Twin Cities Named Most Affordable City to Live In by Interest.com
People shopping for new homes in MN were delighted to learn that the financial website Interest.com has named Minneapolis-St. Paul as the most affordable city for home ownership among the 25 largest U.S. metro areas.
To conduct its annual study, Interest.com gathers city-specific data on median home prices and incomes, average property taxes and insurance costs, as well as other financial data such as consumer debt and mortgage rates. The Twin Cities came in number two in 2013, and moved up to the number one spot in 2014, thanks in large part to a median household income well above the national average.
As a premier builder of new homes in MN, we at Key Land agree with Mike Sante, managing editor of Interest.com, when he observed that Minneapolis-St. Paul has a great housing market with a better median-priced inventory than other cities. This is just one element of the superior quality of life available in the metropolitan area.
One characteristic that works in the Twin Cities’ favor is the open space for new home construction. Sante said, “The places that are the most unaffordable are locked in by some geographic constraint. Minneapolis (area) can grow 360 degrees.”
The bedroom communities that surround Minneapolis-St. Paul each have their own rich history, charming personalities, and an abundance of economic development opportunity. This gives home buyers a wide range of options and also appeals to businesses. What’s not available in each town can be conveniently found in neighboring communities or the easily-accessible Twin Cities downtown.