Why the Twin Cities has the highest homeownership rate in the nation

Key Insights

• Minnesota has some of the highest rates of homeownership in the nation.
• With great healthcare, strong job opportunities and a mix of rural and urban, Minnesota has earned its place as one of the best places to live.
• Minnesota’s population has grown 7.6% since 2010, but homeownership rates remain steady.

Talk about “Minnesota nice!” A whopping 50.8% of people under 35 own their own home in Minnesota–the highest rate of homeownership for this age group in the nation! This has helped make our state “the most desired” place to live for Millennials and Gen Z, according to a new study by Evernest.

This study looked at housing reports, U.S. census data, labor statistics and more to determine a final score out of 100, with Minnesota earning a score of 92.7 in part due to higher average salaries for young adults. In fact, Minnesota outperformed the next highest-rated state by nearly 10%! These are impressive numbers, and they extend to homeownership rates beyond Millennials and Gen Z.

Minnesota homeownership numbers are some of the highest in the nation

The homeownership numbers in Minnesota are astounding across all age groups, with 3 of every 4 homeowners in Minnesota owning their own home, according to U.S. Census data in 2023. That’s 8.1% higher than the U.S. average. In addition, Minneapolis was noted as having the second-highest homeownership rate of any city in the nation in 2024.

These homeownership rates are not a new development. Homeownership rates in Minnesota have remained fairly stable since the 1970s, proving that Minnesota has consistently been a place where people have put down roots.

But these aren’t the only homeownership accolades the state has earned lately.

Minnesota ranks as one of the best places to live

Here are just a few accolades given to Minnesota recently:

• Five cities in Minnesota ranked in the top 50 of the “Best Places to Live”
• Minneapolis is the third-best place to retire
• Fifth-best state to live in
• State with the fourth-best quality of life
• Minneapolis is celebrated as “The Happiest City” in the U.S.
• Second least-stressed state
• Third healthiest state
• Fourth-best state to live and work
• Fourth-happiest state
• Second-best state to raise a family
• Sixth in the nation for economic opportunity

Why Minnesota?

There’s a lot to love about the land of 10,000 lakes — especially the lakes! An award-winning food scene, one of the largest malls in America, over 100 live theaters and so much more make this a place people flock to. Here are a few more living incentives that bring people to the state:

• The Mayo Clinic, a world-renowned, top-ranking medical group located in Rochester, Minnesota
• A number of Fortune 500 companies, such as UnitedHealth Group, 3M, General Mills, Target and Best Buy, call Minnesota home and offer a variety of job opportunities
• One of the lowest levels of poverty in the nation
• High K-12 education performance metrics and more than 50% of Minnesota residents are college-educated
• Minneapolis is noted as the second most physically active city in the U.S.
• The Twin Cities was highlighted by SMU DataArts as the sixth-best artist community
• Third-best park system with 6 national parks, 75 state and recreational parks and over 4,000 miles of paved bike trails

All these assets combined lead to a big draw for many looking for the perfect mix of urban and rural, nature and community. Because of this, Minnesota has seen a 7.6% increase in population since 2010. And our homeownership rates stay strong.

We’re #1!

Ready to make Minnesota you’re home? Work with the largest residential real estate firm in Minnesota and western Wisconsin and the marketplace leader for 25 years straight. Whether you’re a renter ready to buy, or you want more information on the home availability in specific areas, call, email or chat with us today. Our team of experts will offer deep insights you can use as you determine your next steps.