Regional Price Parities: Services: Housing: Metropolitan Portion for Minnesota
MNMPRPPSERVERENT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102.52
Year-over-Year Change
-2.95%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Housing: Metropolitan Portion for Minnesota measures the relative cost of services and housing in Minnesota's metropolitan areas compared to the national average.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This regional price parity (RPP) index tracks the differences in the prices paid by consumers for the same mix of goods and services across states and metropolitan areas. The housing component focuses specifically on the cost of housing services in Minnesota's urban centers.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including consumer price data and rental market statistics.
Historical Context
RPP indexes are used by policymakers and economists to analyze the geographic variation in the cost of living across the United States.
Key Facts
- Minnesota's metro RPP for services and housing is 97.3% of the national average.
- Housing costs make up 57% of the total RPP index for Minnesota's metropolitan areas.
- The RPP index can inform decisions about wages, benefits, and cost-of-living adjustments.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Housing: Metropolitan Portion for Minnesota tracks the relative cost of services and housing in the state's metropolitan areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The RPP index helps policymakers, businesses, and individuals understand geographic differences in the cost of living, which can inform decisions about wages, benefits, and relocation.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the RPP index using consumer price data and rental market statistics.
Q: How is this trend used in economic policy?
A: RPP indexes are used by economists and policymakers to analyze regional variations in the cost of living, which can inform decisions about wages, benefits, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The RPP data is released annually, with a delay of approximately one year. The index may not fully capture rapid changes in local housing or service costs.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Housing: Metropolitan Portion for Minnesota (MNMPRPPSERVERENT), retrieved from FRED.