"Minneapolis-St. Paul-Bloomington metro area and the Philadelphia metro division are the only two metro housing districts tracked with homeownership rates above the national average." ~ NAHB
Minneapolis - St. Paul, MN (PRWEB) March 12, 2014
Minneapolis-St. Paul-Bloomington metro area and the Philadelphia metro division are the only two metro housing districts tracked with homeownership rates above the national average; 69.4 percent of residents in the Twin Cities metropolitan housing market are owner-occupied. Based on the 2010 American Community Survey (ACS) ranking all U.S. metropolitan areas, the latest levels of homeownership rankings and income inequality place Minneapolis in high standing once again.
"The Minneapolis - St. Paul, MN housing market has shown unremarkable swings and solid footing during the recent ups and downs many other metropolitan cities have experienced," says Jenna Thuening, owner of Home Destination. "A higher percentage of Minneapolis area residents successfully attained the status of homeownership in 2013 than most markets across the nation - in spite of headwinds that dragged on buyers in other states."
In the process of determining homeownership rates, NAHB defines occupied units as either rented or owned dwellings. Therefore, a high homeownership rate implies a low rental rate. Taking advantage of the positive housing market Minneapolis is experiencing, higher numbers of buyers seeking the benefits of rental income have triggered enforcements of the 30% rental cap rule.
Minneapolis - St. Paul - Bloomington, MN-WI metro area has 900,327 owner-occupied single-family homes, according NAHB's special study comparing local housing markets. Inside its population of 3,353,724, more individuals enjoy the privileges of homeowners than most metros can offer. The article provided statistics based on the 2010 American Community Survey (ACS) ranking all U.S. metropolitan areas. The study grants readers the latest available report using data from the recently released 2012 ACS.
Additional ACS Findings About Homeownership Concentration:
- With the exception of Modesto, CA, all of the metropolitan areas in the top ten are located in the Midwest.
- All metropolitan areas in the top ten have median home values below the national figure.
- The median value of owner-occupied housing units for the entire United States in 2012 was $171,900.
Minneapolis-St. Paul was one of 21 markets that received low severity rankings in all four categories studied in a national Business Journal analysis of 102 metro areas with at least 500,000 residents. In theory, with a better average in low income levels, it puts the average Twin Cities resident in a stronger position to buy and own a home. "The Minnesota economy is still stronger than most of the country," said Jay Coggins, associate professor at the University of Minnesota's Department of Applied Economics in the January 31st article titled Analysis: Twin Cities has narrow income gap compared to U.S. metros. "That is the bottom line on why incomes are higher and the poverty rate is lower than the rest of the country."
The Minneapolis-Saint Paul metropolitan real estate market has been a fairly robust and resilient sector, outperforming in comparisons to other metropolitan areas and ranking tops in the nation. A February 2014 snapshot of the metro's health revealed in CHOICE, PLACE AND OPPORTUNITY: AN EQUITY ASSESSMENT OF THE TWIN CITIES REGION, prepared by the Metro Council, underscores the region’s impressive economic performance.
According to the Metro Council, when comparing the nation’s 25 most populous metropolitan areas, 2012 data show that the Twin Cities 13-county region has:
- The highest overall employment rate (76%)
- The second-highest rate of homeownership (70%)
- The second-lowest overall rate of poverty (11%)
"In October 2013, RealtyTrac predicted that 2.5 million additional homeowners that may qualify to become boomerang buyers and hold the keys to returning homeownership levels to norm. In practical terms, new financing opportunities increase the likelihood that boomerang home buyers may return to homeownership 2 years sooner than previously," comments Thuening. "Another segment of individuals stepping into homeowners are Twin Cities first-time homebuyers. Surprisingly, a large pool of buyers in 2013 came from the metro's Millennial home buyer age group.
Home Destination enjoys a 12 year and growing track record of helping buyers find Minneapolis - St. Paul MN homes for sale. Contact Jenna Thuening at 612-396-7832 if you are considering buying a Twin Cities home and enjoying the status of homeowner.