Recent events brought the term Minneapolis Miracle to light with a stellar year of football and local sports pride, but we're so much more than that.
When it comes to homeownership, our Twin Cities real estate market has been a shining star in recent years, too, and has seen its own #MinneapolisMiracle. And, this was most evident whenever we were able to make the dreams of today's homeowners come true.
While the American dream of attaining a higher standard of living than your parents while living within your means has certainly been shaken up by numerous events, the evidence shows that this isn't the case for most first-time buyers in the Twin Cities area. What makes Minneapolis different?
#MinneapolisMiracle is Home to Many Impressive Statistics
It's no secret that the Northwest Metro area and other parts of the Twin Cities is home to statistics that make it evident that Minneapolis offers a great deal to its residents. According to a study by researchers at Harvard and Berkley, the Minneapolis-St. Paul area was one of only three metro areas whose homes were within reach of middle-class home buyers who are also upwardly mobile in terms of moving from low-income to middle class and beyond. Other compelling statistics that the Twin Cities region secured include being in the top ten cities with the highest graduation rates for residents under the age of 35, as well as having the lowest poverty rates and highest median earnings for that same age bracket. Areas such as Hennepin County, Wright County
What Makes the Minneapolis Miracle Different?
In late 2014, the chief economist for Trulia, an online marketplace for real estate across the country, Jed Kolko, released an eye-opening study regarding housing affordability. For this study's purposes, housing affordability was defined as the amount home buyers paid for their monthly mortgages relative to the city's median income. Not surprisingly, the least affordable cities included areas such as New York City, Los Angeles
The Twin Cities area got its start as a metro superpower back in the mid-1800s when companies began to harness the power of the Saint Anthony Falls, including the predecessors of General Mills and Pillsbury. After an alteration of the falls after its supporting limestone collapsed in 1869, the engineering project that followed resulted in a landmark that rarely floods while still flowing -- unbroken -- for all to enjoy and benefit from.
Because the Twin Cities area is so far removed from other major cities, it's become a hub for other smaller cities in neighboring states. Montana, Iowa, Nebraska Wisconsin, and the Dakotas have become satellites. Unlike some other cities -- most notably Atlanta where about half of its Fortune 500 companies moved there -- the #MinneapolisMiracle is the headquarters for 19 diverse Fortune 500 businesses including General Mills, Target and UnitedHealth.
The Minneapolis metro area was also particularly adept at intermingling affordable housing including townhomes throughout those suburbs that were experiencing the fastest growth. The result was a city with attractive tax-sharing policies, good schools
Ready to secure your piece of the #MinneapolisMiracle?
