According to statistics the population of Minneapolis has grown 7.4% between 2010 and 2015. This impressive growth rate is due to the city’s many attractions. If you’re thinking about relocating to Minneapolis or the Twin Cities, there are some things you should know.
This guide will give you important information so that you can prepare yourself or your family for moving to one of the United States’ best cities.
If you’re thinking about buying property in Minneapolis, it’s best to familiarize yourself with the Real Property Laws of the state. One option is to talk to an experienced realtor or a lawyer specializing in this field. Familiarize yourself with local state income tax laws. See below.
People who are thinking about relocating to Minneapolis should also be aware that Minnesota has some high taxes. The progressive income tax system with marginal rates is some of the highest in the country. This can be a shock if you’re a high earner coming from a non income tax state. Check here for the 2018 state income tax rates.
If you plan on eating out a lot, the 10.775% state/city sales taxes and a downtown restaurant tax on meals can also come as a surprise. According the Star Tribune, Minneapolis restaurant taxes are the highest in the nation.
One of the most important things you need to know about relocating to Minneapolis is the weather and temperatures, particularly in winter. Minneapolis climate is typical of the Upper Midwest which is to say that they are usually cold and snowy with temperatures plummeting up to -10°F in winter or hot and humid summers. Be prepared to experience all kinds of weather conditions like snow, sleet, ice, rain, thunderstorms, eat waves and fog.
Despite the cold winters there’s still good news because you can experience ice fishing and skiing in just a 30-minute drive south of the city at Buck Hill with a summit elevation of 1,225ft. You will also get to experience all 4 seasons. Fall views are just amazing!
Don’t want to drive in the snow, sleet or rain? No problem because Minnesota’s Skyway system has you covered. It is a series of interconnected pedestrian footbridges that connect various buildings covering 80 city blocks and over 11 miles of downtown Minneapolis. The Skyway enables people to walk in climate-controlled comfort all year round and makes it easy to run errands downtown.
Outdoors people will also love relocating to Minneapolis. This is also a great city if you want to stay fit because it has a lot of green space courtesy of the many parks located around the city. Parks are ideal for outdoor activities like sports, jogging and picnics.
If you prefer year-round recreation centers, Minneapolis also has a great list of neighborhood rec centers and their activities. These institutions have services such as computer labs, gyms, school-age childcare, and room rentals. Minneapolis also has an impressive array of cultural offerings that has helped it earn the nickname “Mini Apple” especially when it comes to theater. The city’s sports, entertainment and recreation scene is thriving and very exciting. When you’re relocating to Minneapolis, you’ll never sit around doing nothing in the city.
Shopaholics relocating to Minneapolis rejoice because the Mall of America has been revolutionizing the shopping experience since 1992. Even if you’re not a shopping junkie, it’s still worth checking out. It is the largest mall in America in terms of total floor area and the 12th largest in the world.
Check out Nickelodeon Universe at Level One. Other notable retail stores include Hard Rock Café, Lego Store, Macy’s and Barnes and Noble.
Per Zillow, Minneapolis home values are up 5.3% over the past year and will continue to rise up to 2.3% this year with median price of homes currently listed at $265,000. This can be high to some of you thinking about relocating to Minneapolis but it is still relatively affordable compared to other cities like San Francisco, Boston or New York.
If you’re thinking about transitioning from renting to buying you’re in luck because there are city-government and local non-profits that have programs that help low and middle-income households become homeowners.
There you have it. Still have questions or need assistance finding your dream home in Minneapolis? Contact the professionals at Gold Path Real Estate at 612-758-0071 to assist with your real estate needs today.