The Minneapolis/St. Paul metro is not only known for it’s beauty and diverse mix of wilderness and urban space, it’s proving to be a finical safe-spot for the country. According to “The Miracle of Minneapolis” written by Derek Thompson and published for “The Atlantic” this month, “Only three large metros where at least half the homes are within reach for young middle-class families also finish in the top 10 in the Harvard-Berkeley mobility study: Salt Lake City, Pittsburgh, and Minneapolis–St. Paul. The last is particularly remarkable.”
To sum up the many qualities the Twin Cities has above the rest of the metros in America:
-The Minneapolis–St. Paul metro area is richer by median household income.
-Among residents under 35, the Twin Cities place in the top 10 for highest college-graduation rate, highest median earnings, and lowest poverty rate, according to the most recent census figures.
-According to the Center for Housing Policy, low-income families can rent a home and commute to work more affordably in Minneapolis–St. Paul than in all but one other major metro area (Washington, D.C.).
-The Twin Cities have the highest employment rate for 18-to-34-year-olds in the country.
-How did big business start here? In the Mid-1800s, beginning companies such as Pillsbury and General Mills were drawn to the area because of the availability of hydro-power found at the historic Saint Anthony Falls. Since this humble start, Minneapolis–St. Paul is the headquarters for 19 Fortune 500 companies—more than any other metro its size—spanning retail (Target), health care (UnitedHealth), and food (General Mills). In the past 60 years, 40 Minneapolis-based businesses have made it onto Fortune’s list. Minneapolis is unusually good at building and then keeping large companies.
-Minneapolis has the second lowest outflow of of college educated workers. Those that learn here, tend to stay here.
-The metro area implemented a plan known as “Fiscal Equalization” in the 1970s- in which tax revenue is shared between the wealthy and poor neighborhoods. Building commercial success, providing equal services in low-income places and maintaining the quality of life just about everywhere in the metro. Unlike other metros such as New York and LA, the Minneapolis- St. Paul area has generally avoided the harsh separations of class, and equal housing is promoted.
-The Twin Cities’ housing and tax-sharing policies have resulted in many good neighborhoods with good schools that are affordable for young graduates and remain nice to live in even as their paychecks rise.
For more in-depth information, the article can be found here:
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Spring is in the air- and the real estate business is absolutely booming! Listed below are some of the most recent statistics on the Twin Cities metro area that may effect you as a buyer or seller.
-The price range that tended to sell the quickest was the $190,001 to $250,000 range at 70 days
-The price range that tended to sell the slowest was the $1,000,001 and Above range at 182 days
-Pending sales are up 21.8% in comparison to last February and new listings were up also, by a whopping 23.2%- making it our best February for sales in about 10 years!
Inventory is expected to continue to rise as the warm season gets closer and closer and sale of homes are expected to greatly increase. So, in conclusions, whether you are buying, or selling, the market is now booming, and is only expected to continue as our days get longer and warmer!
Home Buyer Seminars are in full swing! Conducted one for Thomson Reuters yesterday! St. Kates and Hamline in March! Now is the time to buy while interest rates are low and housing prices are reasonable (they are on the rise)!
NEXT SCHEDULED HOME BUYERS SEMINAR:
Saturday March 7th, 2015 10:00-11:30am
St. Catherine’s University
Mendel Hall, Room 101
2004 Randalph Avenue
Saint Paul, MN 55105
When choosing between a townhouse or detached home, take your lifestyle, family size, where you work and your stage of life into consideration. Buy a home that fits your current and future needs. The type of home you decide on plays a significant role in your quality of life.
Townhouses are homes joined by a common wall, usually with access to the outside and a small yard area that may be share by the unit’s residents or by the entire townhome community. The homeowner may own the land on which a townhouse sits, but more than likely must share ownership of that land as part of a condominium or homeowner’s association. Detached houses are homes built on their own lots. Traditionally, a detached home offers more privacy than a townhouse and may have fewer restrictions, depending on its location. The home owner may also own the land the home sits on independent of others in the development.
Detached townhomes may have higher price tags than townhouses because they are not connected to another home. Townhouses can be located in communities that may or may not offer amenities, generally these homes have a more affordable price tag. Townhouse owners may have less control over property usage. This also may be true of detached homes located in homeowners’ associations.
It goes without saying that a smaller yard requires less maintenance. If a townhouse is part of a condominium or homeowner’s association, the association provides maintenance services – so you can give up your lawn mower and shovels! However, townhouse owners pay a fee for maintenance that must be factored into monthly housing costs. Townhouse owners also may not have the flexibility to make major improvements that alter the home’s exterior. Detached homes, as a rule, require more time and money to maintain. With detached homes, owners have more flexibility make major improvements that can increase property values.
Because of the space required to build them, detached houses are usually located away from downtown areas. Townhouses, on the other hand, have the advantage of fitting onto smaller plots or vacant pieces of land, making such housing options more accessible to busy commercial areas. If your lifestyle or job centers around such areas, a townhouse may work for you. On the other hand, if sharing a common wall with your neighbor or having a small backyard do no suit your lifestyle, a detached house may better serve your needs.