What Makes Minneapolis & St. Paul So Great To Invest In?
As I write this, the bitter cold of sub-zero temps, will make many wonder why people love it here. Here are just some of the areas that Minneapolis & St. Paul score near the top of important charts:
Of the 20 richest cities in the U.S., only three had half of the homes being within reach for middle-class families. Salt Lake City, Pittsburgh, and Minneapolis-St. Paul (per The Atlantic Article: The Miracle of Minneapolis.
The shocking statistic is that we also have a higher median income than Pittsburgh, Salt Lake City, Chicago, New York and L.A.!
We also have the highest employment rate of Millennials in the entire U.S.!
To further the point low-income families can rent a home more affordably than all but one of the 20 major metro areas in the U.S.
Some other items to look at are stability. Yeah, we aren’t as exciting as L.A. or Miami, but stability should be exciting to anyone that invests for the long-term.
We are the number six State in the Union in Agricultural Income. Everyone has to eat right? Well, when there is an economic slow-down, agriculture seems to chug right along. With 19 of the Fortune 500 companies in the U.S., nine of those companies are Ag-based. This provides stability for jobs, and the tax-base.
Another stat that I like to throw out is Median income vs. Median home prices.
San Fransisco, CA Median Income $77k; Median Home Price $1.6 Million.
Denver, CO Median Income $76k; Median Home Price $424k
Minneapolis St. Paul Median income $76k; Median Home Price Mpls $264k St. Paul $215k
The Star Tribune reported that the Twin Cities had a growth of 43,000 new people in 2017 alone and 250,000 since 2010. In other words you are adding the entire population of St. Paul to the area in nine years!
We simply can’t build enough housing for all the new people that are coming, and when you look at the price of housing its cheap in comparison to areas that have similar incomes. It is obvious, you have more people moving here, you have the a State that is ranked #2 in the U.S. for overall quality of life, and relatively inexpensive housing. The more the population booms, the higher the prices will go on housing. Keep in mind, from 2008 to 2013 builders were not building new homes. Six years of no building and the subsequent five years of minimal building has not kept up with 250,000 more people.