair came into county possession. Habitat For Humanity purchased the home from the county and rehabilitated it. Habitat For Humanity then assisted a family to purchase the home. This is one of the ways in which the county is creating opportunities to increase the home-ownership rates in Olmsted County.
I support efforts by the County to increase home ownership. Home ownership is one of the economic factors in moving people and families into the middle.
Here is data from the Urban Institute that illustrates some financial considerations:
For Renters who make less than $50,000:
- 75% are cost burdened (they sped at 30% of their income on housing)
- 42% are severely cost burdened (they spend at least 50% of their income on housing)
- In 66% of the U.S. counties, it is cheaper to own a home than to rent
For homeowner who make less than $50,000 per year:
- On average, they spend 10% less on housing than the average renter
- As home appreciates in value the owner builds wealth
- Even if a home does not appreciate in value, it still acts as a savings account
- Owning a home allows a family to build long-term wealth and, on average, is more affordable than renting
Olmsted County a Best Place to Work
Olmsted County is being recognized by Workforce Development, Incorporated as one of Minnesota’s 2023 Best Places to Work. (WDI is a private, nonprofit agency dedicated to developing and advancing the workforce of Southeast Minnesota…) https://workforcedevelopmentinc.org
Property Taxes and Appeal Information
Olmsted County has mailed the 2023 property tax valuations. Olmsted County saw an average residential increase between 4% and 15%. Here is information on the process to follow if one does not agree with the Estimated Market Value of their property: