Minnesota has been experiencing a welcomed onslaught of residential growth, both in the city center as well as the suburbs. So the question is, what is behind all of this expansion, and how can the great state of Minnesota take full advantage of the Minnesota housing boom?
The Minneapolis housing boom has left skeptics shellshocked and wondering where all this growth came from and why.
The Metropolitan Council stated back in May, that Minneapolis’s population broke the 400,000 mark for the first time since the 1970s. A grand comeback from years of population decline and downturn. The suburbs witnessed growth too, but it was noting compared to the Minneapolis housing boom. A significant amount of newbies to the city center consist of a younger demographic that want to take advantage of the transportation system and nightlife. The elderly have made a noticeable return as well. Mainly because of the amenity rich environment and convenience to public transit.
The reason for the Minneapolis housing boom shift is simple really. Young professionals moving to the area can now afford in newer developments, and folks that once lived in the suburbs and commuted to the city for social purposes, have decided to invest in a slice of the high-rise life. It is true that rental rates for the newer up-and-coming buildings are a bit loftier than some would like to admit, but that is due to vacancy numbers being historically low even amidst the Minneapolis Housing Boom. In simpler terms, there is demand!
The Minneapolis housing boom and overall growth is beneficial for the entire state, not just this city center.
Growth, on any scale, is good for an entire state. The ebb and flow of people between the suburbs and city will continue to exist, but remains important is that growth is happening. That means more revenue, more jobs being created in the area, and overall prosperity for the respective communities.