Minneapolis is the first major metropolitan area to have inflation rates below the Fed's 2% target. According to Bloomberg, Minneapolis hit the goal in May with an inflation rate of 1.8%. The rate is likely due to aggressive legislating to address soaring housing costs in the city. While Minneapolis residents spent 39.9% of their monthly income on housing costs, their co-parts in San Francisco paid 46.7% of their monthly income to housing; residents of Boston shelled out a whopping 60.7% of their income for housing costs, per Bloomberg. People ideally would spend around 30% of their income on housing, senior vice president of the National Low Income Housing Coalition Andrew Aurand, told CNBC.

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Persons: Income Housing Coalition Andrew Aurand, Ron Feldman Organizations: Bloomberg, Service, US Bureau of Labor Statistics, Minneapolis, CNBC, Income Housing Coalition, Minneapolis Fed Locations: Minneapolis, Wall, Silicon, San Francisco, Boston, New York City, Itasca