Real Estate Relocation Guide To Minnesota

Relocating from Chicago to Minnesota is a major move. You’re crossing state lines and heading 400 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Minneapolis or Duluth you can get a good idea of the Minnesota landscape and locate the best area for you and your family.

We’ll start with the big picture… Minnesota has an estimated population of 5.1 million* and around 79,600 square miles of land. The total number of housing units is 2,282,837, of which about 1.5 million are owner-occupied and 484,000 are inhabited by renters. Roughly 240,500, or 10.5 percent, of the residences in the state are vacant. The median home value in Minnesota is $208,200 and the median household income is $54,023. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of Minnesota, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what Minnesota real estate has to offer…

About 37,700 homes in Minnesota are new construction, developed in 2005 or after (another 207,000 were put up between 2000 and 2004). Minnesota has its share of vintage charm as well with 430,000 residences built prior to 1940. The total number of detached, single-family houses across the state is 1.5 million, and there’s also a good selection of multi-unit residences and condos. Most homes have 2 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The North Star State, monthly mortgage costs in [Alabama] generally hover between $700 and 2,000+.

Relocation Resources

Minnesota Real Estate

Minneapolis - St. Paul Apartments for Rent
Search for apartments, condos, town homes or lofts to rent in Minneapolis & St. Paul, Minnesota.

*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com