Coronavirus Impact on Minnesota Housing Market
Housing has always been something hard to find but the Coronavirus impact on Minnesota housing market needs has added a new twist.
Regardless of where a person lives or where one wants to move to, housing is always something that is hard to find at a reasonable price.
Minnesota Housing Market
Every state faces their own challenges when it comes to the housing market and Minnesota is no different than any other.
However in the last decade Minnesota has seen a great number of new residents and that means more and more housing is needed.
With many people losing jobs which meant losing income and stability, people moved from their homes they couldn’t afford any longer to areas where the houses were less to own or rent.
That however backfired and made the housing market soar and prices in areas that used to be affordable, now unaffordable.
Many of the counties in Minnesota were greatly impacted over the last year due to the Coronavirus.
This Minnesota county covers a large area and includes 45 cities.
Minneapolis, Edina, Eden Prairie, Minnetonka, Bloomington, Mound, Plymouth, Wayzata, St. Louis Park and many more.
While not as affected as many counties, Hennepin county saw a decrease of 9.70% in the housing market pricing. This might be due to the fact that Hennepin county is more of the less affluent suburb area.
The county to the north of Hennepin county, Minnesota has 21 cities. Anoka, Columbus, Coon Rapids, Ramsey, Lino Lakes, and Ham Lake just to mention a few.
With a decrease of 1.10% is noted in Anoka county which is a good thing as well. Not as much of a decrease in the housing market pricing as in Hennepin but still a decrease.
Many of the cities in Anoka county, due to the fact is north of Hennepin county, are smaller suburbs with fewer residents and tend to be more on the urban/wealthy side.
Bordering just south of Hennepin county is Dakota county and has 34 cities. Northfield, Farmington, Mendota Heights, Apple Valley, South St. Paul, West St. Paul, and Eagan just to name a few.
Just like Anoka county, Dakota county only saw a small decrease of only 1.90%.
Located further south than Hennepin it tends to be more rural and starts getting into a bit of farming country so houses are spread apart more and there is less population than Hennepin.
Minnesota might not have seen a huge impact in the few counties I referred to, but all in all I know from reading and hearing about people looking for housing that it has affected many people all over Minnesota.
Seems that the rent decreased in high income areas and increased in low income areas.
Many people that were living in higher income areas had to move to lower income areas and in turn, there is a housing shortage.
People who own rental properties or houses they are selling have raised their rent rates or are asking more for their homes and that makes it hard when we are in a crisis.
Choosing to Move
The idea of moving sometimes can be scary, but if relocating is something you want or need to do and you live in a lower Minnesota county, a move north is always an option.
If you are looking for housing you can check out some apartments for rent and hopefully find your next home.
Duluth is home to many wonderful things, including housing and jobs. Come enjoy Lake Superior and meet the wonderful people of Minnesota’s North Shore.