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Minneapolis, Minnesota has a strong economy and a housing market to match. Those who are considering leasing in this area should be aware that prices continue to rise, and the market is characterized by homes that are often more high-end than not.
The following information is worth consideration when thinking about leasing a home in Minneapolis.
Minneapolis is the largest city in the state of Minnesota, with a 2014 population of 407,207. The city is home to 20 lakes and wetlands and has an excess of waterfalls and ponds. Located on both sides of the Mississippi River, Minneapolis is known as one of the “global cities” and is a well-known business hub between Chicago and Seattle. It possesses the fifth-highest number of Fortune 500 companies in the United States.
In terms of climate, Minneapolis has four seasons with winters being cold and snowy and summers being moderate to high in temperature. In terms of natural elements, Minneapolis was once recognized for having the best designed, financed and maintained park system in the United States.
Sports lovers will appreciate the events they can attend in the greater Minnesota thanks to its professional sports teams: the Minnesota Timberwolves (NBA), the Minnesota Twins (MLB) and the Minnesota Vikings (NFL). Art also has its own appreciation here with a long list of music festivals, Broadway theatre shows and art exhibits available throughout the year for both citizens and tourists.
Popular Minneapolis neighborhoods include Linden Hills, Lowry Hill, Kingfield, Fulton, and Audubon Park.
Much of the success of the housing market in Minneapolis is a result of the extremely successful economy. The city has experienced an astonishingly low unemployment rate that sits at 3.6%, which is more than 2% below the nation’s unemployment rate.
Projections for growth in personal income have workers seeing an increase of approximately 4.6%, and 9 out of 10 businesses in the region are expecting to see positive growth for the rest of 2015.
Our Minneapolis office:
1611 County Road B West, Suite 219
Roseville, MN 55113