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Over half the population of Minnesota resides in the Minneapolis-St. Paul Metropolitan area, better known as The Twin Cities. Outside this area, Minnesota is covered in farmland, forests, and prairies. As such, the state is one of the largest producers of agricultural goods in the U.S. Mining in the North Woods area is another claim to fame.
Minnesota is known as the “Land of 10,000 Lakes” because over 10,000 small lakes fill the state. The Minnesota River stretches 330 miles through the state, which also borders Lake Superior and is home to a large portion of the Superior National Forest. The waterways promote outdoor adventure and attract outdoor enthusiasts from across the country.
Minneapolis is the economic hub of Minnesota, as expected. The city has a great arts community, a plethora of educational opportunities, and access to the Chain of Lakes. The State Capital Building is located in nearby Saint Paul, composed of the Senate and House of Representatives.
The “Land of 10,000 Lakes’ has produced many well-known artists. From musicians like Bob Dylan, Judy Garland, Prince, and John Lennon to athletes like Rick Rude, Kevin McHale, Karl Mecklenburg, and John Roethlisberger, many beloved celebrities call the state home.
Buying a Home in Minnesota
Numerous buyer assistance programs throughout the state assist first-time buyers through the financing and purchase processes for their single-family homes. Going it alone feels overwhelming, but buyers never have this worry when buying a home in Minnesota. Although buyer assistance programs have qualifications that participants must meet, potential homebuyers find them extremely beneficial when it is time to purchase for the first time.
Over 300,000 homes for sale are listed in Minnesota at any given time. Buyers can always take their pick of beautiful homes meeting their every demand thanks to this large number of homes readily available for purchase. Homes in The Twin Cities are the most popular, but the listings for small-town homes are quite extensive as well. Buyers seeking to buy a home in a specific area should contact a realtor for help.
Popular Neighborhoods in Minnesota
Minneapolis and Saint Paul attract the most buyers who also want economic opportunities. The Twin Cities do offer beautiful homes outside these areas if you desire the quaint, quiet small-town lifestyle they offer. Do not hesitate to look outside the city in these towns for the perfect place to call home and at lower prices.
Cathedral Hill contains stylish Victorian homes in walkable communities. The trendy area has small boutiques and restaurants for entertainment. Singles and business professionals often choose the neighborhood.
Downtown Wayzata offers suburban living at an affordable price. Hit this neighborhood if you prefer more modern features and amenities in the home that you buy.
Biwabik is home to only 100 people. With easy access to the Embarrass Mountains, residents often spend their days outdoors enjoying the mountains or Giants Ridge Golf and Ski Resort.
Ely is another Minnesota neighborhood worth considering. Home to the Boundary Waters Canoe Area Wilderness, Ely is quiet and friendly, offering residents picturesque views and easy living.
Buying Vs. Rent to Own Homes
Why rush into homeownership when rent to own homes gives you a slower approach? Move into the property right away as a renter and buy the home when your situation improves. Most rent to own contracts provides for up to three years rental periods before the lease ends, giving buyers time to save money for the down payment, repair their credit, and make other arrangements for homeownership.
Renters sign a contract when they move into the home. They also pay an ‘option’ fee, giving them time to buy the home. The month’s rent includes a premium which is applied to the down payment for home buyers. Most contracts expire within three years, but this is negotiable from one landlord to the next.
Buying rent to own properties gives you the chance to lock in today’s rates for real estate even before you purchase the home. Use the time wisely and soon, you’ll hold the title as a homeowner and live the American dream.
This is much different from the traditional buying process that requires a huge down payment, great credit score, a background check, and weeks or months of waiting before it’s finally ready to move-in. Rent-to-own breaks traditions giving opportunity for more people to live the American dream of homeownership.
Cost of Living in Minnesota
Minnesota’s cost of living is higher than the national average, but only by 5%, easing transition for people relocating from other states. Most goods and services prices equal the national average rates and the housing market is just slightly higher than the national average. Finding an affordable home almost anywhere in this state is pretty simple.
Minnesota offers natural beauty, outdoor recreation, and a multitude of things to love. Residents enjoy active, comfortable lifestyles anywhere in the state. Since most of the state’s population calls the Twin Cities home, finding a quaint small community with all the features of such is simple for those who desire a life outside the city. Consider rent-to-own if you’re looking to buy a home. You can get a great purchase price on the property and enjoy all the luxuries that Minnesota offers to its residents.
Reported Annual Crime In Minnesota