Why Investors Should Consider Minneapolis Real Estate
With a recent surge in home sales, Minneapolis, Minnesota, has become one of the best real estate markets in the nation. Overall, the Twin Cities metropolitan area—the third-largest economy in the Midwest—has fared better than the rest of the nation during the pandemic, according to real estate financial health indicators, and could give us an idea of future housing trends. Market times are fast while supply is low. If you’re an investor, you can anticipate that investment in this hot housing market will often earn equity.
Here are the top 5 reasons to invest in Minnesota:
Reason #1: Home Prices Are on the Rise
Property values in Minneapolis fall just below the national average, making real estate here more cost-effective than in other big cities. Home prices increased by 7.5% last year and are predicted to grow by at least another 10% in the next 12 months. Due to a shortage of inventory, multiple offers are commonplace for listings.
Reason #2: The Job Market Is Making a Strong Recovery
Minneapolis is home to a wide range of industries and even boasts the headquarters of several multibillion-dollar corporations, which means it can offer plenty of job opportunities in tech firms, manufacturing, health care, financial services, and more. Employment rates are rising as industries look toward future expansion. According to Business Insider, Minneapolis is one of the top 25 cities where millennials are moving to find good jobs.
Reason #3: The Economy Is Growing
With a diverse economy in commerce, finance, transportation, healthcare, and technology, Minneapolis is making steady economic gains. The high rate of consumer spending is boosting economic activity, which in turn boosts the housing market, leading, of course, to more real estate investment opportunities in the area.
Reason #4: Rental Housing Is in Demand
Minneapolis is ranked as one of the best cities for renters based on rental market affordability and overall quality of life. Even in this busy metropolis, renting is still much more affordable here than in other metro areas. While remote workers fled other big cities in droves during the pandemic, leaving rental vacancies in their wake, the rental market here stayed steady. Even more workers are likely to move here to take advantage of our high employment rates and great location as the main business center between Chicago and Seattle.
Reason #5: Quality of Life and Education Rank High
Minneapolis was recently listed as one of the top 10 large metro areas to live in. In addition to excellent schools and universities, the city has a thriving culture, including a strong music and performing arts scene, and a good climate. It’s ranked as the 2nd fittest city in the U.S.
Engel Professional Association – Your Real Estate Investment Law Firm
Minneapolis is indeed a great city to live, work, play, and most importantly, invest. If you’re interested in learning more about why you should consider this golden opportunity, the real estate lawyers at Engel Professional Association would be happy to help you identify the right areas to buy investment rental property.
For over 20 years, commercial real estate attorney Kenneth S. Engel has called the Twin Cities home and has provided reliable legal counsel to individuals and businesses interested in the real estate market.
Reach out to Kenneth S. Engel at Engel Professional Association, one of the best litigation and real estate lawyers in Minneapolis, to learn more about investment opportunities in this thriving metro area.