So you finally decided to take another step in your life and upgrade it by buying a real estate! That is very impressive and awesome! Congratulations on your decision! But sometimes we can get lost in the wrong information and end up paying something that is not that worthy. Here in this article we will try and give you information on what we consider to be the best Minnesota cities to invest in real estate! This will surely help you avoid any possible frauds and scams that can happen during this buying period.
Over the past decades, Minnesota’s population has increased with a 2.3% rate, according to the U.S. Census Bureau. Also, many of the suburbs around the cities, especially Minneapolis & St. Paul show continuous growth of 3% per year. Of all the best Minnesota cities to invest in real estate on our list, these are their common characteristics:
- In all the cities in our list, homeowners spend less than 30% of their income on homes. Homeowners that earn medium income that is. This is considered as the affordability standard by the U.S. Department of Housing and Urban Development.
- All these cities are within a short time range from the Twin Cities on Minneapolis & St. Paul.
- Almost all of the homeowners owned their homes instead of renting them.
It is not hard to figure out why are people moving to Minnesota. There are numerous job opportunities, outdoor activities and a lot of government backing up of people who are buying their first home in Minnesota. Leave the moving process to Minnesota movers while you are finding your new home. This is the best way for a stressless moving process.
There are a couple of basic questions those cities had to answer in order to be considered best Minnesota cities to invest in real estates, such as:
- Is the area being developed? Growth in the population often happens because the area has been developed and more money is pouring in.
- Can you actually buy a home thee? Is it possible to buy a home with a median monthly and yearly income
- How many people actually own homes? This shows how many actual owners are versus how many rents.
Located southeast of East Bethel is the city of Lino Lakes. This is just another suburb of the Twin Cities (Minneapolis & St. Paul). If you look at the monthly homeowner costs, you will see a 24% trend of median household income. This is roughly about $8.000. The city itself hosts more than 3.300 acres of Rice Creek Chain of Lakes Park Reserves, and it is most popular because of its Rice Creek Water Trail. This is a perfect outdoor activity for someone who loves kayaking, water and nature overall. Check with your local moving companies about the best places where you can store your kayak before moving into your new home.
One of the best Minnesota cities to invest in real estate is Rogers
Hennepin County is one of the many suburbs that are northwest of the Twin Cities Metropolitan Area. And it is home to Rogers city. Roughly 85% of the cities homes are owned, and not rented. When it comes to the monthly cost, it takes around 25% of the median household income. From 2010 to 2012 the population growth was very huge. Mainly because Rogers annexed local Hassan Township in the year of 2012. What attracts a lot of tourists here in Rogers is the summer festival of Rockin’Rogers Days that takes place in June. It is a citywide celebration with a parade and car show.
This list wouldn’t be the same without mentioning wonderful Maple Grove. It is just 20 minutes away from Minneapolis and a part of the Twin Cities metro area. There are only around 14% of houses that are rented, which means that 85% of homes are owned by their respective owners. When it comes to the monthly cost, they are strikingly low on our list, taking 23% of monthly median income. There are more than 1.000 businesses operating within the city limits. The large and very developed job market is one of the reasons why people are flooding in the Maple Grove. There are a few tips and trick on landing a job before you decide to move to the new place. Make sure you learn them all. And when you settle in, you can spend your free time withing numerous parks and playgrounds.
This particular city holds the top position when it comes to the homeownership vs renting a home. Over 93% of the homes are owned rather than rented. This can only prove that the availability of the homes is very good. Monthly homeowner costs revolve around 25% of median household income. And the number of new homes is constantly rising. Over 40 houses are built per year, and they all come in different shapes, sizes, styles and of course, prices. You can easily stroll around their 400 acres of their community and parks. The most desirable place to visit here is the Kelsey Round Lake Park, placed on more than 130 acres. Perfect for hiking, bird watching, skiing and plenty of other outdoor activities. This park is also most preferred by the young couples as a very romantic place. There are also a lot of other cities for single people in Minnesota that provide this kind of places.
Sometimes finding a perfect city where you can buy a home can be really hard. This is why we gathered what we consider is the crucial info that will help you in your decision. Most of these cities are very family friendly and quite open to new people. But, that is not why we chose them as best Minnesota cities to invest in real estate. We chose them because of the home availability, income, job opportunities, education facilities, health facilities and many more. These cities prove to be most desirable among young people as well as with older ones. Have any more suggestions? Feel free to leave a comment in the comment section down below. We are sure others will be thankful as well!