Twin Cities are the two cities separated by the Mississippi River. Minneapolis and Saint Paul are becoming more and more popular when it comes to moving and buying real estate. These cities offer many job opportunities, especially for young people. There are new companies and startups opening here day by day. The cities have a great atmosphere for starting businesses because of its innovative business market. If you are planning to move to one of the Twin Cities you are definitely making the right choice. Go ahead and find the best Twin Cities movers, and make your dream come true. Buying a house in Twin Cities would be the next step. Here we will discuss the costs of buying a house in Twin Cities. We will also suggest the most popular neighborhoods for purchasing real estate and living.
Let’s discuss costs of buying a house in Twin Cities
Real estate prices in Minnesota are quite affordable, so the closing prices in the Twin Cities will pleasantly surprise you. Closing costs in Minnesota come to an average of $1,757. The transaction includes 20% downpayment and $200,000 mortgage. The average closing prices on a national level are $1,847, so if you decide to your home in Minnesota you will save 5%. Minnesota is the eight on the list of the lowest closing prices. So let’s see what is actually included in the closing prices
- Loan origination fees that are $1,067 of the total
- Third party services fees are $689 – when we further break them down to $375 for settlement fees, $429 for a property appraisal, $125 for a home inspection and $350 for a survey. The rest of the fees are $76 for tax services, $10 for flood certification and $21 for a credit report, $80 for document preparation, $50 for postage and courier services.
Median home prices in Minneapolis
The median home price in Minneapolis is $244,300. The prices have increased by 5.8% in the past year, because of the increase in popularity of this city. They might rise and further increase by 3,9% in 2018. The average price per square foot is $232. The factor that is going to influence the prices of houses in Minneapolis area is foreclosure. 2.1 homes in Minneapolis are foreclosed. Foreclosure starts with mortgage delinquency because the owner of the home doesn’t make the mortgage payment. So, find the best movers Minneapolis has and you can be on your way to this city.
Median home prices in St.Paul
The median home price in St.Paul is $197,800. Home prices have increased by 4.5% in the last year. In this year they might rise by 3.9%. The price per square foot in Saint Paul is $169. The average rent price is $1,395. Foreclosure is an important factor that will influence home value in St. Paul as well. 0.7 homes in St.Paul have been foreclosed.
Affordable Twin Cities neighborhoods
Twin Cities are a great place to move and live. Some parts of the cities are more expensive than others when it comes to real estate and living costs. Here are some neighborhoods you should move to if you are on a tight budget. They are not too expensive, but rather affordable but decent and pleasant to live in.
Highland Park
This St.Paul neighborhood is not so super affordable, but you can find a lot of great offers. It is great if you are a first-time house buyer. Sure, Highland Park has some $300,000-plus “fixer-uppers” if you have a little bit deeper pocket. On the other hand, there are some homes in the $250,000-$280,000 range that will give you more space for your money. The location is great.You will have easy access to Hidden Falls, Fort Snelling, and Minnehaha Falls. Downtown is really close from here. An Uber ride of 6$ is going to get you to the airport, it is that close and you will not hear the noise of the planes.
Keewaydin
The advantages of this neighborhood are being next to Nokomis, comparative value and an easy access to the freeway. If you are a nature lover you will really enjoy it here. This patch of paradise is located between Lake Hiawatha, Minnehaha Falls, and Lake Nokomis. It is also close to the Minnehaha Creek. Just imagine riding your bike next to the creek or walking your dog around the beautiful lake.
Wenonah
You can find some really affordable housing in this area. A comfortable and cozy, small-roomed house in the 1,600 – 1,800 square-foot range cost around $200,000-$220,000. It is perfect for families.Even though the houses are somewhat smaller you can find huge backyards. The east side of Lake Nokomis is really close. So if you are buying a house in Twin Cities for your family, this is the perfect neighborhood. There is a small catch.This is a flyover territory.
Regina
This neighborhood is a heaven for foodies. You can eat the finest fried chicken in Revival and the best pancakes at Nighthawks. Of course that you can find wonderful and cheap houses here, but be careful when it comes to some quick-fix houses. Look for ones with good hardwood floors.
Windom Park
This neighborhood is your perfect quiet and calm harbor. Anyone can find houses that match their price ranges. Windom Park houses with quiet charm can be bought for mid-$200,000s. It is far enough from the city center that you can have peace and quiet. On the other hand, the center is a short car or bus ride away, so commuting is really convenient.
So here is the list of some of the best neighborhoods for buying a house in Twin Cities. Even though Minneapolis is a much more popular place to move, you can see than St.Paul is somewhat cheaper when it comes to housing prices. In the neighborhoods mentioned you can find your peace and quiet, great food and wonderful natural landscapes. There are so many lakes and creeks where you can find your serenity.