A recent study commissioned by the US Census Bureau showed that homeownership rates in the Twin Cities metropolitan area remain high. While the national housing market is still in recovery mode, the Twin Cities are ahead of the curve.
According to the survey, 69.4 percent of residences are owner-occupied in the Twin Cities. And while homeownership levels outpace the national housing market, those who live in the metro area also enjoy high income equality. 2013, in particular, was a strong year for the Minneapolis-St. Paul metro, and that momentum is carrying over into this year.
Jay Coggins, associate professor at the University of Minnesota's Department of Applied Economics, said that the Twin Cities economy is still stronger than the nation's as a whole, as incomes here are higher and the poverty rate is lower.
Why is Minnesota different?
Minnesota has a highly educated workforce, and many corporations have a strong foothold in the Land of 10,000 Lakes. So while the recession hit us hard, too, we maintained lower unemployment rates than the national average over the last few years. This means that housing affordability has remained high over the last few years.
Plus, as the cost of rent has continued to skyrocket in the Twin Cities, renters are finally in a position to buy. All of these factors are driving up our rates of homeownership.